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Top News in Payments: Citigroup Names New Retail Banking Leader; NY Lawmakers Push For Public eBanking System

PYMNTS

In today’s top news, CitiGroup named David Chubak to head its retail banking division, lawmakers in New York proposed a public eBanking system similar to Venmo and Goldman Sachs created a new division in its reporting process to highlight its consumer focus. Citigroup Names New Retail Banking Leader.

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NY Lawmakers Push For Public eBanking System

PYMNTS

Lawmakers in New York have proposed a public electronic banking system that would essentially function like payment service Venmo, with the purpose of including more people in the economy in an attempt to stimulate growth, according to Vice.

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ACH vs. EFT Payments: What’s the Difference?

Payment Savvy

An EFT, or rather an Electronic Funds Transfer, is a type of digital payment between banks or banking institutions of a very broad description and is used by private individuals and businesses alike. Paypal and Venmo are good examples of P2P platforms, both of which have simplified the process of sending money.

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What Is ACH Transfer?

Payment Savvy

What Is ACH Bank Transfer?: ACH transfers are electronic, bank-to-bank money transfers processed through the ACH network. This network serves as a batch-processing system, allowing banks and financial institutions to aggregate and process these transactions efficiently.

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