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Archive · July 6, 2026

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Story 01

Crédit Agricole Takes Full Control of Cawl, Deepening Merchant Payments Ambitions

Crédit Agricole has acquired 100% ownership of Cawl, its merchant payments joint venture with Worldline, originally launched in 2023. This acquisition gives Crédit Agricole direct control over merchant acquiring and payment services, positioning it to compete more aggressively with European PSPs. The bank can now integrate payments more tightly with its core banking products, potentially bundling services for SME and enterprise clients. Other European acquirers may see increased margin pressure as Crédit Agricole leverages its distribution and banking relationships.

Source: Finextra
Also Worth Knowing
№02

Klarna’s $2B Antitrust Win Against Google Sets Precedent for Tech Competition in Europe

A Swedish court ruled that Google violated antitrust laws in price comparison, awarding Klarna’s European competitor $2 billion in damages. The decision strengthens Klarna’s position in the European payments and e-commerce ecosystem while signaling that regulators are willing to curb big tech’s market power. Tech giants operating in Europe now face stricter scrutiny over their payment and checkout integrations, with increased risk of legal challenges from fintechs and PSPs seeking a more level playing field.

Source: Banking Dive
№03

Binance-Backed Mesh Nears $2B Valuation, Raising Stakes in Crypto Payments

Binance is reportedly leading a funding round that could value crypto payments firm Mesh at $2 billion. Mesh’s rapid ascent, fueled by Binance’s backing, positions it as a challenger to established crypto payment providers and accelerates competition in digital asset-to-fiat transfer tools. Mesh is expected to pursue integrations with major e-commerce platforms and partnerships with fintechs to enable seamless crypto checkout and wallet interoperability for merchants.

Source: PYMNTS
№04

Thought Machine Surpasses $100M ARR as Cloud-Native Core Banking Gains Traction

Thought Machine announced it has exceeded $100 million in annual recurring revenue, reflecting surging demand for cloud-native core banking and payments infrastructure. This milestone underscores the shift away from legacy core systems as banks and fintechs seek more agile, API-driven platforms. Incumbent core banking vendors now face intensified competition from cloud-first challengers, and banks are accelerating adoption of modular, cloud-based stacks to support digital transformation.

Source: Finextra
№05

EagleBank Pays $9.7M for BSA Failures, Raising Compliance Stakes for U.S. Banks

EagleBank agreed to pay $9.7 million to settle Bank Secrecy Act violations after admitting to inadequate anti-money laundering controls. The penalty highlights regulators’ continued focus on AML compliance and signals that even mid-sized banks face significant financial and reputational risks for lapses. U.S. banks are likely to accelerate investments in transaction monitoring and compliance automation to avoid similar outcomes, driving demand for advanced AML technology.

Source: Banking Dive
The Long Memory
“After the Durbin Amendment capped debit interchange fees, some U.S. banks reduced free checking account offerings, illustrating how regulation can reshape consumer banking products in unexpected ways.

Filed under: Payments History · The Long Memory

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