The digitization of money, and the movement to decentralized finance, begs the question: What happens to financial institutions, central banks and central banking policy? The banking system itself may seemingly be upended by stablecoins, cryptocurrencies and the prospect of digital dollars. The landscape is still...
Ant International has teamed with HSBC on the bank’s tokenized deposit service in Hong Kong. The service is designed to support treasury management via real-time, “always-on” Hong Kong and U.S. dollar payments between corporate wallets held by an HSBC Hong Kong client, according to a Thursday (May 22) press...
Santander Bank N.A. said Wednesday (May 21) that its digital banking platform gained more than 100,000 customers in the U.S. during its first six months of operations in the country. That growth rate of the Openbank by Santander platform exceeded the bank’s expectations, Santander Bank...
QR code technology is an increasingly popular sign-in method among Bank of America’s corporate and commercial clients. The number of business clients using QR sign-in to access the bank’s digital banking platform, CashPro, increased by 60% in 2024, Bank of America said in a Tuesday...
America’s biggest bank says businesses and consumers are resilient in the face of uncertainty. As such, JPMorgan Chase is projecting that it could earn more from interest payments this year, according to a Reuters report Monday (May 19) from the bank’s annual presentation to investors and analysts. Jeremy Barnum,...
Lending to nonbank entities like buyout firms and private credit outfits has topped $1 trillion. As the Financial Times (FT) reported Monday (May 19), this trend is happening amid concern by regulators that the connections between banks and their nonbank counterparts could present a systemic risk. The...
Capital One will reportedly pay $425 million to settle a lawsuit accusing it of cheating savings account depositors. That’s according to a report by Reuters on Friday (May 16), citing court documents. The proposed settlement comes amid similar litigation against Capital One by New York...
He’s got a wallet thicker than a FinTech unicorn’s pitch deck, a portfolio more diversified than a payments processor’s API, and a love for all things money that borders on the obsessive. So, what on Earth do you get the dad who’s already cornered the...
In 2022, as the pandemic waned, PYMNTS Intelligence found that only about 9% of consumers used digital banks for their primary financial relationships and accounts. Since then, however, the push toward using apps and mobile devices for everyday financial needs has been less wave than...