Will ‘Chuck’ Give Smaller Banks an Edge Over P2P Giants?

The world of P2P payments has been a major challenge for smaller banks and credit unions. A new cooperative effort launching in 2022 holds out the promise of a fresh alternative. The new option could become crucial as P2P technology has become regarded as table stakes for consumers’ paying each other, but increasingly for paying at point of sale.

The new option, called “Chuck,” has been in development for about two years as a project of Alloy Labs Alliance with a group of banks ranging in size from $370 million to $5.6 billion in assets. P2P was one of the first working groups formed when FinTech Forge created the Alloy Labs fintech “think tank” approach in 2019.

https://thefinancialbrand.com/126965/will-chuck-give-smaller-banks-an-edge-in-p2p-versus-venmo-cash-app-and-zelle/