South State Correspondent

MARCH 28, 2022

In the future, banks will make money on payment products by DELAYING settlements. However, in the next three years, many banks will have the bulk of their payments settling in real-time, and delaying payments will be the added value. The Five Pillars of The Payment Product Revolution.

Payments 195

Payments Trends Data Fintech 195

South State Correspondent

MARCH 1, 2022

Last week, JP Morgan opened banking’s first presence in the metaverse within the blockchain-based virtual world of Decentraland (go HERE for a primer). Crypto Banking. While banks can build their own lounge for about $10,000 of land value and about $15,000 in development cost, it is likely too early for that.

cryptocurrency 195

cryptocurrency blockchain Survey Bitcoin 195

PYMNTS

JANUARY 23, 2020

MoneyGram has partnered with Suez Canal Bank to let customers send money right into Egyptian bank accounts, according to a press release. The deal will expand MoneyGram’s presence in Egypt and give it access to Suez Canal’s large network of correspondent banks around the globe.

Resources 299

Resources Innovation Marketing Mobile 299

Bank Innovation

SEPTEMBER 24, 2018

Varo Money has selected the Swiss software provider Temenos as its core for its new digital bank. The challenger bank has already received preliminary approval from the OCC on its application for a national banking charter and will begin the building out the digital bank soon.

Digital Banking 275

Digital Banking Software National Innovation 275

Chris Skinner

JUNE 28, 2020

Is the customers money safe? The end of Banking-as-a-Service? That was until Ernst & Young (EY) and Wirecard. Interestingly, there have been many auditing mess ups in the past … The post Wirecard … the biggest accounting fraud? appeared first on Chris Skinner's blog.

Fraud 449

Fraud US Case Study Company 449

Bank Innovation

MAY 1, 2017

The majority of people use their mobile banking apps to check their balance. This is a fact that does not surprise most in banking, many of whom believe the industry’s focus on “money movement” as opposed to “money management” is hurting engagement levels.

Management 313

Management Mobile social media Online 313

Bank Innovation

FEBRUARY 27, 2018

Make way for a new digital challenger bank. based lender Virgin Money said it will offer current accounts and savings products. In its earnings call today, Virgin Money said it will begin testing these products later this year and has already spent £38.3 million) over the past year developing this digital bank.

Digital Banking 284

Digital Banking Capital Fintech Lending 284

PYMNTS

DECEMBER 26, 2018

banks are keeping their distance from money transmitters sending cash to Mexico, as worries about money laundering and increased regulatory scrutiny ensue. According to a report in The New York Times , while Mexico is the largest destination for money transfers from the U.S., banks no longer view it as an opportunity.

US 170

US New York Atlanta United States 170

Chris Skinner

NOVEMBER 3, 2019

People in the West may not like it or understand it, but Big Brotherly Love … The post Big Banks versus Big Tech … it’s all about the money appeared first on Chris Skinner's blog. In China, Big Tech is pretty much working hand-in-hand with government to solve society’s issues and police them.

America 293

America blockchain Innovation 293

Chris Skinner

MARCH 21, 2018

AI, AGI, ASI (Artificial Intelligence, Artificial General Intelligence, Artificial Super Intelligence); machine learning and deep learning; blockchain, shared ledgers and distributed ledger technologies; cryptocurrencies, virtual currencies and digital currencies; Open Banking and Open APIs; and so on and … The post How quantum will change everything (..)

Security 351

Security blockchain cryptocurrency Financial Technology 351

Bank Innovation

JULY 25, 2017

Want a national bank that’s mobile-only? So does Varo Money. Varo applied for a banking charter from the Federal Deposit Insurance Corporation (FDIC), as well as for a charter from the Office of the Comptroller of the Currenc, in the hopes of forming “Varo Bank,” the mobile banking startup announced today.

FDIC 351

FDIC National Mobile Regulation 351

Bank Innovation

JULY 3, 2017

Why does it cost so much to move money? If every record is computerized, if all the movement is recorded electronically, then why are there fees to get money out of a different bank’s ATM? Why are there fees to spend your money in another country? Is it that expensive to move money, and does […].

ATM 223

ATM Cards Payments 223

Bank Innovation

JANUARY 19, 2018

Startup Varo Money has raised $45 million for its plans to become a full-fledged, “national bank,” the startup announced yesterday. The funds will go towards marketing its service as well as for laying “the foundation” to become a bank, company CEO Colin Walsh told TechCrunch.

National 225

National FDIC Mobile Marketing 225

Bank Innovation

DECEMBER 4, 2019

EQ Bank has moved from on-premise servers to the cloud in an effort to save money and easily share banking data with third-party apps. The bank, which completed the migration in late November, said it’s the first institution in Canada to move completely to the cloud. Dan Dickinson, […].

Data 243

Data Customer Experience Retail 243

Bank Innovation

NOVEMBER 7, 2017

Money management app Yolt has integrated with Starling Bank, its first fully digital bank partner. By integrating with Starling Bank, Starling customers can now view their Starling account and transaction details in the Yolt app, alongside details with all their other bank accounts. It is […].

Management 223

Management Digital Banking Online Innovation 223

The Paypers

MARCH 22, 2024

US-based Open Banking payment platform Link Money has partnered with Silicon Valley Bank (SVB) to augment ACH processing and money movement for its merchants.

US 48

US Payments 48

PYMNTS

APRIL 17, 2020

Some cash-strapped people are losing some or all of their coronavirus stimulus money because their bank accounts are overdrawn. While Treasury has refused to follow congressional intent, that does not give banks license to steal the stimulus payments from their customers.”.

Minneapolis 144

Minneapolis Ohio Massachusetts Exercises 144

PYMNTS

MARCH 18, 2019

An international coalition of pension funds, government entities and asset managers is suing Danske Bank over a far-reaching money-laundering scheme tied to Russia, and its subsequent cover-up. Law firm Grant & Eisenhofer announced the lawsuit as being tied to “one of the most egregious money laundering scandals in history.”

Leadership 191

Leadership Policies Management Meeting 191

PYMNTS

SEPTEMBER 14, 2018

In the latest salvo of cross-border probes over money laundering, The Wall Street Journal reported Friday (Sept. law enforcement agencies are examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. dollars that are directed to those banks.

US 165

US Report National Regulation 165

Chris Skinner

MAY 25, 2016

I’ve been presenting a summary of Digital Bank and ValueWeb for a few months now. It’s been filmed … The post The future of banking, money and finance [Presentation] appeared first on Chris Skinner's blog. If you have half an hour free, then you can watch the presentation.

Digital Banking 279

Digital Banking blockchain Innovation Technology 279

PYMNTS

APRIL 18, 2019

An internal investigation at Deutsche Bank has found that it processed at least €175 million (nearly $197 million USD) in dirty money for Russian criminals between 2011 and 2014. Only with this intelligence received is it now possible for Deutsche Bank to start global investigations,” according to the presentation. ”

Regional 155

Regional Regulation Payments Management 155

Qudos Bank

FEBRUARY 15, 2024

Keeping your money in a bank v’s at home Is cash really king? With cyber-crimes on the rise [1] and fears of a potential recession, you may be wondering whether your money is kept safer in a bank or as cold, hard cash in the confines of your home.

Cyber Security 52

Cyber Security Fraud Security Online 52

PYMNTS

DECEMBER 9, 2019

A country long blamed for weak measures against money laundering, Japan has over 80 banks interested in joining the Interbank Information Network (IIN), said executive Daizaburo Sanai. Among the several initiatives being developed, IIN uses digital technology to accelerate international money transfers.

Payments 130

Payments blockchain Technology Fintech 130

PYMNTS

DECEMBER 4, 2018

European Union finance ministers worked out a plan for combating money laundering and also made a deal on major bank reform on Tuesday (Dec. The money laundering plan is a response to highly visible cases of alleged criminal activity at EU banks in countries such as Malta, the Netherlands, Britain, Estonia and others.

National 144

National Examples Capital Management 144

PYMNTS

MARCH 14, 2019

Denmark’s financial watchdog has instructed a Danish branch of Swedish bank SEB to obtain additional information on customers deemed to be a high money-laundering risk. In addition, the FSA has instructed the branch to confirm that it is in compliance with anti-money laundering legislation.

Meeting 134

Meeting Compliance Regulation Examples 134

PYMNTS

DECEMBER 10, 2018

Prosecutors in Frankfurt, Germany have targeted a former anti-money laundering official at Deutsche Bank in a probe regarding the suspicion of money laundering, Reuters reported on Monday (Dec. Deutsche Bank ’s shares hit a bottom on Friday and traded 4.4 The radio personality did not cite any sources. percent lower.

Virgin Islands 167

Virgin Islands Taxes America Report 167

PYMNTS

JUNE 4, 2020

Some players in the space are now suggesting that open banking could be a tool to help FIs accelerate the know your customer (KYC) processes. FIs that enable open banking make application program interfaces (APIs) available to third parties, which can then use the APIs to seamlessly draw on customer data.

Report 158

Report Fraud Security Fintech 158

PYMNTS

FEBRUARY 1, 2021

As it shores up its online corporate banking qualifications, Virgin Money has brought U.K. The technology of the latter company will have an important position in enabling the communication of information among Virgin Money and its corporate bank clients, according to a Monday (Feb. 1) announcement.

Technology 110

Technology Analysis Fintech Capital 110

PYMNTS

NOVEMBER 10, 2020

Global payments startup SumUp announced it has been granted a new electronic money (eMoney) license from the Central Bank of Ireland.

Fintech 245

Fintech Regulation Cards Google 245

Payments Dive

MAY 27, 2022

The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.

Regulation 243

Regulation 243

PYMNTS

JANUARY 30, 2020

Although the Bank of Japan has no immediate time frame to issue digital currencies, the central bank’s deputy governor said it should explore the possibility and be ready, Reuters reported on Thursday (Jan. His stance has been the strongest so far from a central bank official regarding electronic money. .

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Policies cryptocurrency System Lending 130

PYMNTS

DECEMBER 10, 2020

Bank is trying to adapt to the pandemic holidays with new eCards meant to spread cheer through contactless cash gifting, according to a press release. The eCards can be sent alongside payments made as gifts via Zelle in the bank's mobile app. Bank customers, according to the release, and will be easy to include with payments.

US 161

US Cards Customer Experience Trends 161

PYMNTS

NOVEMBER 13, 2018

European Union governments have reached a preliminary deal to bolster bank supervision in the hopes of preventing money laundering. According to Reuters , the deal, which could be finalized before December, confirms previous proposals made by the European Commission to give more powers to the European Banking Authority (EBA).

Guidelines 128

Guidelines National Regulation Security 128

PYMNTS

OCTOBER 8, 2020

Embroiled in a money-laundering scandal, Danske Bank plans to eliminate up to 1,600 jobs in what the Nordic bank is describing as a cost-cutting move. Still, Danske may avoid a large fine in the United States, or at least one that is lower than expected, since it does not have a banking license in the country.

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Leadership United States Regulation Meeting 130

South State Correspondent

NOVEMBER 6, 2019

Last week’s Money 20/20 conference in Las Vegas proved that it remains one of the best conferences for banks that are serious about innovation, particularly as it revolves around payments. However, despite these flaws, Money 20/20 is still a gathering that shapes our financial future.

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Las Vegas Conference Trends Regulation 150