Payments

The Consumer Financial Protection Bureau is advising consumers to transfer money stored on nonbank digital payment apps such as PayPal, Venmo and Cash App to insured banks and credit unions.

Companies holding a Bitlicense will have to follow similar standards for consumer protection, safety and soundness, and pay more to cover the cost of regulations.

The bank has agreed to acquire Big Data Healthcare, a Texan fintech that automates commercial payments flowing to and from hospitals and medical groups. It's the latest example of banks' deepening health care investments.

At the heart of the industry's self-billing challenges is data — how it's stored, how it moves between partners, how it's cleaned for use.

The card brand has opened a development lab and is expanding contactless payments and other initiatives as financial technology companies boost investment in a market where access to mobile commerce is exploding.

The risks aren't necessarily new but the pace is.

American Banker interviewed the Consumer Financial Protection Bureau chief about his views on Big Tech, the qualified mortgage rule, real-time payments apps and more.

The goal should be to expand payment types and access options to give policyholders greater control of their experience.

Allstate and John Hancock recently announced a partnership to reward John Hancock Vitality members with points if the policyholder is also a safe driver with the Allstate Drivewise program. The alliance is the first of its kind and could be an indicator of where the insurance industry may be going.

B2B payments represent the last mile for insurance carriers — the final step that must be integrated and digitized to achieve the industry vision of straight-through processing (STP). And the likely starting point for STP is auto claims, which represent nearly half of all P&C claim volume.