Card issuers, payment processors should brace for a downturn: Report
Payments revenue growth is slowing from economic headwinds, lower-cost digital transactions and upstarts cutting into incumbents’ profit margins, according to a Boston Consulting Group report. Here’s what to expect.
Citigroup debuts token service in latest foray into digital assets
The product will transform customers’ deposits into digital tokens that can be sent instantly anywhere in the world, the company says.
Are we heading toward a bank-free payments system?
PayPal’s new stablecoin offering should be setting off alarms at traditional banks, because it could seriously challenge their dominance in the payments space.
Meet the 2023 Women in Insurance Leadership honorees
Digital Insurance’s leadership program recognizes the women leading the insurance industry’s transformation.
Cannabis banking is a reality. So do banks still need the SAFE Banking bill?
In the absence of any federal cover to provide banking services to cannabis businesses, banks have developed strategies to service those customers anyway. But experts are divided on whether that adaptation obviates the need for comprehensive federal legislation like the Secure and Fair Enforcement Act.
Puerto Rico bank linked to bribery scandal hit with $15 million BSA fine
Bancrédito International Bank and Trust Corp. “willfully violated” the Bank Secrecy Act, according to the Financial Crimes Enforcement Network. The penalty was the first under a two-year-old federal rule aimed at closing gaps in anti-money-laundering enforcement.
USAlliance names new CEO, HSBC launches new account-opening portal
USAlliance Federal Credit Union names Harry Zhu as its next president and chief executive; HSBC launches business account-opening portal in 20 countries; Swift enters next phase of its central bank digital currency solution and more in the weekly banking news roundup.
Senate schedules cannabis banking vote
The Senate Banking Committee is expected to mark up the Secure and Fair Enforcement Act, or SAFE Banking Act, the week of Sept. 25.
Participation in office loan trips up New Jersey bank
Commercial real estate loans are a growing area of concern for banks. But OceanFirst says its exposure to a troubled shared credit tied to a Manhattan office building isn’t a sign of broader problems in its portfolio.
Banks are active on social media, but struggle with measuring the impact
The American Bankers Association found that 89% of the banks it surveyed feel that social media is important. But there is room for improvement in their practices.