It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.
A 15-hour shutdown of online banking, mobile banking, ATMs and wire transfers was caused by a single data storage unit. BB&T's lawsuit blames the vendor, but the bank may have left itself too exposed to equipment failure.
Corporations now have more access to consumer financial information than ever before. The question is whether banks will be the ones to help firms harness this data.
As major vendors consolidate, financial institutions should be looking to adopt emerging technologies, rather than relying solely on legacy firms to provide services.
The head of Fiserv hinted that it will pitch the point-of-sale platform Clover, which it would get in the First Data deal, to community banks as a way to defend their small-business market share from Square.
Sageworks, a financial services software firm that provides institutions with lending and risk solutions, is being sold to Silicon Valley-based Accel-KKR.
Community banks are increasingly turning to account onboarding technology to help them solve a growing problem — how to win new customers without opening physical branches.
