​Happy Friday!!!
Here is the Uncle Sean Update for 4/21/23:
Previously announced back in October, Apple’s new high-yield savings account is now available sporting a respectable 4.15% APY through Goldman Sachs.One key consideration – you have to have the Apple Credit Card (also issued by Goldman Sachs) to qualify for the savings account.  But keep in mind that the CC cash back rewards can be applied daily to the savings account; and you can add or withdraw from the savings account via the wallet app – balance can be transferred to Apple Cash or a regular bank account at any time.  Payments Dive has a good summary.Interesting that Marcus (Goldman Sachs direct digital bank) is only offering 3.9% APY on savings as of 4/21/23.  Ahhh the pricing power of Apple versus the cost of sponsor bank liquidity (HOLY COW that was deep – LOL 😝). 
Meanwhile, Goldman Sachs is actively exploring the sale of GreenSky, the consumer focused alt lending and loan servicing fintech it acquired last year for $2.24B in an all-stock transaction. 
Show me the money!!!  NACHA announced Same Day ACH Helps Lead ACH Network to Strong First Quarter Growth – let’s take a quick peek at some of the 1Q23 numbers:Total ACH = 7.7 billion payments valued at $19.7 trillion, each representing an increase of 6.4% over the first quarter of 2022.Same Day ACH saw big increases a year after the transaction amount was almost doubled to $1M.  Same Day ACH = 186.2 million payments (up 20.7%) representing $565.3 billion (a 94.7% increase).For reference – 2022 total ACH for the year was 30 billion payments valued at $77 trillion 
Zelle P2P trajectory continues to increase as they announced strong double digit growth for 1Q23 highlighting # of transactions grew 29% to 639M and transaction amount grew 31% to $180B.  The number of institutions on the Zelle Network is now over 1.900. For reference – 2022 total Zelle transactions for the year was 2.3 billion Zelle® payments with a total value of $629 billion. 
Greenwood (digital banking platform for Black and Latino individuals and businesses) is live and has successfully enrolling all interested waitlist users.  In addition to banking features, Greenwood continues their affinity focus on community as they have also “successfully launched Elevate, a premium unique wrap-around banking and lifestyle product exclusively for Greenwood members, and acquired The Gathering Spot, A3C and Valence to provide its members with unparalleled access to professional networking opportunities, exclusive experiences, and more.” 
Mastercard announced Cross-Border Services Express in the ever expanding international remittances space (also very big on the fintech side).  This new tool allows financial institutions to easily set up international payments as a turn-key integration for their customers including small and medium-sized enterprises (SME’s).  Couple of key points:Mastercard is collaborating with leading fintechs Fable FinTech and Payall Payment Systems to deliver this light-touch, quick-to-market solution through a seamless user interface.Digital payments are seeing strong growth with three-quarters of consumers who send and receive cross-border payments doing so through mobile apps, according to Mastercard’s 2022 Borderless Payments Report
Q2 announced the launch of Q2 Instant Payments Manager designed to “help financial institutions manage instant payment workflows from end-to-end with the new Clearing House RTP® and Federal Reserve FedNow instant payment rails.” 
Some good ole embedded finance for my fellow Texans 🤠 – YeeHaw!!!  H-E-B grocery and their subsidiary Central Market (430 locations in Texas and Mexico) launched its own credit card with 5% cash back on the grocer’s private-label products and 1.5% on all other purchases anywhere Visa is accepted.This comes only 6 months after H-E-B announced their consumer mobile bank account app with Mastercard debit card with product specific rewards, mobile deposit capture, and high-yield savings account. 
Lili (business banking app) announced the launch of Lili Smart, integrating accounting software into the business banking app creating accounting categorizations of transactions as they happen in real time.  Nice! 😊 
Notable FinTech funding for the week:Clerkie (personalized solutions to build credit) raised $33M in Series A funding round.Rally (fully customizable e-commerce checkout platform) raised $12M in Series A round.Charm Solutions (developer of an AI powered SMB Credit Advisor service) raised $3.5M in Seed fundingPro Platforms (PROP – a home improvement and construction fintech) raised $4.7M in venture capital and announced the launch of Construct CRM operating system that includes project financing.  They also have plans to expand into banking / treasury services (Homepro pay) including payment processing, mobile deposit capture, unlimited business debit cards, and project based spend management. 
Random Uncle Sean stuff:
I ran across this while doing some “market research” (cough, cough) and I may have to try this out!!!  Pour some Buffalo Trace Distillery Bourbon Cream in with some cold root beer for an adult version of the classic root beer float….  Yep, sounds nice!!!!  🍺Alright – let’s close this out with some classic Dad jokes:Is it just me or does Justin Bieber with all of his tattoos kind of remind you of that middle school desk in detention class???  😁4/21 – also known as National Surprise Drug Test Day….Jet Skis should have been called boatercycles…Golf is clearly the adult version of an Easter egg hunt!I tried calling the tinnitus hotline, but it just kept ringing….Remember….  It’s all $hits and giggles until someone giggles and $hits…  😮🤣 
Have a GREAT weekend and please stay safe!!!
Uncle Sean
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at smayo@fedfis.com | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | info@fedfis.com #FedFisHasTheData FedFis
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.