WASHINGTON — The payments processor Square confirmed Thursday that it has withdrawn its application to open a depository bank, although it plans to refile with a top regulator at a later date.

Payments company Square is moving into new markets by issuing business loans and will soon move to consumer lending. Its data collecting and analyzing algorithms are deciding creditworthiness letting ...

Other commercial companies have failed in their efforts to establish an industrial loan corporation, a form of bank, but much to banks’ distress, Square Inc. very well could prove to be the exception.

WASHINGTON — The payments processor Square has big plans in banking — but even after filing an application to charter an industrial loan company, it still doesn’t see itself as a competitor to most ...