Visa Inc. says a purchase of Visa Europe from the banks that own it could cost $10 billion and result in a "material and adverse effect on operations and net income," according to an annual report filed with the Securities and Exchange Commission. The company puts the likelihood that European banks would exercise their options to sell Visa Europe to the U.S. card company at 40 percent.
American Express is planning to offer mid-sized businesses cloud-based tools for automated commercial payments to suppliers. The tools, being offered by the American Express Global Corporate Payments division in partnership with cloud-based financial management vendor Intacct, will allow mid-sized businesses to log on to a cloud-based tool and send checks to a supplier and automatically update the general ledger by clicking a button.
JPMorgan Chase & Co. plans to cut 3,000 more jobs than it originally forecasted in February, with 2,000 of the extra job cuts coming in credit cards, merchant services and auto loans areas, and the remaining 1,000 coming from the home loan unit.
Visa is aiming to offer increased personalization to its customers and is willing to work more closely with partners and outside developers to achieve it. That includes external programmers access to application program interfaces and software development kits to build on.
PayPal added sizzle to the mobile payments battles this week, announcing it has partnered with Burger King for mobile payments, just months after Apple Pay announced that it has a partnership with McDonald's.
Citigroup is planning to revamp its branch network by transitioning to smaller bank branches that have less than half the square-footage of a current average branch. Meanwhile Royal Bank of Scotland announced a revamp of its own--earmarking 154 branches, or at least 5 percent of its branch network, for closure.
A technology company called GlobeOne is planning to launch a new type of community banking next year--global community banking. Unveiled at Money20/20, GlobeOne will launch in partnership with...
Just as many consumers have a bank-branded credit or debit card in their wallets as a go-to payment method, the banking community would like its role in a mobile wallet to be at least as prominent.
Merchant Consumer Exchange, the organization behind the forthcoming merchant-owned mobile payment solution CurrentC, says it has an exclusive agreement with its retailers that prevents them from accepting solutions like Apple Pay and Softcard.
While Bitcoin has attracted an oversized amount of attention, both positive and negative, several executives at financial services firms are increasingly looking past Bitcoin to the blockchain technology that underpins it--and they see strong potential for financial services.