Category: digital currencies

Financial institutions can streamline digital account opening (DAO) for their clients by reimagining the process as neobanks do, rather than digitizing their existing processes. For the past 15 years, FIs have been focused on digitizing — rather than rethinking — the customer’s digital journey, Alex Jiminez, managing principal, financial services consulting at EPAM Systems, told…

Greg Palmer’s Finovate Podcast continues to be the source of many of fintech’s most compelling conversations. From discussions with innovation experts to deep dives with veterans of the VC world, the Finovate Podcast is a great way to learn about the trends that fintech enthusiasts are most enthusiastic about. Here’s a rundown of recent episodes…

One of the fastest growing banks in the US is on a mission to rewire the industry. It has also touched some nerves. Cross River Bank began turning heads across the financial realm soon after Congress started unleashing $800 billion in emergency loans to help small businesses survive the pandemic. The little-known 14-year-old suburban New…

First Tech Federal Credit Union recently selected Zebra Technologies’ Reflexis for Banking to optimize branch performance for employees and improve the customer experience. The $15.8 billion, San Jose, Calif.-based credit union will use Reflexis to digitize audit processes to enhance insights and visibility into staff workload, task management and communications across all branches, according to…

Digital communications company Eltropy recently announced its acquisition of artificial intelligence (AI)-driven platform Marsview to streamline the contact center experience for consumers. The increasing need for digital communications during the COVID-19 pandemic set the company on a path of improving its text messaging, video banking and digital voice capabilities, according to Eltropy founder and Chief…

Currencycloud teamed up with Future FinTech Labs (FTFT Labs) to help the New York City-based fintech launch its Tempo app. Tempo is designed to make it easier, more secure and more effective for U.S. immigrants to send money overseas. Acquired by Visa in 2021, Currencycloud has processed more than $100 billion in cross-border money transfers…

Last week I read a tweet that Israel was going to ban cash payments. Israel introduced a law banning the use of cash for large transactions. The new law limits cash payments in one business transaction to 6,000 shekels ($1,785), as the country wants to fight organized crime, money laundering, and tax evasion. It also…

Federal Reserve Board guidelines on granting financial institutions access to its new payment system provide some clarity — but could discourage innovative fintechs from joining. The guidelines come as the fintech sector grows and more companies seek access to so-called “master accounts and payments services” offered by the Fed. The accounts allow financial institutions direct…

Fintech Arc announced Wednesday that it has secured $20 million in a series A funding round. The San Francisco-based startup’s platform gives software-as-a-service startups access to upfront capital and provides a cash management account to store and spend funds. The company was founded in 2021, and in June launched its Arc Treasury banking platform and…

While the traditional linear model of software development – where IT teams create and deliver applications and tools to business users – has been in place for decades, citizen development, a business process that encourages non-technical users to build their own solutions, is now bucking this antiquated trend. In fact, industry analysts suggest that by…