Technology

Circle Internet Financial Inc., a developer of the USD Coin digital token, has hired an executive from the Facebook Inc.-backed Diem Association to spearhead strategy and policy efforts.

Federal Reserve Chair Jerome Powell said the central bank is involved in a large-scale research and development project on the digital dollar, and that questions of whether adopting such a currency would provide a public benefit have yet to be resolved.

User experience and efficiency matter. Consumers aren't going to do something more difficult just for the technology, says Computop's Jed Danbury.

Walmart, Amazon, Facebook, Apple and Google are just a few of the non-financial companies that are using scale and innovation to compete in financial services.

Other fintechs’ rush to become banks is being driven by investors seeking “crazy returns," says CEO Dan Price. But he acknowledged that at some point Gravity may need a charter of its own to remain competitive.

Lending options at the physical point of sale are going to play a significant role in how consumers take part in a post-pandemic economic recovery. But as with many payment methods, they risk leaving out the underbanked.

As competition becomes more about countering fintechs than beating other banks, alternative payment methods and broader services will be key, says Icon Solutions' Simon Wilson.

The industry’s most effective relationships come when providers serve as collaborators and an extension of their clients to serve customers and work in tandem to address a range of challenges and grow their businesses together, says Paya's Chris Scappa.

The Chicago fintech, which currently offers personal loans and credit cards, will add deposit accounts with the acquisition of Level.

Banking and payments technology tester and certifier Fime is working with the government of India to develop the testing infrastructure for a national contactless transportation card and accompanying mobile app.