👀 NEWS HIGHLIGHT
Apple’s iOS 17.4 update is primarily about adapting iOS to EU’s Digital Market Act Regulation.
But the company has also released a new API called FinanceKit that lets developers fetch transactions and balance information from Apple Card, Apple Cash and Savings with Apple.
At launch, the company has partnered with YNAB, Monarch and Copilot.
💡INSIGHTS
American Express is writing to customers warning them that their account information may have been compromised in a data breach at a third party service provider.
The firm has filed a data breach notification filed with the state of Massachusetts confirming the hack on a service provider used by its travel services division, American Express Travel Related Services Company.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ JPMorgan pursued Discover deal before Capital One’s $35bn offer.
⭐️ Uber partners with Mastercard and Payfare to launch the new Uber Pro Card in Canada.
⭐️ Chipper Cash told customers in the U.S. that it was suspending international money transfer services.
⭐️ SoFi Technologies, Inc. Announces Proposed Convertible Senior Notes Offering Due 2029.
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FINTECH
Xero partners with BILL to deliver industry-leading bill pay capabilities for small businesses. Once available, the solution will deeply integrate BILL’s robust payments options, allowing customers to more efficiently pay their bills, without leaving the Xero Platform.
Marqeta processing volume up 34% to $222 billion, generating $676 million in annual revenue. Marqeta's Q4 earnings are the Company's second full quarter of financial results reflecting its Cash App contract renewal effective as of July 2023.
TrueNorth and Brim Partner to Deliver Next Generation Credit Card-as-a-Service Platform to Banks, Fintechs and Major Brands in North America. This partnership marks a significant milestone in the credit card industry.
Bloom Launches First-of-Its-Kind Home Equity Prepaid Mastercard. The Bloom Home Equity Prepaid Mastercard addresses the pressing need for innovation within the financial landscape for Canadians 55+.
Synctera launched 'SyncteraPay', which allows customers to work with any payment provider and have all transaction information centralized and seamlessly integrated into the Synctera Ledger.
Green Check, CTrust and Whitney Economics Partner to Produce Report on Cannabis Debt Financing. This first-of-its-kind report, expected to be released in Q2 2024, will assess the total amount of debt invested in the cannabis industry.
PAYMENTS
Checkbook and Visa bid to maximise instant payment availability. This announcement builds further strengthens the relationship and expands the solutions Checkbook is offering to businesses looking to disburse fast and seamless payments.
MONAT Launches Revolutionary Payouts Experience with PayQuicker. PayQuicker's unique offerings to streamline commission-based payments to their Market Partners across the globe with the newly launched payout solution.
Amazon expands smart carts pilot. Seattle-based Amazon first launched its smart shopping cart, designed to speed up trips to its Whole Foods grocery stores, in September 2020.
Galileo and The Bancorp partner on instant transactions. Using the RTP network from The Clearing House, Galileo and The Bancorp are delivering instant money movement between bank accounts.
Zelle Volume Heads Towards $1 Trillion, As Banks’ Cash App Spreads To Small Business Payments. Bank customers used Zelle to transfer $806 billion in 2.9 billion payments last year, up 28% in both dollar value and transaction volume from 2022.
OPEN BANKING
Mastercard Open Banking enhances the debit and prepaid digital account opening experience. Mastercard announced the Open Banking for Account Opening program, providing a foundational set of open banking products as a core benefit.
DIGITAL BANKING
Green Dot sets aside $20 million after draft AML order from Fed. The bank and FinTech Green Dot says it has received a proposed consent order from the Federal Reserve tied to its compliance with anti-money-laundering regulations.
Chime agrees to pay $2.5 million fine linked to customer complaints during COVID. The DFPI, a consumer protection agency that oversees financial services firms in California, didn’t disclose the specific allegations against Chime.
Goldman Sachs increased the Apple Card savings account's balance limit to $1 million, with cardholders being notified by email. The maximum balance limit for your Account is $1,000,000, based on your Current Balance (including interest and Daily Cash deposits).
Neobank Dave achieves Q4 profitability. 2023 was an extraordinary year for Dave, and its results are a testament to the dedication and hard work of its exceptional team.
Chime Adds Cash-Back Feature to Debit, Credit Cards. These offers are available at more than 30,000 locations nationwide and can be accessed with the member’s Chime Visa Debit Card or Chime Credit Builder Secured Visa Credit Card.
Grasshopper and Pocketbook team up to support SMBs with embedded banking. “The companys synergies allowed us to collaborate quickly and effectively, successfully launching this program within a tight timeline,” said Lauren McCollom, from Grasshopper Bank.
Edwards Federal Credit Union Selects the Apiture Digital Banking Platform. As part of a larger digital transformation effort, Edwards FCU sought a highly reliable, feature-rich mobile app and online banking solution to better serve existing members and support continued growth.
Metropolitan Commercial Bank will end all banking-as-a-service relationships this year "to reduce the Company's exposure to the heightened, and evolving, regulatory standards related to these activities," according to its 2023 annual report.
CRYPTO
Binance US laid off 2/3 of staff in wake of SEC lawsuit, revenue plunged 75% after ‘near-mortal blow’. In a deposition from December that was released on Tuesday, Binance US COO Christopher Blodgett revealed that the company has been forced to lay off more than 200 employees
DONEDEAL
Synctera Announces $18.6M Funding Boost. Synctera’s end-to-end BaaS platform enables companies of all sizes to build and launch FinTech apps and embedded banking products much faster, with the highest level of compliance.
MOVERS & SHAKERS
MoneyLion subleases New York City office space from X. The FinTech company has subleased 35,000 square feet at 245-249 W. 17th St. in Chelsea, where Twitter had put up nearly 200,000 square feet of office space for sublease as the app was rebranded into "X."
Vanguard CEO Tim Buckley to Step Down. Vanguard Group Chief Executive Mortimer J. “Tim” Buckley will retire by year-end, the company said , capping a six-year tenure during which the investment manager’s assets increased more than 80%.
FIntegrate Technology Welcomes Industry Veteran, Jeff Harper as Chief Growth Officer. Harper is a 30-year financial industry veteran who has spent much of his career developing successful teams; building and managing strategic alliances; sales; marketing; accounting and finance.