Technology

Without additional security measures, hackers can compromise multifactor authentication and wreak havoc on financial institutions and their customers.

MoneyLion and Opportunity Financial are following in the footsteps of financial technology businesses that have raised billions of dollars from special purpose acquisition companies. The quick injection of funds is expected to accelerate their growth as well as make them more competitive with banks and other mainstream financial services firms.

Transit and parking draw new users to mobile wallets, and Google is expanding both features to add use cases for its payment app.

The uncertainty and changeable environment requires lots of options, says Ivalua's Arnaud Malarde.

Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on Twitter, calling the cryptocurrency a “less dumb” version of cash.

Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.

Community development financial institutions would reach even more underserved households and business if they had strong relationships with tech firms and national banks. Here's how the Office of the Comptroller of the Currency can foster such partnerships.

The shift to digital is permanent, creating an opportunity to reassess long-term strategy, says Greynier Fuentes.

Japan has long been known for its heavy use of cash, which is a burden for banks that are trying to move more services online. Maintaining ATMs alone costs about 700 billion yen ($6.6 billion) annually and another 100 billion yen is spent handling cash at branch counters, Nomura Research Institute estimates.

Local payment methods can win big at e-gaming