REPORT
This annual report from Arizent, parent company of American Banker, an information resource for decision makers in financial services, examines the progress and priorities of digitally driven initiatives at financial institutions.
The research shows that tech spending will remain a priority, even amid inflation and a possible recession, with a key focus on cybersecurity.
👀 NEWS HIGHLIGHT
Small businesses using NorthOne can now link all their financial accounts safely and securely through Plaid for improved transfer capabilities, helping avoid overdraft fees and enabling more complex treasury functions.
📰 ARTICLE
Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.
💡INSIGHTS
FedNow’s promise of faster payments is not new. Aside from RTP and same-day ACH, we have seen faster payments in a number of forms: closed-loop P2P payments (Venmo, Zelle), wire transfers, stablecoins, and push-to-card.
In a new report, including conversations across the industry, FXC intelligence shares more about the cross-border potential of the new system.
A new study from Cornerstone Advisors, looking at who Americans open checking accounts with, underscores the growth of digital banks and fintechs like Chime, PayPal, and Square—and the decline of megabanks like Bank of America, JPMorgan Chase, and Wells Fargo.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Stripe lays off dozens, mostly in recruiting.
⭐️Goldman is looking for a way out of its partnership with Apple.
⭐️PeerStreet and 14 affiliated debtors files for bankruptcy.
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DIGITAL BANKING
Cheqly has announced its partnership with global BaaS provider Mbanq in order to launch its SME-focused digital banking services in the US.
PAYMENTS
PayPal launches support for Tap to Pay on Android for merchants using Venmo and Zettle in the US. This feature enables sellers to accept payments from cards or digital wallets like Apple Pay or Google Pay without any additional hardware.
CRYPTO
Binance.US crypto market share dives. Regulatory action against crypto exchange spurs trader exodus.
INVESTMENT
Unit21 is excited to share its $45 million Series C funding led by Tiger Global and South Park Commons in 2022.
Square is adding several new features to its banking products, aiming to tie their benefits together while deepening Square's relationships with businesses that use its core offerings.
Revolut launches a savvier way to shop where customers earn cashback from their favorite retailers. The new service, ‘Shops’, lets users search and browse products from leading brands within the Revolut app.
MOVERS & SHAKERS
Marqeta announced that it had appointed Karna Crawford. Crawford will be a crucial member of Marqeta’s senior leadership team driving the company’s global marketing efforts, including marketing and brand strategy.
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