Friday August 10, 2018 –
Here are the new and noteworthy stories we have been following this week.
American Express and GreenSky Team Up to Fuel Business Growth Through Enhanced Digital Payments and Financing Capabilities
American Express and GreenSky partner to enable Amex merchants to offer financing at the POS.
Facebook to Banks: Give Us Your Data, We’ll Give You Our Users
Facebook wants banks to share their customer data in an effort to embed and integrate financial services within its social media infrastructure.
https://www.wsj.com/articles/facebook-to-banks-give-us-your-data-well-give-you-our-users-1533564049
Arizona opens first fintech sandbox in the US
Arizona has opened the first fintech sandbox in the US, enabling financial services startups to begin testing their products with live consumer data.
https://www.finextra.com/newsarticle/32489/arizona-opens-first-fintech-sandbox-in-the-us
Microsoft Pay now works with Masterpass to streamline online payments
Microsoft Pay integrates with Masterpass allowing users to connect accounts and shipping and payments data.
https://www.windowscentral.com/microsoft-pay-now-works-masterpass-streamline-online-payments
Regulators club together to form global ‘fintech sandbox’
The UK’s Financial Conduct Authority unveils the Global Financial Innovation Network as part of plans to formalise a “global sandbox”.
https://www.ft.com/content/ae6a1186-9a2f-11e8-9702-5946bae86e6d
Consumer Credit in U.S. Rose Less Than Estimated in June
Consumer credit growth slowed in June increasing at a 3% annual rate to $3.91 trillion.
Capital One inks data sharing deal with Finicity
Capital One and Finicity have signed a data sharing agreement that enhances access and security through Capital One’s Customer Transactions API.
https://www.finextra.com/pressarticle/75027/capital-one-inks-data-sharing-deal-with-finicity/retail
LendingClub Reports Second Quarter 2018 Results
LendingClub reported strong Q2 growth with originations of $2.8 billion up 31% year-over-year.
Abercrombie App Adds Millennial-Friendly Venmo Payment Option
Venmo added as a payment option for Abercrombie and Hollister apps.
Visa, Mastercard Agree to Cut Canada Interchange Fees
Visa and Mastercard to reduce the average credit card interchange rate in Canada by 10 basis points to 1.4%.
US Bank to sell card processor Elan
US Bank is believed to be looking to divest Elan – Finastra, FIS, and Fiserv cited as possible buyers.
https://www.bankingtech.com/2018/08/us-bank-to-sell-card-processor-elan/
Behind the $90 Billion Brawl Over Credit Card Swipes
Good behind the scenes look at interchange and the various parties involved in a payments transaction.
