Payments News

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New Committee to Advance Safe, Efficient, Inclusive Payments

“The Federal Reserve Bank of Atlanta announces the formation of a Special Committee on Payments Inclusion focused on finding solutions for cash-reliant individuals to become better connected to the economy, including to innovative financial services. The committee, a public- and private-sector collaboration sponsored by the Federal Reserve Bank of Atlanta, will work to advance ubiquitous […]
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Glenbrook

The True Cost of Being Underbanked – Payments Views

“It’s expensive to be a low income American, driven in part by the high cost of financial services available to such consumers. In this post, we break down where cost comes from, and how fintechs are changing the way working class Americans are able to access affordable financial products. Fintechs have an opportunity to displace […]
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California Introduces Bill to Create Program for the Unbanked and Underbanked | Lexology

“Recently, the California legislature introduced AB 1177 —the California Public Banking Option Act—which would, if enacted, establish the Public Banking Opinion Board and task the Board with designing, implementing, and overseeing a program for consumers in the state who lack access to traditional banking services. Specifically, the bill would create the BankCal Program, which would […]
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Global

How Can Open Finance Help Indonesia’s Unbanked?

“One hundred and thirty million: that is the number of adults within Indonesia who do not use traditional bank accounts to access financial services such as loans and credit cards. Instead, they utilize fintech services ranging from digital wallets to peer-to-peer (P2P) lending to fulfill their financial needs. Now, Bank Indonesia (BI) and the financial […]
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California Bill Would Create Free Banking Services for State’s Residents

“California lawmakers are backing a bill to create BankCal, a government program that would offer a “zero-fee, zero-penalty” consumer banking option to the state’s residents. The measure is aimed at “protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives.” Assembly Bill 1177, which lawmakers and advocates unveiled last week, would […]
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Deals

Digital Banking Startup Greenwood Raises $40 Million From Big Banks

“Atlanta-based Greenwood, a digital banking startup designed for Black and Latino consumers and businesses, said on Thursday that it had raised $40 million from a host of U.S. financial institutions. They included Truist Financial Corp, JPMorgan Chase & Co, Bank of America Corp , Wells Fargo & Co and Citigroup Inc. The startup will use […]
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Deals

Nigerian Fintech of the Unbanked Bankly Raises $2M Led by Vault

“Nigeria remains a largely cash-dominated country. There are over 100 million adult Nigerians, of which more than half have little or no access to financial services.  Today, Bankly , a Nigerian fintech startup digitizing cash for the unbanked, announced that it has closed a $2 million seed round. Founded by Tomilola Adejana and Fredrick Adams in 2018, Bankly is digitizing the informal […]
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On The Wires

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