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Truist is making significant strides in optimizing its digital onboarding process, prioritizing increased personalization and a smoother customer journey to attract new clients. This multi-pronged strategy includes enabling mobile ID verification to boost conversion rates among younger generations, seamlessly integrating new clients with services like direct deposit and Zelle to establish Truist as their primary bank, and allowing personalized mobile app dashboards. These digital improvements, supported by AI for feedback aggregation, aim to offset the impact of branch closures and meet the demand for digital convenience, particularly from Gen Z. Truist should amplify marketing efforts to highlight the ease and speed of their fully digital onboarding, emphasizing that no in-person ID verification is required.

Zelle-owner Early Warning Systems and The Clearing House are mulling issuing a joint stablecoin. And PayPal is trying to increase adoption of its own stablecoin, PayPal USD. Our take: Stablecoin initiatives are generating buzz. Early adopters鈥攅veryone from the president鈥檚 family to the State of Wyoming鈥攚ant to get in on the ground floor to maximize their reward.

Looking forward, EWS should pull from its Zelle blueprint and expand beyond the owner-bank ecosystem to find growth opportunities. Paze now needs to convince users to reflexively flip between two wallets for ecommerce and in-person transactions. Converting primary loyalty from either Apple Wallet鈥檚 18.1 million users or Google Wallet鈥檚 12.4 million users will be a tough consumer behavior to build.

Discover has a highly rated app that supports mobile check deposits, Zelle transfers, and full account management. And Capital One and Discover just got the final green light to merge, which could mean this app鈥檚 technology will assist more customers.

Zelle-owner Early Warning Services is reportedly toying with an institutional stablecoin to streamline traditional banking networks. Retailers like Amazon or Walmart are interested in stablecoins to avoid interchange fees at checkout.

The agency dropped its lawsuit against Zelle, Bank of America, JPMorgan, and Wells Fargo. Vought also zeroed out the CFPB鈥檚 funding for the year and tried to fire 80% of the agency鈥檚 employees. But the open banking rule seemed to be on safer ground. It had received endorsements from congressional Republicans: Then-Chairman of the House Financial Services Committee Rep.

Gen Zers favor Venmo, Apple Pay, and Zelle mobile wallets. Venmo鈥檚 social media roots keep its allure strong among younger consumers. And Gen Z鈥檚 preference for iPhones gives Apple Pay a big lead over other in-store wallets, such as Google Pay and Samsung Pay. But Gen Z has also embraced Zelle, as the bank-owned app keeps building a bigger share of peer-to-peer (P2P) transaction value and usage.

Since then, the agency has dropped its lawsuit against Zelle and is expected to scrap its open banking rule and its rule to regulate apps like Apple Pay and Google Wallet as banks. Our take: The decision to revoke this rule is a win for the BNPL fintechs, but it leaves the industry back at square one in terms of regulation. While BNPL has grown rapidly in recent years, regulation didn鈥檛 keep pace.

The agency has dropped its lawsuit against Zelle and is expected to scrap its BNPL rule. Its rule to regulate apps like Apple Pay and Google Wallet as banks is also being undone by Congress.

Real-time banking services like Venmo, Zelle, and Google Pay for instant payments and updates. Budgeting tools and AI-powered finance management within their banking apps for seamless financial planning. Access to information like free credit scores in their apps, so they don鈥檛 have to search and potentially pay elsewhere for valuable information.

The agency has since dropped at least half a dozen legal cases started by Chopra, including a lawsuit against Zelle-owner Early Warning Services. And the House Financial Services Committee approved a resolution this week to block the CFPB鈥檚 overdraft fee rule.

Payment networks like Zelle, Venmo, and Cash App provide real-time payment options to consumers鈥攂ut they do not settle the funds. For example, Zelle typically credits transactions instantly to payees. But the actual settlement of funds occurs instantly only via the RTP network (if the sender鈥檚 and recipient鈥檚 banks both use it). Otherwise, transactions are settled later via ACH.

The Consumer Financial Protection Bureau (CFPB) sued Zelle-owner Early Warning Services (EWS) and three of its consortium banks, claiming they failed to protect Zelle users from fraud. The suit may not go anywhere given all CFPB operations have been halted, but it shines a light on Zelle鈥檚 continual fraud (whether overstated or not). Zelle has said that only 0.05% of Zelle transactions are fraudulent.

They want banking regulators to look into how banks that offer Zelle protect consumers as fraud concerns grow.

The CFPB sued Early Warning Services (EWS) and three of its owner banks in January, claiming they failed to protect consumers from fraud on Zelle. The agency also ordered Block to pay $175 million over what it claims was a failure to protect Cash App customers from fraud. Our take: We knew the CFPB鈥檚 recent rulemaking and other initiatives would be overhauled once Trump.

In addition to trust issues, X Money will have to compete in a highly saturated market where consumers are already loyal to their preferred platforms, like Venmo, Zelle, and Cash App. This article is part of 蘑菇AV鈥檚 client-only subscription Briefings鈥攄aily newsletters authored by industry analysts who are experts in marketing, advertising, media, and tech trends.

Our take: This enforcement action offers Block and Cash App closure on the CFPB鈥檚 investigation鈥攗nlike its peer-to-peer (P2P) payment competitor Zelle, which faces a CFPB lawsuit over its own fraud prevention practices.