Synapse

Prize-Linked Neobank PrizePool Shutters App Ahead of Acquisition
Prize-Linked Neobank PrizePool Shutters App Ahead of Acquisition
August 25, 2024  |  Digital-First Banking

 Neobank PrizePool is reportedly shutting down its consumer app amid an acquisition.  That’s according to a report Sunday (Aug. 25) by Fintech Business Weekly, which...

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Synapse-Connected Banks Reportedly Closer to Releasing Customer Funds
Synapse-Connected Banks Reportedly Closer to Releasing Customer Funds
July 11, 2024  |  Banking

Banks connected to the collapse of Synapse are reportedly close to recovering customers’ frozen funds. These banks have made progress in putting together account information for those...

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FDIC Warnings on Nonbanks Point to Gaps in Deposit Insurance
FDIC Warnings on Nonbanks Point to Gaps in Deposit Insurance
July 10, 2024  |  Digital Banking

They say there are no guarantees in life. That sentiment applies to financial services — at least depending on where you look, or what promises...

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Synapse Trustee Fights to Retain Crucial Data
Synapse Trustee Fights to Retain Crucial Data
July 03, 2024  |  Legal

The Synapse bankruptcy case had another court hearing on Wednesday (July 3), this one with consumers testifying to their financial losses and another status report...

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Dem Senators to Synapse: Let Customers Access Deposits
Dem Senators to Synapse: Let Customers Access Deposits
July 02, 2024  |  Politics

Four Democratic U.S. Senators have a message for bankrupt FinTech Synapse: Let your customers get access to their deposits. The four senators — Senate Banking...

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Evolve Confirms Ransomware Hack as Challenges Grow at FinTech Partner Bank
Evolve Confirms Ransomware Hack as Challenges Grow at FinTech Partner Bank
June 27, 2024  |  Cybersecurity

It’s been a bad month for Evolve Bank & Trust, and it’s only getting worse. Following a “cease and desist” order issued to the bank...

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FinTech Banking Partner Evolve Bancorp Hit by Major Ransomware Attack
FinTech Banking Partner Evolve Bancorp Hit by Major Ransomware Attack
June 26, 2024  |  Cybersecurity

In many ways, it has been the summer of cyberattacks and data breaches. And with the news Tuesday (June 25) that Russian-linked ransomware gang Lockbit is...

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Synapse Trustee McWilliams Details New Challenges in Latest Status Report
Synapse Trustee McWilliams Details New Challenges in Latest Status Report
June 24, 2024  |  Legal

It’s one step up and two steps back in the case of Synapse Financial’s bankruptcy, with the court-appointed trustee reporting progress Friday (June 21) in...

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Banking as a Service Faces ‘Slowdown’ as FIs Wait for Regulatory Clarity
Banking as a Service Faces ‘Slowdown’ as FIs Wait for Regulatory Clarity
June 21, 2024  |  Bank Regulation

For the banking as a service (BaaS) firms, the Synapse bankruptcy, the cease-and-desist order against Evolve, and the wait for regulatory clarity are all proving...

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