Payments News

On The Web

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Providers

Credit Suisse Launches Switzerland’s First Major Digital Banking Rival

“Credit Suisse will launch a digital banking app in October challenging fintechs like Revolut in the Swiss bank’s home market by offering free foreign transactions and fully digital wealth management, the bank said on Thursday. Credit Suisse’s new CSX banking app will offer free online banking from next month, a move it hopes will attract […]
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Providers

Coronavirus Has Left Banks With Lots of Cash and Little to Do With It

“The coronavirus threw the U.S. banking system into extreme gyrations. The normally unexciting quarterly industry report from the Federal Deposit Insurance Corp., released last week, showed in stark detail how the pandemic is ensnaring banks big and small. Profits tumbled as the banks put aside billions for loan losses. Margins hit an all-time low. Fee […]
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Providers

Two Black-Led Banks Merge to Form a $1 Billion Lender

“A merger announced Wednesday will create the nation’s largest Black-controlled bank and the first with assets of more than $1 billion. Broadway Federal Bank, a Los Angeles-based commercial lender founded in 1946, will combine with City First Bank in Washington, which opened in 1998.”
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Providers

Citi’s $900 Million Misfire Happened During Software Switch

“For years Citigroup Inc. has been an anomaly among big banks, relying on an obscure piece of software it helped develop to manage loan payments. Just as the bank tried to replace it, things went terribly wrong. The saga began emerging in court this week as the firm blamed human errors for mistakenly sending $900 […]
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Companies

What Does Apple Pay Cost Swiss Banks?

“Apple proved a tough negotiator in payment talks with Swiss banks. Newly-uncovered details of the fees levied for using U.S. technology giant’s digital payment services raise questions over its financial merits for traditional banking.”
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Global

Japan Banks Unveil Plan to Build Cheaper Money Transfer System

“Japan’s biggest banks said they will jointly build a cheaper money transfer network catering mainly to small transactions among individuals, a move that may spur the nation’s drive toward going cashless. Five major banks including the domestic lending units of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. […]
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Providers

House Passes Appropriations Amendment to Fund Postal Banking

“The House passed a package of appropriations bills Friday including $2 million for the U.S. Postal Service to launch postal banking pilot programs across the country. The amendment to the appropriations bills was put forward by Reps. Bill Pascrell, D-N.J., and Marcy Kaptur, D-Ohio, who argued that postal banking could be a valuable resource to […]
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On The Wires

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Providers

Wells Fargo Launches New Low-Cost Account With No Overdraft Fees

“Wells Fargo (NYSE: WFC) today announced the launch of Clear Access Banking, a new, low-cost, convenient bank account with no overdraft fees. Now available online and in branches, the new account is part of Wells Fargo’s broader effort to simplify its products and services, and make banking convenient and easy to understand…Clear Access Banking is a checkless […]
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Domains

TD Bank Launches TD Online Accounting to Provide Integrated Payment Services to Small Businesses

“TD Bank, America’s Most Convenient Bank®, today announced that it is launching TD Online Accounting to provide a convenient, integrated payment and accounting experience for its small and closely held business customers to conduct banking and bookkeeping activities through TD’s Small Business Online Banking platform. TD Online Accounting uses the technology of Autobooks, an integrated […]