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Brex Offers FDIC Insurance, Adds Chief Legal Officer

PYMNTS

Brex , the San Francisco financial technology startup, is offering FDIC insurance on its no-fee cash management account, the company announced Wednesday (July 22). a financial services holding company based in Kansas City, Missouri. This partnership aligns with UMB’s strategy of working with best-in-class innovators like Brex.”.

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Community Bank Outlook: Challenges and Opportunities in 2021 and Beyond

Abrigo

Takeaway 2 Community banks are at a crossroads: innovate or be left behind (or acquired). 1 Today, community banks are at a critical crossroads: innovate or be left behind (or acquired). . One key area that can be both an obstacle and an opportunity for community banks is technology, the Federal Reserve Bank of Kansas City says.

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How The FedNow Service Could Keep Checks In B2B Payments

PYMNTS

The longer it takes for payments to move, the longer it takes for us to get paychecks, for small businesses to get funds,” said Federal Financial Analytics Managing Partner Karen Shaw Petrou in an interview with the publication. It’s costly because people run overdrafts or take out short-term loans, and it’s economically inefficient.”.

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Onward Financial’s Employer-Backed Payday Loan Alternative

PYMNTS

In an effort to innovate a solution to these cash flow challenges, Washington founded Onward Financial. The first is practicality – the vast majority of the financially unstable derive their income from work, and the source of that income is an ideal point to start managing money. But now, they are ready to think about expanding.

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CFPB announces new appointments to advisory groups

CFPB Monitor

Lynn Drysdale, Managing Attorney, Consumer Law Unit, Jacksonville Area Legal Aid, Inc., Arjan Schutte, Founder and Managing Partner, Core Innovation Capital, Los Angeles, CA. Raul Vazquez, Chief Executive Officer, Oportun, Redwood City, CA. The new members are as follows: Consumer Advisory Board Members.

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Nurturing New Businesses

Independent Banker

However, capital isn’t the only or even primary need of startups, various business incubator experts agree. Some entrepreneurs have never raised capital. They’re not managed well. A bank representative would teach commercial money management, while the business owner could relate his or her real-world operating experience.

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Temenos to Acquire Kony: So What?

Gonzobanker

If the Kony acquisition is similar to Akcelerant and Avoka acquisitions thus far, disruption at Kony should be manageable. For Kony clients, the Temenos deal eliminates the distraction that could have been associated with an IPO and provides a strong, well-capitalized parent.