Checking

Goldman Sachs will work with the digital-payments upstart Marqeta on offering checking accounts for Main Street consumers.

PayPal’s Venmo has launched a new “Cash a Check” feature on its mobile app to some customers. The offering is made in partnership with Ingo Money and its parent, First Century Bank.

Citigroup looked to the success of Asian super-apps like Ant Financial and Paytm while developing its new checking-account offering with Google.

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.

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.

Kate Fitzgerald, Senior Editor at PaymentsSource, talks to Barry McCarthy, President and CEO of Deluxe, about the role legacy providers have in the world of modern fintech.

While we can’t know what the post COVID-19 landscape will look like, we do know that business expenses will ramp back up, and with them, higher expectations for digital payments from both suppliers and vendors, says Wex's Jay Dearborn.

Europe's largest lender could start charging for basic banking services "in some markets" because low interest rates meant they were losing money, Chief Financial Officer Ewen Stevenson said on a call with reporters Tuesday after the bank reported third-quarter earnings.

For the 44.6 million households who rent, coming into the crisis almost 27% were already paying half or more of their monthly income on housing. That meant they had litte ability to save for an emergency, let alone a pandemic that would cause record job losses.

The industry can gain lifelong members in this demographic by validating their financial concerns as the economy struggles and offering guidance without judgment.

The fees have helped banks recoup costs of free or low-cost checking accounts for decades, but they can penalize low-income customers and drive them away from banking. Is there a better way?

As the coronavirus began to sweep through Europe and the U.S. during the early spring, Phillip McGriskin was in the middle of a crucial funding round.

Business-to-consumer payments are rapidly shifting to digital channels, replacing paper checks with a variety of instant-payment methods for gig work and corporate reimbursements.

The bank said the account is geared to consumers who want better control over their spending or are new to banking.

Members who use the account, which should be available starting in 2021, will manage it through Google Pay.

Suppliers that still need to receive physical checks should still be able to do so. Even if they do, the process remains electronic on the accounts payable side, says AP side so that customers can issue check payments in the same batch as other electronic payments, says Nvoicepay's Angela Anastasakis.

Decentralizing staff makes strong internal controls even more important, Josh Cyphers and Derek Halpern of Nvoicepay write.

Even digitally savvy organizations face a vexing dilemma when sending emergency funds: The neediest recipients often have little other option than to receive paper checks.

There are several ways the coronavirus has shown that traditional manual, paper-based AP processes are not up to the task in 2020 and beyond.

A new program is intended to reach individuals without a fixed address or checking account more easily access COVID-19 relief funds — and hopefully keep those consumers as members.