Square still looking for Wells Fargo replacement, The Information says

For more than two decades, Wells Fargo (WFC) was a juggernaut in a behind-the-scenes business that supported some of the biggest payments companies in the world, such as PayPal (PYPL). The bank’s abrupt exit from that market this year has left a major hole, The Information’s Michael Roddan writes. Block’s (SQ) Square, for instance, is still hunting for a replacement for Wells Fargo to work on credit card transactions, according to people familiar with the matter. Square also works with JPMorgan Chase (JPM), but it needs a second bank as a backup to avoid service disruptions, the author adds.