CFPB unveils open banking proposal
Payments Dive
OCTOBER 20, 2023
The rule makes it easier for consumers to share deposit account and credit card data with fintechs, the Consumer Financial Protection Bureau said.
Discover Makes All Deposit Accounts Fee-Free
PYMNTS
JUNE 17, 2019
Discover Financial Services said Monday morning (June 17 th ) that it has ended fees on deposit accounts. In recounting benefits still offered to consumers, Discover pointed to Discover Cashback Debit, which offers customers 1 percent cash back on up to $3,000 in debit card purchases each month.
Avoiding Over-Regulation: American Fintech Council Warns That FDIC New Act Could Hinder Innovation
The Fintech Times
JANUARY 20, 2025
The new proposal will allegedly strengthen FDIC-insured depository institutions’ (IDI) recordkeeping for custodial deposit accounts with transactional features. It would also preserve beneficial owners’ and depositors’ entitlement to the protections afforded by Federal deposit insurance. .
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Why Samsung is following Apple, Google into consumer banking
Payments Source
MAY 11, 2020
In announcing its plan to offer a deposit account and debit card in partnership with SoFi, the mobile phone maker suggested that the coronavirus pandemic will accelerate consumers’ adoption of contactless payments.
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RTP® Network Doubles Volume in 18 Months, Surpassing 1 Billion Transactions and Driving U.S. Payment Innovation
Fintech Finance
FEBRUARY 4, 2025
This extraordinary increase reflects the growing demand for faster, more transparent, and always-available payment solutions from consumers, businesses, and the financial community. For consumers, the 1 billion milestone demonstrates how real-time payments are becoming an everyday convenience.
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Digital Mortgage Startup Blend Expands Into Consumer Banking
PYMNTS
SEPTEMBER 23, 2020
23) announced its expansion into consumer banking to include personal loans and credit cards. The cash will be used to grow its online mortgage, consumer loan and deposit accounts, the company said. Blend , the home loan tech startup, isn’t done growing. based early growth, FinTech-focused venture capital firm.
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Why Consumers Need Digital Banks To Be Better, Not Just Cheaper
PYMNTS
JULY 30, 2019
Consumers making less than $30,000 a year are twice as likely to incur an overdraft penalty fee than those who make more. And what consumers really don’t need are mobile banks that are designed to be digitized version of traditional banks, with perhaps low fees or no fees. In the general U.S.
Consumer 76
76 
Secure, Standardized Data Sharing Empowers Consumers & Promotes Innovation
FICO
APRIL 9, 2019
Data is being used to improve all aspects of a consumer's life in our increasingly digital world. Retail stores use location data to drive consumers to local stores and restaurants and is even used in the store to better design its layout and available inventory. Simply put, consumers are more empowered.
Consumer 66
66 Wells Halts Staff Sales Goals Following Unapproved Account Openings
Payments Source
SEPTEMBER 13, 2016
eliminated product sales goals for its consumer bankers as the company seeks to reassure regulators, lawmakers and customers after employees opened card and deposit accounts without clients’ approval. Wells Fargo & Co.
Accounts 71
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Walmart, Green Dot Announce Enhanced MoneyCard Features
PYMNTS
MAY 26, 2020
The Walmart MoneyCard will now offer accountholders a 2 percent annual percentage yield on money saved with a connected savings account, among other features, per an announcement. Now more than ever, consumers are looking for ways to manage their money for less, while saving as much as they can.
7-Eleven Offers Prepaid Cards For Faster Access To Stimulus Funds
PYMNTS
APRIL 16, 2020
To help unbanked consumers and their families receive economic stimulus funds faster, 7-Eleven Inc. In separate news, Walmart was hoping that customers would sign up for its Walmart MoneyCard to create direct deposit accounts to access government stimulus payments. is providing a Trans@ct by 7-Eleven® Prepaid Mastercard®.
Blend Teams Up with Instant Payments-as-a-Service Specialist Astra
Finovate
AUGUST 6, 2024
The partnership will integrate Astra’s Card to Account payment solution directly within Blend’s Deposit Account application flow. This will enable Blend customers to drive digital engagement beyond the initial application capture, lowering abandonment rates and helping consumers complete applications faster.
Tuesday Tactics: Removing “Application” from your Deposit Account Sales Process
Fintech Labs Insights
MAY 20, 2015
It has long been a pet peeve that financial institutions usually tell me to “apply” for a checking or deposit account. While I understand why it is an application, to the average consumer that verb choice seems so tone deaf. I’m sending you my money and you might not let me?
Banking-As-A-Service (BaaS) Making Payments Faster And ‘Smarter’
PYMNTS
NOVEMBER 13, 2020
This means immigrants will get access to deposit accounts, bill payment, cross-border transfers and more all via the same app.”. The World Bank found that consumers globally are charged an average of 6.75 Other strong points for BaaS adoption point to cost savings and new revenue streams.
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Leveraging DDA Data in Consumer Lending to Stay Competitive
FICO
APRIL 21, 2023
Q: Dale, to start with, can you provide a little background on your business motivation as a credit risk executive for exploring the value of consumer-permissioned DDA data? Q: What insights have you gained (risk or otherwise) about consumers who are willing to permission access to their DDA data? Any surprises?
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Finastra Teams Up with Prelim to Enhance Account Onboarding
Finovate
SEPTEMBER 17, 2024
Finastra will integrate Prelim’s technology into its Finastra Phoenix core solution to enhance the deposit account opening experience for both retail and commercial accountholders. Prelim’s clients use the platform to add deposit accounts, treasury services, credit cards and more to their offerings.
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Amount Selects ValidiFI to Enhance Digital Origination Solutions
Fintech Finance
APRIL 9, 2025
Amount , a leader in consumer and small business deposit account opening and loan origination software, has selected ValidiFI , the leading provider of predictive bank account and payment intelligence, to enhance its digital origination capabilities. Amount clients include FIs collectively managing just over $3.1T
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Thanks To Wells Fargo Scandal, Companies Overhaul Pay
PYMNTS
NOVEMBER 9, 2016
In September, the Consumer Financial Protection Bureau announced Wells Fargo agreed to pay a $185 million fine and refund $5 million in fees that the bank wrongly charged customers. “But there [are] only a few ways you can pay and reward people.”.
Banks Improve Digital Payment Options and Expand Mobile App Services for Small Businesses
Fintech Finance
JULY 23, 2024
“While banks’ mobile app advances have typically focused on consumer accounts, many banks are now expanding and enhancing mobile access and services for small businesses as well.” In-app cash flow analysis allows small businesses to manage their accounts on the go and is now available in 36% of the mobile apps.
Square’s Stock Rally Looks Pretty Well-Rounded
PYMNTS
JULY 7, 2020
direct deposit accounts. As relayed by Zacks.com , Jeffrey said the “pandemic stimulus highlights Cash App ’s unique functionality,” and that Square’s app might replace traditional checking accounts. He estimated that the firm could capture 20 percent of U.S. Or to use another Wall Street maxim, “Price is what you pay.
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BoA Mortgage Customers Struggling Due To Pandemic Can Defer Payments
PYMNTS
MARCH 20, 2020
Financial products eligible include mortgages, home equity loans, deposit account overdraft fees, credit cards, car loans and business loans. Our clients rely on us every day and for every aspect of their financial lives,” said Dean Athanasia, president of consumer and small business at Bank of America.
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MoneyLion Launches Advanced Mobile Banking
PYMNTS
JULY 15, 2020
MoneyLion , the New York-based mobile bank, announced the launch of RoarMoneySM, a demand deposit account powered by MetaBank N.A. With RoarMoney, we’ve completely reimagined the mobile banking experience by going above and beyond what consumers expect from their banks,” MoneyLion CEO Dee Choubey said in the announcement.
California Looks Into Allegations Wells Fargo Signed Up Customers For Life Insurance
PYMNTS
DECEMBER 13, 2016
Earlier this fall, the Consumer Financial Protection Bureau fined Wells Fargo $185 million, the largest fine levied from the government agency. It also ordered Wells Fargo to refund $5 million in fees that the bank wrongly charged customers.
US Inches Toward Open Banking With CFPB Notice
PYMNTS
OCTOBER 29, 2020
The solution, which secured about 20,000 SMBs to pilot the technology in the last year, provides deposit account and payment solutions that aim to compete with traditional banks that, as CEO and Co-founder Eyal Lifshitz described, "nickel-and-dime" businesses. Its APIs also support account verification and payment capabilities.
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Blend And MX FinTechs Land $300 Million Investments
PYMNTS
JANUARY 15, 2021
No consumer dreams about applying for a home equity line of credit or a mortgage — they're looking to create a dream kitchen or purchase their first home. Digital lending technology provider Blend said it closed a $300 million Series G funding headed up by Tiger Global and Coatue, according to an announcement.
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Ethos Selects Thought Machine to Ensure Everyone Can Access Finances While Upholding Ethical Values
The Fintech Times
JULY 9, 2024
Ethos , the financial services company dedicated to ethically minded consumers in the UK, has launched a Shariah-compliant digital service as it seeks to ensure everyone can access finances equally while upholding ethical values.
Finance 64
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NCR: How Platforms Enable Banks To Be ‘Digital-First’ Fast
PYMNTS
FEBRUARY 13, 2020
To bring digital transformation to banks, and to help them bring their assets to the “digital-first” consumer, look to the platform. In a sense, though, the clock may be ticking, because consumers expect that same level of personalization at every point of financial services and banking, regardless of the channel.
Getting Stimulus Funds To Those Who Need Them — Without The Paper Check
PYMNTS
MARCH 26, 2020
As reported, those Americans with direct deposit account information stored with the Internal Revenue Service (IRS) — the conduit through which they get refunds — will get those payments within a few weeks after legislation is finalized and signed. Growth in Prepaid. As noted in this space last month, ADP surveys of 500 U.S.
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Blend partners with Astra
The Paypers
AUGUST 6, 2024
Blend has partnered with Astra to enhance the digital onboarding experience for consumers looking to quickly and seamlessly fund their new deposit account.
German FinTech Raisin Eyes US Launch Following Latest Acquisition
PYMNTS
JANUARY 15, 2020
Banks will be able to offer the new solutions directly to their own customers or use Raisin’s platform to reach all potential retail consumers. Headquartered in Spain, Choice FS was founded in 2010 as a software solution to help banks and credit unions (CUs) customize deposit accounts. platform,” said Raisin U.S.
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Virgin Money Buyout By CYBG Receives All-Clear
PYMNTS
OCTOBER 15, 2018
CYBG, which owns the Yorkshire and Clydesdale brand, moved to quell some consumer concerns about the transition, noting that there will not be an immediate switch for consumers. The new Virgin Money will also focus on strengthening its small business services.
Wells Fargo CEO Out At Company Effective Immediatley
PYMNTS
OCTOBER 13, 2016
Last month, the Consumer Financial Protection Bureau fined Wells Fargo $185 million, the largest fine levied from the government agency. It also ordered Wells Fargo to refund $5 million in fees that the bank wrongly charged customers.
SoFi To Buy Galileo Financial Technologies In $1.2B Deal
PYMNTS
APRIL 7, 2020
Noto continued, “The response by our members to our innovation across borrowing, saving, spending, and investing has motivated us to think bigger, bolder and more expansively given the insatiable consumer appetite for financial services innovation.”. The firm’s offerings can be accessed through desktop, mobile and a tangible debit card.
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Video-Based KYC Fixes Its Gaze On Fraudsters
PYMNTS
DECEMBER 11, 2020
The central bank’s assistant governor, Siritida Panomwon Na Ayudhya, expects half of Thailand’s 80 million deposit accounts to be registered for NDID digital authentication, giving a sense of the scale of the rollout of video-based KYC and facial recognition now ramping up. Seeing Is Believing.
Today In Payments: People Keep Saving Despite Low Interest Rates; Instacart IPO Could Come In Early 2021
PYMNTS
NOVEMBER 13, 2020
A Federal Reserve report indicated that commercial bank deposits were up roughly $13.2 trillion, despite a drop in interest rates on deposit accounts. Fraudsters are preying on consumers’ anxieties by turning to authorized push payment (APP) fraud for COVID-19-related schemes.
Senators Want To Know Why KPMG Didn’t Catch Wells Fargo Fake Accounts
PYMNTS
OCTOBER 31, 2016
Elizabeth Warren (D-MA) has reportedly sent a letter to KPMG, Wells Fargo’s auditor, questioning why the accounting firm did not catch the fake accounts that resulted in $185 million in fines for Wells Fargo. Warren in the letter.
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Raisin Launches Platform in Finland to Offer Savers Access to Savings Products From Across Europe
The Fintech Times
MARCH 17, 2025
Raisins platform enables customers to compare and open deposit accounts across Europe. It says its users benefit from transparent terms, no fees, and a secure platform that has already facilitated over 70 billion in deposits. Our mission is to break down financial barriers and unlock better interest rates for everyone.
Product 59
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5 Things Banks Should Know about the FDIC’s Recordkeeping Requirements Rule
Finovate
SEPTEMBER 18, 2024
In all, around $85 million in consumer funds are missing due to discrepancies in Synapse’s records. Adding to the confusion, the dispute is ongoing in court, and because Synapse is a fintech and is thus unregulated, regulatory bodies are unable to protect consumers, many of whom are still missing their funds.
Rules 52
52 
5 Key Drivers Behind Thailand’s Fintech Growth
Fintech News
APRIL 16, 2024
With cashless payment becoming ubiquitous, the Bank of Thailand (BOT) is now paving the way for open finance, aiming to enhance consumer access to financial services. The BOT expects the advent of digital banking to heighten customer experiences, enhance financial services accessibility, and lower fees for consumers.
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Why Citi Is Using Biometrics To Build Its ‘Security Perimeter’
PYMNTS
MAY 8, 2019
The financial institution (FI) recently created a facial recognition tool that enables bank customers to open new deposit accounts either in person or via digital channels. As such, these FIs could play a role in helping online merchants to authenticate users, and safeguard digital consumers’ personally identifiable information (PII).
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Today In Payments: Marcus Reports $12B Boost In Deposits; Alphabet To Decelerate Pace Of Hiring
PYMNTS
APRIL 16, 2020
In today’s top news, Goldman Sachs reported a $12 billion boost in Marcus deposits with a $72 billion tally at the end of the quarter, while Walmart is hoping that consumers will get its Walmart MoneyCard. Goldman’s Marcus At $72B In Deposits. Walmart To Customers: Get Stimulus Check Deposited In MoneyCard Account.
PYMNTS Daily Data Dive: Wells Fargo Takes Incentives Too Far
PYMNTS
SEPTEMBER 9, 2016
The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency have levied the highest penalties ever on the leading U.S. million | The number of deposit accounts that Wells Fargo employees opened that may not have been authorized.
CFPB, USAA Settle After Violations
PYMNTS
JANUARY 3, 2019
The Consumer Financial Protection Bureau (CFPB) announced on Thursday (Jan. In addition, USAA violated the Consumer Financial Protection Act of 2010 by reopening previously closed deposit accounts without authorization from customers, or prior notice. million in civil money penalty.
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Deep Dive: How Regulatory Compliance Tools Help Keep Remittances Flowing
PYMNTS
SEPTEMBER 24, 2020
Reducing fees for remittances might push price points low enough that more consumers could resume sending money home, though, and some researchers believe that money transfer service providers could make such price adjustments if they are able to reduce their own expenses through more robust and cost-effective regulatory compliance measures. .
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