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Fintech firms want to shake up banking, and that worries the Fed | Reuters

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"But some fintech firms say they would be reluctant to invest the time and resources in applying for and maintaining the new OCC fintech license unless the Fed gives them access to the payments system, so they will not have to depend on banks to route money for them. Direct access would eliminate bank routing fees, a top-five operating cost for many fintech firms, and would allow them to compete more effectively with traditional lenders."

From "Fintech firms want to shake up banking, and that worries the Fed | Reuters".

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