In today’s top news in digital-first banking, Fiserv has signed a definitive deal to purchase Ondot Systems, while Welcome Technologies has chosen payments credit union service organization (CUSO) PSCU to provide processing services and support. Plus, ESL Federal Credit Union has gone live with real-time payments on the RTP network.
Fiserv to Acquire FinTech Ondot Systems
Fiserv has inked a definitive deal to buy Ondot Systems, which offers a “digital experience platform” for financial institutions (FIs). Financial terms of the arrangement were not made known. California-based Ondot, which was started in 2011, processes over a billion transactions monthly and offers digital capabilities for more than 30 million cards.
PSCU and Welcome Technologies Team up on Credit Card Aimed at Immigrants
Welcome Technologies has tapped PSCU to offer processing services and support for Welcome’s inaugural credit card program. Welcome is a consumer platform that is geared toward immigrant communities. PSCU will begin providing credit card services under the “Saber es Poder” brand to Welcome’s members in March.
Real-Time Payments Go Live at ESL Federal Credit Union
ESL Federal Credit Union, via a joint effort with others, has gone online with real-time payments on the RTP network, which it joined by linking through BNY Mellon. “This is yet another exciting example of how we are facilitating innovative solutions that help clients optimize payment processes, reduce processing costs and speed payment delivery and transparency,” said Mike Bellacosa, BNY Mellon’s global head of payments and transaction services.
Fed Expects GDP to End Year Slightly Higher; Predicts 4.2 Pct Growth in 2021
The Fed has heightened its anticipations for the end-of-year outlook, now forecasting that real gross domestic product (GDP) will drop by 2.4 percent in 2020. By contrast, the bank had anticipated a 3.7 percent fall back in September. Furthermore, the Fed increased the projection for next year’s real GDP outlook from 4 percent to 4.2 percent.
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