Fintech

The long-rumored U.S. launch of LG Pay looks finally set to happen.

The credit union encouraged members to save on interest by converting loans they took out elsewhere to Educators Credit Union loans.

The Fed said Wednesday that the system paid roughly $80.2 billion to the Treasury in 2017, a 13% drop from a year earlier because of an increase in interest payments to member banks for reserve balances.

It's been a little more than three years since Apple Pay made its debut. Today it is joined by Samsung Pay and Android Pay/Google Pay—along with several proprietary concepts from major banks and merchants. But despite millions spent on promotions and marketing for the various concepts, mobile payments volume is still weak.

While the intermediaries that record and verify transactions such as payments are removed, the remaining parties may not be ready for shifting responsibilities to guarantee transactions, writes Sebastian Venderzeil, a director at Cornerstone.

Petal has received a $13 million funding round from Valar Ventures, a New York-based venture capital fund that specializes in financial technology, to use artificial intelligence to fill holes in legacy risk vetting.

The Colorado-based credit union will disburse payments to members all year long.

Credit unions in the Gem State had a $638 million economic impact, according to a newly released study.

Outstandings top 2008 high mark, prompting some concerns; big banks are expected to take $31 billion in writeoffs from fourth quarter earnings due to tax reform.

The McLean, Va., company said that the personnel moves were unrelated to either its financial performance or its risk performance.