Fifth Third wins Treasury contract; BNY Mellon gets dropped

Key Insight: Fifth Third's appointment by the Treasury Department reverses its prior selection of BNY and signals a push to modernize Direct Express.Supporting Data: The program serves roughly 3.4 million unbanked Americans and has run on Mastercard's network since 2008.Forward Look: Expect expanded digital features over the course of the five-year contract.Overview bullets generated by AI with editorial reviewFifth Third Bank said Tuesday that the Treasury Department's Bureau of Fiscal Service has designat ...