Fintech

Banks have made great strides in applying digital technology to the world of checks, but companies that receive checks still have to physically receive them in order to digitize them, says Santander's Greg Murray.

When the pandemic hit full-force and lockdowns closed many agent locations, the industry’s shift to digital accelerated quickly. Even as job losses rose among those sending money overseas, the demand from recipients kept money moving, including among legacy companies like Western Union and MoneyGram.

The Federal Reserve is facing pressure to allow retailers to route PIN-less debit-card purchases over their choice of networks. It’s a new stage in an old battle, fueled by the shift toward online shopping during the pandemic.

Xoom, PayPal’s international remittance unit, has launched a direct money transfer feature for its U.S. customers to send funds domestically to bank accounts and debit cards.

Within the payments industry, Wirecard as a brand has become almost like Enron — but an exec at Railsbank says the German processor's fall from grace masks talent and innovation that can thrive elsewhere and help forge new paths to financial services.

CIT Group over a year's time brushed off several offers from First Citizens BancShares, entertained rival bids and kept negotiating on price and board representation before striking a deal, according to a new regulatory filing.

Securus Technologies and JPay are launching a general-purpose reloadable prepaid card that will include access to various financial services and money transfer capabilities, as well as benefits for families handling finances of a loved one currently incarcerated.

Google has redesigned Google Pay to add new financial management and loyalty features; and to offer consumers checking and savings accounts from partner banks and credit unions in 2021.

PCI has issued guidelines that are helpful, says PXP Financial's Koen Vanpraet.

While most payment firms consider checking a time-consuming expensive relic for business transactions, one San Francisco-based fintech is going the opposite direction by adding checks to its digital platform.