Late last week, a handful of the largest US banks revealed a plan to launch their own tokenized deposit network.
JPMorgan, Citi, Bank of America, Wells Fargo, and other major banks will launch the new network, which is set to launch by mid-2027. The banks are launching this new network in partnership with The Clearing House (TCH), a bank-owned consortium that operates critical US payment infrastructure, including the RTP network, which enables real-time payments between participating...
- Klarna launched a high-yield savings account paying up to 3.38% APY, adding deposits and savings tools to its growing portfolio of consumer financial products.
- The move builds on Klarna's existing banking ambitions. The company already holds $12.3 billion in deposits globally and has offered interest-bearing accounts in Europe since 2021.
- As Klarna expands from BNPL into savings, payments, P2P transfers, and stablecoins, it is increasingly positioning itself as a full-service digital...
- Digital banking solutions provider Mahalo Banking has partnered with Members First Credit Union of Utah.
- Members First CU will deploy Mahalo's Thoughtful Banking platform as part of an overall modernization initiative that will also involve a transition to the Corelation Keystone core platform.
- Mahalo Banking, based in Troy, Michigan, won Best of Show in its Finovate debut at FinovateFall 2023 in New York. Jim Stickley is CEO.
Utah-based Members First Credit Union has teamed...
For companies involved in the business of empowering developers to build business-critical fintech applications, the world has changed a great deal over the past decade. From the rise of AI to a sea-change in regulatory priorities that has increased scrutiny on third-party relationships, fraud and risk management, consumer data protections, and more, the task of providing fintech developers with the tools they need to innovate has only become more challenging.
This makes the recent news...
- Stripe-owned stablecoin infrastructure platform Bridge is partnering with Banking Circle to enable clients to move stablecoins into and out of local currencies, with support for EUR, GBP, USD, and soon AUD.
- The partnership combines Bridge's stablecoin capabilities with Banking Circle's regulated banking infrastructure, correspondent banking network, and local clearing access to facilitate cross-border payments and fiat-to-stablecoin conversions.
- The deal reflects the growing...
