Chime Financial was fined $3.25 million by the Consumer Financial Protection Bureau today as the digital bank has failed to give timely consumer refunds.  According to Chime’s refund policy, the company is required to issue consumer refunds within 14 days. The CFPB found that Chime has not adhered to this policy, a move that has ..read more

Payments behemoth Mastercard uses APIs to develop a wider range of products for business clients.  The company processes roughly 125 billion transactions annually and managing data flow through APIs makes Mastercard’s operations efficient, Chad Wallace, executive vice president of B2B solutions, tells Bank Automation News on this episode of “The Buzz” podcast.  Deploying APIs within ..read more

Bank Automation News is pleased to announce that the inaugural Bank Automation Summit Europe 2024 will take place Oct. 7-8 in Frankfurt, Germany, at the Hilton Frankfurt.   Located in one of Europe’s top three financial hubs and co-chaired by Angela Yore, founder and managing director of media and marketing consultancy firm SkyParlour, this premier ..read more

Small businesses demand efficient access to capital and Grasshopper Bank is meeting the needs of its small business clients through its latest digital lending solutions.  The New York-based digital bank launched its digital Small Business Administration (SBA) loan application on April 18 to allow small business clients to start a loan application on their own ..read more

The Clearing House’s Real Time Payments’ network is gaining mid-market companies as businesses gravitate toward real-time payments.  Businesses prefer The Clearing House’s RTP solution because it is established and is used by nearly 67% of U.S. financial institutions, compared with the 22% utilizing the Federal Reserve’s FedNow solution for real-time payments, Michael Cummins, executive vice ..read more

Block’s Cash App profit and number of users grew in the first quarter as the payments provider integrated buy now, pay later provider Afterpay.   Block, formerly Square, acquired Afterpay in August 2021 for $29 billion but it has had issues integrating the solution with its Cash App Card debit card, Chief Executive Jack Dorsey said ..read more

Tech giant Apple reported record revenue from its services businesses, which include payments and iCloud, and is going knee-deep in its generative AI foray.  “We set an all-time revenue record in services with $23.9 billion, up 14% year over year,” Chief Executive Tim Cook said during the company’s second- earnings call May 2. The quarter ..read more

ING Bank is improving its digital capabilities and offerings as it posted growing mobile banking adoption in the first quarter.  The bank is prioritizing delivering “a superior customized digital experience that is personal, easy, relevant and instant,” Chief Executive Steven van Rijswijk said during the digital bank’s first-quarter earnings call today. The Amsterdam-based bank reported ..read more

Card giants Mastercard and Visa leaned into AI and generative AI for fraud detection in the first quarter.   “We continue to enhance our solutions with generative AI to deliver even more value,” Chief Executive Michael Miebach said during Mastercard’s May 1 earnings call.   During the quarter, the card giant added generative AI to its Decision ..read more

With ‌‌the widespread adoption of DevOps, platforms such as StackSpot are emerging as one of the biggest trends in software engineering. By providing common frameworks and components — in a unified environment — they promise to accelerate product delivery, enhance customer value, and optimize the developer experience. Platform engineering offers several advantages over traditional software ..read more