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Archive · May 21, 2026

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The Lead

Story 01

Trump Executive Order Pushes Fed to Open Payment Rails to Fintechs

President Trump signed an executive order directing the Federal Reserve to consider granting fintechs direct access to core payment rails. This signals a potential shift in settlement infrastructure, as fintechs like Mercury and Stripe could bypass sponsor banks and connect directly to the Fed, challenging banks’ longstanding gatekeeper role and potentially reshaping competition in real-time payments and account services.

Source: Finextra
Also Worth Knowing
№02

Mercury Raises $200M at $5.2B Valuation, Fueling Digital Banking Expansion

Mercury secured $200 million in Series D funding, raising its valuation to $5.2 billion and reinforcing investor confidence in digital-first banking. The new capital enables Mercury to broaden its product suite and intensify competition with both neobanks and established banks serving startups and SMEs, as it targets new features and markets to capture a larger share of the digital banking sector.

Source: Finextra
№03

Euro Stablecoin Consortium Qivalis Adds 25 Banks, Deepening Institutional Backing

Qivalis, the euro stablecoin joint venture, expanded to 37 banks after onboarding 25 new institutions, including Deutsche Bank and Crédit Agricole. This surge in participation, driven by the EU’s MiCA regulatory framework taking effect, reflects major European banks’ urgency to offer digital settlement alternatives and signals growing institutional momentum behind regulated stablecoins.

Source: Finextra
№04

JPMorgan Chase Enters German Market With Fee-Free Digital Bank

JPMorgan Chase launched its digital retail bank in Germany, offering a fee-free savings account to attract local customers. This direct entry challenges German incumbents like Deutsche Bank and Commerzbank, who now face immediate pressure to defend market share by adjusting pricing and accelerating digital onboarding as global competitors expand in Europe’s conservative banking landscape.

Source: Finextra
№05

Klarna Embeds Merchant Network Into ChatGPT for AI-Powered Shopping

Klarna integrated its merchant network with OpenAI’s ChatGPT, allowing users to discover and compare products through conversational AI. This partnership gives Klarna’s retail partners a new customer acquisition channel and positions ChatGPT as a commerce gateway, prompting e-commerce platforms like Shopify and payment providers such as PayPal to respond as consumer discovery habits shift toward AI-powered interfaces.

Source: Finextra
The Long Memory
“The Automated Clearing House (ACH) network, now processing over $70 trillion annually, was originally designed in the 1970s to reduce paper check volumes.

Filed under: Payments History · The Long Memory

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