Stripe expands in Brazil, adds in-store BNPL
The payment company is collaborating with Brazil’s national real-time payment network to reach more e-commerce merchants, while adding Affirm as an option to its in-store point of sale system. That, and more in the American Banker global payments and fintech roundup.
West Coast interstate becomes growth highway for Wash. bank
Washington Trust Bank is executing a slow-but-steady de novo expansion inside the I-5 corridor on the western side of its home state. Its newest branch is slated to open this fall in Tacoma.
NY AG sues Zelle for fraud after CFPB dropped similar suit
New York Attorney General Letitia James alleges that Zelle’s parent company, Early Warning Services, failed to adopt basic safeguards to combat fraud. The Consumer Financial Protection Bureau dismissed a similar lawsuit in March without an explanation.
Bank trades take aim at stablecoin interest ‘loophole’
Bank groups, especially those representing the largest institutions, did little in the way of a public campaign against the provisions in the stablecoin bill that could disintermediate traditional banking, but are picking up steam for the upcoming market structure fight.
Why BNPL fintech Splitit is betting on big tech wallets
The lender, which uses existing credit balances to fund installment loans, has linked to Samsung Pay and plans other partnerships in the future to build a global merchant network.
Stablecoins need privacy baked in, not bolted on
Businesses accepting payments in stablecoins on a public blockchain are making vast amounts of data available to their competitors. For the technology to really take off, a privacy-preserving solution is needed.
What’s driving banks, credit unions towards automation?
New data from American Banker finds that use cases for intelligent automation are growing across banks and credit unions alike, such as fraud and lending.
Inside Municipal Credit Union’s plans for BNPL credit reporting
Affirm and FICO earlier this year took the first steps to incorporate buy now/pay later loans into consumer’s credit reports. But it will be some time before lenders start making credit decisions based on the short-term installments, even if holdouts like Afterpay and Klarna decide to report to the credit bureaus.
Circle reports increased revenue in first earnings after IPO
The stablecoin issuer said revenue and reserve income increased due to more stablecoins in circulation after its IPO and the passing of the GENIUS Act.
July inflation shows modest rise, raising chance of rate cut
Core CPI, which excludes food and energy, rose to 3.1%, up from 2.9% in June.