Today In Digital-First Banking: Goldman Sachs Pilots Wealth Management Program For The Masses; PayPal Waives Charges For Stimulus Check Cashing

In today’s top news in digital-first banking, Goldman Sachs is testing out a wealth management program for the general public, while PayPal will allow customers to cash in their next stimulus checks without a fee. Plus, the State Bank of Pakistan (SBP) is eyeing the digitization of business supply chains.

Goldman Sachs Testing Wealth Management App For The Masses

Goldman Sachs is piloting a wealth management app for the general public. The financial firm has reportedly started internal testing of the Marcus Invest digital offering with a bigger launch intended for early next year. Goldman had revealed a line of personal loans and savings accounts with the Marcus brand name in 2016 targeted toward less affluent customers.

PayPal Waives Check Cashing Fees For Stimulus Checks

PayPal will let clients cash in their next stimulus checks free of charge. The typical check-cashing charges will be waived for pandemic relief checks, which are currently planned to be $600 per individual. According to Treasury Secretary Steven Mnuchin, the $600 individual payments could be distributed as early as next week.

State Bank Of Pakistan Eyes Digitizing Corporate Supply Chains

The State Bank of Pakistan (SBP) is looking at digitizing business supply chains, with an eye toward greater financial inclusion. “What we want is to reduce cash and promote financial inclusion through digitization,” SBP Deputy Governor Sima Kamil said at an internet conference, according to a published report. Most of the supply chains in the nation — in cities and outside of them — are based on paper or cash per the official.

Pandemic Aid Package Provides Relief For Lenders To Help SMBs

The nearly $900 billion U.S. pandemic aid package that legislators green-lighted on Monday (Dec. 21) will help banks by easing a pivotal small-business lending effort’s rules, among other stipulations. Rob Nichols, the chief executive of the American Bankers Association, said per published reports that the deal offerings multiple provisions supported by the group “that will allow banks to provide additional help to individual and business customers under financial stress from the pandemic.”