Sweden's Tink offers Visa an entrée to a fast-growing market that "has the potential to create an alternative" to debit- and credit-card networks.
“Our performance in the fiscal first quarter reflected solid results and continued positive momentum in a challenging COVID-19 environment."
The U.S. Department of Justice said the transaction would eliminate healthy competition from the online payments market.
“The recovery so far has been uneven, V-shaped for domestic volumes but L-shaped for cross-border volumes,” CFO Vasant Prahbhu says.
The proposed transaction is being reviewed over antitrust concerns.
Payments volume improved as the third quarter progressed, reflecting the easing of shelter-in-place orders in the U.S.
The deal gives Visa access to software that fintech app developers use to interface with customers' bank accounts.
The move is part of Visa’s effort to push into the high-value cross-border transaction market.
“We believe Transfast gives us the strongest platform to immediately enhance our cross-border [payments] capabilities," Mastercard says.
The companies said they have already set aside funds to cover the penalty.
AriseBank called itself the first "decentralized bank" and claimed to have acquired two FDIC-insured institutions.
A minority but growing number of employers give employees bonuses and raises based on this year's tax windfall; Visa leads the way with huge 401(k) boost.
