The Week in Review

The Week in Review

Friday August 2, 2019 –

Here are the new and noteworthy stories we have been following this week.

Rakuten to apply for US banking charter

Japanese e-commerce provider Rakuten is planning to apply for an industrial loan charter in the US to focus on credit card issuing and acquiring, personal loans, business loans and deposits.

JPMorgan Chase ends business loan partnership with OnDeck

Chase announced that it is ending its three year partnership with OnDeck whereby Chase originated online small business loans using OnDeck’s technology.

Bank of America ends joint venture with Fiserv’s First Data

Bank of America has decided to exit its merchant acquiring processing joint venture with First Data effective June 2020 but will continue using First Data as a third-party processor.

Capital One Reports Data Breach Affecting 100 Million Customers, Applicants

Capital One revealed a data breach impacting approximately 106 million card customers and applicants.

Tim Cook Confirms Apple’s Credit Card Will Launch in August

Apple CEO Tim Cook confirmed on the company’s third-quarter earnings call that the Apple-Goldman Card is launching in August.

Mastercard’s Profit Climbs on Higher Revenue, Lower Expenses

Mastercard reported second quarter profits of $2.05 billion up 31% on revenue of $4.01 billion and Gross Dollar Volume of $1.5 trillion.

Digital bank Atom starts to make money on loans

The UK’s first digital-only bank, Atom Bank is finally starting to make money as it shifts to more profitable first-time home buyers.

Fintech firm Revolut launches a Robinhood-style stock trading service

Revolut launches a commission-free online brokerage service where users can also buy fractional shares, with the minimum amount being $1 worth of stock.

Wise Partners With BBVA Open Platform to Launch a Small Business Banking Experience Focused on Growth

Wise is using BBVA’s Open Banking platform to launch a small business focused bank initially with a checking account and a debit card, with plans to expand to payments, credit cards, and merchant acquiring.

Australia passes consumer data rights legislation

The Australian Government has passed new legislation on consumer data rights, paving the way for the introduction of Open Banking.