The arguably natural consequences of fee caps and limits on debit interchange — and the uncertainty of the regulatory climate — are now showing up with an anticipated pullback by banks on traditionally “free” services and products. Amid that pullback, there’s opportunity for neobanks, the...
2024 is fast becoming the summer of consent orders for smaller banks. That’s because, with the news Friday (June 28) that Tennessee-based Thread Bancorp is now the latest financial institution (FI) to come under the Federal Deposit Insurance Corporation’s (FDIC) scrutiny, managing for the operational,...
For the banking as a service (BaaS) firms, the Synapse bankruptcy, the cease-and-desist order against Evolve, and the wait for regulatory clarity are all proving to be headwinds for the burgeoning business model. This week, BaaS embedded finance company Unit, which serves tech companies, banks and...
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...
July 08, 2024
As the banking and payments business cross into the second half of 2024, many executives say we’re at a pivotal juncture — one that will require a steady hand on the wheel. “Regulatory orders and regulatory scrutiny have taken a front seat in the industry,” Ingo Payments CEO Drew Edwards told PYMNTS’ CEO Karen Webster […]
July 01, 2024
2024 is fast becoming the summer of consent orders for smaller banks. That’s because, with the news Friday (June 28) that Tennessee-based Thread Bancorp is now the latest financial institution...
June 21, 2024
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...
April 25, 2024
Whenever you see a successful business, someone once made a courageous decision. That quote, by management consultant Peter F. Drucker, holds more true today than ever before — particularly given...
June 02, 2024
The impact of Synapse’s bankruptcy continues to spiral outward, extending now to FinTech startup Yotta. For the past three weeks, 85,000 of the company’s customers — holding a total of $112 million in savings — have been locked out of their accounts, CNBC reported Sunday (June 2). The reason? Yotta is caught in the middle […]
April 21, 2024
Instant money movement platform TabaPay is acquiring Synapse’s assets following the latter company’s bankruptcy. The deal, announced Friday (April 19), will allow TabaPay to offer new financial services for FinTechs and financial institutions, the company said...
April 15, 2024
Green Dot has named payments industry veteran Renata Caine as its new Banking-as-a-Service (BaaS) general manager. Caine previously worked at Marqeta and at the commercial payments division of WEX, the digital bank/Fintech firm said in...
April 04, 2024
Finzly has launched a new solution designed to help banks of all sizes participate in the embedded banking market. The new Account Galaxy includes virtual account and virtual ledger capabilities, the provider of...
