On The Web

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Providers

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

July 24 2018

• in
• Banks
• Data breach

“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 […]

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Global

Hong Kong Regulator, Banks Launch Blockchain-based Trade Finance Platform

July 18 2018

• in
• Banks
• Blockchain
• Distributed Ledger Technology (DLT)
• Hong Kong

“Hong Kong’s banking regulator and seven banks, including HSBC Holdings PLC and Standard Chartered PLC, on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology.The platform will be one of the largest examples globally of a government-led, cross-bank effort to reform the multi-billion dollar trade finance sector using the […]

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Domains

Banks Are Building A Super-Speed Money Highway In The Nordics

July 18 2018

• in
• Banks
• Cross-border payments

“The biggest Nordic banks expect to launch a new piece of financial infrastructure next year, promising to dramatically speed up international transfers in one of the world’s most technologically advanced regions. The aim is to make it possible to clear payments and settle accounts within seconds, regardless of currency. The P27 project — so-called for […]

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Providers

New York State Will Regulate Online Lenders To ‘Level Playing Field’ For Banks

July 12 2018

• in
• Banks
• Regulatory environment

“Online lenders may own more than half of the personal lending market, but they face serious headwinds. For one thing, rising interest rates will increase their cost of funds, and perhaps make their offerings less attractive, and for another, regulations may arrive that make operating their businesses more expensive. In New York State, perhaps anticipating a vacuum of […]

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Global

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

July 24 2018

• in
• Banks
• Canada
• Regulatory environment

“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 […]

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Companies

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

July 25 2018

• in
• Banks
• Cross-border payments
• SWIFT

“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 […]

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Companies

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

July 31 2018

• in
• Banks
• P2P
• Zelle

“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 […]

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Providers

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

July 30 2018

• in
• Banks
• Blockchain
• Distributed Ledger Technology (DLT)

“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 […]

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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

• in
• Banks
• Goldman Sachs

“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.”

On The Wires

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Domains

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

August 2 2018

• in
• Banks
• Blockchain
• Cross-border payments

“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 […]