Why real-time finance is forcing retail banks to rethink infrastructure
The last ten years have witnessed Open Banking revolutionize the financial technology (fintech) landscape, bringing about a sea change in customer experiences with swift payments, digital onboarding, and app-centric financial solutions. This transformative phase has been predominantly characterized by the enhancement of front-end banking journeys, primarily guided by evolving customer expectations. However, as we move […]
Liquidity rules partly pay for themselves – BIS paper
The Bank for International Settlements and the Impact of Liquidity Regulations The Bank for International Settlements Understanding the relationship between liquidity rules and bank funding costs has long been a challenge for economists and financial professionals. The Bank for International Settlements (BIS), an international financial organization serving central banks, recently shed light on this complex […]
Citi made another senior JPMorgan hire, but not in its investment bank
Citi Makes Senior Hire from JPMorgan’s Wealth Division As we mentioned earlier this week, the flow of talent between JPMorgan and Citi may soon pick up in either direction, due in no small part to Citi’s investment banking head Vis Raghavan hoping to bring in trusted colleagues from his former employer. The latest person to […]
RBC recruiting boosts U.S. net new assets
RBC witnessed a recovery of new asset flows into its U.S. wealth management division in its fiscal second quarter as it pulled in billions from advisors recruited from industry rivals. RBC’s U.S. Wealth Management Division Sees Surge in New Assets Royal Bank of Canada said Thursday that net new assets into its U.S. wealth unit […]
SoFi launches native stablecoin to all its banking customers
SoFi Expands its Dollar-Backed Stablecoin to all Members SoFi Technologies, a leading online bank, has officially expanded its in-house U.S. dollar-backed stablecoin offering to its entire customer base. This move allows its nearly 15 million members to buy, sell, hold, and convert the stablecoin, SoFiUSD, within its mobile banking app. Combining Blockchain Technology and Regulated […]
CBA card contracts take centre stage
Understanding the Commonwealth Bank and Mastercard Legal Battle One of the most significant ongoing trials in the world of financial law is taking place in the Federal Court in Sydney, Australia. This case features a critical issuer incentive agreement between two giants of the finance industry: Commonwealth Bank (CBA) and Mastercard. The pivotal issue at […]
The false signal in today’s embedded banking regulatory environment
The world of banking is transitioning from being bank-centric to customer-centric, with embedded banking leading the charge. This innovative model of delivering financial services is rapidly becoming a central focus for financial institutions. However, the opportunities presented by embedded banking are not without significant risks, particularly in the face of shifting regulatory environments. Banks, therefore, […]
IMF approves $695 million funding for Sri Lanka
IMF Grants Sri Lanka Immediate Access to $695 Million Under EFF Arrangement Sri Lanka, an island nation grappling with an economic crisis, has been granted immediate access to approximately $695 million by the International Monetary Fund (IMF). This announcement made on May 27 falls under the country’s existing Extended Fund Facility (EFF) arrangement. What is […]
CFPB faces lawsuit over fair housing rule change
The Consumer Financial Protection Bureau Faces Lawsuit Over Fair Housing Rule Change The Consumer Financial Protection Bureau (CFPB) has recently come under fire for its decision to amend Regulation B, which implements the Equal Credit Opportunity Act (ECOA). The changes made by the CFPB have sparked controversy, with critics accusing the agency of reversing decades […]
Advisors weigh pros and cons of 529 plans
With the school year ending and “529 Day” coming up on May 29, many parents are considering how to plan for one of life’s biggest expenses: college tuition. Education savings plans called 529 plans are a well-liked way to save for school-related expenses while receiving tax benefits, but advisors say there are some downsides and […]