FinTech news in Banks category
Banks typically use deposits to make loans, which puts them into one of two situations: either they have too many deposits and not enough lending or investment opportunities, or they don’t have enough deposits to meet the loan, explained Paolo Bertolotti, co-founder and CEO of ModernFi.
With the funds from the recently-closed Series A, Shoykhet says that Link will launch account verification, which will verify bank accounts and ownership information to bring merchants in compliance with Nacha’s new account validation rule. Link customers pay by bank transfer, sending funds directly from their bank to a merchant’s business account. Recently, Discover dove into the accounts-to-accounts space, partnering with payments fintech Buy It Mobility so that its partner merchants can accept card-free payments, Link claims to be one of the first companies in the U.S. to enable customers to make online payments using their bank accounts.
