Charles Schwab to phase out Institutional Intelligent Portfolios platform in favour of iRebal solution
Schwab will no longer be opening new accounts on the platform from 15 November 2024.
North America
Canada’s imminent regulatory changes require PSPs to register
The Bank of Canada explains the new regulations for Payment Services Providers (PSPs).
OCC announces enforcement actions against four US banks
The OCC has released its latest list of enforcement actions taken against US banks in recent weeks.
Zenus Bank launches global BaaS offering following Tuum tech integration
Zenus Bank says it has integrated Tuum’s Accounts and Payments modules into its tech ecosystem.
Stripe reportedly in discussions to buy stablecoin infrastructure start-up Bridge in potential $1bn deal
Stripe confirmed plans to introduce stablecoin payments at the checkout in April.
US fintech start-up CapWay shuts down
Founder Sheena Allen announced on LinkedIn that the start-up “is no longer an active business”.
Nutmeg State Financial Credit Union taps Alkami for digital banking upgrade
The Connecticut-based credit union will deploy Alkami’s Digital Banking Platform.
Philadelphia’s Citadel Federal Credit Union agrees to pay $6.5m to settle allegations of redlining
This settlement is the DOJ’s first redlining resolution with a credit union.
Capital One commercialises AirKey authentication technology for financial institutions
75 million Capital One cards are currently equipped with the technology.
Navigant Credit Union partners Baker Hill to boost commercial loan operations
Baker Hill’s Commercial Lending solution will be integrated directly within Navigant’s Fiserv DNA core.
Barclays signs agreement to become exclusive issuer of GM credit card programme
The bank will replace Goldman Sachs as the issuer of the US automotive giant’s credit card programme.
SoFi secures $2bn deal with Fortress Investment Group to expand loan platform business
The deal will help fuel the company’s personal loan origination activities.
Citi and Mastercard collaborate to enable cross-border payments via debit cards
The partnership will enable cross-border payments to Mastercard debit cards in 14 receiving markets.
Best Egg lands $500m purchase facility to expand personal loan product
The purchase facility builds on the company’s $225 million Series E round completed in March 2022.
TD Bank hit with $3bn in fines over AML failures
The $3.09 billion in total fines includes a record $1.8 billion penalty from the US Justice Department.
Warburg Pincus snaps up minority stake in Brazil’s Contabilizei for $125m
Warburg Pincus has now become Contabilizei’s largest shareholder.
Wealth management firm Farther quadruples valuation with $72m Series C
The round was co-led by CapitalG, the independent growth fund of Google’s parent company Alphabet.
ICYMI fintech funding round-up: Bitlayer, Quartr, FutureMoney, Solifi and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
FusionIQ hires Eric Noll as new CEO upon completion of “significant new fundraising round”
Erik Oros, Timothy Powers, and Scott Ganeles will join chairman Noll as FusionIQ’s new directors.
LendingClub and Pagaya acquire intellectual property of shuttered fintech Tally
Tally closed in August, citing insufficient funding as the primary reason for its shutdown.
Lakeside Bank selects Volante’s PaaS for RTP processing
Lakeside is using Volante’s PaaS for Swift cross-border, RTP real-time, and FedNow instant payments.
Financial planning fintech Facet raises $35m funding round
This round increases Facet’s total raised to $210 million.
Mercury secures $100m Natixis CIB credit warehouse to fund IO card programme
The warehouse will apply to Mercury’s credit card programme, which launched in 2022.
NuMark Credit Union teams up with NCR Atleos for branch upgrade
NuMark is transferring “complete responsibility” of its self-servicing banking operations to NCR Atleos.
Digital business bank Grasshopper to buy ACG’s Auto Club Trust
The deal will increase Grasshopper’s total assets to approximately $1.4 billion.
Logik.io bags $25m Series B for AI-driven CPQ platform
Logik.io previously raised $16 million through a Series A in May 2023.
DeFi Technologies snaps up Stillman Digital in $5m share deal
DeFi Technologies has acquired Stillman Digital’s securities for 2.5 million shares, valued at $2.10 each.
CoreFirst Bank joins NCR Atleos’ Allpoint Network for self-service banking boost
The bank can now offer access to over 40,000 surcharge-free ATMs located throughout the US.
Erste Group in Austria partners Salt Edge for CEE multi-banking services
The bank is to leverage Salt Edge’s account information solution.
Montana’s Intrepid Credit Union launches digital banking with Alkami
Alkami says the platform will enable the credit union to “foster greater engagement”.
Swift gears up for 2025 live trials of digital asset transactions
The trials will see banks use Swift to transact interchangeably across asset and currency types.
ICYMI fintech funding round-up: Plumery, Concreit, Connected Data, and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
JP Morgan to bolster community presence with planned hiring spree in US
Chase intends to use the hires to maintain community-level support across 48 of the 50 US states.
Stax Payments snaps up BlockChyp for undisclosed sum
Stax says this acquisition will reduce “friction” and enhance partner and customer experience.
Fiserv ends joint venture in Wells Fargo Merchant Services
An SEC 8-K filing says Fiserv expects to receive a “cash payment or assets” for its 40% stake in WFMS.
Mastercard acquires Minna Technologies to upgrade subscription experience
Minna develops technology to help consumers manage subscriptions via banking apps and websites.
Ocean Bank in Florida joins NCR Atleos’ Allpoint Network
Atleos’ Allpoint Network currently supports over 40,000 surcharge-free ATMs across the US.
White paper: Cyberattacks in the financial services industry
Exploring the cyberattack threats that financial services customers face and how to improve security.
Digital Federal Credit Union and First Tech Federal Credit Union to merge
The merger is intended to complete in 2025.
Commerce Bank partners FIS for loyalty programme management platform
FIS’ loyalty engagement solutions will enable Commerce customers to earn rewards at the POS.
