In the more than 170 pages of #Snap’s IPO draft, its P2P #payments service, Snapcash, received a mere paragraph. Snapchat’s parent company will look to apply for a payments #license in order to “mitigate regulatory uncertainty,” according to an S-1 filing. Although we currently use the service of a third partyRead More
Bank Innovation
U.S. #Bank’s #transactions are now 60% #digital, Chief Operating Officer Andrew Cecere said at the Goldman Sachs U.S. Financial Services Conference this week. But that doesn&8217;t mean the Minneapolis-based bank is giving up on branches. It has around 3,000 branches and 80% of its sales activity still takes place thereRead More
Bank Innovation
#Wirecard has crossed the pond and found the U.S. to still be the land of opportunity. After quietly acquiring Citi #Prepaid #Card Services for an undisclosed amount (in cash) in June, Wirecard is now gearing up for transaction volumes of $ 6 billion as early as 2017. The Aschheim, Germany-based payments processor expects thatRead More
Bank Innovation
#Trov, an innovative #insurance #startup from Australia, will #launch in the United States before the end of 2017, the company said yesterday. The U.S. launch is being made possible by a deal announced yesterday with Munich Re, the German reinsurance provider. Trov (pronounced Trove — officially, there is macron on topRead More
Bank Innovation
U.S. #Bank has partnered with investment advisory firm #FutureAdvisor to provide automated, or #robo-advisory services to its clients at U.S. Bancorp Investments, an affiliate of the bank. FutureAdvisor was bought by the world’s largest investment manager, BlackRock, about a year ago. While roboadvisors have their advantages in terms of cost,Read More
Bank Innovation
#Uber announced yesterday that the #Instant Pay option for its drivers has been extended to nearly all U.S. #debit #cards, with the help of #MasterCard Send and #Green Dot, the operator of the mobile-first bank GoBank. “The expansion offers frictionless, elegant service to Uber, which is the poster child for the on-demand market,” said GreenRead More
Bank Innovation
U.S. #Bank has abruptly reversed course on charging for realtime #payments via the clearXChange network. Effective yesterday, U.S. Bank customers can make realtime P2P payments for free, just like the customers at the five other clearXchange member #banks. As the network grew, U.S. Bank saw the need to offer the service forRead More
Bank Innovation
#Credit #card fraud is a big problem, with an increasing number of companies launching products to patch the problems. The most recent example is #Final, which today announced it is shipping its first consumer product: disposable credit card numbers. That’s lovely, but in doing so, it serves predominantly as an example of a company fixing a serious problem from the wrong side of the fence. Read More
U.S. #Bank would launch a mobile #wallet, if a customer need arises, a spokeswoman told Bank Innovation. The bank announced a partnership with MasterCard yesterday, allowing customers to load their debit or credit cards into Android Pay and Samsung Pay mobile wallets. Choosing an open-wallet is the bank’s approach for now, spokeswomanRead More
Bank Innovation
Legislation allowing ordinary American investors to invest in the shares of startups and small businesses was first introduced in the U.S. Congress in 2011. Despite bipartisan support and the approval of President Obama, it is only now becoming a reality. Read More
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