Where Paze hopes to find space for its digital wallet
The bank-led companion to the Zelle P2P app faces a market where tech giants such as Apple have huge market share and a headstart of more than decade. Paze exec Eric Hoffman told American Banker there is still a large addressable market for digital wallet users.
Citizens details how AI is speeding everything up
Citizens Financial Group President Brendan Coughlin discusses how AI is changing everything at the bank — from answering questions that previously went to call-center representatives to producing client reports at lightning speed.
Merchants are increasingly frustrated by opaque card interchange fees
From transaction to transaction, it is impossible for merchants accepting major credit cards to know with certainty what interchange fees they are being charged. Until that’s fixed, the interchange wars will continue.
Fed narrowly approves Morgan Stanley plan for German arm
The Federal Reserve authorized a bid by Morgan Stanley to incorporate its German investment bank under its U.S. bank subsidiary. Three Biden nominees on the Fed board dissented, citing concerns that the move could heighten risks for the U.S.-based investment banking giant.
Fed Govs. express concern about Iran war-driven inflation
In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.
Fed’s Miran makes case for small balance sheet
Federal Reserve Gov. Stephen Miran on Thursday detailed a plan to reduce the central bank’s balance sheet, saying a smaller footprint would reinforce policy boundaries but could also bring more market volatility.
Sen. Durbin, D-Ill., reintroduces credit card airline bill
The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.
Why BMO sees California expansion as key to future growth
The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.
Crypto wallet maker Ledger opens NYC office
The French crypto wallet company is expanding into the U.S. and growing its institutional enterprise offerings as new regulation opens opportunities for digital asset investment.
How banks can safely use AI in the cyber operations center
Financial security teams must treat AI like a junior analyst, requiring humans to own decisions and approve any responsive actions to threats.