When asked if other banks were being sued, USAA said the lawsuit names only Wells Fargo because the bank is one of the biggest adopters of remote mobile deposit capture and has failed to license the technology.
Of all the many technology innovations in the last few years, the truly unparalleled innovation is interoperability. When companies with their disparate systems and platforms can communicate and share their data the multiplier effect on new technologies and benefits is tremendous.
The irony of the explosive growth of mobile P2P is this: As consumers get more comfortable with paying one another through mobile devices, they're thinking of P2P less as a service that one should find within a bank's app.
PayPal and Barclays have formed a strategic partnership enabling Barclays customers in the U.K. and U.S. to manage their Barclays and PayPal accounts within each app.
The internet giant, SunTrust, Ally and other backers have invested $16 million in a new funding round for Greenlight Financial Technology, further blurring the lines between banks and tech companies.
While Zelle is working hard to become the Venmo for grown-ups, it is also pushing into retail payments, particularly in opportunities for displacement of cash and check and where funds are needed in minutes rather than days or weeks.
