Hot on the heels of news that U.K. challenger banks Monzo and N26 will launch in the U.S., Senator Elizabeth Warren has honed in on the fintech space yet again, teaming up with Rep. Ayanna Pressley to help Americans who are living paycheck-to-paycheck with a real-time payments system.
Despite technological advancements in other parts of the world, it can take up to five days for a check to clear in the U.S. forcing people to turn to payday lenders or rack up overdraft fees. While Monzo testing their free ‘Get Paid Early’ advance that offers the option of accessing salary a day early in the U.K. and it remains to be seen if this service will be available to U.S. customers in the future, the Massachusetts Democrats have introduced a bill to provide access to cash in seconds following a deposit or wire transfer.