Non-federally chartered banks will soon be able to make Small Business Administration (SBA) loans. Effective May 12, the agency is lifting the moratorium on licensing new Small Business Lending Companies (SBLCs), adding a new type of lending entity called a Community Advantage SBLC and removing...
Banks face increasing consumer demands for personalized advice and tools to manage their finances amid economic challenges. Just 44% of customers believe their banks support them during difficult economic times, and 46% want personalized help in avoiding fees. Banks delivering personalized banking services must also...
Following the launch of its popular consumer digital banking service, George, Erste Group, one of the largest financial institutions (FIs) in Austria, has unveiled George Business for businesses and corporate clients. The Vienna-based bank, which serves over 16 million clients across seven countries and is...
As of January this year, about 10% of U.K.’s population is using open banking services. The number of active users crossed the 7 million mark around the same time the country celebrated the fifth anniversary of adopting open banking regulation. A recent report published by Open Banking Limited (OBL) shows that...
Elizabeth Graham, product manager at Entersekt, said false declines carry significant risks for banks and merchants, where consumer loyalty is critical. Merchants and issuers are losing money through the false declines, as a result — more money than would have been lost to potential fraud, said...
Vantage West Credit Union is working with Nymbus to launch a niche digital financial brand. The Arizona-based credit union is using the Nymbus Launch product, which is a turnkey, fully secure and compliant digital bank or credit union solution, to add the new brand, the...
European neobank Bunq has applied to bring its business to “digital nomads” in the U.S. The company announced Wednesday (April 4) that it had applied for a New York banking license with the Federal Deposit Insurance Corp. (FDIC). After nearly a decade of operating in...
For FinTechs, the key to keeping customers lies with speed and ease, especially for money mobility. Mobility refers to money in and money out — the ebb and flow of funds between accounts. And that money can include everything from peer-to-peer (P2P) payments to money...
Revolut’s response to an audit of its books has reportedly drawn criticism from its board. Earlier this month, the British FinTech had announced that an opinion by auditors “confirmed that ‘the financial statements give a true and fair view’” of its business. But as the...
