Payments General

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Bank of America settles for USD 75 mln over excessive fees

Payments General | 17 May 2021 13:34 CET | United States

Bank of America has agreed to pay USD 75 million to settle a lawsuit accusing the bank of extracting overdraft fees it didn't earn from customers with savings and checking accounts, Reuters says.
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PNC secures all regulatory approvals for the acquisition of BBVA US

Payments General | 17 May 2021 11:57 CET | United States

PNC Financial Services Group has secured all regulatory approvals for its previously announced acquisition of the US unit of BBVA.
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Belgians largely forego cash payments, study shows

Payments General | 17 May 2021 11:13 CET | Belgium

Bancontact Payconiq Company, the banking association Febelfin, and the Free University of Brussels (VUB) have released a study showing only 13% of Belgians still prefer to pay with cash....

The Central Bank of Bahrain selects JP Morgan for digital currency settlement trial

Payments General | 17 May 2021 09:48 CET | Bahrain

The Central Bank of Bahrain has selected JP Morgan for a digital currency pilot, that aims to address the current limitations in cross-border payments.

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Heritage Bank expands with two new branches

Payments General | 14 May 2021 13:00 CET | Australia

Heritage Bank has announced plans to open two new branches in New South Wales in 2021 – one at Macquarie Park in north-west Sydney, and one at Tweed Heads. 
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US inflation sees biggest increase since September 2008

Payments General | 14 May 2021 11:00 CET | United States

US inflation has surged in April 2021 from 2020 as the economic recovery picked up, according to a report from the US Labor Department.

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Clair, MetaBank, Galileo to give America's workers instant access to their earnings

Payments General | 14 May 2021 10:55 CET | United States

Clair, a social impact embedded fintech startup, has teamed up with nationally chartered MetaBank and API-based payment processor Galileo to give America’s workers instant access to their earnings.

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SWIFT, Accenture publish joint paper on CBDCs in cross-border payments

Payments General | 13 May 2021 10:39 CET | World

SWIFT and Accenture have published a paper on central bank digital currencies (CBDCs) in cross-border payments as part of broader digital asset innovation.
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EY, IBM build Center of Excellence to accelerate digital transformation for FIs

Payments General | 12 May 2021 13:45 CET | World

EY and IBM have announced a Center of Excellence to help financial institutions accelerate digital transformation with hybrid cloud solutions.

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Raisin launches hybrid-robo in Germany for investments

Payments General | 12 May 2021 13:40 CET | Germany

The pan-European savings marketplace Raisin has added a new hybrid-robo ‘ETF Configurator’ to its investment platform in the German market.

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Bank of Israel prepares action plan for digital shekel

Payments General | 12 May 2021 12:58 CET | Israel

The Bank of Israel has planned to issue a digital shekel, if the bank observes benefits of such a currency outweighing the costs and potential risks, according to The Times of Israel.
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Nets identifies key trends in the 2021 payments industry

Payments General | 12 May 2021 08:47 CET | World

Nets, a digital payments provider, has released its 2021 Payments Outlook Innovation Report, which captures key trends affecting merchants and the payments industry considering the COVID-19 pandemic.
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EU wants to ban high cash payments, financial market commissioner states

Payments General | 11 May 2021 15:13 CET | Europe

EU financial market commissioner Mairead McGuinness has announced a future push to ban payments of over EUR 10,000 in cash....

Nationwide partners with Form3

Payments General | 11 May 2021 14:24 CET | United Kingdom

Nationwide Building Society has partnered with technology provider Form3 and will be connecting to their cloud-native payments platform to reinforce the Society’s payments infrastructure.   
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Inland Investments selects AIX Platform for digital processing of alternative investment offerings

Payments General | 11 May 2021 13:19 CET | World

Inland Investments has selected the AIX platform as one of its electronic platform providers to onboard new funds and streamline its alternative investment processes.

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South African banks to charge more for instant payments

Payments General | 11 May 2021 12:45 CET | South Africa

South African banks have little choice but to charge extra for processing immediate electronic payments between clients of different banks, according to Business Insider....

Banking Circle joins the P27 Nordic payment initiative

Payments General | 11 May 2021 12:31 CET | Europe

Global financial infrastructure provider Banking Circle has joined the P27 Nordic payment initiative, taking a lead role in creating bulk-clearing for the Danish Krone.
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ACI Worldwide, KNET extend partnership for payment innovation

Payments General | 11 May 2021 11:26 CET | Kuwait

ACI Worldwide has expanded its partnership with Kuwait-based e-banking company KNET to launch a new digital payment services to support its customers during the COVID-19 pandemic. 
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Treasury to sell GBP 1.1 bln in NatWest shares

Payments General | 11 May 2021 10:28 CET | United Kingdom

The UK government has launched the sale of a GBP 1.1 billion stake in NatWest to cut the British taxpayer’s holding in the bank.
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1MDB sues Deutsche Bank, JP Morgan, and Coutts

Payments General | 11 May 2021 10:22 CET | United Kingdom

Malaysia-based now-defunct 1MDB state fund has sued subsidiaries of Deutsche Bank, JP Morgan, and Coutts to recover billions in alleged losses from a corruption scandal at the fund.
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Global Payments takes over Payone's Austrian customers

Payments General | 10 May 2021 15:37 CET | Austria

Payment service provider Global Payments has announced taking over the business of Germany-based payment platform Payone in Austria....

German banks launch bundled payment offer

Payments General | 10 May 2021 15:34 CET | Germany

Germany-based banks have announced continuing with the standardisation of their online payment methods. ...

Credit cards are payment option with highest turnover in Switzerland, study shows.

Payments General | 10 May 2021 15:30 CET | Switzerland

The Zurich University of Applied Sciences (ZHAW) and the University of St. Gallen have released the 2021 joint study ‘Swiss Payment Monitor’. ...

US Justice Department is probing fintechs over PPP loan calculations: Reuters

Payments General | 10 May 2021 12:41 CET | United States

The US Department of Justice has been investigating whether financial technology companies may have erred while distributing billions of dollars in pandemic aid to struggling SMEs.

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Remitly hires banks preparing for initial IPO

Payments General | 07 May 2021 15:36 CET | United States

Remitly has hired investment banks to prepare for an initial public offering (IPO) in New York in 2021, being said it could value the company at around USD 5 billion.
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