Payments News » Banks

IBM And FX Giant CLS Team Up To Launch Blockchain App Store For Banks

July 30 2018

“Even private and permissioned blockchains need to build ecosystems and achieve network effects, just like their permissionless, public counterparts. At least, that’s the thinking behind LedgerConnect, a financial blockchain “app store” that aims to make it easier for banks to access distributed ledger technology (DLT) solutions from fintech and software providers, and for those vendors […]

Companies

Corporates Begin Trials Of Multi-Bank Payments Tracking Across Swift gpi

July 25 2018

“Financial messaging network Swift has begun pilot trials of a multi-bank payments tracking service with 12 member institutions and 10 multi-national corporates. The cross-industry collaboration tailors Swift’s global payments innovation (gpi) initiative to cater for the needs of corporate treasuries dealing with multiple banks by providing a single format for end-to-end tracking and integrated flows […]

Global

How Canada’s Banking Protections Stifle Innovation At Home, But Give Big Six Free Rein To Expand Abroad

July 24 2018

“Canada has a reputation for having a relatively steady banking sector and the high degree of regulation is intended to keep the financial system safe. Yet the same rules keeping everything on an even keel could also have the unintended consequences of limiting competition and consumers’ choices. Current rules include restrictions around ownership and anti-money […]

Companies

Zelle Struggles To Prove It’s Not Just Another Payments App (paywall)

July 31 2018

“A year in, Zelle’s reviews are mixed. Usage is up, but most banks haven’t signed on, meaning many consumers can’t use it without downloading a separate app. It also fell short of its goal to have 33 banks on the network by its first anniversary, and behind the scenes, it runs on plumbing that’s more […]

Global

Two-thirds of UK bank branches have closed in the past 30 years

November 20 2018

in
Banks
UK

“Banks often justify branch closures by pointing to partnership deals with local Post Offices for populations in remote areas. However, Which? has called into question the viability of the Post Office network as a stopgap solution, pointing to research which indicates that almost half of adults (45%) in Great Britain are unaware that they could […]

Providers

Smaller FIs Weigh In on Mobile Financial Services

November 20 2018

“Fifty-five percent of the respondents reported that more than 20 percent of their customers were active mobile banking users. Surprisingly, 14 percent of the respondents indicated they have no plans to offer mobile banking services. All but one of the FIs that have no plans to offer mobile banking had assets under $500 million. These […]

Providers

Sibos 2018: The future of money – the era of contextual financial services

October 31 2018

in
Banks

“Goyal framed the session by pointing out to the tug-of-war between traditional financial services businesses and technology companies in collecting and using financial data, as well as the intensifying moves of tech companies into financial services.”

Companies

Goldman Sachs is scaling back expectations for the buzzy 2-year-old service its new CEO is relying on, and it highlights a major concern with the economy

October 9 2018

“Goldman Sachs is cutting a key target for its consumer lending platform Marcus, reflecting the firm’s growing concerns about the consumer debt market, according to a new report. Goldman has scaled back loan originations for 2019 for Marcus, according to a Bloomberg report on Monday which cited anonymous sources.”

Providers

Hackers Breached Virginia Bank Twice In Eight Months, Stole $2.4M

July 24 2018

“Hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. Now the financial institution is suing its insurance provider for refusing to fully cover the losses. According to a lawsuit filed last month in the Western District of […]

Domains

Juniper Research: Blockchain Deployments To Save Banks More Than $27bn Annually By 2030

August 2 2018

“According to the research, The Future of Blockchain: Key Vertical Opportunities & Deployment Strategies 2018-2030, banks that integrate blockchain will achieve cost reductions not just in payment processing and reconciliation, but in treasury operations and compliance. Indeed, the research argued that in compliance, automation of identity/money-laundering checks, allied to capability of the blockchain to verify the […]