thefintechtimes.com thefintechtimes.com

Research Finds Anti-Money Laundering Directives Increase Value of European Banks

A research paper co-authored by Dr. Henry Balani, academic and Head of Delivery, Customer Success and Support at Encompass Corporation, suggests that the Fourth Anti Money Laundering Directive (4AMLD) has significantly increased the valuation of European banks. The research, which was published in the academic journal ‘Research in International Business and Finance’ examined whether financial regulations end up costing more than...

thefintechtimes.com thefintechtimes.com

Earnix to Provide Personalised Insurance Rate Breakdown to Consumers

Earnix, a global provider of advanced rating, pricing, and product personalisation solutions for insurers and banks, announced a newly enhanced capability that enables insurers to provide comprehensive rate breakdowns to consumers instantaneously. Integrated within Earnix’s end-to-end Rating Engine, this capability allows insurers to quickly and easily provide the consumer with personalised prices and insight into how these were...

pymnts.com pymnts.com

Today In Digital First Banking: Central Banks Of UAE, China Join CBDC Effort; State Bank Of India Signs Onto Liink

In today’s top news in digital-first banking, the central banks of China and the United Arab Emirates (UAE) are joining a digital currency initiative for cross-border payments, while the State Bank of India (SBI) is reportedly signing onto a blockchain network. Plus, Citibank has announced it is rolling out Citi Plus. Central Banks Of China, UAE Join CBDC Cross-Border Initiative The Central Bank of the United Arab Emirates and The...

thefintechtimes.com thefintechtimes.com

The Saudi Central Bank Launches New Instant Payment System

The Saudi Central Bank (SAMA) launched the instant payment system sarie, under the patronage of His Excellency Governor of the Central Bank Dr. Fahad bin Abdullah Al-Mubarak, through a virtual event organised by Saudi Payments, and attended by a number of financial and banking sectors experts and observers. Commenting on the achievement, the Central Bank Governor highlighted the utility of the new instant payment system in empowering...

thefintechtimes.com thefintechtimes.com

Keeping Up or Leading? How Building Societies Can Embrace Digital Transformation

From international payments to managing direct-debits, money transfers to mobile wallets, and online paperless bank account applications to the heights of complex wealth management, there are multiple full-functionality apps, mobile and online solutions all vying for the custom of increasingly digitally-savvy UK consumers. Jerry Young, CEO of ieDigital, believes some members of the UK’s army of traditional, long-established building...

thefintechtimes.com thefintechtimes.com

Keeping Up or Leading? How Building Societies Can Embrace Digital Transformation

From international payments to managing direct-debits, money transfers to mobile wallets, and online paperless bank account applications to the heights of complex wealth management, there are multiple full-functionality apps, mobile and online solutions all vying for the custom of increasingly digitally-savvy UK consumers. Jerry Young, CEO of ieDigital, believes some members of the UK’s army of traditional, long-established building...

pymnts.com pymnts.com

JPMC Addresses Racial Wealth Gap With Investment Product For Black-Owned Banks

J.P. Morgan Chase is launching an investment product specifically to support Black-owned banks, Bloomberg reported. The financial services firm also made equity investments in four minority banks as part of a mission to reduce the racial wealth gap. “We’re creating another revenue stream for them,” Brian Lamb, global head of Diversity and Inclusion at J.P. Morgan Chase, told Bloomberg, referring to minority-owned financial...

thefintechtimes.com thefintechtimes.com

Five takeaways from Banking 2021: How to Build Profitable Digital Banking Services

Building and shaping a successful fintech should hinge on two things: customer-led proposition, and a laser-sharp focus on the bottom line from inception to scale. So why are so many well-funded neobanks still languishing unprofitably when currently, from a technological perspective, it’s never been easier—or possibly cheaper—to bring an fintech proposition to market? Vacuumlabs, the global provider of full-stack fintech...

pymnts.com pymnts.com

M&T Bank Closing In On $7 Billion Acquisition Of People’s United

M&T Bank Corp is closing in on an acquisition deal to buy People’s United Financial for more than $7 billion, The Wall Street Journal (WSJ) reported on Monday (Feb. 22), citing sources. The all-stock agreement could be announced this week, the sources said, per WSJ. Together the new entity could have over $200 billion in assets between People’s United’s $6.6 billion value and M&T Bank’s over $19 billion value and near...

pymnts.com pymnts.com

FinTech Brex Applies For Bank Charter

San Francisco-based Brex, which makes financial management software for businesses, announced Friday (Feb. 19) it has filed to open an industrial bank in Utah, according to a press release. Industrial banks are distinct from other forms of banks in the U.S. in that they don’t need to be owned by bank holding companies. Brex’s bank, if approved, would be based in Draper, Utah, and would be called Brex Bank, according to the...