Fintech

Offering secured credit cards can help a credit union build loyalty with members but this product line can be difficult to successfully manage.

As the global gig economy expands, more workers moving between the U.S. and other countries for jobs or school need ways to handle funds in different currencies.

The pressure on banks, financial institutions and payment service providers to act as effective gatekeepers in the fight against financial crime is intense. Real-time payments considerably complicates that challenge, writes Sophie Lagouanelle, head of solutions at Accuity.

By creating a close tie between digital debit cards and the major third-party mobile wallets, Bank of America is doing something few banks are — and expecting a payoff in broader use of digital financial services and “top of wallet” spending.

Researchers found that stolen payment data has been used to finance terrorism, human trafficking and other organized crime. Their conclusion that card fraud needs to be taken more seriously by banks and card networks drew pushback from the financial industry.

At the end of the second quarter, the corporate institution will waive service fees and issue bonus dividends to its member credit unions.

Citigroup will be the first major issuer to use Mastercard technology to give U.S. credit card holders the ability to instantly redeem points on eligible purchases online and through a mobile app.

The Montana-based institution will open its doors as Clearwater later this year, a move leadership hopes will better connect it with consumers in other parts of the state.

Credit unions can usually limit attrition of consumer accounts after a bank acquisition, but maintaining relationships with business customers is the bigger challenge.

If signed into law, institutions that qualify for the Banking Development District program will be eligible to receive up to $10 million in subsidized public funds.