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Rize’s New High-Yield Fiat-Based Savings Account Challenges Other Crypto Options
This month, Rize, a fintech-as-a-service company, partnered with YieldX, an artificial intelligence platform focused on income investing, to create a savings account option at high yield based on fiat rather than crypto.
The account is made up of a set of APIs. YieldX’s algorithms determine the least risky and best performing funds. The end result is that Rize fintech customers can integrate this account into their own offerings.
The main appeal of Rize’s new product is that it seems less risky overall than crypto-based options. There is no chance of crypto volatility and it is cheaper and easier for businesses to integrate.
Rize’s new savings product has yet to launch, but as the current interest rate hikes take effect, it will be interesting to see what kind of attention a product like this might draw to the market.
Acquire Podcast Ep. 4: Nesting with TreviPay Community Playbook
In Episode 4 of Acquire, Tearsheet’s Marketing Podcast, host Rebecca Alma Cohen, Head of Tearsheet Studios, talks to Michelle Faul, Vice President of Global Marketing at TreviPay.
TreviPay is a global fintech that offers integrated payments in the B2B digital commerce space. Michelle provides insight into what is behind the creation and operation of TreviPay’s community playbook.
Fun fact: TreviPay won Best New Product – for its B2B mobile payment application – at our Embedded Awards last November at The Big Bank Theory conference.
The last briefing
Banking Brief: What Biden’s Executive Order Means for Crypto Growth
President Joe Biden signed an executive order earlier this month, which required the government to examine the potential effects of cryptocurrencies on the economy – both positive and negative.
Banks can also feel positive about the move as more pro-crypto actions make the news. Since the end of 2021, more and more large banks have been operating on cryptographic bases.
With Biden’s executive order showing more interest in developing crypto, the next question is what does this mean for the future of banking and digital currency?
In other news, fintech bank charters are heating up. But that’s not necessarily a bad thing for incumbents.
Learn more (exclusive to Outlier members)
Just look at the charts
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An alternative to credit cards or cryptocurrencies?
A group of US lawmakers have proposed a large-scale trial of government-backed digital cash. The ECASH Act, introduced by Representative Stephen Lynch, would direct the Treasury Secretary to publicly test an “electronic version” of the US dollar (CoinDesk)
Papaya Global makes a key acquisition
Six months after raising $250 million, Papaya Global acquires Azimo to expand its cloud-based HR and payroll platform globally on the heels of a surge in remote working (Tech Crunch)
Citizens’ ‘EverValue’ scraps overdraft fees
Citizens announced a new “EverValue” no-overdraft checking account designed to increase access to banking services for underbanked and underserved communities, which provides protection against overdraft fees (PYMNES)
Revolut strengthens its American talents
Revolut expands its leadership in the US with the appointment of Yuval Rechter as Managing Director and Danil Ovechkin as Chief Growth Officer (Fintech financing)
Alkami acquires Segmint
Cloud-based digital banking technology provider 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
The NYU Stern School of Business has announced a global, one-year, part-time, modular, specialized master’s degree for technology or finance professionals looking to hone their skills or transition into fintech leadership positions (Poets and quants)
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