New US challenger Flyp targets excluded communities
The neobank aims to provide the same service as big banks without the fees.
Banking
A banker goes a-banking, volume 7: why can’t we be friends?
What 15 years of digitisation & modernisation have gotten us from the consumer’s point of view? It’s not looking great.
How banks can be supported to achieve full open banking adoption
Choosing a partner to move forward with can be difficult.
Cashfac: Fully automate your escrow accounts solution
Driving customer satisfaction through your escrow accounts solution.
Stability of financial institutions during and beyond COVID-19
How should banks provide consumers with what they need and can afford?
JP Morgan launches QuickAccept smartphone card reader to take on Square
QuickAccept was developed by the team from WePay.
Restrictive covenants during COVID-19: are they enforceable?
Can you enforce such clauses in a post-pandemic world – and should you?
FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal
The investigation found that GSI breached a number of FCA and PRA principles and rules.
Unifimoney signs cross-border payments deal with Nium
The US neobank promises an “enhanced outbound money experience”.
Woman-owned de novo Agility Bank gains regulatory green light in Texas
Agility Bank aims to raise $30 million prior to launch in 2021.
Three major US banks make up half of 2020’s $11.39bn fine total
Together, Goldman Sachs, Wells Fargo, and JPMorgan Chase paid $7.85 billion of this total.
First Women’s Bank picks Fiserv to underpin 2021 launch
The US neobank will operate out of Chicago to challenge small business lending in the US.
Mexico’s credit alternative challenger Klar lands $15m Series A
“We help people build credit by looking at how and where they spend their money.”
Game over, insert coin
We are trying to pay lip service to wholesale dramatic change but get away with cosmetic modifications.
PeoplesBank picks Nymbus to help launch digital bank Zynlo
Regional US bank stand up digital branc with help from Nymbus.
White paper: Low code development in banking and its role in high speed content-based services
How banks can make more strategic use of their content, developing applications at speed that transform services & user experiences.
TreeCard raises $1m from Ecosia ahead of 2021 launch
TreeCard, set to launch next year, is made of sustainable cherry tree wood.
Canadian invoice firm FundThrough raises $50m to support SMEs
FundThrough aims to eliminate the “wait” for SME payments
TD Bank files lawsuit against Plaid for “duping” its customers
The bank claims Plaid is violating its trademark and tricking customers into handing over data.
Kish Bank picks CSIs NuPoint to fuel digital change
Bank says CSI has been behind it “all the way.”
CUNA Mutual Group acquires lending platform CuneXus
CUNA has been an early-stage investor in CuneXus since 2017.
Enveil CEO: Fragmented AML regulation creates “Russian doll effect”
Williams likens it to the “Russian doll effect”.
Future economic relief should care for more families
Deserving families have continued to be unfairly excluded from government relief throughout the COVID-19 crisis.
Video: Top fintech stories this week – 16 October 2020
FinTech Futures’ weekly news round-up.
Morgan Stanley fined $60m for improper disposal of personal data
The OCC found examples in 2016 and 2019 of failure to oversee third party companies.
The end of apps
Is it time that we jumped from the app bandwagon?
JP Morgan Chase partners with Greenlight for kids account
The JPMorgan Chase app has around 39 million ‘active’ customers.
Why the focus on risk weighted asset optimisation is increasing
Many banks have started formulating an action plan and framework to drive this initiative within their organisation.
GPS fills out executive team with handful of new C-level hires
Richard Hodgson, Shaun Puckrin, and Jerome Gudgeon join the payments firm.
Central bank digital currencies – don’t get the popcorn
If the art of the possible is being explored, the art of the valuable remains elusive.
US rapper Killer Mike unveils Black and Latino-focused challenger bank Greenwood
Each month, the digital challenger promises to gift $10,000 to Black or Latinx businesses.
Ternio becomes Visa’s first crypto enablement partner for debit cards
“This shows Visa’s commitment to onboard other companies which develop crypto.”
The imperatives behind BFS
The current crisis highlights the urgent action required for businesses to upgrade to digital platforms.
Texan challenger Viva First to launch for Latinos before year end
The fintech is piggybacking off Texas-based Spur Security Bank.
Citi to pay $400m OCC fine for risk management failures
“The heavy lift will be the technology upgrade, which [the regulators] will micromanage.”
Breaking down walls
FinTech Futures took this somber moment to sit with Keisha Bell at DTCC.
Video: Top fintech stories this week – 09 October 2020
FinTech Futures’ weekly news round-up.
Sibos 2020: Citi’s CEO calls on banks to deliver social justice
“We have a larger obligation to deliver fairness.”
Bank of America teams up with Black-owned Unity bank
BoA has acquired approximately 5% of the bank’s common equity.
Grasping the opportunities of new digital customers
A flexible approach is needed to ensure newly digital customers aren’t frustrated.
