PYMNTS

JUNE 9, 2020

percent APY, an optional auto-deposit, no fees or minimums, and security as “Affirm Savings is FDIC-insured and accounts are held by our bank partner, Cross River Bank, member FDIC,” per the announcement. The firm uses proprietary technology that looks beyond a credit score when analyzing a customer.

FDIC 151

FDIC Millennials Google Payments 151

PYMNTS

NOVEMBER 9, 2020

percent in 2019, its lowest rate in a decade since the FDIC first began tracking this statistic in 2009. Another FDIC report found that 31 percent of American consumers are now using peer-to-peer (P2P) mobile wallet apps, for example. This represents a noted reversal from trends of the past decade.

Tools 203

Tools Mobile FDIC Examples 203

PYMNTS

DECEMBER 23, 2020

The teenager with a Fortnite habit who manages to clean out Dad’s checking account via the debit card linked to the gaming account. The company offers FDIC-insured bank accounts and a Visa -branded payment cards for teens (aged 13-18) with budgeting features and other financial education tools built in. 2021 And Beyond.

Fintech 322

Fintech Cards FDIC Lending 322

PYMNTS

APRIL 24, 2020

bank technology firm securing $100 million to expand in the region. Plus, an accounts payable technology company announced a $127 million equity round. The company aims to connect small businesses and startups to corporate cards that would normally only be available to larger businesses that are able to provide a personal guarantee.

Fintech 193

Fintech Capital Security FDIC 193

PYMNTS

OCTOBER 22, 2019

announced that it is partnering with Evolve Bank & Trust , an FDIC-insured financial services organization, to offer a full suite of customizable credit, debit, prepaid and DDA products. Its partnership with ic2 will include the latest innovations in credit cards, prepaid cards, debit cards, and a host of core-banking solutions.

Fintech 100

Fintech FDIC ATM Cards 100

PYMNTS

SEPTEMBER 18, 2020

That’s especially true when looking at Chime’s model, which, though underpinned by some significant tailwinds wrought by the pandemic, rests on debit and prepaid cards, and on user interfaces … and, for would-be investors anticipating an IPO, an implied bet that challenger banks will dislodge incumbents. billion, as CNBC reported.

Los Angeles 231

Los Angeles UX Cards FDIC 231

PYMNTS

JULY 24, 2019

Profits from the new offerings will come from debit card interchange fees, the article said. Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter. The average national yield of savings accounts is 0.10%, whereas Betterment’s annual yield is 2.69%.

Fintech 162

Fintech FDIC National Online 162

PYMNTS

APRIL 29, 2019

Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. Robinhood currently uses innovative technologies to deliver brokerage services to U.S. retail consumers.

FDIC 112

FDIC New York Mobile Online 112

PYMNTS

SEPTEMBER 21, 2020

Much of those revamped efforts come, perhaps not surprisingly, through advanced technologies. It's the combination of these technologies that becomes powerful.". Taking a single selfie just isn’t enough to ensure your customer’s identity. But AI is still relatively rare in the banking world: Only 5.5

Fraud 347

Fraud Report System FDIC 347

PYMNTS

MARCH 5, 2019

Chime noted in its press release that it began March with more than three million FDIC bank accounts. We aim to set a new standard in the industry by using technology to create services that are truly aligned with the best interests of consumers.”. The startup makes its money by receiving a portion of interchange fees from debit cards.

Capital 116

Capital San Francisco FDIC Leadership 116

PYMNTS

AUGUST 28, 2019

The banking platform is designed for mobile devices and API connectivity, with NorthOne noting that development partner Treasury Prime designed that API technology to streamline account opening and management.

Mobile 144

Mobile FDIC Tools Taxes 144

PYMNTS

JULY 16, 2019

Among the latest examples, N26 , which is a digital-only bank based in Europe, has entered the US market through partnership with Axos Bank in order to offer FDIC insured accounts. The partnership also includes the joint launch of a debt card, and N26 has said that it has 3.5 The company has raised $500 million to date in VC funding.

Digital Banking 101

Digital Banking US FDIC Cards 101

PYMNTS

NOVEMBER 23, 2020

While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. Blockchain and a bank charter might do much to boost financial inclusion.

National 215

National blockchain Montana Lending 215

Abrigo

JANUARY 4, 2023

"The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector," read a joint statement from the Federal Reserve, FDIC, and the OCC. Consumers are accustomed to upgrades as part of innovative technology.

social media 195

social media Fraud cryptocurrency Trends 195

Gonzobanker

FEBRUARY 1, 2024

many we talked with in the halls acknowledged that credit quality remains a wild card to start the year. The FDIC Approved This Ad How many times did we hear a speaker admonish the audience to “be sure and sign up for the FDIC notification list.” The Fate of Glass The French have a saying that it is the fate of glass to break.

Conference 88

Conference FDIC Arizona Industry 88

PYMNTS

SEPTEMBER 18, 2020

That’s especially true when looking at Chime’s model, which, though underpinned by some significant tailwinds wrought by the pandemic, rests on debit and prepaid cards, and on user interfaces … and, for would-be investors anticipating an IPO, an implied bet that challenger banks will dislodge incumbents. billion, as CNBC reported.

Los Angeles 140

Los Angeles UX Cards FDIC 140

PYMNTS

NOVEMBER 7, 2017

7-Eleven constantly updates and introduces new forms of payments to respond to continued shifts in customer preferences, lifestyles and adoption of new technologies.”. Those lockers are available across 300 U.S.

United States 101

United States FDIC America Retail 101

PYMNTS

JULY 25, 2019

Other options, such as credit cards and payment apps like Venmo , are increasingly gaining traction. FDIC) estimated that 6.5 In this case, prepaid cards can serve as a payments alternative to traditional banking offerings like checks, and more technology-driven ones like real-time bank deposits.”.

Payments 189

Payments Innovation Examples FDIC 189

PYMNTS

JUNE 19, 2020

FDIC: US Banks See Chargebacks Soar, Profits Tank Due To Pandemic. IP recognition technology is one method, among others, that retailers can use to make the cross-border payment experience streamlined for shoppers. The pandemic has strengthened mobile payments in India and set them to soon overtake card payments.

Payments 151

Payments United States FDIC Retail 151

PYMNTS

DECEMBER 7, 2020

Companies that seek to issue stablecoins will have to get approval from the Fed, the FDIC and other regulators at least six months prior to launch. The Boston Federal Reserve has been working with the Massachusetts Institute of Technology to explore tech infrastructure that would underpin digital dollar issuance.

Regulation 192

Regulation United States Cleveland cryptocurrency 192

Abrigo

FEBRUARY 8, 2024

Fraud schemes, evolving with technology, are more sophisticated and more complex to detect. Fraudsters have adjusted their tactics as technology has changed. Trust matters Protect your relationships from fraud Today’s financial transactions happen at the speed of a click, and the threat of fraud looms more prominently than ever.

Fraud 195

Fraud Resources social media Software 195

PYMNTS

MARCH 18, 2019

The accounts come with debit cards, digital payments and free check cashing, but do not allow overdrafts.”. According to the Federal Deposit Insurance Corporation (FDIC), the percentage of unbanked Americans fell to its lowest level since the 2007-2009 financial crisis. a month and no minimum balance,” according to Reuters.

America 175

America Survey FDIC System 175

PYMNTS

OCTOBER 7, 2019

Goldman’s entry into savings accounts and credit cards resulted in early loan losses, people familiar with the matter told media. Further, Godman contends that the launch of the Apple Card earlier this year is allowing Goldman Sachs to become a leader in consumer banking. Rent the Runway’s Temporary Shutdown .

Data 116

Data Apple FDIC Report 116

CFPB Monitor

OCTOBER 18, 2022

He noted that the FDIC and Federal Reserve have adopted a similar approach, helping to maintain a level playing field across the banking system. Recent FDIC and CFPB issuances included warnings about crypto companies’ misleading advertising practices, as discussed in our recent blog post and podcast.

Regulation 78

Regulation FDIC DC System 78

PYMNTS

OCTOBER 30, 2019

The company said it will allow customers that have a current account or card product with any of 20 major high-street banks, challenger banks or card issuers to connect those accounts into their Coconut platforms to streamline financial data entry for augmented money management.

Lending 102

Lending Fintech America Data 102

Celent Banking

NOVEMBER 17, 2015

Many of the top FinTech companies—Square for card acceptance, Stripe for e-commerce, and Kabbage for business loans, have gained prominence serving primarily small businesses. Let’s take a look at data compiled by the FDIC starting in 2010. Online small business lending by direct credit providers has especially taken off.

Report 100

Report FDIC Lending Fintech 100

Independent Banker

NOVEMBER 25, 2015

Regardless of the name, nonbank technology firms are wedging themselves between community banks and their customers by offering a slew of traditional and nontraditional banking products. They are mostly looking for simple, convenient payment options, says Cary Whaley, ICBA vice president, payments and technology policy. By Kelly Pike.

Community Bank 70

Community Bank Community Analytics Lending 70

MyBankTracker

NOVEMBER 4, 2020

One benefit of modern banking technology is the ability to send money electronically to another person. Once you’ve opened your account, you can link your debit card with various payment systems. Debit Card Designed for Travel. As a Betterment checking accountholder, you’ll also receive a Visa debit card.

ATM 52

ATM Cards FDIC Mobile 52

PYMNTS

OCTOBER 13, 2016

Kabbage is a data and technology platform that enables real-time lending. We started the company initially to provide small business loans to eBay sellers through a real-time technology platform,” says Petralia. It’s evolved its product list to include the ‘Kabbage Card’ and ‘Karrot Personal Loans.’. which was added in 2013. “We

Regulation 100

Regulation Lending US FDIC 100

MyBankTracker

MAY 13, 2021

When you need to buy something with a debit card or pay a bill with a check, the money comes out of the account. Customers can also earn cash back when they use their debit cards by activating offers through the BBVA app before they shop. FDIC Insurance. Do you excel at dealing with new technology? Umpqua Bank.

California 52

California ATM FDIC National 52

CFPB Monitor

OCTOBER 22, 2020

.” It also requires the Bureau to consult with the Fed, OCC, FDIC, and FTC to ensure, to the extent appropriate, that any rule implementing Section 1033 imposes substantively similar requirements on covered persons, takes into account conditions under which covered persons do business both in the U.S.

Data 78

Data FDIC Digital Banking Compliance 78

PYMNTS

JUNE 14, 2018

At the end of the ride, neither the driver nor the rider wanted to be responsible for giving, receiving or holding onto the kind of personal information needed for a credit card transaction or a digital peer-to-peer (P2P) transfer. But the driver was more than happy to accept Brisker’s American $20 bill.

Tools 118

Tools Virginia Cards Payments 118

Fintech Labs Insights

APRIL 6, 2023

Case in point: Just days after the Feds took over SVB, Mercury was in market with its Mercury Vault, offering $5 million in FDIC insurance by distributing balances across 20 insured banks. Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? 95,000 6 Meow * 11 4.3%

Digital Banking 15

Digital Banking Online FDIC San Francisco 15

CFPB Monitor

SEPTEMBER 9, 2020

1831d(a) (“Section 27(a)”), which governs the interest charges of state-chartered FDIC-insured banks. Although the FDIC recently issued a Madden -fix (valid-when-made) rule that reaches the same results under the FDIA as does the OCC’s Madden -fix rule, the FDIC has not proposed a companion “true lender’ rule.

FDIC 78

FDIC National South Dakota Lending 78

CFPB Monitor

JULY 1, 2019

Last week , the Senate Commerce Committee’s Subcommittee on Communications, Technology, Innovation, and the Internet, held a hearing to “how algorithmic decision-making and machine learning on internet platforms might be influencing the public.”

Analytics 84

Analytics FDIC Data California 84

PYMNTS

JULY 15, 2016

But when it comes to a tactic that plays rope-a-dope with the facts about something, say as serious as whether or not China hacked into the FDIC, then it is not at all cool. Top as in the very top: the FDIC chairman, his chief of staff, and the General Counsel. Maybe not even from a PR perspective either. Lending Club Algorithms .

Retail 100

Retail FDIC Bitcoin Lending 100

PYMNTS

OCTOBER 12, 2018

But for 27 percent of American consumers who are unbanked or underbanked, according to the FDIC , things aren’t nearly as seamless. It’s a start, Schulman told Eckert – and a proof that technology can be of massive use in solving the issues the unbanked and underbanked face. But, he noted, on its own, it isn’t enough.

ATM 158

ATM FDIC Payments Online 158