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Archive · August 17, 2026

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Story 01

OCC Approves Bank Charter for Trump-Linked Crypto Firm, Paving Way for Direct Crypto Access to US Banking

The OCC has granted preliminary conditional approval for a national banking charter to World Liberty Financial, a cryptocurrency company associated with the Trump family. This is the first time a major US crypto firm has received such a charter, allowing it to offer banking services without partnering with traditional banks. The move signals that crypto-native firms could soon compete head-to-head with banks for deposits and payments, prompting both traditional banks and fintechs to reassess their digital asset strategies.

Source: PYMNTS
Also Worth Knowing
№02

Western Union’s Intermax Acquisition Clears New York, Awaits California’s Final Decision

Western Union has received approval from New York regulators to acquire Intermax, with requirements to maintain store locations and limit fee increases. The deal still needs approval from California, which will determine whether Western Union can further consolidate its dominance in US remittances. If approved, smaller money transfer companies could face increased competitive pressure, potentially reducing consumer choice and altering fee structures nationwide.

Source: Finextra
№03

Sezzle Seeks National Bank Charter to Expand Beyond Pay-in-Four as BNPL Regulation Tightens

Sezzle is applying for a national bank charter to bypass stricter state-level rules and broaden its offerings beyond traditional pay-in-four installments. This move positions Sezzle to compete directly with banks and large fintechs, and signals that BNPL providers may need to become regulated banks to survive. The shift could accelerate consolidation in the BNPL sector, with smaller players at risk of being squeezed out by those able to meet higher compliance standards.

Source: Banking Dive
№04

Polygon Partners with Bank of England to Pilot Blockchain-Based Cross-Border Settlement

Polygon Labs has joined the Bank of England’s Digital Pound Lab to test blockchain-powered, near-instant cross-border settlement. This partnership places Polygon at the forefront of the UK’s digital currency trials and could shape how banks and payment processors adopt blockchain for international transactions. The pilot’s outcomes may influence other central banks considering tokenized settlement infrastructure.

Source: Finextra
№05

Alibaba Tops Google and Meta with 3 Billion Global AI Model Downloads, Targeting Fintech and Commerce

Alibaba’s AI models have surpassed 3 billion downloads globally, outpacing Google and Meta in worldwide distribution. This achievement strengthens Alibaba’s position in the AI ecosystem and is expected to drive new collaborations with global banks and fintechs seeking embedded AI solutions for payments, risk, and customer engagement. Alibaba is now investing in regional data centers and developer partnerships to support adoption in financial services.

Source: PYMNTS
The Long Memory
“Despite processing over $72 trillion annually, the ACH network still settles most transactions in batches, meaning many 'instant' payments actually clear hours later.

Filed under: Payments History · The Long Memory

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