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Circle partners with Volante Technologies to let banks embed stablecoin payment capabilities into their core systems, enabling faster and more efficient cross-border settlements. By integrating directly with bank payment workflows, Circle challenges legacy correspondent banking networks and gives banks a clear path to retain high-margin cross-border flows that might otherwise shift to fintechs.
Jeeves raises $110 million to expand its stablecoin-native banking platform, targeting global enterprises that need programmable treasury and payment solutions. With this funding, Jeeves can offer stablecoin-based accounts and settlement, giving large corporates a direct alternative to traditional cross-border banking and prompting banks and fintechs to respond to growing demand for programmable B2B payments.
Source: FinextraMission Lane receives conditional approval from the OCC to form a new credit card bank, a rare achievement for fintechs seeking US banking charters. This approval lowers the perceived regulatory barrier for fintechs aiming to offer insured deposits and credit products directly, and signals that more fintechs are likely to pursue OCC charters, increasing competition for both legacy banks and neobanks.
Source: Banking DiveHSBC launches a new digital transaction banking platform to streamline services for corporate customers, aiming to attract and retain high-value enterprise accounts. By setting a higher standard for digital experience in corporate banking, HSBC pushes rivals to accelerate their own platform upgrades or risk losing business to more digitally advanced competitors.
Source: FinextraBrite Payments launches its Pay-by-Bank network in the UK, using its new EMI licence to offer direct-from-account payments to merchants and consumers. This move increases pressure on established card networks and open banking providers, and UK merchant adoption will directly influence whether Pay-by-Bank can gain meaningful share from entrenched card rails in domestic and cross-border payments.
Source: Finextra“Despite the hype around instant payments, a 2020 ECB survey found that only 14% of euro area consumers even recognized the term 'instant payments.'
Filed under: Payments History · The Long Memory
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