Fintech

The financial inclusion balancing act

An illustration of a hand holding a lightbulb.
Illustration: Sarah Grillo/Axios

Libra, the wildly ambitious and probably doomed Facebook-backed cryptocurrency, is innovative in many different ways. But there's one part of it that's deeply familiar — the way in which it sells itself as a way of bringing millions of people into the global financial system.

The big question: Can the private sector, and technology companies in particular, bring critical financial services to those who have been excluded from the global financial system?

Fintech firm Fiserv sued over alleged security lapses and pervasive bugs

The financial technology firm Fiserv, a major maker of banking software, is being sued by a Pennsylvania credit union over alleged "baffling security lapses," significant bugs and rampant billing errors.

Why it matters: Fiserv is a major global provider whose software is critical for banks. Problems with its products could affect as many as 12,000 clients, per the Fiserv website, and cause significant damage. In the lawsuit, the Bessemer System Federal Credit Union refers to Fiserv's products as the "lifeblood" of its company.