JP Morgan plans launch of digital consumer bank in UK

JP Morgan is understood to be launching a range of savings and loan products under its Chase brand in the UK over the next few months, Sky News reports. Due to hold an investor day this week, the bank – which is the world’s biggest lender by market capitalisation – will announce its growth strategy, but it is unsure whether…

Read more

WeChat Pay boosts UAE footprint with Network International

WeChat Pay is set for a boost in the UAE following an agreement between Tencent Holdings and UAE-based solutions provider Network International. Network International will support WeChat Pay adoption in the UAE Merchants partners of Network International in the Middle Eastern country will soon be able to deploy WeChat Pay-enabled terminals and services. Among these clients is Dubai Mall, one…

Read more

Intuit close to buying Credit Karma for $7bn

Intuit, the US-based accounting software firm valued at around $77 billion, is understood to be on the cusp of a $7 billion deal to buy San Francisco-based Credit Karma, the free credit reporting service. According to unnamed Wall Street Journal sources, the acquisition – Intuit’s biggest by far since it was founded 37 years ago – will be a mixture…

Read more

Tremont Credit Union (MA) Offers Competitive 18-Month CD Special

Deal Summary: 18-month CD Special, 2.25% APY, $1k minimum deposit, one additional deposit, new money. Availability: Residents of Middlesex, Norfolk, and Suffolk Counties, Massachusetts; more than 250 SEGs. Tremont Credit Union (TCU) is currently offering two CD Specials: an 18-month with a very competitive 2.25% APY and 15-month with a slightly less competitive 2.15% APY. Both CD Specials require a…

Read more

Exclusive: Unite Global gets $5.25m from Svea to launch cross-border payments hub

Unite Global, the Norwegian cross-border payments correspondence software which compliments Swift, has secured $5.25 million in funding to launch its ‘UNITE’ banking payments hub. The new venture will select 8-12 partner banks, creating the beginnings of an interconnected community which offers an instant global payment and settlement capability for any bank connected into the hub. The lucky banks to be…

Read more

Australia’s regulator flags new internal bank stress-testing framework

Australia’s prudential regulator is developing a new stress testing framework for the country’s banks after a review showed they needed to improve their internal systems. According to Reuters, the Australian Prudential Regulation Authority (APRA) said the new internal testing framework would be developed at the same time as the regulator moves to its own annual stress-tests from the previous three-yearly…

Read more

US gets new challenger Level Bank by Zero creators

The US has become home to another challenger bank. Created by the same California-based team which founded the “debit-style” credit card offering Zero, Level Bank has been created to target millennials dissatisfied with the incumbent banking options. Founder and CEO of Zero, Bryce Galen says the new venture is “the highest annual percentage yield (APY) deposit account in the US”,…

Read more

Google equips its cloud offering with two acquisitions

Google finalised one acquisition and announced another last week. The Big Tech giant bought up Cornerstone, a Dutch company which migrates legacy data from mainframes to public clouds, and finalised its deal to buy Looker, a Californian data analytics start-up. Both purchases were made to enhance the company’s Google Cloud offering, which is set to take on Amazon and Microsoft’s…

Read more

Election 2020: Is nightmare scenario closer to reality for banks?

WASHINGTON — The rise of Sen. Bernie Sanders to front-runner status in the race for the Democratic presidential nomination is increasingly causing alarm among industry insiders, but there are widely differing opinions over whether the Vermont senator poses a direct threat to banks. Observers say a Sanders presidency could lead to a reversal of Trump regulatory relief initiatives, turnover at…

Read more

Small banks play swaps middlemen in bid to boost fee income

Several small and midsize banks have started facilitating interest rate swaps to drum up fee income during a period of low interest rates, lower loan yields and fierce competition. In the simplest form of an interest rate swap, one party converts floating-rate payments to fixed rate and a counterparty does the opposite. While the interest payments change hands, the principal…

Read more

A look ahead to strong customer authentication

Last year, the payments industry faced the imminent roll-out of Strong Customer Authentication (SCA) regulation. Placing an increased focus on fraud prevention and customer protection, SCA attempts to mitigate increased security threats and cybercrime by requiring all EEA transactions to go through a two-factor authentication process, unless they qualify for an exemption. It’s vital that we use the year ahead…

Read more

The Tennessee Credit Union Features 26-Month CD Special

Deal Summary: 26-month CD Special, 2.50% APY, $1k minimum deposit, new money. Availability: Residents of Tennessee counties of Hamblen, Sumner, or Williamson, or portions of the City of Chattanooga; easy membership for all Tennessee residents. The Tennessee Credit Union (TTCU) is currently offering two CD Specials, one competitive and the other not so much: 26-month (2.50% APY) and 9-month (1.75%…

Read more

Cheat sheet: Inside the $3B Wells Fargo settlement

Feeling déjà vu following the news that Wells Fargo will pay the U.S. government $3 billion in connection with the bank’s fake-accounts scandal? More than three years ago, the San Francisco bank agreed to pay two federal banking agencies a small fraction of that amount — $135 million — in order to resolve related matters. The 2016 regulatory action dealt…

Read more

How APIs overcome the challenges of digital transformation

Today, more than 7.5 billion people – almost 52% of the world’s population – use the internet. That includes digital customers – especially the tech-savvy Millennials – who want to interact with banks and financial services online; moreover, they want to do it with security and mobility. To get the lion’s share of these customers and keep their existing customers,…

Read more

Banking 101: How Much Should I Have in Savings and How Much Should I Save?

.toc_title{background-color:#00528d;color:#FFF;padding: 10px 20px;font-family: ‘Roboto’, Arial, sans-serif;font-size: 15px;font-weight: normal;}.toc_body{background-color: #eee;padding: 15px;}.toc_body ul{padding-left:20px;margin-bottom:0px;}.da-table tr:first-child{font-weight: bold; font-size: 15px; text-align: center;}.da-table{border: 1px solid gray;border-collapse: collapse;}.da-table tr td {border: 1px solid gray;border-collapse: collapse;}Written by Joni Sweet | Published on February 21, 2020 Note: This article is part of our Basic Banking series, designed to provide new savers with the key skills to save smarter. How…

Read more

Wells Fargo CEO to testify before House lawmakers in March

WASHINGTON — On the same day news broke of Wells Fargo’s $3 billion settlement with the Department of Justice, House Financial Services Committee Chairwoman Maxine Waters announced three more hearings scrutinizing the bank’s leadership and culture. The first hearing, scheduled for March 10, will address “CEO perspectives.” Recently hired Wells CEO Charlie Scharf is expected to testify. On March 11,…

Read more

Wells Fargo pays $3 billion, avoids prosecution for sales abuses

Wells Fargo will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges. The deferred-prosecution agreement with the Department of Justice spares the San Francisco-based lender a potential criminal conviction that can create serious complications for banks, if it cooperates with continuing probes…

Read more