U.S. Bank fined $36M over freezes of COVID-era unemployment benefits
Payments Dive
DECEMBER 20, 2023
The Minneapolis-based lender flagged a CFPB probe into prepaid card use last year. The OCC added a separate penalty Tuesday.
New Cloud-Based Card-Issuing System Aims To Standardize Payments Security
PYMNTS
OCTOBER 19, 2020
Entrust , an identities, payments and data protection firm based in Minneapolis, on Monday (Oct. According to a press release , Sigma provides “a secure, cloud-based, direct-to-card ID desktop issuance solution.”. According to a press release , Sigma provides “a secure, cloud-based, direct-to-card ID desktop issuance solution.”.
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Trending Sources
Digital Bank Startup Branch Offers Mobile Payments
PYMNTS
JUNE 16, 2020
The Minneapolis-based company has partnered with Mastercard to offer consumers access to their funds through their Branch Mastercard debit cards by adding it to mobile wallets, including Apple Pay, from the Branch mobile app. . Branch , the digital bank startup, is branching out.
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BofA Consumers Can Add Credit, Debit Cards To PayPal From Mobile Banking App
PYMNTS
MARCH 20, 2018
Bank of America announced news on Tuesday (March 20) that customers can now add multiple credit and debit cards to their PayPal account without having to use a laptop or desktop computer. The ability to add cards within PayPal will come later this year, the company said.
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Banking On Consumer-Centric Strategies To Spur Virtual Card Adoption
PYMNTS
JANUARY 29, 2020
Virtual cards have been spreading across the B2B payment space because of their cost-saving benefits for both companies and suppliers. These cards’ account numbers correspond with certain vendors, and have predetermined spending limits, enabling accounts payable (AP) professionals to better manage expenses, control cash flow and fight fraud.
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Rhode Island Eyes Capping Credit Card Interest Rates
PYMNTS
APRIL 9, 2019
In the United States, credit card balances and the interest rates charged on those balances are on the rise. In the latest data , more than $870 billion in credit card debt is outstanding in the United States. Before that ruling, in a case titled Marquette National Bank of Minneapolis v. Whitehouse said, according to WPRI.
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Ballard Spahr to hold card issuer workshops
CFPB Monitor
MAY 6, 2019
On Tuesday, May 14, 2019 in Minneapolis, and on Wednesday, May 15, 2019 in Sioux Falls, Ballard Spahr will host complimentary card issuer workshops. For additional details and registration information, click here for the Minneapolis workshop and here for the Sioux Falls workshop.
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U.S. Bancorp Profit Rises on Card Revenue
Payments Source
JULY 15, 2016
Bancorp in Minneapolis reported higher quarterly profit boosted by increased fee revenue from credit and debit cards.
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Payments Fraud Rides Money Mules Into 2019
PYMNTS
JANUARY 4, 2019
Juniper Research , for example, has estimated that retailers will lose as much as $130 billion in card-not-present (CNP) fraud through 2023 — as tech gets more complex and transactions are done across borders. Thus, she had banking and credit card information. It’s no surprise that payments fraud is on the rise.
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Commercial, mortgage, card lending rise at U.S. Bancorp
Payments Source
APRIL 17, 2019
The Minneapolis bank reported mid- to high-single-digit improvement in those categories, but total loan growth was curbed by declines in CRE and other credit types.
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Error-Filled Screening Reports Hurt Renters
PYMNTS
MAY 28, 2020
Steven Schachtman, a Minneapolis landlord, said it’s difficult for property owners to check a report’s accuracy. In 2018, the Federal Trade Commission fined RealPage $3 million for using wild-card searches. That is why we are hiring them,” he said. The Texas company did admit wrongdoing.
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Kids’ Eyeglasses Get A Mobile And 3D Makeover
PYMNTS
AUGUST 20, 2019
Shoppers can check out using a credit card, debit card, Apple Pay or health savings account (HSA)/flexible spending account (FSA) at launch. The firm first began testing the concept last October at its Minneapolis-based Glenwood Avenue headquarters.
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How Merchants Are Driving Conversions With Five Features
PYMNTS
DECEMBER 4, 2018
Amid this trend, and increased interest in other offerings, merchants like Target are expanding free shipping offerings as IKEA is rolling out credit cards rewards and eBay is highlighting a price guarantee. In May, for instance, news surfaced that IKEA was rolling out its own branded credit card. About half — or 48.2
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TRENDING: Inside GDPR’s Enforcement Strategies
PYMNTS
MAY 23, 2018
A February 2018 study from the Federal Reserve Bank of Minneapolis found that 75 percent of American financial institutions incurred losses due to fraud last year. The company recently debuted a new biometric payment card designed to enable customers to register their fingerprints without visiting a bank branch.
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Call It Alt-Credit Or POS Lending, ‘Buy Now, Pay Later’ Just Got Bigger
PYMNTS
JULY 14, 2020
“Given how much the demand for installments is increasing, we are also using the already existing parts of the credit system today to scale installment payments with every [Visa] card across the board,” Cetin Duransoy , Visa ’s global head of installment solutions, told PYMNTS. Fast and Furious BNPL Action. Leveraging Risk the Right Way.
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Why U.S. Bank committed to charitable-cause card rewards
American Banker
SEPTEMBER 27, 2023
Cash remains king, but some credit card customers prefer giving their rewards to nonprofits, so the Minneapolis banking giant has made it a year-round option where it's matching donations dollar for dollar.
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Building A DTC Men’s Personal Care Brand With eCommerce
PYMNTS
AUGUST 26, 2019
The company accepts credit card, Google Pay, Amazon Pay and PayPal for payments. “We And, beyond eCommerce, the company is in a few retail stores: One is Fourpost in Minneapolis in the Mall of America. Mullenax says that one learning is how many customers are interested in buying a kit. It ultimately settled on crushed bamboo.)
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Big Week Ahead For Retail; Target Earnings Expected To Show Momentum Of Digital Shift
PYMNTS
NOVEMBER 16, 2020
Macy’s will be the wild card of the week for several reasons. The Minneapolis-based retail giant reports Wednesday morning (Nov. Morgan Chase & Co., 9 at a virtual investor conference. The consumer’s willingness to carry on spending is a pretty positive sign for sort of a broader economic recovery.”.
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Today's Top Retail News: Holiday Spending Looks Flat; Target Meets Amazon Prime Challenge
PYMNTS
SEPTEMBER 29, 2020
Q4 Outlook: Consumer Mindset Is The Wild Card. Target’s event, first reported by the Minneapolis Star Tribune, will feature “digital deals on thousands of items, more than double what the retailer offered last year, as it adjusts to the surge of consumers who have shifted to shopping online during the coronavirus pandemic.
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Frictionless Payments And Top Mobile Banking Innovation
PYMNTS
JUNE 20, 2018
But, in terms of branches, the bank seeks to grow its physical footprint in new markets such as Denver, Indianapolis, Minneapolis and Salt Lake City. And It has rolled out cardless automated teller machines (ATMs) and advanced centers without people over the last 18 months. The bank is also heading to cities in Ohio as well as Pittsburgh.
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Young Lenders and the Groundhog Syndrome
Jack Henry
FEBRUARY 25, 2015
Then, just like the groundhog, that lender will retreat back to the burrow with nothing more than a prospect’s business card. In the last 60 days, I had several conversations with bank executives in Minneapolis, Oklahoma City, Fresno and Atlanta on that very topic. If so, then you are not alone.
Whole Paycheck Tracker: Target, Walmart Comparison Uncovers Different Digital-First Strategies
PYMNTS
NOVEMBER 20, 2020
So far, it looks like Walmart could steal a few pages from its Minneapolis-based neighbor. The more standard one is the Capital One-issued rewards card. Walmart has relied on its massive ground and air transportation network to feed its eCommerce effort, most of which is fed through its distribution centers instead of stores.
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Payments fraud remains a key issue for FIs, survey shows
NCR
FEBRUARY 8, 2018
A report by the Federal Reserve Bank of Minneapolis revealed that three-quarters of FIs (75 percent) describe payments fraud as a problem. What’s more, 96 percent of debit card issuers and 77 percent of credit card issuers reported losses in 2016. More than 80 percent of FIs report that they now use this technology.
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Wendy’s Adds Flavor To Ghost Kitchen Movement
PYMNTS
DECEMBER 1, 2020
Minneapolis restaurant owner Luke Shimp converted the kitchen of his Red Cow Uptown restaurant to the Kenwood Food and Beverage, a virtual food hall that he opened about a month ago. While 2020 has been a big year for ghost kitchens, some critics have likened their success to a “ house of cards ” likely to topple in 2021.
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Cracking The Anonymity Code In Loyalty
PYMNTS
APRIL 12, 2018
Known consumers have provided some information such as a phone number, email address, or credit card number. For instance, if it’s going to be a rainy weekend in Minneapolis but it’s the season opener for the Colts, there’s a prefabricated campaign that can help encourage people to visit and spend – the merchant just has to decide to run it.
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100 Data Dive: FedEx Competes, BoA Automates And Hackers Hack … Everyone, Including Each Other
PYMNTS
FEBRUARY 13, 2017
They also tend to be focused a bit differently, with a focus on mortgages, credit cards and auto loans, specifically. For those hoping to experience the wonder of fully automated BoA branches right now, it will be necessary to live in (or travel to) Minneapolis and Denver — both of which are relatively new markets for the bank.
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U.S. Bancorp Profit Rises on Card Revenue
American Banker
JULY 15, 2016
Bancorp in Minneapolis reported higher quarterly profit boosted by increased fee revenue from credit and debit cards.
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28 U.S. Bancorp Profits Barely Budge Despite Card Growth
American Banker
OCTOBER 19, 2016
Bancorp held steady in the third quarter as the Minneapolis company on Wednesday reported a mix of both higher fees and salary-related costs. Profits at U.S.
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What eInvoicing Standardization Could Mean For AP Automation
PYMNTS
OCTOBER 25, 2019
The Federal Reserve Bank of Minneapolis’s Payments, Standards and Outreach Group published a report in 2016, “ U.S. Adoption of Electronic Invoicing: Challenges and Opportunities ,” which explored the potential for the U.S. to embrace eInvoice standards in an effort to achieve end-to-end efficiency in the U.S. payments system.
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101 Tracking the growth of the chatbot
NCR
NOVEMBER 29, 2017
Bank credit card by speaking to an Alexa device. Gareth Gaston, head of omni-channel banking at the Minneapolis-based institution, said voice technology will be “central to the future of digital interaction” In the UK, Barclays recently became the first high-street bank to enable mobile payments via Siri.
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69 Retail’s Go Big Or Go Home 2019 Prime Day
PYMNTS
JULY 1, 2019
With Amazon going to Taylor Swift levels of big for Prime Day this year, the rest of retail basically has one of three choices available as Americans dust off their credit cards on Monday, July 15. They can quit the field, go home and let Amazon run the table. Or they can attempt to go as big as Amazon — and hope to ride the retail wave.
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Could geolocation be the next tool in the fight against fraud?
NCR
NOVEMBER 28, 2016
This concept has been around for some time. In Europe several countries who have deployed this sort of defense strategy have seen major reductions in the amount of card fraud losses. When a card transaction is made, the system can check this against the location reported by the app to see if they match before approving the payment.
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40 Sezzle Scoops Up $500k Investment from Brussels-based E-Merge
Fintech Labs Insights
JUNE 21, 2016
plus 15 cents, that’s half the cost of quoted credit and debit card processing.” This is novel in that while 60% of payments are made with debit cards, “you’d be hard pressed to find a debit card that can give you rewards,” Youakim said. “Our rate is 1.5%
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Ballard Spahr Submits Comment Letter to OCC in Support of Proposed True Lender Rule
CFPB Monitor
SEPTEMBER 9, 2020
Significantly, the Supreme Court in Smiley, relying upon Marquette Nat’l Bank of Minneapolis v. Variable Annuity Life Ins. 251, 256-257 (1995) (citations and internal quotation marks omitted). First of Omaha Service Corp.,
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78 Payment fraud on the rise at U.S. banks, credit unions: Fed survey
Payments Source
FEBRUARY 7, 2018
The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals.
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A Deep Dive into the Distribution of the FICO Score Across the US
FICO
NOVEMBER 11, 2019
Another theory is that people’s exposure to their credit reports and FICO® Scores, like seeing their updated FICO® Score on their monthly credit card statements, may have increased awareness and resulted in more prudent management of their personal finances. MSA 1 (City) Level View. Paul and Boston.
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Sezzle Adds Former PayPal Executives as Advisors
Fintech Labs Insights
JULY 20, 2016
Scott Guilfoyle and Annick Fuchs will serve as advisors for the Minneapolis, Minnesota-based payments innovator. plus 15 cents, Sezzle is half the cost of credit and debit card processing. Sezzle Pay also enables rewards through debit card purchases, providing a 1% reward for consumers that pay via the platform.
Minnesota 12
12 
It doesn’t have to be “The Handmaid’s Tale”
Tomorrow's Transactions
SEPTEMBER 30, 2016
Narayana Kocherlakota, formerly the head of the Federal Reserve Bank of Minneapolis and now a prolific economics blogger, penned a recent article on the abolition of cash. North Korea has everyone using paper money and virtually no cards. Denmark has virtually no paper money and everyone uses cards (and phones). I don’t see how.
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Top 34 Digital Lenders to U.S. Small Businesses (SMB) (July 2024)
Fintech Labs Insights
JULY 30, 2024
Financing up to $400,000 | Get funds in as little as 24 hours | Factor rates as low as 1.11 6,780 reviews through Jan 2023, new info no longer available) Lendvo ( taken off list Feb 2023 ) FAB Score = 0 (down 1) – HQ: Washington DC – Founded: 2015 – Raised: $1.3M
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Fintech Fundings: 35 Companies Raise $470 Million the Third Week of June
Fintech Labs Insights
JULY 20, 2016
Credit card payoff loans. HQ: Minneapolis, Minnesota. HQ: Minneapolis, Minnesota. Tags: Consumer, prepaid debit card, deposits, underbanked, millendial, mobile, billpay. Total raised: $335 million. HQ: Shenzen, China. Source: FT Partners. Latest round: $46.76 million Series C. Total raised: $71.56 PromisePay.
Fintech Fundings: 18 Companies Raise $230 Million Week Ending June 11
Fintech Labs Insights
JUNE 11, 2015
HQ: Minneapolis, Minnesota. Tags: Payments, mPOS, point of sale, SMB, security, cards, merchant acquiring, Finovate alum. Source: Crunchbase. eFileCabinet. Paperless systems for accounting & other industries. HQ: Lehi, Utah. Latest round: $14 million. Total raised: $25 million. Source: Crunchbase. Cachet Financial Solutions.
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Top 63 Online Digital Banks for U.S. Consumers (Nov 2023)
Fintech Labs Insights
NOVEMBER 10, 2023
Centered around deposit and debit/charge card services Predominantly focused on consumers Primarily digitally delivered (rules out Wells Fargo, BofA, and the majority of traditional banks*) Founded since 1999 Do you run a small business :? Let’s start with our definition. Looking for small business resources?
Fintech Fundings: 186 Companies Raised $1.6 Billion in June
Fintech Labs Insights
AUGUST 1, 2016
Credit card with consumer controls. HQ: Minneapolis, Minnesota. Tags: SMB, merchants, payments, acquiring, credit/debit cards, mobile. Payment & trade finance for microbusinesses. Latest round: $13.2 million Series A. Total raised: $16.1 HQ: Barcelona, Spain. Source: Crunchbase. Digital sales & account opening.
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12 Fintech Fundings: 26 Companies Raise $280 Million in 4th Week of June
Fintech Labs Insights
JULY 21, 2016
Gift card payment network. HQ: Minneapolis, Minnesota. Tags: SMB, ISOs, merchants, acquiring, payments, debit/credit cards. Source: FinDEVr. Digital bank startup. Latest round: $40 million Series B. Total raised: $52.7 HQ: Berlin, Germany. Source: Crunchbase. Invoice lender to small businsesses. Latest round: $30 million Debt.
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