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UK: Al Rayan to switch off online banking in less than a week [21FEB20]
QUOTE bank issued an e-mail to its customers, announcing this change and advising them they have six days to download Al Rayan's app if they want to continue to bank digitally. Al Rayan has told consumer reviews site Which? it is making this move in response to growing customer demand for mobile-centric banking services and the greater security offered by two-factor authentication.
3PW  EM 
9 hours ago by lafgrp
Europe: EU eyes a SEPA for payment cards [20FEB20]
QUOTE Commission is expected to present in autumn a strategy aimed at creating an “innovative, integrated and competitive retail payments sector in Europe, to compete with global companies,” an EU official told EURACTIV.com on condition of anonymity. The EU executive will also table a new Digital Finance Strategy, according to the Commission’s work programme. In order to pave the way for the legislation, a public consultation on payments will soon be launched, the Commission said. The EU official explained that, due to the fragmentation among national card schemes, even the strongest European operators offer services that only work within individual member states. As a result, “they have to team up with larger international operators that are not European if they want to offer pan-European payments,” the official added.
3PW  EM 
9 hours ago by lafgrp
UK: JPMorgan Chase to open digital bank [24FEB20]
QUOTE has been talking with London regulators about the idea, according to The Financial Times....The operation will likely include savings and lending products, and it comes just two years after U.S. bank Goldman Sachs launched a digital bank called Marcus in the U.K. Goldman’s strategy is to lure U.K. customers with high-interest rates for savings accounts, and then lowering its group funding costs that way. Marcus racked up £13bn ($16.9 billion) in the U.K. using that method.
3PW  FK 
9 hours ago by lafgrp
Brazil: Caixa partners with Visa in cards [21FEB20]
QUOTE Brazilian state-owned lender Caixa Economica Federal is partnering with the world’s largest payments network Visa Inc to issue debit and credit cards, it said on Friday. The partnership comes as Caixa revamps its card business prior to selling a stake the newly created company, Caixa Cartoes. Caixa had 109.3 million debit and credit cards issued to clients in December, up 6.2% from a year earlier. Payments with Caixa cards totaled 210.8 billion reais ($47.97 billion) last year. ($1 = 4.3940 reais)
3PW  FK 
9 hours ago by lafgrp
Europe: Is Eurozone over (central)banked? [23FEB20]
QUOTE The numbers in Europe have, it must be said, fallen back, often through painful closures of local central banks – the Banque de France, for instance, has gone from having 211 branches dotted around the country to 95 today. But still, that’s a lot more than the 12 agencies the BoE has. Europe’s central banks, forever calling on member states to make painful structural reforms to their economies, might want to take a closer look inside their own corridors.
3PW  FK 
9 hours ago by lafgrp
US: Wells Fargo pays $3 billion to settle fake accounts scandal [22FEB20]
Bank QUOTE remains under probation with the Federal Reserve, which has restricted the bank's ability to grow assets or expand until the Fed believes Wells has solved all of its culture problems. That probation, which started two years ago, was only expected to last a year and there are no signs that it will end soon.
Further, the $3 billion settlement doesn't resolve the bank's problems related to auto insurance and mortgages, which happened in the years following the sales practices scandal. Those issues remain under investigation by state and federal authorities.
3PW  FK 
10 hours ago by lafgrp
Australia: Neobank Xinja charting exponential growth [21FEB20]
Bank CEO QUOTE reported a “whopping” $200 million has been deposited by over 20,000 customers – about half of which came from Australia’s four major banks.
3PW  NC 
3 days ago by lafgrp
UK: Coinbase becomes a Visa Principal Member to double down on debit card [19FEB20]
QUOTE Cryptocurrency company Coinbase has been working with Paysafe to issue the Coinbase Card, a Visa debit card that works with your Coinbase account balance. The company is now a Visa Principal Member, which should help Coinbase rely less on Paysafe and control a bigger chunk of the card payment stack. Coinbase says it is the only cryptocurrency company that has reached that level of certification. The company will offer the Coinbase Card in more markets in the future. The new status could open up more possibilities and features as well. While Coinbase originally launched the Coinbase Card in the U.K., it is now available in 29 European countries. It works with any Visa-compatible payment terminal and ATM. Users can decide in the app which wallet they want to use for upcoming transactions. This way, you can spend money in 10 cryptocurrencies.
3PW  EM 
3 days ago by lafgrp
Europe: EU unsure how to regulate Facebook's Libra [20FEB20]
QUOTE according to a memo by European Commission executive vice-president, Valdis Dombrovskis. Dombrovskis refers to the "need to ensure clarity" about what Libra is, but that the information provided by Facebook is not sufficient. Libra is descibed as a "moving target" that does not easily within existing EU law. The memo goes on to restate the European Commission and Council's intentions to move without delay to set up a regulatory framework that will facilitate harnessing the opportunities of crypto-assets. The EU made it clear in December that no stablecoins would operate under its auspices until legal and regulatory issues were addressed.
3PW  EM 
3 days ago by lafgrp
India: Payments giant Paytm partners Uber [20FEB20]
QUOTE to Add Credit and Debit Card Processing to Allow Users to Easily Settle Card Transactions
3PW  EM 
3 days ago by lafgrp
UK, Asia-Pacific: HSBC looks to attrition for workforce reduction [18FEB20]
QUOTE The restructuring, one of the largest undertaken by a blue chip lender for more than a decade, will be partly managed through natural attrition as people leave the bank, [interim CEO] said.
3PW  JJ 
3 days ago by lafgrp
Sweden: Central bank to test DLT solution for the e-krona [20FEB20]
QUOTE In the test environment, simulated users shall be able to hold e-kronor in a digital wallet, make payments, deposits and withdrawals via a mobile app. The user shall also be able to make payments via wearables, such as smart watches, and cards. The pilot project runs until the end of February 2021, with the option to extend and further develop the technical solution. The pilot project’s technical solution will be based on Distributed Ledger Technology (DLT), often referred to as block-chain technology.
3PW  NC 
3 days ago by lafgrp
UK, US, Asia-Pacific: HSBC Cutting 35,000 Jobs, Refocusing On Asian Markets [18FEB20]
QUOTE Robert Sherman, an HSBC spokesperson for U.S. operations....said the bank will close about 80 branches this year in the U.S. alone, a reduction of about 30%. But he added that it will continue to open new branches on the West Coast to better serve the large Asian communities there.
3PW  FK 
3 days ago by lafgrp
Brazil: Central bank to launch instant payments in November [19FEB20]
QUOTE The platform, named PIX, will allow money transfers 24 hours a day, seven days a week, by mobile phone, internet banking or ATMs.
3PW  NC 
3 days ago by lafgrp
US: CardWorks Announces Acquisition by Ally Financial.[PR: 18FEB20]
QUOTE this acquisition serves as an important milestone in Ally's evolution to be a full-service financial provider for our customers,"
3PW  FK 
4 days ago by lafgrp
US, Asia-pacific: This revamp will be different, says auditioning HSBC boss []
Investor QUOTE They are having to do a lot of heavy lifting [incl disposal/exit costs] and all this restructuring just to hit the targets they had before. I know there might be disappointment among the workforce but I’m not sure management have much of a choice....I think once they do this, they are going to have to do it again. While this low interest rate environment persists, they will have to keep hacking away at the cost base. It’s going to be relentless.”
3PW  FK 
4 days ago by lafgrp
US: Ally Financial to buy CardWorks in $2.65bn deal [18FEB20]
QUOTE supported by a growing and low-cost deposit base. CardWorks, which is a non-prime credit card and consumer finance lender, has $4.7 billion in assets and $2.9 billion in deposits.
3PW  FK 
4 days ago by lafgrp
UK: Lloyds 4Q results see annual profits fall [20FEB20]
WIth £2.5bn payment protection insurance charge in 2019, QUOTE Lloyds has paid out significantly more in compensation than any other bank, putting aside almost £22bn to cover PPI. The bill for the banking sector as a whole is more than £50bn. Profits were also hit by a 38% jump in bad debts to £1.3bn across both its retail banking business and commercial division, following two large corporate failures.

[FT QUOTE Lloyds warns profitability to fall as low interest rates take toll]
3PW  FK 
4 days ago by lafgrp
China: Banks face test as bad debts tipped to rise while economic growth tumbles [19FEB20]
QUOTE China may be forced to scale back its deleveraging campaign if it wants to maintain economic momentum amid the ongoing coronavirus outbreak....A recent stress test by China’s central bank showed 17 of 30 local banks would fail to meet their capital adequacy ratio if growth slowed to 4.15 per cent
3PW  FK 
4 days ago by lafgrp

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