Non-banks struggling due to unfair regulations
Banking institutions and non-bank financial entities (NBFIs) function under the same central bank, but finance companies that are well-managed seem to be facing stricter rules concerning deposits, lending, and loan adjustments. Meanwhile, banks have been steadily encroaching on services traditionally offered by non-banks, as highlighted by top executives in the NBFI sector during a recent […]
FedNow CEO Observes Banks Striving to Keep Up with Nonbanks Amid Rapid Growth
There’s a growing rivalry between banks and non-bank entities as consumers look for quicker, more accessible ways to transfer money. Banks recognize that FedNow services provide an edge in a market that prioritizes speed and dependability. According to executives interviewed by PYMNTS, the surge in FedNow adoption is notable. “We began with just 35 institutions, […]