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<p class="headline-regular financial-disclaimer">Our experts answer readers' banking questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards#rating-banking-products" class="not-content-link" target="_blank">here's how we assess banking products</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own. Terms apply to offers listed on this page.</p><ul class="summary-list"><li>Financial Partners Credit Union is paying 6.50% APY (Annual Percentage Yield) on an 8-month CD special.</li><li>You must deposit between $1,000 and $5,000 into the CD.</li></ul><p>The <a href="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now">best CD rates</a> from nationwide banks are around 5% or 5.50% APY right now, depending on the term. But if you live in California, you may be able to take advantage of an even higher CD rate available at a local credit union.</p><p>Financial Partners Credit Union is offering an 8-month CD special paying 6.50% APY for new members. Find out if you qualify for the CD.</p><h2>How to get 6.50% APY on a CD</h2><p>The Financial Partner Credit Union 8-month CD special is only available to new members. Financial Partners CU primarily serves California residents. To get the CD special, you must live in Los Angeles County, Orange County, Riverside County, San Diego County, or the cities of San Francisco or Alameda, California. </p><p>The CD special has a $1,000 minimum and $5,000 maximum opening deposit. There's also a limit of one CD special per member.</p><p>Keep in mind that there are <a href="https://www.businessinsider.com/personal-finance/cd-early-withdrawal-penalties">early withdrawal penalties</a> if you withdraw money from the CD before the end of the term. The penalty for the 8-month special is 90 days of interest.</p><p>If you're concerned about the lock-up period, consider one of the <a href="https://www.businessinsider.com/personal-finance/best-no-penalty-cds">best no-penalty CDs</a>.</p><p>If you don't qualify for the CD special at Financial Partner Credit Union — or if you want to deposit less than $1,000 or more than $5,000 — you can still find other options with great rates and more lenient opening requirements. The following CDs are from online banks with no membership requirements, and you can open an account with $0:</p><table style="border-collapse: collapse; width: 100%; height: 88px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Open Account</td><td style="width: 33.3333%; height: 22px;">Rate</td><td style="width: 33.3333%; height: 22px;">Review</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;"><a href="https://www.businessinsider.com/personal-finance/bmo-cd-bridge">BMO Alto 1-year CD</a></td><td style="width: 33.3333%; height: 22px;">5.65% APY</td><td style="width: 33.3333%; height: 22px;"><a href="https://www.businessinsider.com/personal-finance/bmo-alto-savings-cd">BMO Alto Review</a></td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;"><a href="https://www.businessinsider.com/personal-finance/synchrony-bank-cd-bridge">Synchrony 9-month CD</a></td><td style="width: 33.3333%; height: 22px;">5.50% APY</td><td style="width: 33.3333%; height: 22px;"><a href="https://www.businessinsider.com/personal-finance/synchrony-bank-review">Synchrony CD Review</a></td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;"><a href="https://affiliate.insider.com?amazonTrackingID=biauto-64803-20&amp;h=2029b5061063ee9ade7d0247575a9be05a3bbe93b26e22180e82a425c892a2e1&amp;postID=6570a710f1dbb59a629faa3a&amp;postSlug=personal-finance%2Ffinancial-partners-credit-union-cd-over-6-percent-2023-12&amp;site=bi&amp;u=https%3A%2F%2Fwww.kqzyfj.com%2Fclick-100733332-15294927" target="_blank" rel="noopener">Barclays 1-year CD</a></td><td style="width: 33.3333%; height: 22px;">5.50% APY</td><td style="width: 33.3333%; height: 22px;"><a href="https://www.businessinsider.com/personal-finance/barclays-bank-review">Barclays Bank Review</a></td></tr><tr><td style="width: 33.3333%;"><a href="https://affiliate.insider.com?amazonTrackingID=biauto-64803-20&amp;h=944b5d8a3e64ee630dc031ccda3a5bdea00ffa7214ff8f173cd7f8b7795f2293&amp;postID=6570a710f1dbb59a629faa3a&amp;postSlug=personal-finance%2Ffinancial-partners-credit-union-cd-over-6-percent-2023-12&amp;site=bi&amp;u=https%3A%2F%2Fsave-better.sjv.io%2Fc%2F4722637%2F1480513%2F14380%3Fu%3Dhttps%253A%252F%252Fwww.raisin.com%252Fen-us%252Fcd-accounts%252Fno-penalty-cd-rates" target="_blank" rel="noopener">Freedom Bank No-penalty CD, powered by Raisin</a></td><td style="width: 33.3333%;">5.15% APY</td><td style="width: 33.3333%;"><a href="https://www.businessinsider.com/personal-finance/raisin-review">Raisin Review</a></td></tr></tbody></table><p>These banks are all insured by the <a href="https://www.businessinsider.com/personal-finance/fdic">FDIC</a> for $250,000 per depositor, per account ownership category. When a bank is FDIC-insured, it means your insured money is safe in the event of a bank failure.</p><h2>Financial Partners Credit Union FAQs</h2><h3 class="faq-question">Who owns Financial Partners Credit Union?</h3><p class="faq-answer">Financial Partners Credit Union is a nonprofit financial institution owned by its members. <a href="https://www.businessinsider.com/personal-finance/what-is-credit-union">Credit unions</a> work a bit differently from banks as members get to have more say on how things are run.</p><h3 class="faq-question">Is Financial Partners Credit Union FDIC-insured?</h3><p class="faq-answer">Financial Partners is federally insured by the <a href="https://www.businessinsider.com/personal-finance/how-ncua-insurance-works-credit-union">NCUA</a>. The NCUA provides federal insurance for credit unions, while the FDIC oversees banks. Up to $250,000 per depositor, per account ownership category is insured in a Financial Partners Credit Union bank account.</p><h3 class="faq-question">How long has Financial Partners Credit Union been in business?</h3><p class="faq-answer">Financial Partners Credit Union has been in business since 1937.</p><p style="font-size: 10px;"><em>Products in this post: BMO Alto 1 Year High Yield CD - Product Name Only, Synchrony 9 Month CD - Product Name Only, Barclays 1 Year Online CD - Product Name Only, Freedom Bank 9 Month No Penalty CD - Product Name Only</em></p>

Financial Partners Credit Union is offering a CD at 6.50% APY — the highest rate available right now

<p class="headline-regular financial-disclaimer">Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.</p><p>Any active investor knows the name Robinhood — but do you know about Robinhood Gold?</p><p>Robinhood Gold is a suite of features and tools that span both non-retirement brokerage accounts and IRAs held within Robinhood. For $5 a month, investors get access to more favorable rates, data from industry experts, and faster access to their cash through Instant Deposits.</p><p>Here are three reasons you might want to consider <a href="https://affiliate.insider.com?h=df4bee79094c724656856a93ef7dae6b0e847a32d2227b93a74288a2684cbf99&amp;postID=6564bd8b49bf0a7df0d02807&amp;postSlug=personal-finance%2Frobinhood-gold-savings-reasons-consider-2023-11&amp;site=bi&amp;u=https%3A%2F%2Frobinhood.c3me6x.net%2Fc%2F4722637%2F1838961%2F10402" target="_blank" rel="noopener">Robinhood Gold</a> for your money:</p><h2>1. It supercharges the interest rate on your cash</h2><p>A typical bank pays an average savings rate of 0.45% APY on cash savings. Robinhood, however, pays 1.5% interest on uninvested cash if you opt into a program called cash sweep — and 5.0% for Gold members. That's over 10 times as much earning as your typical bank.</p><p>Cash sweep isn't quite the same as putting money in a savings account. It works by "sweeping" any uninvested money, typically that you intend to invest or spend but haven't yet, from your Robinhood account into an account at a partner bank (called a "program bank"). As of November 1, program banks include Goldman Sachs, HSBC, Wells Fargo, Citibank, Bank of Baroda, US Bank, Bank of India, Truist Bank, M&amp;T Bank, First Horizon Bank, EagleBank, and CIBC Bank. </p><p>Because the money is stored at a bank, it is FDIC insured up to $250,000 per bank, for insurance on a total balance of $2.25 million. Like any other bank, the APY is subject to change. Until the money is "swept," it is insured by the SIPC (up to $500,000, which includes a $250,000 limit for cash). Once it's swept to a program bank, that money is still accessible to you to withdraw, to spend, or to invest through your Robinhood brokerage account.</p><p><strong>Level Up Your Savings</strong></p><p>Your money makes money with 5% APY on uninvested cash, FDIC-insured up to $2.25 million at partner banks. <a href="https://affiliate.insider.com?h=df4bee79094c724656856a93ef7dae6b0e847a32d2227b93a74288a2684cbf99&amp;postID=6564bd8b49bf0a7df0d02807&amp;postSlug=personal-finance%2Frobinhood-gold-savings-reasons-consider-2023-11&amp;site=bi&amp;u=https%3A%2F%2Frobinhood.c3me6x.net%2Fc%2F4722637%2F1838961%2F10402" target="_blank" rel="noopener">Open a Robinhood Gold account today.</a></p><h2>2. It triples your eligible IRA match</h2><p>"Match" is typically a term you only hear in relation to an employer-provided retirement account like a 401(k), in which your employer may offer additional contributions up to a percentage of what you've allocated to your plan. </p><p>However, <a href="https://www.businessinsider.com/personal-finance/robinhood-investing-review">Robinhood</a> provides a match for its IRA, an individual retirement account that anyone with earned income can open. Typically, that match is 1% on new IRA contributions, IRA transfers, and 401(k) rollovers, but Gold subscribers get a 3% match on contributions. It works a little differently from an employer match, though. For one thing, you don't have to work for Robinhood, and for another, the match doesn't count towards the account's annual contribution limits (in 2023, that's $6,500 a year for people under 50, and $7,500 for people ages 50 and over).</p><p>Bear in mind that in order to keep that 3%, Gold members must continue their subscription for at least one consecutive year after the first 3% match. To keep the earnings from matching at either rate — 1% or 3% — you must keep your Robinhood IRA for at least five years.</p><h2>3. You can try it for free</h2><p><a href="https://affiliate.insider.com?h=df4bee79094c724656856a93ef7dae6b0e847a32d2227b93a74288a2684cbf99&amp;postID=6564bd8b49bf0a7df0d02807&amp;postSlug=personal-finance%2Frobinhood-gold-savings-reasons-consider-2023-11&amp;site=bi&amp;u=https%3A%2F%2Frobinhood.c3me6x.net%2Fc%2F4722637%2F1838961%2F10402" target="_blank" rel="noopener">Robinhood Gold</a> costs $5 a month, but the first month is free. </p><p>For that $5 a month, you get the supercharged savings rates and retirement match discussed above, plus access to professional research from Morningstar, level II market data from Nasdaq, and access to bigger Instant Deposits, a feature that gives you immediate access to a large amount of any money you transfer from a bank to Robinhood.</p><p>Gold also gives approved members access to margin investing at a discounted rate: 8% instead of Robinhood's standard 12%. You don't have to use margin investing if you don't want to, but note that if you do choose to, you will be charged the 8% rate during your free trial month as well as going forward. To use margin investing at Robinhood at either rate, you must apply and be approved. </p><p><strong><em>This article was sponsored by Robinhood.</em></strong></p><p><em>Disclosures: All investments involve risk and loss of principal is possible. </em></p><p><em>Robinhood Gold is a subscription offering premium services for a $5 monthly fee.</em></p><p><em>The brokerage cash sweep program is an added feature to your Robinhood Financial LLC brokerage account. Interest is earned on uninvested cash swept from your brokerage account to partner banks. The cash sweep program and Robinhood Gold are offered through Robinhood Financial LLC. Terms apply. Rate is subject to change. Robinhood is not a bank. </em></p><p><em>5.0% APY on uninvested cash only applies to brokerage accounts, it does not apply to IRA accounts. IRA transfers and rollovers receive a 1% match. You can keep the additional 2% IRA match by staying with Gold for at least 1 year. </em></p><p><em>You must have earned (wage) income in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least five years to avoid a potential early IRA Match Removal Fee.</em></p><p><em>Instant deposits are only available if your instant deposit status is in good standing.</em></p><p><em>For margin enabled customers, to earn interest through the cash sweep program, a cash balance is needed. If you have a margin balance, there is no cash balance to earn interest. Not all investors will be eligible to trade on Margin. Margin investing involves the risk of greater investment losses. </em></p>

How to Earn 5% APY with Robinhood Gold

<p class="headline-regular financial-disclaimer">Our experts answer readers' banking questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards#rating-banking-products" class="not-content-link" target="_blank">here's how we assess banking products</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own. Terms apply to offers listed on this page.</p><p><a href="https://www.businessinsider.com/personal-finance/huntington-bank-review">Huntington Bank</a> (Member FDIC) offers various financial products, including two types of CDs — fixed rate and jumbo fixed rate. </p><p>CD term lengths range from one week to six years. But unless you choose a promotional term with a high rate, you'll be stuck earning 0.05% or 0.10% APY (Annual Percentage Yield). In that case, you're better off opening one of the <a href="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now">best CDs</a> at an online bank.</p><p>Here's everything you need to know about Huntington Bank CD rates.</p><h2>Huntington Bank CD Rates</h2><p>The rates at Huntington Bank are similar for both regular and jumbo CDs. The most important factor is whether you choose a term that pays a standard rate or one that pays a promotional rate. Promotional rates are only available for a handful of term lengths, but they can increase the APY significantly.</p><h3>Huntington Bank Fixed CD Rates</h3><p>The Huntington Bank Fixed Rate CDs - Product Name Only pay Huntington Bank Fixed Rate CDs - APY APY. You must deposit at least Huntington Bank Fixed Rate CDs - Minimum Deposit, but the rates are the same regardless of your total balance. There are two types of interest rates on fixed CDs: promotional and standard. </p><p>Promotional rates apply to 7-month and 11-month CD terms. Other term lengths qualify for standard rates of 0.05% or 0.10% APY.</p><p>Although Huntington CD rates are the same in many places, rates may vary by region. The rates below are for Columbus, Ohio, which is a popular city for the bank.</p><p><strong>Promotional Fixed CD Rates</strong></p><table style="border-collapse: collapse; width: 100%; height: 110px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 50%; height: 22px;">CD Term</td><td style="width: 50%; height: 22px;">Promotional APY</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">7 months</td><td style="width: 50%; height: 22px;">4.86%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">11 months</td><td style="width: 50%; height: 22px;">5.13%</td></tr></tbody></table><p><strong>Standard Fixed CD Rates</strong></p><table style="border-collapse: collapse; width: 100%; height: 220px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 50%; height: 22px;">CD Term</td><td style="width: 50%; height: 22px;">Standard APY</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">1 month</td><td style="width: 50%; height: 22px;">0.05%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">3 months</td><td style="width: 50%; height: 22px;">0.05%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">6 months</td><td style="width: 50%; height: 22px;">0.10%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">9 months</td><td style="width: 50%; height: 22px;">0.10%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">12 months</td><td style="width: 50%; height: 22px;">0.10%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">18 months</td><td style="width: 50%; height: 22px;">0.10%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">24 months</td><td style="width: 50%; height: 22px;">0.10%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">36 months</td><td style="width: 50%; height: 22px;">0.10%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">48 months</td><td style="width: 50%; height: 22px;">0.10%</td></tr><tr><td style="width: 50%;">60 months</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">72 months</td><td style="width: 50%;">0.10%</td></tr></tbody></table><h3>Huntington Bank Jumbo Fixed CD Rates</h3><p>Huntington Bank Jumbo Fixed CDs - Product Name Only pay Huntington Bank Jumbo Fixed CDs - APY APY. Whether you open a CD with a promotional or standard rate will impact how much you earn. The minimum deposit is Huntington Bank Jumbo Fixed CDs - Minimum Deposit, and the rates do not change based on the amount you deposit.</p><p>The Jumbo CD terms are measured in days — converted to years, the terms go up to five years. The current promotional rates apply to 215-day and 335-day terms. If you opt for a CD term that does not offer a promotional rate, you can expect to earn the standard rates of 0.05% or 0.10% APY.</p><p>Rates may vary by region, and the below rates are for Columbus, Ohio.</p><p><strong>Promotional Jumbo Fixed CD Rates</strong></p><table style="border-collapse: collapse; width: 100%; height: 110px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 50%; height: 22px;">CD Term</td><td style="width: 50%; height: 22px;">Promotional APY</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">215 days</td><td style="width: 50%; height: 22px;">4.86%</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">335 days</td><td style="width: 50%; height: 22px;">5.13%</td></tr></tbody></table><p><strong>Standard Jumbo Fixed CD Rates</strong></p><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">CD Term</td><td style="width: 50%;">Standard APY</td></tr><tr><td style="width: 50%;">7 days</td><td style="width: 50%;">0.05%</td></tr><tr><td style="width: 50%;">14 days</td><td style="width: 50%;">0.05%</td></tr><tr><td style="width: 50%;">30 days</td><td style="width: 50%;">0.05%</td></tr><tr><td style="width: 50%;">60 days</td><td style="width: 50%;">0.05%</td></tr><tr><td style="width: 50%;">90 days</td><td style="width: 50%;">0.05%</td></tr><tr><td style="width: 50%;">180 days</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">270 days</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">365 days</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">547 days</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">730 days</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">912 days</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">1,095 days</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">1,460 days</td><td style="width: 50%;">0.10%</td></tr><tr><td style="width: 50%;">1,825 days</td><td style="width: 50%;">0.10%</td></tr></tbody></table><h3>Huntington Bank CD Rates Pros and Cons</h3><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Pros</td><td style="width: 50%;">Cons</td></tr><tr><td style="width: 50%;"><ul><li><p>Promotional CD rates are high</p></li><li><p>Standard minimum deposit amounts</p></li><li><p>Interest compounds daily</p></li></ul></td><td style="width: 50%;"><ul><li><p>Standard CD rates are significantly lower than the national average</p></li><li><p>Only a handful of term lengths qualify for promotional rates</p></li><li><p>Accounts are only available for residents of Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, and Wisconsin</p></li></ul></td></tr></tbody></table><h3>How Huntington Bank CD Rates Compare</h3><p><strong>Huntington Bank CDs vs. Chase CDs</strong></p><p>Similar to Huntington Bank, <a href="https://www.businessinsider.com/personal-finance/chase-cd-rates">Chase CD rates</a> vary drastically, ranging from Chase CD - APY APY. But unlike Huntington, Chase's rates vary depending on how much you deposit. There are only a handful of options with competitive rates, and even then, Huntington's rates are generally higher. </p><p>To earn Chase's highest rate, you must deposit at least $100,000 and link it to a Chase checking account. In comparison, Huntington's minimum deposit of Huntington Bank Fixed Rate CDs - Minimum Deposit is much more accessible.</p><p><em><a href="https://www.businessinsider.com/personal-finance/chase-bank-review">Chase Bank Review</a></em></p><p><strong>Huntington Bank CDs vs. PNC Bank CDs</strong></p><p>Like Huntington Bank, PNC doesn't have locations in every state. You can open a CD online if you live in an area without branches, but your options are more limited.</p><p><a href="https://www.businessinsider.com/personal-finance/pnc-cd-rates">PNC CD rates</a> range from PNC Fixed Rate CD - APY APY. The best offer from PNC is on a promotional CD (the term with the highest rate depends on where you live), but you must deposit at least $100,000 to qualify. Other than that, you can usually expect to earn 2% or less. With Huntington Bank, you can earn over 5% with a minimum deposit of $1,000.</p><p><em><a href="https://www.businessinsider.com/personal-finance/pnc-bank-review">PNC Bank Review</a></em></p><p><strong>The bottom line:</strong> Huntington Bank offers high promotional CD rates on select terms. But the standard rates are very low, and you can secure a better APY at one of the <a href="https://www.businessinsider.com/personal-finance/best-online-banks">best online banks</a>.</p><h3>Why You Should Trust Us: How We Reviewed Huntington Bank CDs</h3><p>We used <a href="https://www.businessinsider.com/personal-finance/how-we-rate-cds-certificates-of-deposit">Business Insider's certificate of deposit methodology</a> to review Huntington Bank CDs.</p><p>Insider assesses the bank's mobile app, ethics, and customer service based on reviews and professional ratings from sites like the Better Business Bureau. We also examine interest rates, minimum deposits, available CD terms, and early withdrawal penalties. Each category receives a rating from 0 to 5, and then we average the scores to assign a final score out of 5. </p>

Today's Huntington Bank CD Rates: Earn up to 5.13% APY

<keyword id="3345735" type="COMPANY" weightage="20" keywordseo="InsurTech">Insurtech</keyword> company <keyword id="3330597" type="COMPANY" weightage="20" keywordseo="Renewbuy">RenewBuy</keyword> on Friday said it has raised USD 45 million (about ₹320 crore) in a Series C funding round to scale up technology, add more products and expand the digital network. The funding round led by Apis Growth Fund II, a private equity fund managed by Apis Partners LLP - a UK-based asset manager that supports growth-stage financial services and financial technology businesses, it said in a release. <br /><br />RenewBuy's existing investors, <keyword id="280716" type="COMPANY" weightage="20" keywordseo="Lok-Capital">Lok Capital</keyword> and IIFL Wealth also participated in the funding round. <br /><br />RenewBuy group, through its subsidiary D2C Insurance Broking Private Limited, enables retail customers to buy motor, health and life insurance products with a unique end-to-end digital experience. <br /><br />"We are taking insurance to the remotest part of the country to those who have been traditionally under-served. <br /><br />"Whilst consumers can buy directly, experience has shown that they always prefer to deal with trained advisors who can explain the product and its terms and conditions and provide assistance on future claims," said Balachander Sekhar, CEO, RenewBuy group. <br /><br />RenewBuy said it has about 50,000 point-of-sale person (POSP) advisors and insured more than 2.5 million customers across 650 cities and towns. <br /><br />"We believe the next 5 years will be a phase of exponential growth for the company, reaching 25 million customers through over 2,00,000 POSP advisors in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and beyond. <br /><br />"I believe that Apis Partners, with its significant global expertise in InsurTech, is the right partner to help realise this target," Sekhar noted. <br /><br />Udayan Goyal, Managing Partner and Apis Partners Co-Founder, said with less than 10 per cent of India's 1.4 billion population are currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels. <br /><br />More than 60 per cent of RenewBuy's business comes from semi-urban and rural areas in India.<br /><br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/careers/news/low-skilled-it-jobs-in-india-are-definitely-at-risk-as-per-different-reports/articleshow/83633565.cms">Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at risk</a><br /></strong><a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms"><strong>Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly</strong></a>

Online insurance startup RenewBuy raises $45 million led by Apis Partners

In a bid to further boost <keyword id="13981672" type="General" weightage="20" keywordseo="meta-whatapp" source="Orion">Meta-WhatApp</keyword> business integration, CEO <keyword id="6354630" type="General" weightage="50" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword> has announced to open the mobile messaging platform to businesses of all sizes globally with <keyword id="13979539" type="General" weightage="50" keywordseo="whatsapp-cloud-api" source="Orion">WhatsApp Cloud API</keyword> (application programming interface) hosted by the parent company.<br /><br />With this move, any business or developer can easily access the service, build directly on top of WhatsApp to customise their experience and speed up their response time to customers by using the secure WhatsApp Cloud API.<br /><br />The company will offer businesses on WhatsApp free, secure cloud hosting services provided by <keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword>.<br /><br />"This is an important step to help more businesses connect with people and help more people message the businesses that they want to support -- big and small," <keyword id="353568" type="General" weightage="80" keywordseo="zuckerberg" source="Orion">Zuckerberg</keyword> said during the company's inaugural business messaging conference late on Thursday.<br /><br />"For our partners, this new service will eliminate costly server expenses and give them instant access to new features," said the Meta CEO.<br /><br />The company said that the people will be in control of the businesses they chat with and businesses cannot message people unless they have requested to be contacted.<br /><br />"We also want to support small businesses with additional tools. We expect some <keyword id="417894" type="General" weightage="50" keywordseo="smbs" source="Orion">SMBs</keyword> will want to use the Cloud-based API though many will continue to use the WhatsApp Business app," said Zuckerberg.<br /><br />Meta is working on advanced features for these businesses to help them run their operations beyond just a few people and further amplify their brand online, like the ability to manage chats across up to 10 devices so they can better handle an influx of chats.<br /><br />"We'll also provide new customizable WhatsApp click-to-chat links to help businesses attract customers across their online presence," said the company.<br /><br />SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/best-ad-free-games-for-iphones/articleshow/91668300.cms">Best ad-free games for iPhones</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-adds-6-million-customers-to-its-buy-now-pay-later-kitty-to-take-on-paytm-amazon/articleshow/91665474.cms">Flipkart claims to be the second biggest ‘buy now, pay later’ player ahead of Paytm, Amazon</a><br />

WhatsApp to mint revenue with global launch of Meta Cloud for businesses

<ul class="summary-list"><li>An application programming interface (<keyword id="89002" type="ORGANIZATION" weightage="60" keywordseo="API">API</keyword>) is <keyword id="6361043" type="UNKNOWN" weightage="60" keywordseo="software">software</keyword> that acts as an intermediary between two programs. </li><li><keyword id="830095" type="COMPANY" weightage="60" keywordseo="APIs">APIs</keyword> make it easy for apps to exchange information, data, pictures, and more.</li><li>APIs also let apps have more features, since one program can just ask another program to perform a task.</li></ul><p>An <a href="https://www.businessinsider.com/category/api" target="_blank" rel="noopener">API</a>, or application programming interface, is software that acts as an intermediary between two other programs - or two components within a program - to exchange information. APIs are common types of computer code and form the foundation of our modern information architecture. </p><h2>What to know about APIs</h2><p>APIs consist of two components, and both are routinely referred to as "the API," which can be confusing:</p><ul><li>The technical specification that defines the details of what information is being exchanged between two programs, and the formal protocol for how that will be done.</li><li>The software itself that serves as the intermediary between two programs.</li></ul><p>APIs exist primarily to simplify the process of creating and maintaining software, in addition to extending and enhancing a program's capabilities.</p><p>Consider a program like a word processor, for example. In the earliest days of PCs, if a word processor like Microsoft Word needed to print a document, the developers had to include code that allowed the software to communicate with every printer a user might possibly own.</p><p>Windows solved that problem by offering a library of printer <keyword id="44435" type="ORGANIZATION" weightage="60" keywordseo="drivers">drivers</keyword> built into the operating system; each <a href="https://www.businessinsider.com/what-are-drivers-on-windows" target="_blank" rel="noopener">driver</a> only needed to be written once, and programs simply use the printer API to access any printer. </p><div type="image" title="software developer analyzing data on laptop tablet desktop" height="1249" width="2500" msid="82620719" hostid="261"></div><p>This is also an example of how APIs offer a layer of abstraction. The word processor doesn't need to know <em>how</em> to print to a particular printer; it simply sends a print request to the printer API, and the API handles the <em>how</em> of printing.</p><h2>Types of APIs</h2><p>APIs are not all alike, and the easiest way to differentiate APIs is by how they're deployed. There are four main categories:<br /><br /></p><ul><li><strong>Private API</strong>: Private APIs are typically created within a company or organization for internal use. APIs might be created to "connect" parts of a program or multiple programs and web services within the organization. </li><li><strong>Partner API</strong>: This is an API that may be used outside the company or organization but is restricted to partners or clients. Often, these APIs enable products or access to databases that the company offers to clients. </li><li><strong>Public API</strong>: Also sometimes called an external or open API, these APIs are generally made available publicly to any developer. Not all public APIs are open source or free - there might be a paid subscription required to use it. </li><li><strong>Composite API: </strong>Composite APIs combine different service or data APIs. They sequence multiple API requests into a single request that receives a single response.</li></ul><h2>API specifications</h2><p>Because APIs are the glue that binds different programs together, they need to follow standard protocols so that any developers who use the API understand how to integrate it into their code. There are a handful of common specifications in use today.</p><p>Each one of these is a different way to standardize the way data is exchanged between programs, which is important since an API should be able to work regardless of how the program is written or even what language is used to code it.</p><p>These are the most common protocols used to develop API specifications today:</p><ul><li>Remote Procedure Call (RPC)</li><li>Service Object Access Protocol (SOAP)</li><li>Representational State Transfer (REST)</li><li>GraphQL</li></ul><h2>APIs in the real world</h2><p>APIs are a core component of most modern software, so we are surrounded by them. Here are a few examples of APIs in common use:</p><ul><li>Facebook makes its social graph and marketing data available to third-party developers via its <a href="https://developers.facebook.com/docs/apis-and-sdks/" target="_blank" rel="noopener">pair of Graph and Marketing APIs</a>. The Graph API lets programs read and write to the Facebook social graph with access to pages, users, posts, and more. Likewise, the Marketing API gives access to Facebook ad campaigns, custom audiences, and reports.</li></ul><div type="image" title="Facebook for Developers API page" height="1000" width="2058" msid="82620720" hostid="261"></div><ul><li>Google maintains dozens of public APIs that allow developers of third-party applications and web services to access Google services. You can see a list of them at <a href="https://developers.google.com/apis-explorer/#p/" target="_blank" rel="noopener">Google's API Explorer</a>. </li></ul><div type="image" title="Google API Explorer page" height="1000" width="2010" msid="82620722" hostid="261"></div><ul><li>Twitter offers a web-based <a href="https://developer.twitter.com/en/docs/twitter-api/v1/tweets/search/api-reference/get-search-tweets" target="_blank" rel="noopener">Twitter API</a> that lets developers create tweets, search for published tweets, and even favorite tweets programmatically. </li></ul><div type="image" title="Twitter API homepage" height="1000" width="1667" msid="82620723" hostid="261"></div><a data-type="5f8098f78fc3970b472767c5">How to update or reinstall your drivers in Windows 10 to keep your computer running smoothly</a><a data-type="5f7f747a851d5a2ca94632aa">How to download Nvidia drivers to keep your computer's graphics running smoothly and vibrantly</a><a data-type="605d1c5f266b2044483d2c86">What is software? A guide to all of the different types of programs and applications that tell computers what to do</a><a data-type="60621b2b33ddca29e50ea8c9">What is an optical drive? A guide to how your computer reads CDs, DVDs, and Blu-ray discs</a>

A guide to APIs, software that helps different apps work together and

<p><a href="https://www.businessinsider.com/category/partners-for-a-sustainable-future"></a></p><div type="image" title="a group of people around a campfire in the desert" height="2050" width="2734" msid="87319370" hostid="261"></div><ul class="summary-list"><li>The not-for-profit The Sigmund Project connects sustainability-focused innovators in <keyword id="11894427" type="UNKNOWN" weightage="60" keywordseo="tourism" source="Orion">tourism</keyword>.</li><li>Entrepreneurs and leaders can submit ideas or peruse projects to find an apt partnership.</li><li>The site is already facilitating successful collaborations and aims to issue grants by mid-2022.</li></ul><p>The ethos behind "open source" is that the more brainpower involved in a product's evolution, the better. Things like peer production, review, critique, and collaboration are all encouraged.</p><p>Recently, not-for-profit startup <a href="https://thesigmundproject.org/">The Sigmund Project</a> decided to apply this concept to tourism innovation. "The moniker we have regarding [open source] is 'nothing mentioned, nothing gained,'" founder <a href="https://www.linkedin.com/in/alan-elliott-merschen-5577605/">Alan Elliott Merschen</a> told Insider. "If you don't share the idea, it's never going to take root."</p><p>Though it just launched in June 2021, The Sigmund Project has attracted thousands of unique visitors from more than 108 countries and facilitated about a dozen collaborations. For example, one Switzerland-based NGO recently connected with an ecoresort in the Solomon Islands via the platform, and the two companies are now in talks to become <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">sustainability</keyword> partners.</p><p>Here's how Mershcen got The Sigmund Project off the ground, what some of the partnerships look like, and what he has planned for the future.</p><h2><strong>An industry inflection point</strong></h2><p><strong><div type="image" title="a screenshot of The Sigmund Project's website" height="675" width="900" msid="87319373" hostid="261"></div></strong></p><p>Merschen has worked in the travel and tourism field for more than 30 years. He founded the travel marketing company <a href="https://www.myriadmarketing.com/">Myriad</a>, which specializes in international destination marketing for private and government clients across five continents. "My interest has always been the impact that tourism can have on a global economy as well as a local environment," Merschen said.</p><p>When the COVID-19 crisis hit, it <a href="https://www.businessinsider.com/coronavirus-countries-that-rely-most-on-tourism-travel-2020-6">decimated the industry</a>. Before the pandemic, the sector <a href="https://wttc.org/Research/Economic-Impact">accounted for as much as 25%</a> of all new job creation worldwide, according to the World Travel &amp; Tourism Council. But in 2020, more than 62 million tourism-related jobs vanished virtually overnight.</p><p>Merschen wanted to find a way to revitalize the industry while simultaneously addressing its sustainability problem - in 2016, the sector <a href="https://www.statista.com/statistics/1222827/global-carbon-emission-share-of-tourism-related-transport/">was responsible</a> for about 5% of manmade carbon emissions worldwide, a number <a href="https://www.unwto.org/news/tourisms-carbon-emissions-measured-in-landmark-report-launched-at-cop25">forecast to increase</a> to 5.3% by 2030. So he began brainstorming and taking the pulse of his professional network.</p><p>He found that COVID-19 was paving the way for previously unthinkable partnerships. "I saw an openness and willingness to collaborate that I had never seen before, not only among complementary products but also among competitors," Merschen said.</p><p>Leaning into this observation, Merchen launched a digital platform to connect tourism industry innovators with one another. He envisioned an open-source ecosystem in which entrepreneurs with an app idea could connect with the perfect coder, for instance, or where a huge tourism company with a new product could identify niche distribution channels.</p><p>Merchen saw this vision come to life recently when a multinational travel corporation found synergy with a startup called <a href="https://gozeetheworld.com/">Gozee</a> after posting about their needs on The Sigmund Project. The two organizations ended up sharing an Application Programming Interface (API) to help customers filter for sustainable travel experiences.</p><h2>How it works</h2><p>Named in honor of Merschen's father, The Sigmund Project went live on Father's Day 2021 and exclusively highlights businesses with a "triple bottom line": an emphasis not just on profit but also on benefitting people and the planet. </p><p>Before submitting an idea, users watch a short <a href="https://www.youtube.com/watch?v=2QvpjRLXZu8">video</a> and take a quick quiz, which gauges if their proposed project fits into the platform's parameters. Aligning with one or more of the <a href="https://sdgs.un.org/goals">United Nations' Sustainable Development Goals</a> is mandatory.</p><p>Next, innovators can officially submit their idea to be vetted by a Sigmund Project staff member. If the proposal passes muster, the innovator is invited to a call with someone on the Sigmund team, where they talk through the idea, fine-tune its messaging, and suggest potential partners.</p><p>The organization describes itself as both "high-tech and high-touch." Though the vetting process is largely manual and will remain so for the foreseeable future, the platform also has built-in automation features that will help it scale as traffic and submissions continue to increase.</p><h2><strong>Travel with a side of social good</strong></h2><div type="image" title="group of women in black and white" height="960" width="1279" msid="87319378" hostid="261"></div><p>Projects on the platform run the gamut when it comes to the UN's SDGs. One of the collaborators currently featured on The Sigmund Project is <a href="https://www.linkedin.com/in/aminamohamedphotography/?originalSubdomain=ca">Amina Mohamed</a>, an Ontario-based entrepreneur and founder of both <a href="https://www.triplefphototours.ca/">Triple F Photo Tours</a> and the nonprofit <a href="https://www.camerasforgirls.org/">Cameras for Girls</a>. Her companies align with the <a href="https://www.un.org/sustainabledevelopment/gender-equality/">UN's fifth SDG</a> around gender equality and empowering women.</p><p>"I designed my nonprofit to give back to my home country of Uganda and support marginalized females endeavoring to become journalists," she told Insider. To support the nonprofit work, Mohamed developed a separate for-profit company, Triple F, to lead "anti-tourist" photo tours that support local culture. About 10% of its revenue flows to Cameras for Girls, which is a registered charity in Canada as of fall 2021.</p><div type="image" title="women on a motorcycle with a man on the back" height="960" width="1279" msid="87319381" hostid="261"></div><p>When COVID-19 hit, it nearly tanked her tour operation. "I had a choice to make - to let this business die, or go all in and make it work" she said. She ultimately went for option B, venturing down multiple avenues to stay afloat, including posting about Triple F and Cameras for Girls on The Sigmund Project. In <a href="https://thesigmundproject.org/open-source-posts/cameras-for-girls-triple-f-photography">Mohamed's post</a>, she writes about looking for resources to expand her women-focused photography tours to Costa Rica.</p><p>The Sigmund team connected Mohamed with a reputable, Toronto-based travel agency in the company's network. In turn, the agency connected Mohamed with resources in Costa Rica. Thanks to the introduction, Mohamed now has plans to expand Triple F's tours to the country starting in February 2022, with future trips to follow.</p><h2><strong>Looking to the future</strong></h2><p>Thanks to contributions from an anonymous donor, The Sigmund Project is fully funded for the next five years. "Everything that people are doing is completely free, and it will continue to be like that," Merschen said. "We like to say our only currency is collaboration."</p><p>In that vein, The Sigmund Project is on the prowl for its own partnerships. The organization has forged an agreement with NYU's Tisch Center of Hospitality. Other notable institutions from Canada to Germany have expressed interest in becoming involved. One professor has already included the site in a class assignment, requiring students to collaborate on the platform with entrepreneurs from around the world.</p><p>Another upcoming goal for The Sigmund Project is to provide financial support to innovators. In 2022, Merschen plans to roll out an <a href="https://thesigmundproject.org/investment-grants">investment grant feature</a> to establish a healthy middle ground between micro-financing and the big-bucks world of venture capitalism.</p><p>"There's nobody in the middle," he said. "That's where we want to be."</p><p>Another differentiating factor for the grants, Merschen explained, is that no company will be able to secure one single-handedly - innovators will need to submit proposals with at least one other entity, in line with the platform's ethos of collaboration.</p><p>The Sigmund Project plans to take a small interest in companies that receive grants. "The idea is that that company will be successful/profitable, and it will share some of that back with The Sigmund Foundation," Merschen said. He clarified that all returns are immediately reinvested in Sigmund's operating expenses and future grant recipients.</p><p>Merchen hopes that this tactic will enable The Sigmund Project to develop its own circular operating model. "That's how we become sustainable," he said.</p>

How a new platform is helping leaders in sustainable tourism build strong partnerships

<p class="source"><span>Alyssa Powell/Business Insider</span></p> <ul class="summary-list"><li><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally's</a> online high-yield savings account is known for its competitive APY, ease of use, and affordability.</li><li>The account is ideal for people who don't mind doing all their banking online and who want to open their savings and checking accounts at the same institution.</li><li><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> doesn't charge monthly service fees, and it doesn't require an opening deposit or a minimum account balance.</li><li>You may find a higher APY with another bank, but <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> is known for consistently providing competitive rates even when the federal funds rate decreases.</li><li><a href="https://www.businessinsider.com/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">See Business Insider's picks for the best high-yield savings accounts »</a></li></ul><p><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="noopener nofollow sponsored">Ally Financial</a> is a banking institution known for operating entirely online and for providing loans and deposit accounts. <a href="https://www.ally.com/bank/online-savings-account/" target="_blank" rel="noopener">Its high-yield savings account</a> is praised for offering competitive rates for savers and an easy-to-use online interface.</p><p>The Ally savings account makes it easy to save for different goals, and it doesn't require an initial deposit or minimum account balance. You also don't have to pay monthly service fees.</p><p>Ally ranks as our top pick for the <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">best high-yield savings account overall</a>. Find out whether it's the best match for you.</p><h2>Should you open an Ally high-yield savings account?</h2><p><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> could be a good fit regardless of how much you're able to save every month. Some high-yield savings accounts offer a better interest rate if your balance is higher, but Ally offers one rate to all customers, so it doesn't favor people with more money.</p><p><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> doesn't require an opening deposit or a minimum account balance, and there's no monthly service fee. Some banks charge a monthly fee but allow you to opt out by keeping a certain amount in savings. Again, Ally doesn't show preference to people who can save more money - no one pays monthly fees.</p><p>If you prefer to do all your banking with one institution, <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> could be a good fit. You can also open a checking account with Ally, and you may decide to save with a money market account or CD.</p><p>Finally, this account is good for savers who don't have a problem banking digitally. There are no physical branch locations, so if you're happy doing everything online, through an app, or over the phone, you may find <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> is right for you.</p><h2>The pros of Ally's high-yield savings account</h2><h3>It offers a competitive APY</h3><p><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> currently offers a 1.50% APY on its savings account. <a href="https://www.businessinsider.com/personal-finance/why-high-yield-savings-account-interest-rate-dropping" target="_blank" rel="noopener">High-yield savings account rates fluctuate along with the federal funds rate</a>, but unlike some banks, Ally is known for providing relatively high rates even when the federal funds rate drops.</p><p>Some banks offer higher APYs for higher account balances, but <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally's</a> rate is consistent regardless of your balance. This makes Ally a good match for people who can't save a ton of money right off the bat.</p><p><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> shows projections of how much you could save based on your current saving habits and compounded interest. Its graphics show that a 1.50% APY can make a huge difference, especially when compared to the average savings account rate of 0.09%.</p><p class="source"><span>Laura Grace Tarpley</span></p><h3>You don't need a certain amount of money to open an account</h3><p>There is no minimum deposit to open an <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> account, and it doesn't require a minimum account balance.</p><p>Of course, the higher your account balance, the more money you'll earn in interest. But Ally offers the same rate to every customer regardless of your balance. </p><h3>You won't pay service fees</h3><p>Many savings accounts charge monthly fees and allow you to avoid them by setting up direct deposits or maintaining a minimum balance. <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> doesn't make you jump through hoops, though - you won't pay any service fees.</p><h3>It's easy to save for different goals</h3><p><a href="https://www.businessinsider.com/personal-finance/why-have-11-high-yield-savings-accounts-with-ally-bank" target="_blank" rel="noopener">You can set up various Ally savings accounts</a> and assign them nicknames, such as "Emergency Savings" or "Travel Fund." </p><p>You don't have to set up completely separate accounts to save for different goals, though. You can open up to 10 "buckets" under one savings account. Have a designated fund for each savings goal so you can track them all in one place. </p><h3>Its mobile app is easy to use</h3><p><a href="https://www.businessinsider.com/personal-finance/ally-high-yield-savings-account-earn-interest-moved-money-2019-6" target="_blank" rel="noopener">Ally's app has received positive reviews</a> for being useful and simple to navigate, and it has features other banking apps lack. You can use your app to do everything from depositing a check to locating the closest in-network ATM.</p><h3>You can link to an Ally checking account</h3><p>Along with its high-yield savings account, <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> offers CDs, money market accounts, and checking accounts. Many banks offer multiple types of savings accounts, but not all offer checking accounts.</p><p>When you save with a bank that doesn't offer a checking account, transferring money from your savings to checking account (or vice-versa) can be inconvenient. You'd have to transfer money between your Ally account and an external bank. These transfers can take up to several days, while transfers from one Ally account to another takes just minutes.</p><h3>You have affordable ATM access</h3><p>Federal law only allows you to withdraw money from your savings account up to six times per month, regardless of which institution you bank with. But if you do want to withdraw cash from your savings account, Ally makes it affordable to do so.</p><p>As an Ally customer, you have free access to over 43,000 Allpoint<sup>®</sup> ATMs across the United States. Ally won't charge a fee if you use an ATM outside of this network, but the ATM provider might.</p><p>If you are charged by the ATM provider, <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> will reimburse you up to $10 per month in ATM fees.</p><h3>Ally provides strong customer service</h3><p><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> customer support is available 24/7. You can call a representative or chat with a real person online or through your app. </p><h2>The cons of Ally's high-yield savings account</h2><h3>You may find a higher APY elsewhere</h3><p>While <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> does offer a competitive APY, it isn't the highest out there. Remember that interest rates fluctuate, though, so while another bank may offer the highest rate today, it may not necessarily be the best next week.</p><h3>You'll pay an excess withdrawal fee</h3><p>By law, all banking institutions must limit customers to six transactions per month from their savings accounts.</p><p>Some banks will charge you a fee each time you exceed this limit. Others won't charge you but will close your account if you surpass the six-transaction limit, say, three times in 12 months.</p><p><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> will charge you $10 each time you exceed six monthly transactions. A $10 charge isn't uncommon, but it could be annoying if you only go over the limit once or twice in a year. In this case, you'd end up paying Ally $10 or $20, whereas you wouldn't face any penalties for just a couple slip-ups with some other banks.</p><h3>There aren't any brick and mortar locations</h3><p>If being able to walk into your bank and speak with an employee is an important part of the banking experience for you, then <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> may not be the best fit. There are no physical locations, so you'll have to deal with everything online, through the app, or over the phone.</p><h2>Ally savings account features</h2><p><a href="https://www.businessinsider.com/personal-finance/how-to-open-ally-high-yield-savings-account" target="_blank" rel="noopener">Setting up an Ally savings account online</a> is relatively quick and easy. It will take a few business days for any money you transfer from an external bank account to show up in your Ally account.</p><p><a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> doesn't require an opening deposit or a minimum account balance. You don't have to pay a monthly service charge, either.</p><p>Every member receives a 1.50% APY, which is compounded daily and paid monthly. Over time, the interest rate will increase or decrease along with the federal funds rate, but this is the case with all high-yield savings accounts. There are two important things to remember about Ally's APY:</p><ul><li>Every saver earns the same APY, regardless of your account balance</li><li>Ally is known for offering a fairly competitive rate even as APYs fluctuate</li></ul><p>With <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a>, you can split your savings up into different "buckets" within one savings account. This makes it easy to save for various goals without opening multiple savings accounts.</p><p>Individual <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> accounts are <a href="https://www.businessinsider.com/personal-finance/what-is-fdic-insurance" target="_blank" rel="noopener">FDIC insured for up to $250,000</a>, and joint accounts are insured for up to $500,000.</p><h2>How does Ally compare to similar high-yield savings accounts?</h2><h3>Ally vs. Discover Bank</h3><p>Like <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a>, <a href="https://www.discover.com/online-banking/savings-account/" target="_blank" rel="noopener">Discover Bank</a> is a solid option for bankers who want to keep all their deposits at one institution. You can open a high-yield savings account, CD, money market account, and checking account with Discover. </p><p>Discover is also similar to Ally in that it doesn't require an initial deposit or minimum account balance, and it doesn't charge a monthly fee. The two banks offer comparable interest rates on their high-yield savings accounts.</p><p>Unlike Ally, Discover doesn't charge a fee for exceeding the federal transaction limit of six times per month. If you exceed the withdrawal limit too many times in 12 months, Discover will suspend your account.</p><p>Discover does offer free ATM access, but if an out-of-service ATM provider charges you a fee, Discover doesn't reimburse fees like Ally does.</p><h3>Ally vs. Marcus by Goldman Sachs</h3><p>Neither <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a> nor <a href="https://www.marcus.com/us/en/savings/high-yield-savings" target="_blank" rel="noopener">Marcus by Goldman Sachs</a> requires an opening deposit or minimum account balance, and neither charges a monthly fee. Both banks' websites and mobile apps are praised by users for being easy to use.</p><p>Marcus' APY is higher than Ally's right now, but remember that might not always be the case. Marcus does not provide you with the ability to deposit checks digitally, so if you receive paper checks regularly, you'd have to deposit them at a separate institution and transfer the funds to your Marcus account.</p><h3>Ally vs. Capital One 360 Performance Savings</h3><p><a href="https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/" target="_blank" rel="noopener">The Capital One 360 Performance Savings account</a> offers a lot of the benefits Ally does - a competitive APY, mobile check deposits, no monthly fees, and no minimum deposits or balances. One benefit of Capital One is that <a href="https://www.businessinsider.com/personal-finance/ally-best-online-bank-no-fee-savings-accounts-2019-7" target="_blank" rel="noopener">it comes with physical branches</a>. If you like the sound of Ally but want to bank face-to-face, you may prefer Capital One. </p><p>Unlike <a href="https://www.anrdoezrs.net/links/6415797/type/dlg/https://www.ally.com/" target="_blank" rel="nofollow noopener sponsored">Ally</a>, Capital One does not reimburse out-of-network ATM fees. Its customer service also isn't as accessible as Ally's - you can only contact the bank by calling customer support between 8:00 a.m. and 11:00 p.m. ET.</p><ul class="read-more-links"><li><strong>More <a href="https://www.businessinsider.com/category/savings">savings and retirement</a> coverage</strong></li><li><a href="https://www.businessinsider.com/how-to-retire-early-steps-for-early-retirement">How to retire early</a></li><li><a href="https://www.businessinsider.com/best-high-yield-savings-accounts-rates-right-now">The best high-yield savings accounts right now</a></li><li><a href="https://www.businessinsider.com/who-has-the-best-cd-rates-right-now">The banks with the best CD rates</a></li><li><a href="https://www.businessinsider.com/when-to-save-money-in-high-yield-savings">When to save money in high-yield savings</a></li></ul><p style="font-size:14px;"><em>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.<em></em></em></p>                       <h3>NOW WATCH: <a href="https://www.businessinsider.com/coronavirus-myths-debunked-wuhan-china-2020-2">Pathologists debunk 13 coronavirus myths</a></h3>

The Ally high-yield savings account offers a competitive APY with no minimum opening deposit

<ul><li>The drug will be produced at its Hyderabad WHO-GMP certified sterile drug product manufacturing plant acquired at an investment of ₹75 crore.</li><li>API and intermediates innovator <keyword id="9935086" type="UNKNOWN" weightage="20" keywordseo="Saptagir">Saptagir</keyword> is a part of the Rs 900 crore Saptagir Group while <keyword id="9935087" type="UNKNOWN" weightage="20" keywordseo="Jubliant-Generics">Jubliant Generics</keyword> is a Jubilant Life Sciences company.</li><li>Fresh investments in the WHO-GMP certified pharma plant gives Saptagir a strong entry into an adjacent pharma vertical. <br /></li></ul>Hyderabad-based Saptagir Laboratories on Monday announced that it has signed an exclusive agreement with Jubilant Generics to manufacture intermediates and Active Pharmaceutical Ingredient for intravenous administered drug '<keyword id="8775508" type="UNKNOWN" weightage="20" keywordseo="remdesivir">Remdesivir</keyword>' used in <keyword id="8918466" type="UNKNOWN" weightage="20" keywordseo="covid-19-treatment">Covid-19 treatment</keyword>.<br /><br />The drug will be produced at its Hyderabad WHO-GMP certified sterile drug product manufacturing plant acquired at an investment of Rs 75 crore.<br /><br />API and intermediates innovator Saptagir is a part of the Rs 900 crore Saptagir Group while Jubliant Generics is a Jubilant Life Sciences company.<br /><br />"We are honoured to partner with Jubilant Generics and make available this life saving therapy to patients across countries and is a significant step towards saving millions of lives affected by the pandemic," said Shilpa Reddy, Promoter and Managing Director, Saptagir Laboratories.<br /><br />"This partnership is timely and in line with our strategic growth plans for the company. Our foray into bulk drug manufacturing will open new revenue streams, backed by our extensive global customer base spanning 50+ countries with an array of products targeted at the fast-growing health and wellness segment," Shilpa Reddy added.<br /><br />Fresh investments in the WHO-GMP certified pharma plant gives Saptagir a strong entry into an adjacent pharma vertical. The strategy is to accomplish USFDA certification for the plant and develop strong partnerships with a target to achieve 500 KL capacity in the coming few years.<br /><br />"We've had several successes in product development in molecules that were previously only manufactured in China. This partnership meets the need of our multinational customers who approve India as a strong second source for products beyond China. With the new investment of Rs 75 crore in the pharma plant at Hyderabad we will further grow our presence in the health and wellness business," said Mahesh Reddy, Promoter and Chairman, Saptagir Group.<br /><br />Remdesivir is an experimental antiviral drug developed by Gilead Sciences, Inc. as a course of treatment for Covid-19. Gilead entered into a non-exclusive licensing agreement with Jubilant Life Sciences for distribution to 127 countries. Following this, Jubilant Life Sciences through its subsidiary Jubilant Generics has entered an exclusive agreement with Saptagir Laboratories to manufacture Remdesivir.<br /><br />Currently, Remdesivir is the only drug that has received an emergency use authorization from the Food and Drug Administration, and has been approved for emergency use in countries such as Singapore, The USA and India, as well as permitted for use in severe cases in Japan, the EU, and Australia, for the treatment of Covid-19.<br /><br />The market for Remdesivir according to Gilead Life Sciences, the holder of the patent, is estimated to be $2.3 Billion for this year, and the fiscal year based upon their understanding of the situation.<br /><br />SEE ALSO: <br /><a href="https://www.businessinsider.in/tech/news/amitabh-bachchan-to-be-the-first-indian-celebrity-voice-for-amazon-alexa/articleshow/78100304.cms">Amitabh Bachchan to be the first Indian celebrity voice for Amazon’s Alexa</a><br /><a href="https://www.businessinsider.in/tech/news/its-not-just-india-chinese-intelligence-has-its-eye-on-more-than-2-4-million-individuals-across-the-us-japan-canada-australia-and-the-uk/articleshow/78101034.cms">It's not just India — Chinese intelligence has its eye on more than 2.4 million individuals across the US, Japan, Canada, Australia, and the UK</a><br />

Saptagir partners with Jubliant Generics to manufacture 'Remdesivir'

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></p><p><em>This story was delivered to BI Intelligence "<a href="http://www.businessinsider.com/intelligence/fintech-research-briefing-daily-newsletter-research?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=subscription_content_marketing_text_link&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">Fintech Briefing</a>" subscribers. To learn more and subscribe, please <a href="http://www.businessinsider.com/intelligence/fintech-research-briefing-daily-newsletter-research?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=subscription_content_marketing_text_link&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">click here</a>.</em></p><p>Nesta, a UK innovation group, has launched its Open Up Challenge, a competition that will invite participants to develop tools that leverage open application programming interfaces (APIs), <a href="http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzMwMTQ0L25lc3RhLWxhdW5jaGVzLTUtbWlsbGlvbi1vcGVuLWFwaS1jaGFsbGVuZ2U/56378b5356cf60046a8b4ca0Bb5faf2a5" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzMwMTQ0L25lc3RhLWxhdW5jaGVzLTUtbWlsbGlvbi1vcGVuLWFwaS1jaGFsbGVuZ2U/56378b5356cf60046a8b4ca0Bb5faf2a5&amp;source=gmail&amp;ust=1487420985285000&amp;usg=AFQjCNGjQyOjziHIZDDS7HxYHTVLPmGPGA">Finextra</a> reports.</p><p>The competition aims to foster the development of tools that can help SMBs better compare loan products, transfer funds more quickly, and better access their cash flow records.</p><p>These tools will be designed to take advantage of banks' APIs, which these firms will be mandated to open to third parties beginning in 2018, when the UK's <a href="http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9ob3ctdHJ1bXBzLXJlZ3VsYXRvcnktcG9saWNpZXMtbWF5LWFmZmVjdC1maW50ZWNoLS13ZWFsdGhmcm9udC1sYXVuY2hlcy1yZXRpcmVtZW50LXByb2R1Y3QtLXVrLW9wZW4tYmFua2luZy1yYWNlcy1haGVhZC0yMDE3LTI/56378b5356cf60046a8b4ca0B69f22593" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9ob3ctdHJ1bXBzLXJlZ3VsYXRvcnktcG9saWNpZXMtbWF5LWFmZmVjdC1maW50ZWNoLS13ZWFsdGhmcm9udC1sYXVuY2hlcy1yZXRpcmVtZW50LXByb2R1Y3QtLXVrLW9wZW4tYmFua2luZy1yYWNlcy1haGVhZC0yMDE3LTI/56378b5356cf60046a8b4ca0B69f22593&amp;source=gmail&amp;ust=1487420985285000&amp;usg=AFQjCNG9zwdG4ZmtDaDU6y4cZ4opFZkTAw">Open Banking</a> rules come into play. The competition will be open to developer teams, startups, and established companies from all countries, with applications accepted from <span data-term="goog_707663266">March 23 to May 31</span>. Participants will have access to troves of anonymized data, as well as advice from industry experts, and the overall prize pot is worth £5 million ($6 million).</p><p>The prize money will come from the UK's largest retail banks. Contributors include Barclays, Lloyds, Santander, HSBC, RBS, and three of Northern Ireland's largest banks. Heavy involvement with the project from such major players suggests that banks are increasingly regarding Open Banking as an <a href="http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9iYW5rcy1hcmUtc3RhcnRpbmctdG8tZW1icmFjZS1vcGVuLWJhbmtpbmctMjAxNy0x/56378b5356cf60046a8b4ca0B59fe7339" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9iYW5rcy1hcmUtc3RhcnRpbmctdG8tZW1icmFjZS1vcGVuLWJhbmtpbmctMjAxNy0x/56378b5356cf60046a8b4ca0B59fe7339&amp;source=gmail&amp;ust=1487420985285000&amp;usg=AFQjCNGGrpiGMncIdLd5sdTNhH_BCNuU7Q">opportunity</a>, rather than a threat.</p><p>They are likely hoping that early involvement with the competition will give them a head start in shaping how third parties make use of access to their APIs. Although Open Banking will probably mean more competition for incumbents, those that take a proactive approach to the new environment may have an easier time adapting.</p><p>We've entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.</p><p>No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.</p><p>The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology &amp; processes:</p><ul><li><strong style="line-height: 1.5em;">Traditional Retail Banks vs. Online-Only Banks:</strong><span style="line-height: 1.5em;"> Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees </span></li><li><strong style="line-height: 1.5em;">Traditional Lenders vs. Peer-to-Peer Marketplaces</strong><span style="line-height: 1.5em;">: P2P lending marketplaces are growing much faster than traditional lenders-only time will tell if the banks strategy of creating their own small loan networks will be successful </span></li><li><strong style="line-height: 1.5em;">Traditional Asset Managers vs. Robo Advisors</strong><span style="line-height: 1.5em;">: Robo advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.</span></li></ul><p>As you can see, this very fluid environment is creating winners and losers before your eyes…and it's also creating the potential for new cost savings or growth opportunities for both you and your company.</p><p>After months of researching and reporting this important trend, Sarah Kocianski, senior research analyst for <a href="http://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=subscription_content_marketing_text_link&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">BI Intelligence</a>, Business Insider's premium research service, has put together <a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=report_store_content_marketing_text_link&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Fintech-Ecosystem-Report/p/58319011/">an essential report on the fintech ecosystem</a> that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:</p><ul><li><span style="line-height: 1.5em;">Retail banking </span></li><li><span style="line-height: 1.5em;">Lending and Financing </span></li><li><span style="line-height: 1.5em;">Payments and Transfers</span></li><li><span style="line-height: 1.5em;"> Wealth and Asset Management </span></li><li><span style="line-height: 1.5em;">Markets and Exchanges </span></li><li><span style="line-height: 1.5em;">Insurance </span></li><li><span style="line-height: 1.5em;">Blockchain Transactions </span></li></ul><p>If you work in any of these sectors, it's important for you to understand how the fintech revolution will change your business and possibly even your career. And if you're employed in any part of the digital economy, you'll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.</p><p>Among the big picture insights you'll get from <em><strong><a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=report_store_content_marketing_text_link&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Fintech-Ecosystem-Report/p/58319011/">The Fintech Ecosystem Report</a></strong><strong>: Measuring the effects of technology on the entire financial services industry:</strong></em></p><ul><li>Fintech investment continues to grow. After landing at $19 billion in total in 2015, global fintech funding had already reached $15 billion by mid-August 2016.</li><li>The areas of fintech attracting media and investor attention are changing. Insurtech, robo advisors, and digital-only banks are only a few of the segments making waves. B2B fintechs are also playing an increasingly prominent role in the ecosystem. </li><li>It's not all good news for fintechs.<strong> </strong>Major hurdles, including customer acquisition and profitability, remain. As a result, many are becoming more willing to enter partnerships and adjust their business models. </li><li>Incumbents are enacting strategies to ensure they remain relevant.<strong> </strong>Many financial firms have woken up to the threat posed by fintechs and are implementing innovation strategies to stave off disruption. The majority of these strategies involve some interaction with fintech firms. </li><li>The relationship between incumbents and fintechs continues to evolve. Fintechs are no longer viewed exclusively as a threat, nor can they be ignored. They are increasingly viewed as partners, but that narrative alone is too simple - in reality, a <span>more nuanced connection is taking hold. </span></li></ul><p>This exclusive report also:</p><ul><li>Assesses the state of the fintech industry. </li><li>Gives details on the drivers of its growth. </li><li>Explains which areas of fintech are gaining traction. </li><li>Outlines the range of current and potential models for fintech and incumbent interaction. </li></ul><p><em><strong><a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=report_store_content_marketing_text_link&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Fintech-Ecosystem-Report/p/58319011/">The Fintech Ecosystem Report</a>: Measuring the effects of technology on the entire financial services industry</strong></em> is how you get the full story on the fintech revolution.</p><p>To get your copy of this invaluable guide to the fintech revolution, choose one of these options:</p><ol><li><span style="line-height: 1.5em;">Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. &gt;&gt; <strong><a href="http://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=subscription_content_marketing_text_link&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">START A MEMBERSHIP</a></strong></span></li><li><span style="line-height: 1.5em;">Purchase the report and download it immediately from our research store. &gt;&gt; <strong><a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=report_store_content_marketing_text_link&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Fintech-Ecosystem-Report/p/58319011/">BUY THE REPORT</a></strong></span></li></ol><p>The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.</p><p class="tagline"><div id="categorypromo"><p><h2><span>Learn more:</span></h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></p></div></p>

Nesta launches open API competition

<p><em>Welcome to <strong>The Fintech Briefing</strong>, a morning email providing the latest news, data, and insight into disruptive fintech in Europe and around the world, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.</em></p><p><strong>Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.</strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label>  <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><p><strong>NEARLY A THIRD OF BANK JOBS ARE AT RISK: </strong>The global financial services industry could see a 30% reduction in jobs by 2025, according to a <a href="https://ir.citi.com/SEBhgbdvxes95HWZMmFbjGiU%2FydQ9kbvEbHIruHR%2Fle%2F2Wza4cRvOQUNX8GBWVsV">new report </a>from Citi. For context, that's a decline of about 45% from peak employment levels just before the 2008 financial crisis. </p><p><strong>It's driven by cost cutting. </strong>Since the financial crisis, banks have been looking to reduce costs. Profits are being dented due to increased regulatory burdens and heavy IT spending. Over 70% of banks' IT spend goes to supporting legacy systems according to the report. </p><p><strong>Staff can be replaced with automated processes. </strong>60-70% of all retail banking employees are doing "manual processing-driven jobs" that can theoretically be replaced or partly replaced by automation. One bank found that 85% of its operations, which accounted for 80% of employees, could be at least partially automated <a href="http://www.mckinsey.com/business-functions/business-technology/our-insights/automating-the-banks-back-office">according</a> to McKinsey. An "ideal level of automation" would result in a 50% reduction in back-office staff.</p><p><strong>Replacing employees with automation reduces risk. </strong>Alongside cost cutting, risk management is a major priority for bankers. 71% of bankers considered risk management the most important agenda item for their organisation in 2015, compared to 56% in 2014, according to <a href="http://www.ey.com/Publication/vwLUAssets/EY-european-banking-barometer-2015/$FILE/EY-EBB-2015.pdf">Ernst and Young.</a> Automation can help mitigate risk because it removes opportunities for internal fraud, as well as human error. </p><p><strong><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56fe0e66dd0895342b8b48c9-960/full time fs employees.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></strong></p><p><strong>SWISS BANKS COLLABORATE ON MOBILE PAYMENTS: </strong>The 5 biggest banks in Switzerland have said they are in talks with payments and telco infrastructure providers to create a joint mobile payments service, according to <a href="https://www.finextra.com/newsarticle/28678/swiss-banks-investigate-common-mobile-payments-system?utm_medium=newsflash&amp;utm_source=2016-3-30">Finextra</a>. The five banks, Credit Suisse, PostFinance, Raiffeisen, UBS and ZKB, are looking into an "integrated, standardised system that will be open to all comers."</p><p><strong>Banks are facing external threats</strong>. If Apple Pay, Android Pay, and Samsung Pay take off in Switzerland, the companies that offer them will become intermediaries between the banks and their customers. That will make it more difficult for the banks to differentiate themselves which would mean competing with one another on price. There is also a risk that one of the tech giants could attain a banking license and completely disintermediate the legacy banks. </p><p><strong>Ubiquity is key. </strong>Payments is highly dependent on network effects; the more people that use a product and the more merchants that accept it, the more useful it is. The tech giants that are offering payments solutions already have a large installed based of potential users. For example, Apple has <a href="http://stats.areppim.com/stats/stats_mobiosxtime_ch.htm">53%</a> of the smartphone market in Switzerland, which equates to 3 million adults with an iPhone, out of a total <a href="http://data.worldbank.org/indicator/SP.POP.TOTL">adult population</a> of 5.5 million. By banding together on a mobile payments solution that can be used by nearly everyone, the banks increase their chances of gaining widespread adoption before competitor solutions come to market. </p><p><strong>But consortiums rarely work. </strong>Retailers and telcos around the world have formed mobile payments consortiums that didn't work out. In the US there was telco-backed Softcard which failed and was rolled into Google in 2015. A similar UK-based initiative called Weve also failed in 2015. And while US-based MCX has the backing of major retailers, it has shown no signs of success. The problem with consortiums seems to be that the companies involved can't get along.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56fe0e66dd0895342b8b48ca-960/ios vs smartphone share in europe.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></p><p><strong>Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox. </strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label>  <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><p><strong>SINGAPORE MOVES TOWARDS OPEN APIS:</strong> The Monetary Authority of Singapore (MAS), Singapore's central bank, plans to make its data available to third parties through APIs, according to <a href="http://www.channelnewsasia.com/news/business/mas-takes-step-towards/2649372.html?utm_content=buffer92daf&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer">Channel NewsAsia</a>, a Singaporean news outlet. The plan is part of the country's <a href="http://www.mas.gov.sg/news-and-publications/speeches-and-monetary-policy-statements/speeches/2015/a-smart-financial-centre.aspx">Smart Nation initiative</a>, which "embraces innovation ... to increase productivity and improve the welfare of Singaporeans." API access could encourage third parties to create financial management products that benefit consumers, e.g. personal finance management apps similar to Mint.com.</p><p><strong>But the APIs have to be useful to encourage innovation.</strong> While the idea is sound, the key is in the implementation. There is a difference between a good API, which lets third parties easily pull and format data into their own systems, and a bad API, which provides information that is in the wrong format or of no use to third parties. The APIs have to be useful to third parties for innovation to flourish. One way to achieve this, <a href="http://theodi.org/open-banking-standard">which the UK has adopted</a>, is to establish a national standard for APIs which all banks have to adhere to. </p><p><strong><keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> REGULATORS FAIL TO DELIVER ON TIME: </strong>The UK financial regulator (FCA), will fail to authorise the majority of P2P lenders in time to for the launch of the new Innovative Finance Individual Savings Account (IFISA) next week, according to a <a href="http://www.fca.org.uk/news/peer-to-peer-applications-for-full-authorisation">statement</a>. The investment account becomes open to the public on 6th April, and will allow people to invest up to £15,240 ($21, 593) a year through P2P lending platforms (e.g. Funding Circle and RateSetter). The platforms then lend that money to borrowers, and pay the IFISA holder tax-free interest on those loans. In order to offer the IFISA to consumers, though, P2P lenders must be certified by the FCA as ISA Managers. To date, only eight firms have been fully authorised, while a further 86 firms are waiting for a decision.</p><p><strong>PEOPLE ON THE MOVE</strong></p><ul><li><strong style="line-height: 1.5em;">Oliver Bussmann </strong>has resigned as Chief Information Officer at UBS Group. Bussmann had been leading the group's blockchain initiatives. He remains a mentor at fintech UK-based accelerator Level39 and was formerly global CIO at German tech firm SAP. </li><li><strong>Gavin James </strong>joins Monitise as Chief Operating Officer. James has been working with UK-based Monitise as an advisor for five months, more recently in a "finance function capacity." He is currently the CEO of call-centre group Vertex. </li><li><strong>Richard Goold </strong>joins Ernst and Young's UK legal department as<strong> </strong>a partner to "lead and grow a legal Tech team and continue to support the firm's wider Tech and FinTech practice." He is currently Co-Chair of Tech at Wragge Lawrence Graham &amp; Co and has over 10 years experience in the tech and fintech industries. </li><li><strong>Jim Gunner </strong>and <strong>Nigel Wilkinson</strong> have joined UK-based marketplace lender RateSetter. Gunner will be Chair of the Risk Committee and sit on the Board as a non-executive director, while Wilkinson joins as Head of Commercial Credit. Both previously held senior positions at HSBC.</li></ul><p><strong>Around the world...</strong></p><p><strong>BETTERMENT CLOSES FUNDING ROUND: </strong>US-based robo-advisory firm Betterment <a href="http://e.businessinsider.com/click/6396474.2279/aHR0cHM6Ly93d3cuYmV0dGVybWVudC5jb20vcmVzb3VyY2VzL2luc2lkZS1iZXR0ZXJtZW50L291ci1zdG9yeS9iZXR0ZXJtZW50LXJhaXNlcy0xMDAtbWlsbGlvbi8jLlZ2cUtCdDFlY2o0LnR3aXR0ZXI/56cb14e098cb756f3b8b57fbB6137cb0e" target="_blank">announced</a> the close of a $100 million funding round on Tuesday. The round, led by Swedish investment group AB Kinnevik, brings the company's total funding to $205 million at a valuation of $700 million, according to <a href="http://e.businessinsider.com/click/6396474.2279/aHR0cDovL3d3dy5ibG9vbWJlcmcuY29tL25ld3MvYXJ0aWNsZXMvMjAxNi0wMy0yOS9yb2JvLWFkdmlzZXItYmV0dGVybWVudC1zZWVzLTcwMC1taWxsaW9uLXZhbHVhdGlvbi1hZnRlci1uZXctcm91bmQtb2YtZnVuZGluZw/56cb14e098cb756f3b8b57fbBc54769f5" target="_blank">Bloomberg</a>. Robo-advisory startups are carving out their own territory in the wealth management market; Betterment has $3.9 in assets under management, and competitor Wealthfront has $3 billion. Large funding rounds should help these new entrants expand even further, adding legitimacy to their business models. </p><p><strong>US BANKERS STILL UNCONVINCED BY MOBILE.</strong> Only 43% of American adults who had both smartphones and bank accounts said they use their devices for mobile banking, according to newly released data from the <a href="http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf">Federal Reserve Board</a>. The most common reason given for not using mobile banking was that consumers felt all their banking needs were met without it. This might change as banks continue to close branches in an attempt to cut costs.  </p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"></form>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/giant-floating-solar-panel-thames-water-2016-3">Giant floating solar panels are saving a water company millions of dollars</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZvMXg4MjE6Rc9b05hn6owFYpAczA-uC6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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