In today’s news, Fifth Third Bank has launched an early access to wages tool, and two large German FinTechs have agreed to merge. In addition, Outdoorsy raised $ 120 million.
Fifth third bank launches prepayment for checking customers
Fifth Third Bank announced a feature giving customers of the bank’s Momentum Checking platform early access to paychecks. The bank tested Early Pay in the first half of 2021 and found it helped customers avoid overdraft fees and reduced the need for some of those people to turn to payday lenders.
Raisin, Deposit Solutions to create a pan-European FinTech in the context of a merger
Two large German FinTechs, Raisin and Deposit Solutions, will merge into a new pan-European group called Raisin DS. Both companies list savings accounts and products to help consumers compare offers. The merger will put an end to a “continuous showdown” between the two groups and create a pan-European company.
Outdoorsy raises $ 120 million as RV rentals soar
The Outdoorsy RV rental and outdoor rental market has raised $ 120 million for Roamly, its digital insurance product, which recently rolled out of beta and provides coverage for travelers and homeowners of recreational vehicles.
Walmart MoneyCard users get DDA-like services powered by the Green Dot digital banking platform
Walmart’s MoneyCard, issued by Green Dot Bank, is now offered as a debit card linked to a demand deposit account (DDA) instead of being a prepaid card. Account holders can access Green Dot’s online banking platform and manage their finances through its platform or in-store at Walmart or Green Dot stores.
NEW DATA: Ease and Convenience Drive Merchant Choice for 94% of Consumers
Ninety-four percent of consumers have used digital marketplaces and aggregators that deliver to homes in the past year – and that convenience is now shaping their expectations across all channels. In the Bring-It-To-Me Economy Report, PYMNTS surveys 5,266 U.S. consumers to find out the three things they now expect from their shopping experiences.
Visa Canada’s payout option integrates BNPL into every consumer credit card
Visa Canada is offering a new installment payment option to its cardholders for online and in-person purchases. Brian Weiner, vice president and chief product and digital officer, Visa Canada, told Karen Webster that the ability to offer personalized payment plans linked to credit purchases will change the day-to-day interaction at the point of sale, incorporating BNPL wherever Visa cards are accepted.
“Rent a bank” fades for payday lenders, FIs intervene on short-term loans
Payday loans are coming under more scrutiny in the marbled halls of Congress, and the practice known as “renting a bank” is banned by Congress. Banks and FinTechs step in to meet the short-term financing needs of consumers, often aided by advanced technologies.