Yonder Raises $31 Million to Expand Credit Card Outside UK – PYMNTS.com
the other side The company has raised £23.4 million (about $31.1 million) to expand its credit card, designed to help cardholders develop good credit habits while earning points. In an announcement on Thursday (September 19), Yonder said the London-based company will use the new funding to grow its team, introduce new compensation structures and accelerate […]
German Central Bank: Mergers Must Yield ‘Robust’ Competition – PYMNTS.com
The head of Germany's central bank hopes that bank mergers will create stronger, more competitive financial institutions. “We need strong, robust banks to enable businesses to tackle and finance the challenges of the future.” German Bundesbank chief Joachim Nagel He said during his speech Commerzbank Events in Frankfurt Wednesday (September 18th). “In the event of […]
Australia Finds No ‘Clear Public Interest’ for Retail CBDC – PYMNTS.com
If Australia were to issue a digital currency, it would likely be for wholesale use rather than retail. it is, Report The country's central bank issued a statement on Wednesday (September 18) claiming that it has not yet found a “clear public interest case” for issuing a retail central bank digital currency (CBDC) in Australia. […]
Wells Fargo Debuts Specialized APIs for Commercial Banking Clients – PYMNTS.com
Wells Fargo It introduced specialized application programming interfaces (APIs) customized for its commercial banking customers. “Our new API provides our customers with real-time, on-demand information, enabling them to efficiently and seamlessly manage their inventory, supply chain and payments.” Daniel PfeifferThe bank's head of accounts receivable, trade and inventory finance, News Release Tuesday (September 17th). “By […]
Report: JPMorgan Chase Negotiating to Become Apple Credit Card Issuer – PYMNTS.com
JPMorgan Chase It is reportedly in discussions with apple It will be the new issuer of the Apple credit card. The discussions began earlier this year and have progressed in recent weeks, according to the Wall Street Journal. Reported Tuesday (September 17), citing anonymous sources. Negotiations are reportedly ongoing and there is no guarantee an […]
Wells Fargo Pledges to Fix AML Program After OCC Agreement – PYMNTS.com
Trouble with federal regulators continues Wells Fargo. of Office of the Comptroller of the Currency (OCC) on Thursday (Sept. 12), Formal Agreement Work with banks to remediate deficiencies in their anti-money laundering (AML) and financial crime risk management practices. “The formal agreement identifies deficiencies related to the bank's financial crimes risk management practices and anti-money […]
Unregistered Crypto ATMs Lead to Landmark UK Prosecution – PYMNTS.com
UK regulators have charged a London man with operating multiple unlicensed cryptocurrency ATMs. Olumide Osunkoya (45 years old) Unlicensed Machines Allows users to purchase cryptocurrencies or convert money into crypto assets Financial Conduct Authority (FCA) made the announcement on Tuesday (September 10th). According to an FCA news release, Osunkoya processed $3.4 million worth of cryptocurrency […]
FinTechs Now See Credit Unions as Collaborators, Not Competitors – PYMNTS.com
Download the playbook How Fintech Can Align with Credit Union Innovation Plans Many FinTechs are partnering with credit unions (CUs) and other financial institutions (FIs) to deliver the innovative products and services that today's digital-first consumers expect. In fact, nearly all financial institutions view CUs as collaborators rather than competitors. To be successful partners, FinTechs […]
Mastercard to Cut 3% of Workforce Amid Previously Announced Reorganization – PYMNTS.com
MasterCard The company reportedly plans to lay off about 1,000 employees, or 3% of its global workforce, as part of a restructuring announced earlier this year. Most employees affected by the move are expected to be notified by the end of the quarter, according to Reuters. Reported The announcement was made on Friday (August 16th), […]
Russian Central Bank Pulls Amex Subsidiary’s Banking License – PYMNTS.com
The Russian Central Bank has reportedly revoked the banking license of its subsidiary in Russia. American Express. According to Reuters Reported The central bank did so on Tuesday (August 13) at the company’s request. According to the report, which cited Russia’s business registration agency SPARK, American Express had voluntarily applied to liquidate its Russian operations […]