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In an effort to engage employees, Direct Federal Credit Union developed DirectThinker, an app that allows employees to submit ideas on how business operations could be improved.

The move creates more room for developers to work on new payment types and build additional use cases.

Payments company reports double-digit increases in both profit and revenue; card company faces intense competition.

The information you need to start your day, from PaymentsSource and around the Web. Today: Australia cuts taxes for bitcoin; PayKey raises funds; U.K. tech firms lobby for London; U.S. inspector general says virtual currency may impact on traditional currency.

The Lafayette, La., company also reported its third-quarter earnings, which fell by more than 41% from a year earlier as it recorded several one-time charges.

While the advent of the Internet offered the possibility of increased global connectivity, blockchain has the potential to take this advancement to the next level, writes Sergey Ponomarev, the CEO of SONM.

To become a major payments option, the technology has to improve its voice accuracy and handling of voice in different environments.

The Connecticut company, which is nearing the threshold to become a systemically important financial institution, has bought three businesses in the past year.

Dramatic changes in the way banking services are delivered combined with slow economic growth has resulted in too many banks chasing too little business, said BB&T's CEO.

PayPal's latest move has been expanding its Venmo service beyond peer-to-peer payments to a method for paying merchants directly.