Fintech Community Weighs in on Partnerships with Government

Several CEOs have expressed their desire to help get government stimulus money into the hands of consumers and small businesses; Square CEO Jack Dorsey stated recently: “The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help.” Others have chimed in including Plaid CEO Zach Perret as well as the payroll platform Gusto; while fintech companies want to help, the idea of a partnership is complicated; one of the main challenges is the IRS data challenge around names, addresses, bank account information and more; Amias Gerety, a partner at QED stated, “If Dorsey wants to assign twenty engineers and data scientists to teach themselves [the programming language] COBOL and volunteer to help the IRS, that probably would help.” This Forbes article digs into how various fintech companies see a solution working and explores other roadblocks. Forbes

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