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July 7, 2020

On the wires

Jack Henry Wins 2020 FinTech Breakthrough Award for Best Banking Infrastructure Platform

“Jack Henry & Associates, Inc. is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Jack Henry announced today that JHA OpenAnywhereTM  received the Best Banking Infrastructure Platform Award from FinTech Breakthrough, an independent organization that recognizes the top companies, technologies, and products in the global fintech market.”

July 2, 2020

On the wires

BNY Mellon to Deliver Real-Time Account Validation Services to Corporate and Bank Clients in the U.S.

“BNY Mellon today announced a collaboration with risk and payments solution provider Early Warning Services, LLC (EWS). Through this agreement, BNY Mellon will deliver real-time account validation services to clients, and offer the flexibility to tailor a solution to meet clients’ individual needs— whether through BNY Mellon directly, or through one of its Private Label Bank relationships. This collaboration marks another step in BNY Mellon’s strategy to provide digital payment services that support clients with all of their payment needs, both now and in the future.”

June 29, 2020

On the web

FDIC Considers Scrapping Quarterly Bank Reports

Wall Street Journal (paywall)

“The Federal Deposit Insurance Corp. is moving to boost the way it monitors for risks at thousands of U.S. banks, potentially scrapping quarterly reports that have been a fixture of oversight for more than 150 years yet often contain stale data. The FDIC on Monday is expected to kick off a competition among 20 data and technology firms to develop a new reporting prototype that could provide the agency with more timely and targeted data about banks’ credit exposures and deposit information.”

June 16, 2020

On the web

Goldman Goes Main Street With Push Into Corporate Bank Accounts

Wall Street Journal (paywall)

“Goldman Sachs Group Inc.—the go-to bank for complex trades and high-stakes mergers—is trying to become a player in the staid business of managing corporate cash. The firm will soon begin marketing new bank accounts for corporate treasurers and chief financial officers to manage and move their cash. It is Chief Executive David Solomon’s latest move to transform the bank, and it comes during a time of economic uncertainty and market turmoil that has clouded the outlook for companies big and small.”

June 11, 2020

On the wires

Sensibill Partners with Chase for Digital Receipt Management

“Sensibill has partnered with Chase to provide the bank with its digital receipt management solution, making it easier and quicker than ever before for Chase customers to make returns, submit warranties and expenses, track spending and manage their financial health. “Chase has created a digital banking experience that makes it easier for consumers and businesses to manage their finances,” said Corey Gross, co-founder and CEO at Sensibill. “Through our partnership with Chase, millions of customers will have access to a best-in-class product that solves the hassle of expense and receipt management.””

May 29, 2020

On the wires

Welcome Technologies Launches Digital Banking Services for U.S. Immigrants

Welcome Technologies announced today the launch of a bank account in partnership with Green Dot Corporation (NYSE: GDOT ). The account and Visa card, PODERcard, aim to help close the banking gap for immigrants and will be offered first to U.S. Hispanic consumers. According to the most recent FDIC National Survey , less than 50% of U.S. Hispanic households are “fully banked”. Aiming to change that statistic for the better, PODERcard offers affordable financial services and an experience geared toward making it possible for this community to enter the financial system and access banking services tailored to them.”

May 11, 2020

On the wires

FIS Cuts the Wait for New Credit and Debit Cardholders to Access Accounts

“Financial technology leader FIS ™ (NYSE: FIS) announced FIS Digital Issuance, a first-to-market solution that allows financial institutions to provide newly approved applicants with immediate mobile access to their credit and debit accounts. Avidia Bank is the first financial institution to begin offering the new FIS solution. Available to FIS credit or debit card processing clients, the solution allows consumers who are approved for a new credit or debit card to use a mobile app to set up their card securely in their phone’s mobile wallet.”

Deluxe Joins Forces With ClickSWITCH to Offer a Digital Deposit and Revenue Growth Solution

“Today, ClickSWITCH and Deluxe, a Trusted Business Technology™ company, announced a new venture to provide Deluxe customers with a solution to reduce friction and increase deposits during the account opening process. ClickSWITCH provides a digital deposit solution to financial institutions allowing account holders to switch direct deposits and recurring payments in just a few minutes. The solution also enables financial institutions the ability to fund new accounts and increase the profitability of new account holders.”

March 2, 2020

On the web

Coronavirus Heaps Misery on Europe’s Ailing Banks

Wall Street Journal

“European banks have long been considered one of the weaker links in the global financial system. The coronavirus outbreak on the continent poses a fresh test of their health. Shares in European banks have been among the worst hit since the virus began to spread, first through Italy, and now through much of the rest of the region. Their stocks took another hammering Monday amid signs the impact of the virus is starting to hurt economies , which has immediate effects on banks’ business of taking and lending money.”

December 2, 2019

On the web

September 24, 2019

On the web

No Banking Charter? No Problem. Fintechs Team Up With Small-Town Banks

“Partnerships between high-flying tech companies and traditional banks, many of them tiny by comparison, are a key force behind the financial technology boom. Because virtually no tech companies have the license required to perform banking services, many of them partner with existing banks to offer a suite of services including checking accounts, credit cards and the back-end and regulatory work the tech companies aren’t equipped—or allowed—to handle.”

July 5, 2019

Top Post

Your Next Checking Account Could Get You a Spotify Subscription

Wall Street Journal (paywall)

“Open a checking account at Citigroup C +0.69% Inc. and you may get a free Costco membership. And a subscription to Amazon Prime, and several months of Hulu or Spotify . That could be on top of a Citi Bike membership and an invitation to a private party with graffiti artist Queen Andrea. It wasn’t so long ago that a bank account’s primary perks were checkbooks and lollipops. These days, banks are pulling out all the stops to attract checking-account deposits.”

April 10, 2019

On the web

JPMorgan Launches SEPA Instant Payments

FS Tech

“JPMorgan is launching real-time payments across its European banking network.The roll-out of the Single European Payments Area (SEPA) Instant service means the bank now offers real-time payment capabilities in US Dollar, Pound Sterling and Euros. It said the system, which includes a single global Application Programming Interface (API), offers immediate payments finality, easier reconciliation, the ability to address immediate business needs and improved liquidity management.SEPA Instant can also be used for credit transfers of up to €15,000.”

March 26, 2019

On the web

JPMorgan’s Clampdown on Data Puts Silicon Valley Apps on Alert

American Banker

“Long-simmering tensions between the financial industry and Silicon Valley startups are erupting behind-the-scenes into a battle over the reams of valuable data held inside Americans’ bank accounts. In recent months, major banks including JPMorgan Chase and Capital One have led the industry into a fresh campaign to control how outsiders tap into sensitive customer information. The lenders say their highest priority is protecting consumers.”

On the wires

Citi to Build Digital Consumer Payments Business for Institutions

“Citi’s Treasury and Trade Solutions (TTS) is developing a new business line for consumers to make digital payments to institutions. This is part of TTS’s overall strategy to enable digital commerce for clients and extend its significant presence and capabilities beyond the wholesale payments space. Under this umbrella, a new planned service will be made available to offer institutional merchants the ability to collect from a wide range of payment methods including cards, e-wallets and new and innovative bank transfers such as Request to Pay and Open Banking — as they gain traction. In turn, their consumers will have access to a wide variety of payments methods of their choice.”

March 20, 2019

On the wires

March 11, 2019

On the web

Lloyds, NatWest and Barclays Team up for Business Banking Hubs

FinTech Futures

“The first hub for SMEs will open its doors in Perry Barr, Birmingham today (11 March). The pilot will also see five other shared hubs open across the UK in the coming weeks. No specifics on that. The hubs will be branded “Business Banking Hub” and they have been designed to enable business customers from the three banks to conduct transactions through a shared facility.”

February 12, 2019

On the web

The US’s second-largest city for banking is not what you’d expect


“Despite being the US’s 17th largest city, Charlotte is the country’s second-largest banking center by assets held, trailing only New York, and with San Francisco hot on its heels. Along with the new, yet-to-be-named bank, the former gold rush town is also home to Bank of America—the nation’s second biggest bank—as well as NewDominion Bank and Carolina Premier Bank.  (BB&T, founded in 1872, was headquartered in Winston-Salem, North Carolina. SunTrust is based in Atlanta).”

February 4, 2019

On the web

2019 Trends in Digital Payments: Consumers Expect Speed, Intuitive Engagement From Their Financial Institutions

Fiserv blog

“In the coming year, financial institutions will face the dual challenges of meeting those evolving consumer expectations while grappling with the complexities of a shifting digital payments environment. Financial institutions have been on a digital journey for more than a decade. The next, even more significant step on that journey is in payments.”

January 11, 2019

On the wires

December 17, 2018

On the web

November 20, 2018

On the web

Innovation in Retail Banking – A decade in review

Payments Cards and Mobile

“Over the years, there has been a growing realisation in banking towards innovation as the proven path to differentiation and competitiveness. While the transformation has been slow, over the last decade the industry witnessed an increasing willingness to discard the traditional short-term focus, functional siloes and risk-averse culture towards more meaningful advancements and open culture.”

November 6, 2018

On the web

The Innovation Dilemma in Financial Services


“It will be increasingly challenging for banks to thrive just by optimizing the as-is when the entire industry is facing a growing level of uncertainty. Nonetheless, it is important for banks to manage innovation from a portfolio perspective, determine the potential impact of different types of innovation, and to balance risk among incremental, evolutionary and revolutionary ideas.”

September 18, 2018

On the web

With  blockchain, financial institutions hope to  avoid scams in a  digital world

Live Mint

“However, as data analytics becomes increasingly important for banks to extend their omnichannel reach, there is simultaneously the pressing need to protect consumer privacy, ensure transparency of transactions and prevent security breaches to avoid scams in a digital world. It is in this context that blockchain, the technology that powers cryptocurrencies such as the volatile bitcoin, may provide credible solutions to financial institutions across the world.”

On the wires

September 13, 2018

On the wires

Chase Introduces Sapphire Banking

“Chase today introduced Sapphire Banking, a new premium checking account designed to give customers more value on everyday banking. Chase is taking the same insights that drove tremendous brand loyalty to the Sapphire card products and is applying them to a banking relationship.”

BofA Merrill Introduces Mobile Wallets for Business Cardholders

“Starting this month, mobile wallets will begin to make our commercial clients’ lives easier through faster, more secure and more efficient business purchases, while providing the same convenience they have in their personal transactions. The millions of Bank of America Merrill Lynch cardholders who use our corporate, commercial and purchasing cards in the United States are now able to use Apple Pay, Google Pay and Samsung Pay to make business purchases.”

September 7, 2018

On the web



“Open Banking will be the biggest change to financial services since the introduction of electronic payments. However, to date Open Banking has fallen short of the expectations set throughout Europe. Why? Consumers aren’t aware of the initiative—92 percent of them are not, according to Which?—let alone educated on the opportunities that it presents. Without consumer demand, there is little immediate pressure on incumbent banks to accelerate Open Banking activities.”

September 5, 2018

On the web

August 16, 2018

On the web

With Fast-Growing Fintechs Taking a Toll, Banks Will Soon Claim Less Than 50% of Payments Revenue

Digital Transactions News

“In 2017, U.S. banks’ total payments revenue netted out to $163 billion, with nonbanks claiming revenue of $136 billion, according to the research released recently by Accenture Payments. That already meant nonbanks ranging from the likes of Apple Pay, PayPal, and Square to less well-known players claimed a 45% share of revenue last year.”

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