Today in FinTech: ATMs Bridging the Banking Gap

In today’s top FinTech news, faster payments are always better and sometimes old technology can create new connections in a digital world. However, verification is always the last word when it comes to succeeding and staying away from the crossfire of cybercriminals.

Tax platform April wants to give users faster refunds

The April tax platform just launched with a $10 million fundraising round, continuing its mission to make it easier to pay state and federal taxes while getting refunds to bank accounts faster.

Working with Propel and other financial institutions, April said that by working directly with banks, she can break down the barriers between tax and financial planning.

April uses the latest technologies for natural language processing, human-assisted artificial intelligence and application programming interfaces (APIs), and aims to empower developers to create new solutions and give more control to taxpayers.

Deep Dive: How Financial Institutions Are Leveraging ATMs to Bridge the Gap Between Digital and Physical Banking

When it comes to living by the algorithm, there can be a disconnect between customers and the digital services provided by banks and financial institutions.

As bank branches reduce their opening hours and locations, the ATM bridges the gap between the physical and digital worlds. ATMs provide a digital touchstone with a personal connection, allowing users to pay bills, transfer funds and even chat with tellers, while helping customers use branches more efficiently.

PYMNTS research shows that more than 26% of respondents cited the ability to visit a physical bank branch as the most important benefit for retail banks. However, the services they seek are becoming more specific and specialized. For example, people want a physical agency for consultations or advice.

The global ATM market is growing, reaching $20.18 billion in 2020, up 4.9% – an expansion that is expected to continue through 2028.

Remote FinTech Risk Management: In Digital Payments, We Trust, But We Always Verify

Cybercrime is on the rise, in part due to the pandemic’s shift to all-digital and the rapid shift to a remote workforce. However, despite the growing number of fraudsters phishing, scamming and hacking, digital processes for individuals and businesses of all sizes are only growing in popularity and necessity.

The new normal of the remote workforce has made enterprise systems more vulnerable, which, in turn, has prompted businesses of all sizes to be more proactive in auditing and security measures.

Cybercriminals operate across a wide variety of business types and scales, often using sophisticated tactics. When it comes to remote work vulnerabilities, however, the traditional username and password authentication process is often the weakest link.

Credentials slipped through a work email compromise or phishing scheme can give cyber thieves ample ammunition to breach corporate networks and exploit internal databases by impersonating employees through their networks servants.

Square, Ally, Partner to offer simplified transactions

Software-as-a-service (SaaS) platform Ally partners with payments company Square – now known as Block – to launch a new suite of tools developed to increase profits, reduce costs and improve deliveries.

Ally’s network of 90,000 drivers works with more than 500 brands that include retailers, pharmacies and fast food chains. Block’s point-of-sale (POS) system gives sellers a way to manage inventory, employees, and locations while interacting with customers and driving sales.

UK Challenger Bank helps SMEs build credit history and access loans

According to UK challenger bank Cashplus, a digital bank dedicated to supporting entrepreneurs and small independent businesses.

To help combat this, Cashplus has launched a new Business Creditbuilder tool, developed in conjunction with credit reference agency Equifax. The tool helps SMEs build their credit score by becoming a business current account customer and repaying a loan of around £100 from Cashplus over a 12 month period.

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NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

On:More than half of US consumers believe biometric authentication methods are faster, more convenient and more reliable than passwords or PINs. So why do less than 10% use them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception in relation to the usage gap and identify ways companies can increase usage.