Citigroup reportedly made repeated breaches of a Federal Reserve rule limiting intercompany transactions. Those breaches led to errors in the banking giant’s internal liquidity reporting, Reuters reported Wednesday (July 31), citing an internal document from Citi. According to the report, the Fed’s Regulation W requires banks to restrict...
Financial software provider CSI has debuted a developer portal for community banks. “In addition to a growing list of integrated fintechs and integrators, CSI community banks and developers now have access to new documentation methods, resources and standardizations that simplify the implementation process and accelerate...
While open banking starts to gain traction in the U.S., across the pond the banking and payments sector is celebrating milestones. Last week it celebrated ten million active users. Is that a good number? Consider two facts before you answer. One: Ten million users is...
As the financial services landscape rapidly evolves, traditional banks and financial institutions (FIs) find themselves at a pivotal juncture. The emergence of embedded finance and banking-as-a-service (BaaS) is revolutionizing the industry, pushing banks to adapt or risk being outpaced by nimble competitors from the Big...
The Wells Fargo Center sports arena in Philadelphia will have a new name late next year. The bank’s naming rights contract with the arena expires in August 2025, and Wells Fargo will not review it, Bloomberg reported Wednesday (July 24). “Wells Fargo regularly reviews and...
The payments landscape is a global one, meaning winning innovations have boundless room to scale. It also means that geographical positioning can help with strategically driving forward various innovations. “The Middle East has always been a very unique trade corridor, placed right in the middle...
A U.S. banking regulator has reportedly determined that many lenders aren’t prepared for risks. As Bloomberg News reported Sunday (July 21), a confidential assessment by the Office of the Comptroller of the Currency (OCC) said 11 of the 22 large banks it oversees have “insufficient”...
The outage at Swift that affected the Bank of England also impacted the European Central Bank. The outage, which lasted for several hours on Thursday (July 18), disrupted high-value transactions across Europe, the Financial Times (FT) reported Thursday. The European Central Bank said its settlements...
Barclays US Consumer Bank has launched a savings product that provides higher rates on higher balances. The new Barclays Tiered Savings product aims to offer customers additional value and bolster the bank’s deposits portfolio, the company said in a Tuesday (July 16) press release. “Our...
