- Square Inc. has withdrawn a banking-charter application it made in September with the Federal Deposit Insurance Corp., saying it will re-file the application later after reviewing and strengthening it. A related application with the Utah Department of Financial Institutions remains active. Both applications are for an industrial-loan corporation, which is attractive to non-bank companies because it allows deposit-taking with less restrictive regulation than that imposed on banking companies.
- Cryptocurrency provider Monaco, whose products include a wallet app and Visa payment card, has rebranded as Crypto.com.
- Australian cross-border payment startup AirWallex raised $80 million in a Series B funding round led by Tencent and Sequoia China. The company uses machine learning to determine the best route for transmitting payments, taking into account factors including speed and cost.
Corporate treasurers can identify numerous use cases for real-time or otherwise faster payments, but they …