Today In Payments: Fifth Third Bank Launches Early Pay; Raisin, Deposit Solutions To Merge

In today’s top news, Fifth Third Bank has launched an early wage access tool, and two large German FinTechs have agreed to merge. Plus, Outdoorsy has raised $120 million.

Fifth Third Bank Launches Early Pay For Checking Customers

Fifth Third Bank has announced a feature giving customers of the bank’s Momentum Checking platform early access to paychecks. The bank tested Early Pay in the first half of 2021 and found that it helped customers fend off overdraft fees and reduced the need for some of those people to turn to payday lenders.

Raisin, Deposit Solutions To Create Pan-European FinTech In Merger

Two large German FinTechs, Raisin and Deposit Solutions, will be merging into a new pan-European group called Raisin DS. Both firms list savings accounts and products to help consumers compare offerings. The merger will end a “continuous tug of war” between both groups and create a pan-European firm.

Outdoorsy Raises $120 Million As RV Rentals Soar

RV rental and outdoor rental marketplace Outdoorsy has raised $120 million for Roamly, its digital insurance product, which was recently brought out of beta and provides coverage for travelers and those who own recreational vehicles.

Walmart’s MoneyCard Users Get DDA-Like Services Powered By Green Dot Digital Banking Platform

Walmart’s MoneyCard, issued by Green Dot Bank, is now being offered as a debit card linked to a demand deposit account (DDA) instead of being a prepaid card. Account holders can tap Green Dot’s online banking platform and manages their finances through its platform or in-store at Walmart or Green Dot locations.

NEW DATA: Ease, Convenience Drives Merchant Choice For 94 Pct Of Consumers

Ninety-four percent of consumers have used digital marketplaces and aggregators that deliver to their homes within the past year — and this convenience now shapes their expectations across all channels. In The Bring-It-To-Me Economy Report, PYMNTS surveys 5,266 U.S. consumers to discover the three things they now expect from their shopping experiences.

Visa Canada’s Installment Option Builds BNPL Into Every Consumer Credit Card

Visa Canada is offering a new installment payment option to its cardholders for online and in-person purchases. Brian Weiner, vice president and head of product and digital, Visa Canada, told Karen Webster the ability to offer tailored installment plans tied to credit purchases will change the everyday interaction at the point of sale, building in BNPL wherever Visa cards are accepted.

‘Rent A Bank’ Fades For Payday Lenders, FIs Step In On Short-Term Loans

Payday lending is drawing more scrutiny in the marbled halls of Congress, and the practice known as “rent a bank” is being banned by Congress. Banks and FinTechs are stepping in to address short-term funding needs for consumers, often aided by advanced technologies.