Latest news with #NYDFS
Finextra
10-07-2025
- Business
- Finextra
Wise hit with $4.2 million fine by multiple US states for AML deficiencies
Money transfer giant Wise has been hit with a $4.2 million fine from multiple US state regulators over deficiencies in its anti-money laundering controls. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The multi-state settlement involved regulatory agencies from New York, Massachusetts, Texas, California, Minnesota, and Nebraska. Alongside the $4.2 million penalty, the watchdogs have ordered Wise to conduct a lookback for previously closed accounts, enhance its reporting procedures for suspicious activity, strengthen its due diligence procedures for AML/CFT risk, and improve its systems for data integrity regarding customer accounts. Under the order, Wise will engage an independent third party to verify corrective actions to the systems have been performed and, for two years, submit quarterly written progress reports to the multistate regulators. 'Through collaboration with our valued state partners we will continue to ensure that money transmitters adhere to rigorous standards to protect consumers and the integrity of the financial system,' says NYDFS superintendentAdrienne Harris. 'Strong relationships with state and federal regulators alike is crucial to ensuring a fair, transparent, and resilient financial system that protects consumers and fosters innovation across the country.' It's not the first time that Wise has been in hot water with US regulatory bodies. In January, the firm received a $2.025 million penalty from the Consumer Financial Protection Bureau (CFPB) for misleading customers about fees and charges. The firm has also fallen foul of money laundering rules in other jurisdictions: In 2022 it was hit with a $360,000 fine by Abud Dhabi's financial regulator for failing to "establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations". Wise has also been ordered to undertake a remediation programme in Europe after investigations by the National Bank of Belgium concluded that the fintech did not have proof of address for hundreds of thousands of customers
Zawya
10-07-2025
- Business
- Zawya
Ripple selects BNY to custody Ripple USD reserves
Ripple, the leading provider of digital asset infrastructure for financial institutions, announced it has selected The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, for the primary custody of Ripple USD (RLUSD) reserves. Ripple and BNY are jointly committed to paving the way for digital asset adoption at institutional scale and together are bridging the gap between the traditional finance and crypto ecosystems. Ripple USD (RLUSD) is a trusted, enterprise-grade stablecoin designed with regulatory compliance, utility, and transparency at its core. It is issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments. BNY will serve as the primary reserve custodian of RLUSD, leveraging its deep technology stack and expertise enabling the digital assets ecosystem. In addition, BNY will provide its leading transaction banking services to underpin RLUSD's operations and deliver integrated solutions. This builds upon BNY's proven track record of providing end-to-end services across stablecoin infrastructure and furthers BNY's efforts for future interoperability between stablecoins and traditional assets. 'Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions,' said Jack McDonald, SVP of Stablecoins at Ripple. 'BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure, making it the ideal partner for Ripple and RLUSD.' 'As a leading financial platforms company, BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem,' said Emily Portney, Global Head of Asset Servicing at BNY. 'As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions and are proud to be working closely with Ripple to continue propelling the future of the financial system.' About Ripple Ripple is the leading provider of digital asset infrastructure for financial institutions—delivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple's solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple's payments, custody and stablecoin solutions are pioneering the digital asset economy—building credibility and trust in enterprise blockchain. Together with customers, partners and the developer community, we are transforming the way the world tokenizes, stores, exchanges, and moves value. About BNY BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2025, BNY oversees $53.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on Follow on LinkedIn or visit the BNY Newsroom for the latest company news.
Finextra
10-07-2025
- Business
- Finextra
Ripple picks BNY for stablecoin custody
Ripple has chosen Bank of New York Mellon as primary custodian for its US dollar-pegged stablecoin reserves. 1 Like 1 Issued under a New York Department of Financial Services Trust Company Charter, Ripple USD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments. The firm says that by teaming up with Wall Street player BNY as primary reserve custodian, it will pave the way for adoption at institutional scale and help bridge the gap between traditional finance and crypto. Ripple will also tap into BNY's transaction banking services to underpin its operations. Jack McDonald, SVP, stablecoins, Ripple, says: 'Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions. 'BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure, making them the ideal partner for Ripple and RLUSD.'
Hamilton Spectator
09-07-2025
- Business
- Hamilton Spectator
Bastion Appoints Head of Revenue Amid Accelerated Company Growth
NEW YORK, July 09, 2025 (GLOBE NEWSWIRE) — Bastion , a pioneer in regulated digital asset and stablecoin infrastructure and NYDFS chartered provider, today announced the appointment of Jared Klee as Head of Revenue. The move marks the fourth strategic executive appointment for the company in the last six months, spurred by strong tailwinds across the digital assets industry and rising demand for enterprise-grade cryptocurrency products. 'The digital assets industry is at an inflection point. Growth is rampant and infrastructure providers are being called upon to support adoption for some of the world's largest companies and establish the framework for the future of our financial systems,' said Nassim Eddequiouaq, Co-Founder and CEO of Bastion. 'Bastion is eager to take on that challenge. Jared's go to market leadership will strengthen our ability to thrive in the rapidly evolving market as demand for stablecoins and crypto trading products booms.' Klee joins Bastion from Vouch, a Series D startup offering insurance solutions for high growth companies with over 5,000 startup and VC clients. At Vouch, he served as Head of Sales and launched and led the company's Web3 practice. Klee also co-founded and served as President and Board Member at Triple Point Liquidity, a blockchain-based fintech startup serving alternative asset managers, their investors, and fund administrators. Prior to Triple Point, he held multiple roles at IBM including leading Digital Assets at IBM Blockchain and corporate development for Industry Platforms, and founding IBM's Watson Risk & Compliance platform. 'It's a pivotal time for the crypto industry, with regulatory clarity on the horizon and mainstream adoption taking hold in many sectors,' added Klee. 'Cryptocurrency solutions are set to disrupt the way we interact with money, and the world's enterprises, fintech, and brokerages can't ignore it or they risk being left behind. I'm looking forward to working with a team at the forefront of this exciting shift.' As Head of Revenue, Klee will oversee Bastion's end-to-end revenue strategy, driving growth and profitability across all customer and commercial operations. He will work closely with Bastion's leadership team to scale go-to-market efforts, deepen customer relationships, and build a durable revenue engine. The new role is reflective of Bastion's accelerated growth and commitment to building a robust team of innovators, leaders, and experts. 'Jared's experience in blockchain, fintech, tech, and in the startup world positions him as a key addition to our growing team,' said Caroline Friedman, COO and Founding Member of Bastion. 'His expertise will enable us to scale up our stablecoin and crypto offerings, better serve our customers, and grow our customer base.' About Bastion Bastion provides regulated infrastructure for enterprises, fintechs, and brokerages to launch and scale digital asset products. With an NYDFS trust charter and additional state licenses, Bastion enables enterprises to offer branded stablecoins to their users, support compliant crypto buy/sell flows, and move value globally within a secure, licensed framework. Visit to learn more. Contact Alethea Jadick ajadick@
Business Wire
03-07-2025
- Business
- Business Wire
INSERTING and REPLACING Fiserv and PayPal Expand Partnership to Advance Stablecoin Payments
SAN JOSE, Calif. & MILWAUKEE--(BUSINESS WIRE)--Insert before the "About PayPal" paragraph of release issued June 23, 2025: Any materially new product or service requires approval from the New York State Department of Financial Services (NYDFS). As of June 23, 2025, the NYDFS has not provided any such approval. The updated release reads: FISERV AND PAYPAL EXPAND PARTNERSHIP TO ADVANCE STABLECOIN PAYMENTS Two firms aim for interoperability between FIUSD and PayPal USD, removing friction and driving innovation across global payments and commerce use cases Fiserv, Inc. (NYSE: FI) and PayPal Holdings, Inc. (NASDAQ: PYPL), today announced that they are partnering to build future interoperability between FIUSD and PayPal USD (PYUSD), to allow consumers and businesses to move funds domestically and internationally. Combining the global reach of Fiserv and PayPal across banking, consumer, and merchant payments, interoperability will allow both firms to further expand the use of stablecoins and programmable payments around the globe. 'Our expanded relationship with PayPal furthers our mission to scale stablecoin-powered payments—leveraging our position at the intersection of banking and commerce to build more efficiency and optionality into the payments ecosystem,' said Takis Georgakopoulos, COO at Fiserv. 'Businesses around the globe face common problems. They don't receive funds fast enough, they are combating inflation, and many face currency value fluctuations. Blockchain-based technology solves many of these challenges by enabling faster transfers, at any time of day, nearly anywhere around the globe,' said Frank Keller, Executive Vice President at PayPal. 'Together with Fiserv, we will help bridge the gap between traditional financial systems and new technologies, enabling faster, more cost-effective, and globally accessible payment options for merchants.' The two companies will strive to identify key opportunities for integrating FIUSD and PYUSD into payment flows, including cross-border transactions, payouts, and merchant solutions. The partnership underscores both companies' commitment to driving innovation in the financial services industry and empowering businesses and consumers with cutting-edge payment technologies. Today, Fiserv announced it will develop and launch FIUSD, a bank-friendly stablecoin which will enable financial institutions of all sizes to offer next-generation banking solutions to their consumer and commercial clients. Launched in 2023, PYUSD has been successfully used to fund investments in startups, fund cross-border transfers via Xoom, and reconcile vendor invoices. IMPORTANT DISCLOSURES This press release is for informational purposes only and is not intended as financial, investment, or other advice. The use and exchange of digital assets, including stablecoins such as PYUSD, may involve complex risks, including but not limited to: Network & Custody Risks: Transactions on blockchains – and the blockchains themselves – are subject to a range of operational, technological, and security risks. Users are responsible for safeguarding their private keys and/or working with reputable custodians/wallet providers; loss of access may lead to the permanent loss of funds. Third-Party Reliance: Digital assets rely on third-party blockchain software and network infrastructure. Neither PayPal nor Paxos Trust Company, LLC ('Paxos') has control over blockchain networks and is not liable for any blockchain's performance, security, or ongoing availability. Redemption and Market Risk of Fiat-Backed Stablecoins: U.S. dollar- backed stablecoins that are regulated by the New York State Department of Financial Services, are designed to maintain a stable value of one U.S. dollar per token. Individuals or entities with direct redemption access via PayPal, Paxos or authorized partners are guaranteed to convert PYUSD 1:1 for US dollars. All other parties may be limited to selling PYUSD at market prices. Regulatory Uncertainty: Regulatory frameworks for digital assets are evolving. Availability or legality of digital asset services may change without notice, and services may be restricted, suspended, or terminated in certain jurisdictions as required by law or regulation. No FDIC/SIPC Protection: Digital assets, including PYUSD, are not insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC). Terms & Conditions: Use of PYUSD is subject to Paxos and PayPal's Terms & Conditions, including disclaimers on liability and user responsibilities. Transactions are irreversible once recorded on the blockchain. You are advised to review and understand all applicable terms. Service Availability & Illegal Activity: PYUSD and related payment services may be suspended or terminated due to events or investigations involving illegal activity, system failure, or other factors beyond PayPal's control. Forward-Looking Statements: Statements in this press release regarding potential product features, expansion plans, and regulatory outcomes are forward-looking and subject to change. Actual results may differ materially due to known and unknown risks, uncertainties, and other factors. Any materially new product or service requires approval from the New York State Department of Financial Services (NYDFS). As of June 23, 2025, the NYDFS has not provided any such approval. About PayPal USD (PYUSD) PayPal USD is issued by Paxos Trust Company, LLC, a fully chartered limited purpose trust company. Paxos is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD. PayPal, Inc. (NMLS ID #: 910457) is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. About Fiserv Fiserv, Inc. (NYSE: FI), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World's Most Admired Companies™. FI-G
