TLDR: Fiserv’s Money Network has won the contract to manage California’s prepaid debit card program, taking over from Bank of America. The contract will officially begin on February 15th. The move comes after Bank of America faced financial and reputational risks in managing prepaid debit cards, which were heavily targeted by fraudsters during the pandemic. Fiserv specializes in core banking systems and currently distributes government benefits through prepaid cards in 12 states.
California’s contract shifts: Fiserv now facilitates benefits over Bank of America.
![](https://paymentspeek.com/wp-content/uploads/2024/01/paymentspeek-images-19.png)
Latest from News
![](https://paymentspeek.com/wp-content/uploads/2024/01/paymentspeek-images-7-720x480.png)
Fintech booming with $350 billion growth in sector.
TLDR: The fintech sector has grown substantially, amassing over $350 billion in venture capital from 2019 to 2023. Start-ups are capitalizing on digital finance
![](https://paymentspeek.com/wp-content/uploads/2024/01/paymentspeek-images-44-720x480.png)
Catch the latest fintech news in a quick weekly rundown.
TLDR: Bankjoy and nCino announce new partnerships in the fintech industry Significant funding and collaboration news in payments, lending, open banking, wealth management, and
![](https://paymentspeek.com/wp-content/uploads/2024/01/paymentspeek-images-26-720x480.webp)
Ameetee secures $1M funding for fintech startup.
TLDR: Ameetee, a fintech startup, has raised $1 million in seed funding to launch a B2B platform for securitizing shares in private companies. The
![](https://paymentspeek.com/wp-content/uploads/2024/01/paymentspeek-images-38-720x480.png)
MTN Boosts Fintech in Africa, the Largest Wireless Carrier.
Article Summary TLDR: MTN Group Ltd. increased fintech transaction volumes by a third last year. MTN now has 72.5 million active users of its
![](https://paymentspeek.com/wp-content/uploads/2024/01/paymentspeek-images-10-720x480.webp)
Top fintechs prioritize this function equal to innovators and engineers.
TLDR: Key Points: Fintech success is a combination of innovation, engineering, and compliance. Compliance officers are crucial for the long-term success of fintech companies.