Friday August 2, 2019 –
Here are the new and noteworthy stories we have been following this week.
Rakuten to apply for US banking charter
Japanese e-commerce provider Rakuten is planning to apply for an industrial loan charter in the US to focus on credit card issuing and acquiring, personal loans, business loans and deposits.
https://www.finextra.com/newsarticle/34178/rakuten-to-apply-for-us-banking-charter
JPMorgan Chase ends business loan partnership with OnDeck
Chase announced that it is ending its three year partnership with OnDeck whereby Chase originated online small business loans using OnDeck’s technology.
https://www.americanbanker.com/news/jpmorgan-chase-ends-business-loan-partnership-with-ondeck
Bank of America ends joint venture with Fiserv’s First Data
Bank of America has decided to exit its merchant acquiring processing joint venture with First Data effective June 2020 but will continue using First Data as a third-party processor.
Capital One Reports Data Breach Affecting 100 Million Customers, Applicants
Capital One revealed a data breach impacting approximately 106 million card customers and applicants.
https://www.wsj.com/articles/capital-one-reports-data-breach-11564443355
Tim Cook Confirms Apple’s Credit Card Will Launch in August
Apple CEO Tim Cook confirmed on the company’s third-quarter earnings call that the Apple-Goldman Card is launching in August.
Mastercard’s Profit Climbs on Higher Revenue, Lower Expenses
Mastercard reported second quarter profits of $2.05 billion up 31% on revenue of $4.01 billion and Gross Dollar Volume of $1.5 trillion.
https://www.wsj.com/articles/mastercards-profit-climbs-on-higher-revenue-lower-expenses-11564489542
Digital bank Atom starts to make money on loans
The UK’s first digital-only bank, Atom Bank is finally starting to make money as it shifts to more profitable first-time home buyers.
https://www.ft.com/content/b6222680-b2a1-11e9-8cb2-799a3a8cf37b
Fintech firm Revolut launches a Robinhood-style stock trading service
Revolut launches a commission-free online brokerage service where users can also buy fractional shares, with the minimum amount being $1 worth of stock.
Wise Partners With BBVA Open Platform to Launch a Small Business Banking Experience Focused on Growth
Wise is using BBVA’s Open Banking platform to launch a small business focused bank initially with a checking account and a debit card, with plans to expand to payments, credit cards, and merchant acquiring.
Australia passes consumer data rights legislation
The Australian Government has passed new legislation on consumer data rights, paving the way for the introduction of Open Banking.
https://www.finextra.com/newsarticle/34201/australia-passes-consumer-data-rights-legislation
