Today In Digital-First Banking: FISPAN Signs Onto Mastercard’s Start Path; Wells Fargo Looks For Bidders On Private-Label Card Unit
In today’s top digital-first banking news, FISPAN has joined Mastercard’s Start Path accelerator program, while Wells Fargo & Co is looking to sell its private-label credit card and point-of-sale (POS) financing arm. Plus, European Central Bank (ECB) President Christine Lagarde said the bank could make its own digital currency within a few years.
FISPAN has become a part of Mastercard’s Start Path accelerator program. The company is among 35 firms to join Start Path this year out of more than 1,500 applications. “Participation in this program will allow us to leverage Mastercard’s expertise, technology and channels,” FISPAN Founder and CEO Lisa Shields said in a release.
Wells Fargo & Co is looking to sell its private-label credit card and point-of-sale (POS) financing division as part of a continuing strategic review of its operations. The firm has begun reaching out to potential bidders, but it still reportedly has not come to a final decision about whether to sell the division. A recent Nilson report estimated the bank’s portion of private-label card spending was 5.75 percent last year.
European Central Bank (ECB) President Christine Lagarde said the bank could make its own cryptocurrency within a couple of years, which could drastically reshape the bloc’s financial industry. Two to four years could reportedly pass prior to the rollout of any such currency since such an effort concerns issues such as privacy, among others.
Interest rates on deposit accounts are close to zero percent because of the coronavirus, but that hasn’t stopped individuals from saving money. Commercial bank deposits were up from approximately $13.2 trillion at the beginning of 2020, reaching approximately $15.9 trillion, according to a published report citing the Federal Reserve.