JPMorgan Chase on Thursday announced a move to speed up the settlement of business-to-business transactions by using digital coins. The largest U.S. bank by assets said its JPM Coin is designed to make instantaneous payments using blockchain technology. The coins will be redeemable for the equivalent amount in U.S. dollars. JPMorgan’s wholesale payments business moves more than $6 trillion around the world every day for corporations but those movements have traditionally used wire transfers...

Fiserv said Wednesday it will acquire First Data in a $22 billion fintech mega-deal that will combine an array of financial and payments services under one roof. The all-stock acquisition is the largest ever in “the booming market for digital payments,” according to Reuters, with Fiserv adding First Data’s payments capabilities to its digital banking solutions that serve thousands of financial institutions. “The merger underscores the general trend of consolidating different parts of the...

New York’s top financial regulator is challenging the federal government’s decision to allow financial technology companies to apply for national bank charters, calling it “lawless, ill-conceived, and destabilizing of financial markets.” The Trump administration has been seeking to ease restrictions on fintech firms such as online lenders LendingClub and OnDeck Capital in order “to foster the nation’s vibrant financial services and technology sectors.” As part of that effort, the Office of...

Santander on Thursday launched a blockchain-based cross-border payments service for retail customers, making the first such move by a bank amid competition from fintech rivals. The Spanish-based bank said its Santander One Pay FX app allows customers to complete international transfers on the same day in many cases or by the next day. It is powered by the blockchain technology of California-based Ripple and will initially become available on Friday for Santander’s customers in Spain, the...

The chief executive of Longfin and three of its stockholders have been charged with illegally selling shares in the cryptocurrency company after it went public through a Regulation A+ “mini-IPO.” The U.S. Securities and Exchange Commission said one of the shareholders — stock promoter Amro Izzelden “Andy” Altahawi — made more than $25 million in illicit profits from sales of restricted shares that Longfin CEO Venkata Meenavalli had issued him in return for his “purported legal and business...