ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION | | |
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edition: October 9, 2025
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U.S. Market Close 10/08/2025
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What is the federal poverty level?
The federal poverty guidelines — also known as the federal poverty level (FPL) — are used by federal agencies to determine eligibility for programs like Medicaid and the Children’s Health Insurance Program (CHIP). These guidelines are issued annually by the Department of Health and Human Services (HHS) and are based on the official poverty thresholds calculated by the Census Bureau. They set the income limits for many need-based programs, helping determine who qualifies for assistance. While the thresholds are more detailed and used for statistical measurement of poverty, the FPL is a simplified version designed for administrative purposes. The guidelines are adjusted for inflation each year and vary by household size.
$32.2K federal poverty level for a family of four (2025)
$26.7K federal poverty level for a family of three (2025)
The FPL depends on the size of a family or household. In 2025, the guideline ranges from $15,650 for a single-person household to $54,150 for a household of eight, increasing by roughly $5,500 for each additional person. For a family of four, it is $32,150.
Read more at USAFacts.org
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Poll Shows 75% Think Financial Education In Schools Would Help
They said their current quality of life would be better had they had the opportunity to take it, and that it would better prepare students for life after graduation.
More than three-fourths (75%) of Americans in a new poll said they think mathematics and economics/personal finance should be part of the core curriculum in education. In the study conducted by National Endowment for Financial Education (NEFE), respondents were asked to select six ideal core subjects. Additionally, 70% of respondents who did not receive focused financial education said their current quality of life would be better had they had the opportunity to take it, and that it would better prepare students for life after graduation.
“We believe schools and school districts should strongly consider the courses they offer—and even require—to fully prepare young adults for their futures. A majority of states now require financial education, and this poll reinforces the importance of these efforts,” says Billy Hensley, Ph.D., president and CEO of NEFE. “These data do more than simply support the need for financial education. The findings indicate that many U.S. adults believe it is on the same level of importance as core curricula that students must complete throughout their educational careers.”
Read more at CPA Practice Advisor
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Real financial literacy goes beyond budgets to behaviour: WORLD ECONOMIC FORUM
In 2024, only 40% of adults in developing economies saved in a financial account.
For many, the reason they don't save is more about financial literacy than ability.
Changing how people approach money requires understanding the underlying reasons that cause people to act and think in certain ways.
Despite decades of effort and billions invested, most financial literacy programmes around the world struggle to create lasting change, especially in low-income communities where poverty is the norm.
The World Bank's Global Findex 2025 report shows that in 2024, only 40% of adults in developing economies saved in a financial account. That means millions remain just one unexpected expense away from sleepless nights and a money crisis.
Read more at WORLD ECONOMIC FORUM
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The Future of Cross-Border Payments in Emerging Markets: Gaming, Remittances & Regulatory Friction
Cross-border payments in emerging markets are drawing renewed attention from banks, fintechs, regulators, and consumers alike. For millions of families, remittances remain the primary link to livelihoods abroad. For businesses, reliable payments open doors to trade, investment, and growth. Alongside these established flows sits another fast-expanding sector: online gaming. Together, these use cases raise tough questions for regulators, who must balance financial inclusion with oversight of high-risk transactions. As mobile penetration grows and new payment rails expand, the friction between access and control will define the next phase of cross-border finance.
Gaming and the Payment Challenge
The online gaming industry has rapidly become a test case for cross-border payment efficiency. Markets in Africa, Latin America, and Southeast Asia are showing double-digit annual growth, with operators seeking ways to accept international players while still meeting local compliance standards.
Read more at PSX Extreme
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Why Branches Will Never Be the Center of Banking Again
Executive Summary
- In his latest book, Branch Tomorrow, Brett King says the branch is done, other than as a support to digital banking.
- Bricks and mortar become increasingly irrelevant in an age of increasing use of artificial intelligence.
- The longer banks hang onto branching as a strategy, the more resources won’t go into their digital battles
Over 15 years ago, Brett King issued a wakeup call to the banking business in his book Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services. The key argument of the book — a bible for disrupters — was that branches had to evolve away from their transactional role, a stance King took before it became popular.
Read more at The Financial Brand
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Synchrony acquires consumer financing software provider Versatile Credit
BOSTON - Growth equity firm PSG has completed the sale of Versatile Credit to Synchrony (NYSE:SYF), a $26 billion market cap consumer financial services company currently rated with GREAT financial health by InvestingPro, according to a press release statement. Financial terms of the transaction were not disclosed.
Versatile Credit provides consumer-financing software that connects merchants, lenders, and consumers through point-of-sale solutions across online, in-store, and mobile channels. The company serves retailers and healthcare providers in the elective medical, home improvement, and retail sectors. Synchrony, trading at an attractive P/E ratio of 8.5, has shown strong momentum with a 35% stock price increase over the past six months.
PSG invested in Versatile Credit in 2023, during which time the company expanded its customer base and invested in its leadership team. The acquisition will allow Versatile Credit to continue developing its consumer financing solutions as part of Synchrony’s operations.
Read more at INVESTING.com
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Whether as a standalone store or a kiosk inside your current location/s,
El Vecino provides a turnkey solution with a strong brand, built-in provider network, and all the support you need. EV
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Behind the Wheel of Growth: Fintech Innovations in 2025
A brief overview of advancements in the fields of open banking, AI and blockchain as fintech continues essential innovation in a fast-paced environment
Industry leaders such as HSBC, Coinbase and Moniepoint have led the charge with innovations in the fintech space.
Constantly-developing technology such as AI has enabled businesses to continue to adapt and grow to consumer demand.
Included in the latest innovations are developments in open banking, updated infrastructure and blockchain technology.
How could innovation continue to develop in a rapidly-adapting environment?
Read more at FINTECHMAGAZINE.COM
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Your Customers Are Already Deploying AI Agents. Are You Ready to Respond?
Executive Summary
- The crux of "generative engine optimization" is creating content that’s not just readable to people or traditional search engines like Google Google, but also to AI agents acting in customers’ stead.
- Data from Alkami’s Perceptions Research show 82% of regional and community financial institutions believe AI will have had more of a positive than a negative impact on the industry overall and are experimenting with new AI technologies — including agents.
- Despite the excitement around AI agents and the technology’s potential to improve online banking experiences, bank marketers shouldn’t rush in blindly.
Read more at The Financial Brand
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INFiN's 2025 MoneyTrends Conference
October 26-October 29
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The Importance of Financial Inclusion
Imagine for a moment what it would be like not to have a bank account, or a credit card–much less, say, the ability to make online payments, get interest on savings, take out a loan, have a credit score, have direct deposit of a paycheck, or have a retirement account or a mortgage. Being part of the financial system is a basic step toward being connected to the broader economy.
A team of Federal Reserve economists–Matteo Crosignani, Jonathan Kivell, Daniel Mangrum, Donald Morgan, Ambika Nair, Joelle Scally, and Wilbert van der Klaauw–provide an overview of the extent to which this situation arises in the US economy in “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments” (Economic Policy Review: Federal Reserve Bank of New York, September 2025, 31:3). They write:
The FDIC defines an individual as “unbanked” if no one in the household has a checking or savings account with a bank or credit union. … Among those with a bank account, the FDIC further defines as “underbanked” those individuals who are banked but underserved by existing saving, credit, and financial products.
Read more at BBN TIMES
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We’ve reached the stage of the bull market that Warren Buffett warned about
Longtime investor Leon Cooperman believes we are in the late innings of a bull market where bubbles can form and risks rise, a stage of the cycle that Warren Buffett had warned about.
The chair and CEO of the Omega Family Office read a quote from the “Oracle of Omaha” on CNBC’s “Money Movers” Wednesday, which he said fits neatly with what he’s seeing right now.
“Once a bull market gets under way, and once you reach the point where everybody has made money no matter what system he or she followed, a crowd is attracted into the game that is responding not to interest rates and profits but simply to the fact that it seems a mistake to be out of stocks,” Buffett said in 1999, according to a Fortune Magazine article.
Read more at CNBC
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Gold prices keep rising, and jewelry companies are sounding the alarm
Key Points
- Some jewelry companies that aim to offer gold products at lower price points are beginning to sound the alarm on higher prices for the precious metal.
- Gold has risen significantly over the past year, reaching record highs amid recession fears and macroeconomic uncertainty, and is forecast to continue to rise through next year.
- To adapt, some companies are raising prices of their products, while others are exploring alternative avenues for producing high-quality products.
Amid global economic turbulence, the prices of precious metals have been climbing higher and higher.
Read more at CNBC
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New IRS CEO is also head of the Social Security Administration. Here’s why that dual role worries some experts
Key Points
- IRS leadership changes have sparked concerns among some policy experts and consumer advocates.
- Frank Bisignano, who currently serves as Commissioner of the Social Security Administration, has also been appointed to CEO of the IRS.
- Meanwhile, U.S. Secretary of the Treasury Scott Bessent will continue his role as acting IRS Commissioner.
The U.S. Department of the Treasury on Monday unveiled IRS leadership changes that have sparked concerns among some policy experts and consumer advocates.
Frank Bisignano, who currently serves as Commissioner of the Social Security Administration, has been appointed to serve as the CEO of the IRS, the Treasury announced.
Read more at CNBC
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Customized Payment Processing and
Merchant Service Provider for Your Business EC
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IRS will furlough nearly half of its workforce as the government shutdown enters a second week
WASHINGTON (AP) — The IRS will furlough nearly half of its workforce on Wednesday as part of the ongoing government shutdown, according to an updated contingency plan posted to its website. Most IRS operations are closed, the agency said in a separate letter to its workers.
The news comes after President Donald Trump and Congress failed to strike an agreement to fund federal operations, and the government shutdown has entered its second week, with no discernible endgame in sight.
The agency’s initial Lapsed Appropriations Contingency Plan, which provided for the first five business days of operations, stated that the department would remain open using Democrats’ Inflation Reduction Act funds.
Read more at WTOP.COM
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Western Union (WU) Proceeds with Intermex Acquisition
Key Takeaways:
- The Western Union Company (WU, Financial) is advancing its acquisition of International Money Express, signaling regulatory clearance.
- Western Union operates as the largest money transfer company globally, with a vast network of over 500,000 agents.
- Despite strategic expansion efforts, Western Union faces financial challenges, including declining margins and revenue growth.
The Western Union Company (WU) has moved a step closer to acquiring International Money Express (Intermex) as the designated waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has come to an end. This development indicates that regulatory hurdles for Western Union's planned acquisition have been cleared, allowing both companies to advance with the transaction process. The acquisition is part of Western Union's strategic efforts to expand its market presence and enhance its service offerings in the international money transfer sector.
Read more at GURUFOCUS.COM
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Treasury, IRS provide penalty relief for remittance transfer providers who fail to deposit excise tax under the One, Big, Beautiful Bill: IRS
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance providing deposit penalty relief for the first three quarters of 2026 to remittance transfer providers. Notice 2025-55 PDF provides relief in connection with the new excise tax imposed on certain remittance transfers under the One, Big, Beautiful Bill.
Penalty relief available for the first three quarters of 2026
Treasury and the IRS understand there might be challenges implementing the new law and have determined it is in the interest of sound tax administration to provide limited penalty relief related to remittance transfer tax deposits.
Notice 2025-55 provides limited penalty relief for remittance transfer providers who fail to deposit the correct amount of remittance transfer tax as required during the first three quarters of 2026. Specifically, these providers may avoid deposit penalties if they:
Read more at The Internal Revenue Service (IRS)
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Prime Bank launches ‘SME Debit Card’ with international remittance facility
Prime Bank PLC has unveiled Bangladesh's first-ever "SME Debit Card" equipped with an international remittance facility, enabling small and medium enterprises (SMEs) to execute seamless cross-border online payments for business purposes.
The card may also be used domestically for point-of-sale (PoS) transactions, automated teller machines (ATMs), and online payments.
Proprietorship entities are eligible to obtain this debit card, while SMEs registered as partnerships or limited companies may apply for SME prepaid cards.
Nawshad Mustafa, director of the SME and Special Programmes Department at Bangladesh Bank, and Md Nazrul Islam, additional director of the same department, attended the launching ceremony held at Prime Tower in Nikunja, Dhaka today, according to a press release.
Read more at TheDailyStar.net
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Watch Your Business Skyrocket.
More Visibility. More Customers. More Loans J
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The search for a new global safe haven: BROOKINGS
- Safe haven countries pay very low interest on their government debt, which global investors are willing to accept in order to protect their savings.
- The academic literature has called this phenomenon a “convenience yield,” with many papers documenting erosion of this convenience yield for the United States.
- This blog examines where the convenience yield is mounting most rapidly.
- Switzerland with its low government debt is emerging as a key safe haven.
Read more at The Brookings Institution
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Surging Home Equity Credit Demand Blurs the Lines Between Banks and Fintechs
Executive Summary
- Rising consumer debt, homeowners housebound by rates and next-home prices, and the pressure for upgrades all feed the need for still more credit.
- Massive amounts of tappable equity, driven in part by the rise in home prices, make borrowing on the house attractive again. Home equity options, rather than cash-out refis, pencil out better, and will continue to do so.
- After nearly five years out of the home equity business, Chase is back, but with a very different approach that straddles the bank-fintech line. Other banking players are watching closely.
Home equity credit is booming and a growing number of players want a piece of that pie.
Take SoFi, a blend of bank and fintech. During a second quarter earnings briefing Anthony Noto, CEO, reported that the company’s home lending originations had hit nearly $800 million in the quarter, a 90% year-over-year increase in spite of a higher-rate environment that has slowed mortgage growth.
Read more at The Financial Brand
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Recent tariffs threaten residential construction: BROOKINGS
The U.S. faces a housing shortage measured in the millions of units, and families are struggling with historically high rents and home prices. The Trump administration has expressed a goal to reduce the cost of living and make housing more affordable, and may declare a national housing emergency. But it is also imposing new or elevated tariffs on lumber, gypsum, steel, and now, kitchen cabinets, bathroom vanities, and other related products, the very materials that builders need to construct new homes.
These taxes raise costs across the board—whether for new construction, renovations, or affordable housing development. Using TPC’s tariff model, we calculated that current tariffs, including those just announced, will add roughly $30 billion to the costs of investment in residential structures. Our calculations show that about 90% of the costs to residential investment will fall on construction of new homes, including apartments.
Read more at The Brookings Institution
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How Much Money Is Needed To Be Considered Middle Class in Your State?
How much money do you need to be considered middle class? It might take more money than you think to reach this income tier. The Pew Research Center defines the middle class, or middle-income households, as those with incomes that are two-thirds to double the U.S. median household income.
However, because the cost of living and average income vary so widely from state to state, the income needed to be "middle class" in one state could be much more or less than what it takes to be middle class in another. Here's the middle-class income for every state.
Read more at GOBankingRates
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We advise financial technology companies at the
start-up, product development, and product evolution stages. PS
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The World's 100 Leading FinTech Companies List 2025
The World's 100 Leading FinTech Companies List 2025 has been unveiled at FinTech LIVE London 2025, spotlighting the global leaders driving transformation in financial services through innovation, technology and customer-centric solutions.
This annual ranking highlights the organisations setting the benchmark for digital finance, regulatory excellence and technological advancement across the industry.
What makes a leading FinTech company?
This year's list celebrates 100 companies that are demonstrating measurable impact in areas including digital payment innovation, embedded finance, artificial intelligence integration, blockchain adoption, regulatory technology and financial inclusion initiatives.
Read more at FINTECHMAGAZINE.COM
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Mastercard's social impact leader explains why financial education can't be forced
Financial literacy is important for everyone, but what is the best way to convince people that getting a financial education matters?
On a July 17 episode of Yahoo Finance’s Living Not So Fabulously podcast, Shamina Singh, the president of Mastercard’s Center for Inclusive Growth, explained that financial tools and education are most effective when they're designed around the moments someone will actually need to use them in the real world.
"We have done a lot of research at the Center for Inclusive Growth around this very issue, and of course, I think baseline, everybody needs financial education in their curriculum,” she said. “The learnings that we've had at the center tell us that people generally will learn financial situations and financial education when they need it. When they have to utilize a different tool or product, they have to open a bank account, or they're getting a government subsidy that requires them to learn how to use their wallet. That tends to open up their minds to 'I need to understand how to do this.'"
Read more at YAHOO FINANCE
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How India Is Scripting the Next-Generation Financing Ritual for Its Aspirational Consumers
Aquasi-digital shakeup has rendered the financial-services canvas in India a full-blown blockbuster, one that is partly characterised by the interplay between three principal entities—a league of actors (including banks, NBFCs [nonbank financial companies] and fintechs [financial-technology firms]) delivering competitive performances; a tantalising script (a large, aspirational consumer base) paving the way for stimulating innovations; and a resilient director (Reserve Bank of India [RBI]—the country’s supreme regulator) gunning for executive supervision of the highest calibre. This provider-consumer-regulator tripartite arrangement has opened a promising conduit for India to plan its multi-trillion-dollar economic hegemony in the coming decades.
While compelling as it may seem externally, this progressive evolution has not been achieved without meandering through treacherous territories.
Read more at INTERNATIONALBANKER.COM
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Timing Your Money Transfers to Maximize Liquidity and Avoid Fraud Risks
- Investors must balance liquidity needs with fraud risk by timing transfers strategically.
- Non-holiday Fridays show higher fraud rates (7.1%) compared to holidays (3.7–5.4%) in 2024.
- Synthetic identity fraud (85% of cases) exploits weekends/holidays using AI-driven attacks.
- Liquidity delays persist due to legacy systems, but real-time payments (e.g., FedNow®) reduce delays.
- Strategies include avoiding high-risk Fridays, leveraging instant transfers, and AI-based fraud detection.
Read more at AINVEST.COM
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