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.
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.
Few fees, automated savings and social media engagement all reel in the 23- to 37-year-old set and present a competitive threat to big, traditional banks, according to CEO Chris Britt.
The P-to-P payments service promises to clear transactions in near-real time, but many consumers have complained that they have been unable access their money or even open accounts. Zelle has acknowledged the delays and says they are a result of its rigorous enrollment process.
U.K. startup Flux has signed up a few banks for its platform that delivers real-time receipts to mobile banking apps. The problem is that few retailers are interested, and experts say that’s not likely to change any time soon.
