Fiserv

Fiserv's Money Network will officially start managing the state's prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.

The technology company's move in Georgia could widen its processing relationships with merchants, but the company insists it won't become a traditional financial institution.

The move means companies can give consumers options other than ACH transactions or debit cards to receive disbursements for insurance claims, health care or gig work.

The bank is forming a joint venture with Fiserv to promote digital payments. It's a market that has evolved substantially — and become far more competitive — since Deutsche left it in 2012.

About 100 small banks have signed up for technology provided by the core software vendor Fiserv and the cryptocurrency custodian NYDIG that allows customers to buy, sell and hold bitcoin through their bank accounts.

Fiserv is joining the increasingly crowded market for earned wage access in partnership with Instant Financial.

The tech vendor allows merchants using the Clover point-of-sale platform to accept PayPal and Venmo payments, a move that serves the company's continuing focus on full omnichannel experiences for its merchants.

It isn't lost on Fiserv that consumers increasingly are moving to digital financial services. Its deal to acquire Ondot Systems, a digital card solutions platform, aims to capitalize on the shift.

There’s no PSD2-style law requiring banks in the U.S. to share data with third-party payment apps, but the market is progressing as if there will be one, leaving some smaller banks at a disadvantage.

The pandemic-driven move to electronic payments isn't slowing down, and card issuers are finding an eager group of innovators promising a speedy migration to digital card production.