Article: Open banking must incorporate financial inclusion

Money, Open Governance

Open banking must incorporate financial inclusion

Reaching the unbanked has become more important than ever, as methods of payment are shifting. In the past, it wasn’t uncommon for people to get paid in cash for their work. But as companies and employers shift to digitized payments, such as direct deposit and ACH transfers, employees who previously got paid in cash need to find other ways to receive their payments.

More than 7 million Americans fall into the “unbanked” category, meaning they don’t have a checking or savings account at a bank or credit union, according to the Federal Deposit Insurance Corp.

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