PYMNTS

SEPTEMBER 30, 2020

House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). However, the banking industry doesn’t like that one bit. “We Specific Concerns .

Banking 139

Banking Financial Systems Concentration Currencies 139

PYMNTS

DECEMBER 13, 2019

With the belief that it could cause instability within the country’s financial system, the government of Switzerland spoke against making a central bank digital currency available to the public. Instead, it would give rise to new risks, especially with regard to financial stability.”.

Currencies 40

Currencies Banking Financial Systems Technology 40

PYMNTS

JANUARY 3, 2020

Digital currencies, yes – but with limits. According to a paper that debuted this week from the European Central Bank (ECB), central bank currencies in digital form have their uses, but individuals should be dissuaded from holding too much of a hypothetical digital euro.

Currencies 52

Currencies Banking Financial Systems Retail 52

PYMNTS

JANUARY 15, 2021

The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan. 15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). financial system.”.

Banking 107

Banking Compliance Currencies Financial Systems 107

PYMNTS

DECEMBER 5, 2019

5) that digital currencies like Facebook’s Libra have no place in the European Union unless the consequences and pitfalls are adequately sorted out, Reuters reported. “No As a cryptocurrency, Libra is considered a stablecoin because it would be backed by traditional currency or securities.

Currencies 52

Currencies Finance Financial Systems Banking 52

PYMNTS

DECEMBER 3, 2020

Today in B2B payments, Visa embraces the USDC digital currency for corporate payments. Plus, Basware enhances its accounts payable (AP) offering, CardUp eases commercial card adoption, Kofax adds new AP features and the Federal Reserve eyes bank lending. Visa Teams With Circle on USDC Digital Currency Corporate Card.

Currencies 60

Currencies B2B Accounts Payable Invoicing 60

PYMNTS

FEBRUARY 27, 2020

Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said that before they issue their own digital currencies, central banks around the world should attempt to get a better understanding of the pros and cons of the process, according to a report by Reuters.

Banking 64

Banking Currencies Financial Systems Planning 64

PYMNTS

JANUARY 6, 2021

Thus far, the numbers do not bear out a massive uptake of a business model, that for the stakeholders, is essentially free (There are roughly 38 banks signed on and 5 million users of CoDi, as measured in late 2020). Banks generate more business by enabling payments for merchants. The buyer’s bank validates the transfer.

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Banking Planning Accounting Currencies 145

CFO News

APRIL 1, 2024

The RBI, established in 1935, operates as the country's central bank as per the recommendations of the Hilton Young Commission and governed by the Reserve Bank of India Act, 1934.

Foreign Exchange 40

Foreign Exchange Currencies Financial Systems Banking 40

PYMNTS

JULY 13, 2020

The nation’s banks hoping to use COVID-19 as an excuse to shutter branches or get permanent concessions from regulators better think again, the Financial Times reported. Brian Brooks , Acting Comptroller of the Currency, an independent agency within the U.S. Brooks told U.S. Brooks told U.S.

Banking 68

Banking Currencies Treasury Financial Systems 68

PYMNTS

JULY 1, 2020

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). Additional steps may be necessary to properly segment and secure bank networks if employees use personal devices to connect to bank systems,” the OCC wrote.

Compliance 66

Compliance Banking Currencies Financial Systems 66

PYMNTS

MARCH 22, 2019

Agustin Carstens, the general manager at the Bank for International Settlements , said that banks shouldn’t issue their own bitcoin-like tokens because it could undermine global financial stability, as well as monetary policy, according to a report by Bloomberg.

Banking 69

Banking Currencies Financial Systems Retail 69

PYMNTS

JUNE 21, 2019

The head of Germany’s central bank warned about stablecoins, which are cryptocurrencies tied to traditional currencies, according to a report by Reuters. Jens Weidmann said that if the new currency becomes widely used, it could undermine banks. This might disrupt transaction banking and financial market intermediation.”.

Banking 59

Banking Currencies Financial Systems Accounting 59

PYMNTS

NOVEMBER 10, 2020

Many consumers move to new countries to pursue economic opportunities, but adjusting to these locations also requires learning the ins and outs of new financial systems — a transition that can be filled with friction. How Rayo Delivers Immigrant-Focused Financial Services. Consumers who move to the U.S.

Banking 86

Banking Compliance Currencies Financial Systems 86

PYMNTS

NOVEMBER 8, 2016

And just like that, two swaths of Indian currency are gone. As reported by the BBC , taking those notes out of the financial system represents an effort to stymie fraud efforts, corruption and what the site noted as “illegal cash holdings.” 10 and extending through Dec.

Currencies 59

Currencies Financial Systems Banking Marketing 59

PYMNTS

JUNE 2, 2020

Brooks , Acting Comptroller of the Currency, said in a series of letters that some states’ long-term efforts to curb the coronavirus could lead to reduced real estate values and debt payments. The closures, Brooks said, were seemingly “indefinite” in some states, a press release from the Office of the Comptroller of the Currency (OCC) said.

Banking 52

Banking Currencies Financial Systems Numbers 52

PYMNTS

OCTOBER 8, 2019

Facebook has the ability to rival the entire global banking system from day one, but, because of that fact, when that first day will be is far from certain,” Mark Lamb, CoinFLEX’s Hong Kong-based chief executive officer, said, according to Bloomberg. We should not leave the field to China, Russia, the U.S. or any private providers.”.

Currencies 40

Currencies Finance Financial Systems Securities 40

PYMNTS

OCTOBER 23, 2018

The SBI Group plans to license Sepior ApS ’ wallet technology to use in its own wallet, which will become a part of its digital currency exchange platform, the company said in an announcement. Work remains to be done to determine how it can be set up to maximize the benefits for the whole financial system.”.

Startups 76

Startups Banking Currencies Financial Systems 76

PYMNTS

AUGUST 29, 2019

Global payments company MoneyGram announced a new partnership with HD Bank in Vietnam to provide a home delivery service, MoneyGram said in a press release on Thursday (Aug. MoneyGram is committed to enhancing our product offerings in Vietnam and we believe this is a progressive and mutually rewarding step towards that goal.”. local time.

Banking 75

Banking Currencies Financial Systems Technology 75

PYMNTS

MAY 2, 2019

To that end, Invest In Blockchain reported that Mark Carney, governor of the Bank of England, said that the central bank should gear up for a “fourth industrial revolution” that includes at least some impact to payments, chiefly through blockchain and decentralized systems. Also in the U.K.,

Banking 78

Banking Strategic Planning Currencies Financial Systems 78

PYMNTS

MARCH 24, 2020

The first online bank in Hong Kong, ZA Bank, opened on Tuesday (March 24), according to reports. The bank is a unit of China’s ZhongAn Online P&C Insurance Co. In 2019, Hong Kong issued about eight digital banking licenses to companies like Ant Financial, and a team-up of Tencent and Standard Chartered.

Banking 54

Banking Currencies Financial Systems Accounting 54

PYMNTS

MARCH 18, 2020

The coronavirus is spurring trade groups to ask for aid and governments to provide assistance for banks. Swiss banks received $2.6 billion through the Bank of England. Euro-dollar cross-currency basis swaps are said to be a proxy for how costly it is to get ahold of U.S. European leaders borrowed most of the funds.

Banking 52

Banking Currencies Financial Systems eCommerce 52

PYMNTS

OCTOBER 5, 2020

Banks Oppose Idea Of Possible Big Tech Banking Charters. House committee started to look at the idea of letting firms like Facebook or Amazon get charters to run as banks. The banking industry, however, is against the idea. “We Last week, a U.S. European Commission To Appeal Apple State Aid Decision.

Banking 91

Banking Compliance Advertising Tax Planning 91

PYMNTS

JANUARY 29, 2019

Syria and Iran governments have come to an agreement to enable bank transactions between the countries, reported Reuters. Western restrictions have hurt bank transactions between Iran and Syria, as has Syria’s access to the international financial system. Syria, noted the report, is looking to Iran to help it rebuild.

Banking 46

Banking Currencies Financial Systems Investments 46

PYMNTS

OCTOBER 16, 2019

The governor of the Bank of England said he doesn’t think new financial technologies (FinTechs) will cause central banks to be obsolete. The fact is that the financial system … is the most heavily regulated part of the economy. The Swiss National Bank is also looking into digital currencies.

Banking 46

Banking Currencies Financial Systems Technology 46

PYMNTS

NOVEMBER 2, 2020

The financial ministry expects to kick off phase two, regarding licensing requirements, in June 2021, the release stated. Their research will begin with a proof-of-concept for a CBDC operated on distributed ledger technology (DLT) to test the proposed coins’ use cases in payment settlements, the release stated.

Banking 64

Banking Risk Management Compliance Currencies 64

PYMNTS

OCTOBER 9, 2019

The Bank of England’s (BoE) Financial Policy Committee (FPC) has laid down a set of strict rules that Facebook’s Libra and other cryptocurrencies must follow in order to do business in Britain, Reuters reported on Wednesday (Oct. The FPC will exercise current authoritative “tools” instead of adopting new rules.

Banking 44

Banking Currencies Financial Systems Finance 44

PYMNTS

JUNE 17, 2019

banks in upcoming years, but the regulation and testing processes are convoluted and complicated for institutions in both spaces to assess, according to a report by the Financial Times. Several regulators want to come up with a multi-agency cybersecurity approach that tests banks in a coordinated way.

Banking 53

Banking Credit Risk Currencies Financial Systems 53

Barry Ritholtz

SEPTEMBER 30, 2022

After almost four years in charge, the CEO’s strategy to diversify the bank has not been as transformative as many had hoped. Financial Times ). John Paulson on Frothy US Housing Market: This Time Is Different Unlike subprime era, financial system is not at risk, he says Real interest rates blamed for lackluster gold price.

Currencies 67

Currencies Financial Systems Banking Economics 67

PYMNTS

JULY 15, 2019

Banking institutions will get “left behind” if they don’t evolve as big tech companies continue disrupting the financial system, the latest research from the International Monetary Fund (IMF) says. “ Policymakers should be prepared for some disruption in the banking landscape,” the authors said in the paper.

Banking 43

Banking Financial Systems Startups Currencies 43

PYMNTS

AUGUST 6, 2020

Goldman Sachs has named Matthew McDermott its new global head of digital assets, in a move signaling the bank’s renewed commitment to that area of banking, CNBC reported. That comes despite Goldman Sachs’ own track record, in which the bank asserted that bitcoin wasn’t an asset class.

Forecasting 103

Forecasting Currencies Finance Financial Systems 103

PYMNTS

JUNE 30, 2020

The Bank for International Settlements ( BIS ) Innovation Hub is planning on adding four new locations in Europe and North America, according to a press release. The Innovation Hub was launched in 2019 as a way for central banks to collaborate on various innovative solutions to problems, PYMNTS reported.

Currencies 59

Currencies Communication Financial Systems Banking 59

PYMNTS

NOVEMBER 22, 2018

The reconsideration comes, according to the Times , as half of Sweden’s retailers have said they will stop accepting hard currency within the next few years. Regulators are now prodding banks to keep notes in circulation, as they mull what happens in various scenarios tied to the country’s digital eKrona currency.

Currencies 80

Currencies Financial Systems Banking Retail 80

PYMNTS

APRIL 22, 2020

But when it comes to establishing operations abroad and managing money throughout the globe — whether it be reconciling finances across multinational business units or paying suppliers in foreign currencies — the challenges are vast. Yet the traditional banking infrastructure can limit that globalization. ”

Currencies 96

Currencies Advertising B2B Finance 96

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. Department of Justice (DOJ), said were violations of the Bank Secrecy Act. Bank to the U.S. Banks in the U.S.

Banking 43

Banking Currencies Treasury Financial Systems 43

PYMNTS

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. The federal banking system is, and should be, a source of strength for the nation and its economy.

Banking 46

Banking Compliance Currencies Concentration 46

PYMNTS

JUNE 17, 2019

The dispute over the Office of the Comptroller of the Currency ‘s (OCC’s) national bank charter, which became available to FinTech firms last year, has reportedly caused technology conglomerates to shy away from a tool that aims to provide nonbank firms with a more streamlined way to operate on a national level.

Banking 56

Banking Currencies Financial Systems Technology 56