Payments
TabaPay eyes OCC charter with Denver bank deal
TabaPay, a money movement platform, announced on Wednesday its plans to acquire Denver-based Transact Bank, a move that will grant it a banking license from the Office of the Comptroller of the Currency (OCC). The deal is supported by $155 million in funding led by FTV Capital and is expected to close in Q4 2026, at which time Transact will be renamed TabaBank.
Stablecoins lose ground to tokenized deposits
Last week's Jackson Hole Economic Policy Symposium focused on payment innovation, with tokenized deposits becoming a hot topic of discussion. In his speech, Bank for International Settlements General Manager Pablo Hernandez de Cos emphasized that tokenized deposits preserve the advantages of the two-tier banking system and reduce disintermediation risks, while stablecoins have limitations in cross-chain interoperability. The U.S. real-time payment system is advancing cross-border expansion, and tokenized deposits may be integrated into new strategies.
Wells, BofA, Citi back upcoming stablecoin
21 international financial institutions, including six major U.S. banks, announced on Tuesday that they will jointly support a stablecoin issuer planned to be established by the end of this year. The project will initially issue a U.S. dollar stablecoin, later expanding to G7 currencies such as the euro, targeting wholesale, institutional, and retail markets, with a launch expected in the first half of 2027.
RTP gears up for international reach
The Clearing House is preparing to extend its real-time payment network RTP to international cross-border payments, aiming to launch a pilot in the first half of 2027, with BNY confirmed to participate. Meanwhile, the Federal Reserve's FedNow system is also considering a similar cross-border expansion, but no clear timeline has been set.
Citi scoops up rewards fintech Kard
Citigroup announced on Thursday that it has reached an agreement to acquire Kard Financial, a New York City-based rewards technology company, aiming to strengthen its consumer card business. The acquisition will combine Kard's technology, talent, and merchant relationships with Citigroup's scale and payment capabilities to drive personalized rewards and commercial ecosystem development. The terms of the deal were not disclosed, but Citigroup stated that it would not have a material impact on financial results.
FedNow extension wins support
In April, the Federal Reserve proposed allowing U.S. banks and credit unions to use FedNow for cross-border transfers through intermediaries. The payment industry broadly supports this, believing it will enhance U.S. international competitiveness, but some institutions recommend phased implementation and refinement of risk and compliance details.
Nium targets stablecoins, growth
Cross-border payment company Nium continues to make strides in the stablecoin space: in March, it launched a stablecoin card issuance platform supporting Visa and Mastercard networks, and this month it acquired crypto wallet business Cypher. CEO Prajit Nanu stated that the company will strengthen its presence in Latin America and Africa through acquisitions and is optimistic about the cross-border application prospects of the real-time payment system FedNow.
Ramp, FIS make AI moves
Ramp and FIS each announced new moves in artificial intelligence last week: Ramp introduced an AI token spending control tool to help finance teams monitor AI-related expenses, while FIS joined Anthropic's Project Glasswing cybersecurity program to test its Mythos 5 model to enhance payment system security.
How PayPal may benefit Stripe
According to Reuters, Stripe has teamed up with Advent International to acquire PayPal for $53 billion. Analysts believe that if this bid succeeds, it will create a digital payment giant with strong capabilities in stablecoins and artificial intelligence.
Fintech Bottomline offers stablecoin-friendly CFO suite
Fintech company Bottomline announced on Monday that its CFO suite now includes stablecoin capabilities, allowing corporate finance teams to send, receive, and manage stablecoins within existing payment and treasury management workflows, and to establish approval, control, and audit processes.