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Archive · August 11, 2026

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Story 01

Revolut Secures Full European Banking Licence, Expanding Competitive Reach

Revolut has received a full European banking licence from French regulators, enabling it to offer deposits, lending, and broader financial services across the EU. This approval allows Revolut to operate on equal regulatory footing with incumbent banks, targeting higher-value customers and deepening wallet share. Traditional banks now face a challenger with both tech agility and full banking privileges, increasing competition in core retail banking products and drawing potential regulatory scrutiny of fintech expansion.

Source: Finextra
Also Worth Knowing
№02

Wells Fargo Rolls Out Tokenized Deposits for Corporate Clients

Wells Fargo will offer tokenized deposits to select corporate customers, enabling blockchain-based transfers between U.S. dollars and British pounds. This move brings programmable money into mainstream banking, giving corporates faster settlement and new treasury options. Major U.S. banks like JPMorgan and Citi, which have piloted similar blockchain initiatives, now face pressure to expand their offerings as corporates seek more efficient cross-border solutions.

Source: PYMNTS
№03

Synchrony and PayPal Extend Special Financing to All Mastercard Merchants

Synchrony and PayPal have expanded their six-month special financing offer to every merchant on the Mastercard network for purchases over $149. This leverages PayPal’s digital wallet dominance to push BNPL-style credit deeper into retail, challenging both traditional card issuers and pure-play BNPL providers. Merchants gain a new tool to drive higher ticket sizes, while Affirm and Afterpay face intensified competition on mainstream checkout flows.

Source: PYMNTS
№04

OCC Rejects Bunq’s U.S. Bank Charter, Highlighting Fintech Licensing Hurdles

The OCC has denied Dutch neobank Bunq’s application for a U.S. bank charter, citing insufficient capitalization and management experience. This setback underscores the high bar for foreign fintechs seeking U.S. entry and puts immediate pressure on European challengers like N26 and Monzo, which have signaled U.S. ambitions, to strengthen compliance and leadership teams before applying. The decision signals that U.S. regulators remain cautious on granting charters to digital-first banks.

Source: Finextra
№05

Brazil’s Pix Prepares for Global Expansion, Targeting Cross-Border Payments

Brazil’s central bank announced plans to connect Pix, its instant payment system, with global platforms to enable low-cost cross-border transfers. This initiative positions Pix as a challenger to SWIFT and legacy correspondent banking for international payments, especially in emerging markets. Payment processors and banks serving Latin America must adapt to new interoperability standards or risk losing cross-border volume, as Pix’s model could inspire similar moves by other national instant payment systems.

Source: PYMNTS
The Long Memory
“Before credit cards, some U.S. department stores in the 1920s issued metal charge plates—early reusable payment tokens that predated modern electronic authorization by decades.

Filed under: Payments History · The Long Memory

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