Embedded finance news
Embedded finance news from primary sources: BaaS, sponsor banks, payments, lending, cards and stablecoins.
Pathward stays Clair's earned wage access bank partner
Pathward renewed its Clair deal and will keep originating the earned wage advances sold inside payroll software.
Geotab Fleet Card runs on AtoB's embedded payments platform
AtoB says Geotab is the first fleet management platform to build its payments platform into its own software.
The Bancorp launches Finetics for bank-led embedded finance
The Bancorp Bank now sells embedded finance itself, with program management and APIs from one bank.
Modern Treasury applies for a national trust bank charter
Modern Treasury files with the OCC for a limited-purpose trust bank to custody stablecoins and fiat. Rain files too.
National trust bank charter lawsuit: ICBA sues the OCC
ICBA asked a federal court on October 2 to void the OCC rule behind crypto trust charters and Protego's approval.
BMO, Mastercard launch embedded commercial payments in ERP
BMO's corporate virtual cards now work inside ERP and AP software through Mastercard's Commercial Express.
Cross River's $50M credit facility backs GoodLeap's card
One sponsor bank issues the card and lends to the fintech that funds it.
Fiserv goes live with Roughrider Coin, a bank stablecoin
Fiserv's stablecoin platform is live for banks, starting with a coin for North Dakota's interbank payments.
Volante brings Circle's USDC workflows to bank payment hubs
Banks on Volante's platform will be able to test USDC minting and wallet payments beside their existing rails.
Coinbase Virtual Accounts run on Citi; Spring adds stablecoin checkout
Citi's Virtual Account Wallet powers Coinbase Virtual Accounts; Spring by Citi adds stablecoin checkout.
LoanPro launches Beyond Credit card disbursement and DirectPay
LoanPro launched DirectPay processing and Beyond Credit, a virtual Mastercard that funds loans to wallets.
SoFi goes live with stablecoin settlement on Mastercard
SoFi Bank settles its debit and credit card program in SoFiUSD, its own bank-issued stablecoin.
Reap and Visa take stablecoin credit cards to 100+ markets
Payward-owned Reap will run stablecoin-funded Visa credit programs for fintechs well beyond Asia.
Federal Reserve proposes GENIUS Act stablecoin rules
Graduated capital charges of 1% to 2%, two-day redemption and a bank application process. Comments run 60 days.
Modulr picks Cogent Bank for U.S. payments launch
Modulr will open U.S. accounts and payouts through Cogent Bank, reaching ACH, RTP and FedNow via FIS.
Agora National Trust Bank gets OCC conditional approval for AUSD
Agora National Trust Bank wins OCC preliminary conditional approval to issue AUSD onshore for institutions.
SEC grants five-year innovation exemption for tokenized stocks
The SEC's five-year order lets Tokenized Securities Venues trade tokenized listed stocks outside exchange rules.
FedNow discount program pays statement credits from January 2027
FedNow will pay statement-credit discounts to receive- and send-enabled institutions from January 1, 2027.
Third-party risk management guidance: regulators issue proposal
The agencies would also retire the July 2024 bank-fintech joint statement. Comments are due November 16.
Marqeta and BVNK partner on stablecoin-backed cards
Marqeta will issue cards funded by stablecoin balances, with BVNK, now part of Mastercard, behind them.
FDIC deposit insurance approval for Mercury Bank, N.A.
The FDIC cleared Mercury Bank, N.A. for deposit insurance with $300 million of initial paid-in capital.
Chime Stride Bank acquisition: Chime buys its sponsor bank for $590M
The all-cash deal would turn Chime's partner bank into Chime Bank, N.A., subject to OCC and Fed approval.
OCC grants conditional charters to Revolut and OpenReserve
Revolut serves U.S. customers through partner banks today; OpenReserve plans a banking-as-a-service platform.
OCC and FDIC finalize "unsafe or unsound practice" rule
The rule, effective November 2, ties enforcement to material financial harm. The Federal Reserve is not a party.
Each item links the regulator record, filing or company announcement it rests on. For the enforcement orders behind many stories, see the sponsor bank enforcement actions tracker; for background, read the BaaS and sponsor banks and lending software sections.