Without education, awareness, or utility, any innovation will find it hard to scale. Fortunately for open banking, which allows consumers to securely connect to their bank accounts to pay merchants and service providers using their regular online banking credentials, the innovation can draw from its...
The relationships between FinTechs, banks and neobanks has been placed under a harsh spotlight with the recent revelations around the Synapse bankruptcy. The reaction from the industry so far has focused on the Synapse case as an isolated incident rather than a systemic issue, but...
For traditional financial services players, core banking beckons as a way to enable other financial firms — banks and FinTechs included — to set up embedded payments, instant payments and lending. And microservices are in the mix. The basic building blocks of banking — setting...
Starling Bank is reportedly taking several debtors to court amid a U.K. financial watchdog’s investigation. The neobank has filed petitions against 24 companies that have defaulted on their loans, the Financial Times (FT) reported Wednesday (June 19), citing court records. The publication said its analysis...
Coming into 2024, PYMNTS spotlighted the appeal of private credit, also known as private debt, issued to corporates, and which offered up, and still offers, a capital lifeline to sustain operations. Traditional channels, chiefly through banks, have been tightening their lending activities, particularly to smaller...
Latin American FinTech Prometeo has launched its Bank Account Validation (BAV) offering for the U.S. market. This offering enables Latin American businesses to connect with all U.S. banks via one integration with a single provider and application programming interface (API), the company said in a...
Citigroup is reportedly putting its services business at the forefront of its upgrade project, highlighting how the global movement of money can enhance profitability. The services business, one of the bank’s five newly formed divisions, will be the focus of an investor day at Citigroup’s...
The Synapse bankruptcy saga continues to rock the BaaS world, marked by last week’s revelation of $85 million in missing funds. The plot thickened last week when former CEO Sankaet Pathak disclosed in bankruptcy court that funds were commingled, leaving the task of determining rightful...
Goldman Sachs reportedly wants to double its lending to its most affluent customers. This plan would play out over the next five years for clients with account sizes of more than $10 million, the bank’s private banking chief told Reuters Thursday (June 13). The goal is to...
