Payments News

On The Web

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Providers

EU Banks Plot Pan-European Rival to Visa and Mastercard

“A group of 20 European banks are working together on “setting up a pan-European payment system to challenge the dominance of Visa, Mastercard and technology companies such as Google and PayPal,” French news agency AFP reports . “The Pan European Payment System Initiative (PEPSI) would handle all forms of cashless transactions,” AFP was told.”
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Companies

Square’s Cleanup Still Leaves Questions

“Fast transaction growth isn’t everything to Square, which is generating increasing revenue from lending, subscription services and its consumer Cash App. But like many payments businesses, the company’s take rate, or how much of each transaction it takes as revenue, is gently declining, due in part to doing business with larger merchants that drive tougher […]
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Deals

Snapdocs Raises $25 Million to Streamline Mortgages With AI

“In a nutshell, Snapdoc’s toolset aims to cut down on manual mortgage processes by digitizing wherever possible. It automates scheduling for signings and manages payments to the tune of over $4 million per month, all while centralizing key information like order history, signer, and notary documents in a single portal. Signing agents can create white-labeled […]
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Providers

Next in Google’s Quest for Consumer Dominance—Banking

“The project, code-named Cache, is expected to launch next year with accounts run by Citigroup Inc. C -0.87% and a credit union at Stanford University, a tiny lender in Google’s backyard. Big tech companies see financial services as a way to get closer to users and glean valuable data. Apple Inc. introduced a credit card this summer. […]
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Providers

CIT Expands Direct Bank Offering With Launch of EChecking

“CIT’s national direct bank, CIT Bank , today announced the launch of eChecking , a new digital checking account featuring no monthly fee, up to .25% APY and an ATM Fee reimbursement of up to $15 a month. To enhance the banking experience, the new account also features a wide variety of electronic transfer and payment solutions, […]
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Deals

BlueVine Raises $102.5M More for Banking Services That Target Small Businesses

“When it comes to fintech plays, small and medium businesses are not often the target audience: they’re too small and fragmented compared to big-spending corporates; and they’re too demanding compared to mass-market consumer users. But as a sector, they account for over 99% of all businesses in developed countries like the UK and USA , and […]

On The Wires

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Providers

Bank of the West and Fintech Brex Offer Corporate Card to Emerging Growth Companies and Small Multinationals

“Bank of the West, a subsidiary of BNP Paribas, and Brex, the corporate card that accelerates entrepreneurs and scaling businesses, today announced a co-branded corporate card with no security deposit and no requirement for U.S. credit history. As the first co-branded corporate card announced by Brex, this card supports Bank of the West’s focus on […]
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Providers

PSCU Announces $100 Million in Multi-Year Investments

“The investments will further enable PSCU to provide an end-to-end payments platform in an integrated environment for a fully customizable and seamless experience. The focus will be on accelerating the development of technology, solutions and operational initiatives, including modernizing existing infrastructure, leveraging cloud technology and driving efficiencies through robotics and artificial intelligence. In addition, a […]