Rakuten Could Combine Bank and FinTech Operations – PYMNTS.com
Japanese conglomerate Rakuten is considering consolidating its finance operations into one department. The plan, announced on Monday (April 1), will see the company combine its banking, insurance, securities, card companies and other fintech businesses into one group. “This decision will strengthen collaboration across FinTech businesses, including quick and flexible decision-making, and deepen collaboration in areas […]
Capital One May Appeal Ruling on Walmart Partnership – PYMNTS.com
A federal judge issued the following ruling on Tuesday (March 26): walmart be able to terminate the credit card partnership with capital one The early exit came after the bank did not provide the level of service required by the companies’ 2018 agreement. Judge rules that Walmart can end partnership due to ‘repeated customer service […]
Card Interchange Settlement Opens Merchant Surcharge Door – PYMNTS.com
A simple calculation of the swipe fee agreement reached by Visa and Mastercard announced on Tuesday (March 26) suggests that consumers may not be feeling much of an impact at the register or in their wallets. It turns out that there is. Therefore, we will refer to this as a negligible result. The broader implications […]
UnitedHealth Tackles $14 Billion Claims Backlog From Cyberattack – PYMNTS.com
change health care will begin processing more than $14 billion in claims following last month’s cyberattack. united health group Change’s parent company, UHG, said on its website on Friday (March 22) that it expected its largest clearing house to be back online by the end of the week. It starts flowing immediately after that” The […]
Omnichannel Banking Helps Credit Unions Reduce Member Churn – PYMNTS.com
Credit unions (CUs), known for their community-focused approach and member-centric values, are responding to the changing financial ecosystem. With the rise of FinTech startups offering cutting-edge technology and personalized services, CUs are under pressure to modernize their operations and improve the customer experience. CU recognizes the importance of digital transformation and is taking proactive steps […]
Regional Banks Still Face Roadblocks One Year After SVB Crisis – PYMNTS.com
One year after that, 2023 Banking CrisisRegional financial institutions in the United States continue to struggle. A report by Reuters on Thursday (March 7) examined the hurdles facing these mid-sized companies. BankRising deposit costs and unstable office building loans due to the failure of three banks, etc. silicon valley bank (SVB) and signature bank Following […]
India to Banks: No More Exclusive Credit Card Agreements – PYMNTS.com
India is asking its banks to end exclusive arrangements with credit card networks. of reserve bank of india (RBI) – the country’s central bank and banking supervisory body – announced the move on its website on Wednesday (March 6), saying it had concluded that some of these partnerships were not something it could deliver. Appropriate […]
Form 1042-S Adds Filing Complexity to Tax Season – PYMNTS.com
It’s March, and for many businesses and government agencies, the race is on to file complete accounting information with the IRS, especially using Form 1042-S. wendy walkerSolution Principal, Sobostold PYMNTS that companies operating internationally grapple with ongoing reporting and coordination challenges. As she explained, Form 1042-S reports payments of U.S. income paid to nonresident taxpayers. […]
Open Banking Risks Outweigh Benefits as Fraud Risks Rise – PYMNTS.com
Open banking is transforming the banking industry. This allows third-party fintech companies to access financial data and funds managed by traditional financial institutions (FIs). Doing so could pave the way for the provision of real-time payments. Although consumers appreciate faster payment solutions, financial institutions are reluctant to offer these solutions, especially due to concerns that […]
Paycheck-to-Paycheck Consumers Could Benefit From Capital One/Discover Deal – PYMNTS.com
In what could be one of the biggest acquisitions of the decade, Capital One recently announced it wants to buy Discover Financial in a deal valued at more than $35 billion. If regulators approve the deal, it will combine two of the largest U.S. credit card issuers to create a global payments platform with 70 […]