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Rize’s new fiat-based high-yield savings account challenges other crypto options
This month, Rize, a fintech-as-a-service company, partnered with YieldX, an AI platform focused on income investing, to build a high-yield savings account option that’s fiat-based, rather than crypto-based.
The account is built up of a set of APIs. YieldX’s algorithms determine the lowest risk and highest yield funds. The end result is that Rize’s fintech clients are able to integrate this account into their own offerings.
The main appeal of Rize’s new product is that it seems less risky overall compared to crypto-based options. There’s no chance of crypto volatility and it’s cheaper and easier for companies to integrate.
Rize’s new savings product still hasn’t been launched, but as current interest rates hikes take effect, it will be interesting to see what type of attention a product like this could attract in the market.
The Acquire Podcast Ep. 4: Niching down with TreviPay’s community playbook
In episode 4 of Acquire, Tearsheet’s Marketing Podcast, host Rebecca Alma Cohen, Head of Tearsheet Studios, speaks with Michelle Faul, vp of global marketing at TreviPay.
TreviPay is a global fintech that offers embedded payments in the digital B2B commerce space. Michelle gives an insight into what goes behind creating and leveraging TreviPay’s community playbook.
Fun fact: TreviPay won Best New Product – for its B2B mobile payments app – at our Embedded Awards last November at The Big Bank Theory Conference.
The latest briefing
Banking Briefing: What Biden’s executive order means for crypto growth
President Joe Biden signed an executive order early this month, which demanded the government examine the potential effects of cryptocurrencies on the economy – both positive and negative.
Banks may also be feeling positive about the move, as more crypto embracing actions make the news. Since late 2021, more major banks have been treading on crypto grounds.
With Biden’s executive order showing more interest in crypto development, the next question is what does that mean for the future of banks and digital currency?
In other news, fintech bank charters are heating up. But that’s not necessarily a bad thing for incumbents.
Read more (exclusive to Outlier members)
Just look at the charts
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An alternative to credit cards or cryptocurrency?
A group of U.S. lawmakers has proposed a large-scale trial of government-backed digital cash. The ECASH Act, introduced by Rep. Stephen Lynch would direct the Secretary of the Treasury to publicly test an “electronic version” of the US dollar (CoinDesk)
Papaya Global is making a key acquisition
Six months after raising $250 million, Papaya Global is acquiring Azimo to expand its cloud-based HR and payroll platform globally on the heels of a major surge in remote working (TechCrunch)
Citizens’ “EverValue” does away with overdraft fee
Citizens announced a new, overdraft-free checking account “EverValue” designed to increase banking access for underbanked and underserved communities, which offers protection from overdraft fees (PYMNTS)
Revolut to beef up its US talent
Revolut is expanding its US leadership with the appointment of Yuval Rechter as General Manager and Danil Ovechkin as Head of Growth (Fintech Finance)
Alkami to acquire Segmint
Cloud-based digital banking technology vendor Alkami has agreed to buy financial data analytics and transaction cleansing provider Segmint for $135.5 million in cash (Finextra)
Stern, ahead of the fintech curve
NYU Stern School of Business announced a global, one-year, part-time, modular, specialized master’s degree for working professionals in tech or finance who want to hone their skills or transition to fintech leadership positions (Poets & Quants)
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