PYMNTS
APRIL 28, 2020
And in those cases, Jonathan Parker, an economist at the Massachusetts Institute of Technology, told the Boston Globe , the attempt was pretty successful. According to data from digital bank Current on early stimulus receivers, about 45 percent of the funds have been spent, and food was the preferred spending category.
PYMNTS
OCTOBER 9, 2020
A May BIS survey of 66 central banks indicated that 80 percent are working on CBDCs. . Fed Governor Lael Brainard said in August that the Federal Reserve Bank of Boston is working with researchers at MIT to “build and test a hypothetical digital currency oriented to central bank uses.”
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PYMNTS
FEBRUARY 18, 2020
Radius is based in Boston and has in the neighborhood of $1.4 The bank is one of a few smaller lenders that has teamed up with FinTechs who need services only an FDIC-regulated institution can provide. FinTech LendingClub is purchasing Radius Bancorp for $185 million in cash and stock, according to a report by CNBC. billion in assets.
BankInovation
FEBRUARY 23, 2022
$24B Eastern Bank selects Backbase Boston-based Eastern Bank announced last week that it has partnered with digital banking platform provider Backbase to provide enhanced digital account opening for consumer and commercial customers.
PYMNTS
NOVEMBER 4, 2020
In its March 2020 brief “Developments in Open Banking and APIs: Where Does the U.S. the Federal Reserve Bank of Boston said, “To date, U.S. regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”.
PYMNTS
NOVEMBER 26, 2019
Tide , a digital banking solutions provider, issued several updates intended to help SMBs use optical character recognition (OCR) to automatically match receipts with individual transactions. Yordex offers virtual cards as well, which can be used to manage online business expenses, such as recurring subscription charges.
PYMNTS
APRIL 5, 2019
David Tyrie, head of consumer advanced solutions and digital banking, said that by 2021 Bank of America’s branches and ATMs will cover upwards of 90 percent of the population in the United States. . It said it was going to open branches in Boston, Washington, D.C., The bank has about 5,000 branches all over the country.
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