TerraPay hires former Visa exec, Revolut adds AI to battle fraud
London-based global money-transfer firm TerraPay has hired Ruben Salazar Genovez, the longtime global head of Visa Direct, in a new role as the startup’s president; and U.K. challenger bank Revolut has added a tool that uses machine learning to flag payments for fraud.
The CFPB’s data access requirements should apply to auto loans
In implementing Section 1033, the Consumer Financial Protection Bureau is leaving out auto loans, one of the largest sources of consumer debt.
How Discover brings Capital One closer to merchants
The combined company could streamline card payments in a manner similar to American Express’ “three party network” — while also doing more with artificial intelligence and other technologies.
20 banks and thrifts with the most deposits through September 2023
The top five banks and thrifts have combined total deposits of more than $7 trillion as of September 30, 2023.
The Capital One-Discover deal raises thorny issues for Washington
The blockbuster merger proposal will be reviewed at a time when the Biden administration is expressing skepticism about consolidation. Its analysis will have to account for markets dominated by both big banks and the likes of Visa and Mastercard.
5 key drivers of the Capital One-Discover merger
Data, volume and potential regulatory carve-outs are among the benefits Capital One Financial would get upon the completion of its deal to buy Discover Financial Services.
PNC promotes from within for president, sets up potential CEO successor
The Pittsburgh company says its new president, Michael Lyons, will report to William Demchak, who will continue as chairman and chief executive. Lyons is positioned to become PNC’s next CEO someday, observers said.
The tech that boosted a Tennessee credit union’s consumer loans
Auto-enrolling its membership for a credit scoring tool offered by SavvyMoney helped Knoxville TVA Employees Credit Union nearly double approvals across its credit card, personal and auto loan portfolios in early 2023.
U.K., FBI shut down ‘most harmful cybercrime group’ LockBit
The gang allegedly had been involved in some of the highest-profile ransomware attacks against financial institutions of recent years.
Truist selling last chunk of insurance business. Now what?
The Charlotte, North Carolina, company has agreed to sell its remaining 80% stake in its insurance brokerage unit to raise billions of dollars in cash and extra capital. The “wild card” is how Truist will deploy them, one analyst says.