This is a roundup of industry news and links for the week of April 24th that have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
ACI Worldwide to Connect U.S. Banks to Real-Time Payments Scheme – ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that it will offer its UP Immediate Payments solution via a hosted cloud, enabling financial institutions and credit unions of all sizes to access real-time payments in the U.S. Multiple institutions seeking the same solution will be able to share connectivity to The Clearing House (TCH) and Zelle networks, reducing the costs of real-time payment operations and time to market.
FinTech Could Be Hurt By Fight Between OCC And States – The FinTech industry’s future could depend on the outcome of a fight between the Office of the Comptroller of the Currency (OCC) and states, according to a report in TechCrunch.
TechCrunch said the fight between states and the OCC centers on a proposal made by the OCC in December, in which it details a program that enables FinTechs to apply for charters to become special purpose national banks. The charter is optional for FinTechs and is aimed at providing a stamp of approval by the OCC for having good compliance practices.
Consumers Want to Know the Social Impact of Their Spending, Aspiration Says – “Where is my money going?!” is a common enough shopping refrain, but consumers might be doing more than lamenting bad spending habits.
According to “socially conscious” bank Aspiration, consumers are legitimately asking where their money is going—that’s why the startup launched its new Aspiration Impact Measurement (AIM) feature earlier this morning. The feature, live today and offered right in Aspiration’s existing app, shows consumers how the company receiving the funds from their purchases treats its employees. It also shows the company’s environmental impact.
Bank-fee-killing service rolled out by fintech firm – There’s a mysterious, recurring charge on your bank card statement, and you’ve been too lazy to investigate it because it’s less than $30.
Sound familiar, at least in the case of your customers? Increasingly consumers, especially millennials, are paying for things with an automatic debit from a card — streaming TV services, gym memberships, cellphone bills, rent and so forth.
What CUs need to know about the Internet of Things – The Internet of Things—the concept that people’s everyday items and devices communicate with each other via the internet—affects “every single industry,” CSCU’s Tom Davis tells the CUNA News Podcast.
Connected devices are everywhere, including clothing and gardens, says Davis, CSCU’s senior vice president of finance and technology.