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Fintechs Gain Fed Account Access; BNPL and Cart Abandonment; Tulip Completes Moneris Integration
Fed Accounts Are Now Open to Fintechs With a Bank Charter Under New Guidelines
For years, payments fintechs with a bank charter have labored under a requirement that, for money movement, deposit-taking, and other related services, they largely had to work with another federally chartered bank. This week, the nation’s top banking regulator announced an important change to its rules that could sweep away …
Read More »Payments 3.0: CFPB To Fintechs: No Special Favors
A series of recent actions by the Consumer Financial Protection Bureau gives the fintech industry some clues for navigating the new regulatory environment. The upshot is that the Bureau has been putting the pieces in place for a new approach to regulating any company that provides a financial product to …
Read More »Eye on AmEx: Reaching Fintechs Via i2c; Humanitarian Relief in Ukraine
In an effort to enable fintechs to leverage its brand, network capabilities, and cardholder perks in North America and other regions, American Express Co. on Friday announced it is expanding its working relationship with payment and banking solutions provider i2c Inc. The expanded agreement builds upon AmEx’s working relationship with …
Read More »Fraud Zeroes in on Fintechs; Eye on BNPL; XTM Adds Apple Pay, Google Pay Support
Rising Attack Rates Show How Fraudsters Are Zeroing in on Fintechs, According to Sift Data
Fraudsters targeted fintechs at an alarming rate in 2021, according to Sift Science Inc.’s first-quarter 2022 Digital Trust & Safety Index. The index reveals that the payment-fraud attack rate across fintechs within Sift’s network increased a whopping 70% in 2021 compared to 2020. The attack rate is defined as the …
Read More »Plaid’s Portal Looks to Give Consumers More Control Over Data Shared Via Apps And Fintechs
On Tuesday, Plaid Inc., a bellwether of the open-banking movement, announced the availability of Plaid Portal US, a privacy tool for consumers using Plaid’s technology. The move comes as firms that connect financial-services providers with consumer-account data seek to help account owners manage how their information is distributed and used by …
Read More »Decoding the Fed’s Stance on a U.S. CBDC; Unit’s Expedited App Tool for Fintechs; Plus Weekly Recap
Unit’s Application Development Environment Looks to Save Fintechs Time With New Apps
Looking to help fintechs speed development of new banking applications, Unit, a banking-as-a-service platform, announced Thursday a pilot production environment that allows fintechs to instantly build and validate applications using real funds. The new product is expected to enable fintechs to build and test live bank accounts and issue virtual …
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