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 transactions such as loans to the affiliates under their control to protect depositors whose funds are insured up to $250,000 by the government.

Reuters notes that the infractions come as regulators criticize problems with Citi’s risk management and internal controls, and with the Federal Reserve and Office of the Comptroller of the Currency (OCC) fining the bank $136 million two weeks ago for a lack of progress on compliance.

A spokesperson for Citi told PYMNTS the bank was not confirming the details of Reuters report.

The report included a statement from Citi saying the bank was “fully committed to complying with laws and regulations and have a strong Regulation W framework in place to ensure prompt identification, escalation and remediation of issues in a timely manner.”

Citi was also fined $400 million in 2020 after regulators found “ongoing deficiencies” in its handling of risk management and internal controls.

The bank’s “subsequent reaction to the breaches resulted in liquidity reporting inaccuracies,” according to the internal document at the center of the Reuters report.

In other Citi news, PYMNTS on Wednesday spoke with Debo Sen, head of payments at Citi Services, about the state of the instant/real-time payment space for the series, “What’s Next in Payments: The Halftime Report.”

She highlighted the rapid adoption of these new payment rails in regions such as Asia-Pacific (APAC) and Latin America, with India and Brazil leading the way. In India, about 85% of all payments are now real time, due to the Unified Payments Interface (UPI) system, a sign of the country’s advances in digital payments infrastructure.

Brazil is a close second, with nearly 80% adoption. However, this trend is not limited to emerging markets, Sen added, noting that the U.S. and the European Union are also putting forth regulations and building infrastructure to support real-time payments.

“The interesting thing is there is always a lot of conversation as to whether instant payments will cannibalize other methods of payment — but in fact, it is digitizing cash in those economies and eliminating cash in many cases,” Sen told PYMNTS.

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“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 time to value,” the company said in a news release Tuesday (July 30).

That means these banks can consider more application programming interfaces (APIs) across account opening, payments, document services and other applications, to onboard solutions to open new lines of revenue, streamline back-office operations and enhance their engagement with account holders.

According to the release, the portal includes updated technical and application guides along with test environments that let both parties better understand data communication and associated business rules.

“Community banks competing in today’s market require the right combination of flexibility, speed and efficiency that can meet the needs of their account holders without a significant tech investment,” said David Culbertson, CEO and president of CSI. “Our Developer Portal is designed to meet all three of those needs with the scaffolding community banks need to reduce the burden of adoption.”

PYMNTS examined bank/FinTech collaborations earlier this year, noting they were born out of a growing demand by digitally-savvy consumers for frictionless banking experiences.

“Banks are starting to realize the speed at which technology has changed the world,” James Butland, vice president of payments and U.K. managing director at Mangopay, told PYMNTS for the series “What’s Next in Payments: What is a Bank? The Changing Landscape of Banking and Financial Services.”

“The challenge that a traditional bank has, is that they sit on 150, 200 years of legacy infrastructure and probably 60 years of legacy technology. So, banks have found it difficult to innovate quickly,” Butland added.

Meanwhile, PYMNTS spoke recently with Ken Gayron, CSI’s chief financial officer, about the role of the CFO in today’s world.

“Being a modern CFO is about using your analytical and financial skills to partner with the business, ensuring it makes the best decisions with the right financial lens. At the same time, you have to drive efficiency through automation and process improvement so that you can scale profitably and maintain a competitive advantage,” Gayron said.

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So, is ten million a good number? PYMNTS put the question to Marion King, chairperson and trustee of the U.K.’s Open Banking Ltd regulatory and advocacy group. And while she’s certainly not resting on any laurels, she’s satisfied that the government-mandated direction from the country’s top-tier financial institutions to make data sharing and new payment options available will lead to more success in the short term. Part of that momentum, she told PYMNTS, will come from the next tier of banks and their business customers.

“It’s a very good number,” King said. “We’re seeing really strong double-digit growth. And I think this is just the beginning, because you need to remember that this is only measured from the nine banks that were involved in the Competition and Market Authority’s initial open banking effort — so it could actually be higher. So double digit growth month on month is very positive, and I think it shows pent-up demand for secure data exchange as we move forward with all of this.”

Moving forward from the 10 million-user milestone started at a “Strategy Summit” on July 26 with several analysts, banks, neobanks and government regulatory agencies. At that meeting Andy Sacre, head of payments for U.K. neobank Monzo, told the audience that around six million of Monzo’s customers have used open banking — sharing their data to get better credit card rates, paying their tax bill, or connecting other bank accounts to their Monzo app so they can see everything in one place. Those are just some of the use cases King believes have made open banking in the U.K. a viable commercial proposition.

“One of the biggest use cases we have is the ability for people to pay their tax bills through their bank account without sharing any account details,” King said. This feature bypasses traditional card systems, offering a secure and direct payment method. The U.K.’s HM Revenue and Custom’s agency (its version of the IRS) collected over £3 billion at the beginning of the year from tax returns using this method.

Another significant application is in the SMB sector, where open banking facilitates the integration of accounting packages, minimizing manual systems and supporting real-time cash flow management. King also pointed out the not-for-profit sector is also benefiting, with organizations like Salad Money leveraging open banking to offer secure loans to those traditionally underserved by the banking system.

Looking Across the Pond

In the U.S. companies like Trustly are moving open banking forward, as are Visa and Mastercard with their API strategies. A PYMNTS Intelligence report, produced in conjunction with Trustly, found that nearly half of U.S. respondents are highly willing to use open banking for at least one type of expense, including monthly bills, groceries or subscriptions. Despite high interest in this method, it comes in third place behind paying via manual input of their account and routing numbers and using bill pay services offered by their banks. The study found open banking providers must confront an awareness gap: 44% of non-users said they were not familiar with the payment method.

Looking across the Atlantic, King suggested four cornerstone strategies to catalyze open banking in the U.S.:

1. Regulatory Framework: Compel data sharing among financial institutions to ensure participation and ecosystem viability.

2. Economic Model: Develop a model that makes data access economically sustainable, ensuring it supports innovation and compensates data providers appropriately.

3. Technical and Data Standards: Establish uniform standards to maintain service quality and reliability.

4. Broad Participation: Encourage wide participation across financial entities to enhance service accessibility and utility.

“These elements are crucial for creating a thriving open banking environment that benefits all stakeholders,” King said.

But while 10 million is a good number, the U.K.’s roadmap to expand open banking usage to 20 million revolves around increasing participation across the economy and launching innovative payment methods like variable recurring payments. VRPs, by Open Banking U.K.’s definition, are payments that let customers safely connect authorized payments providers to their bank accounts so that they can make payments on the customer’s behalf, in line with agreed limits. VRPs offer more control and transparency than existing alternatives such as Direct Debit payments.

“These enhancements put more control into the hands of consumers, aligning with our goals of transparency and user empowerment,” King said.

King is optimistic about the role of Big Tech in open banking, citing Apple’s integration of open banking features in the U.K. as a pioneering example. “Big Tech’s engagement will significantly boost user volumes, provided we maintain a strong commercial framework,” she noted.

As for ongoing challenges, King emphasizes the importance of continuous attention to fraud prevention and consumer protection, ensuring that as user numbers grow, the system remains secure and trustworthy.

“It’s not just about financial services, it’s about fostering a data-sharing economy that benefits everyone. The U.K.’s approach, combining mandated participation with voluntary contributions, creates a model that others, including the U.S., could learn from,” King said.

She also mentioned the support from the new Labour government in the U.K., expressing optimism about their enthusiasm for open banking and the broader implications of data-sharing policies. King highlighted that the Labour Party has already initiated a standalone bill for smart data and digital identity, which includes open banking, demonstrating their commitment to advancing these initiatives.

With government support and strategic industry collaboration, King is confident that open banking in the U.K. will not only reach but potentially exceed the 20 million user milestone. “We’re setting the foundation for a future where financial services are more inclusive, innovative, and securely integrated into our daily lives,” King said.

The post UK’s Open Banking Milestone: What 10 Million Users Mean for UK’s Financial Services Future appeared first on PYMNTS.com.

A recent PYMNTS Intelligence report, “Embedded Finance and BaaS: From Marketing Buzz to Banking Bedrock,” in collaboration with NCR Voyix, shows the integration of application programming interfaces (APIs) is transforming financial services by embedding them into daily digital interactions.

With 41% of financial institutions adopting embedded finance solutions and 48% enhancing their BaaS capabilities, banks are responding to digital demands and competitive pressures. Despite this progress, challenges such as outdated systems, regulatory hurdles, and security risks remain barriers.

Despite the potential, only 79% of global banks foresee banking becoming deeply integrated into daily activities, indicating that many are still in the initial stages of adopting these technologies.

Obstacles to Digital Transformation

Issues such as legacy systems, fragmented technological infrastructure, and evolving regulatory requirements can slow progress. The growing adoption of these technologies reflects a broader industry shift toward more agile and integrated financial services, positioning banks to better compete with emerging digital and FinTech players.

In the U.K., two-thirds of banking executives cite over 10 types of barriers, with a notable absence of a unified internal strategy being a major concern.

European FIs are also grappling with inadequate API security measures, with only 24% having consolidated security solutions for their web and API interfaces. These systemic and security-related issues highlight the complexities banks must navigate to successfully implement modern, cloud-based systems.

Additionally, the rapid pace of technological change and evolving consumer expectations further complicates the transition, requiring banks to balance innovation with robust security and regulatory compliance.

Strategic FinTech Partnerships

Strategic partnerships with FinTechs are emerging as a crucial strategy for banks and community credit unions to innovate and overcome digital transformation hurdles.

Examples include HSBC UK’s integration of Ember’s tax services via APIs, and EBizCharge’s partnership with Lendica to streamline SMB credit access. 

These partnerships enable banks to tap into specialized expertise and innovative solutions that may be beyond their in-house capabilities. By leveraging FinTechs’ agility and technological advancements, traditional institutions can accelerate their digital transformation journeys and offer more tailored, user-centric services. This approach also helps mitigate the risks associated with in-house development, such as prohibitive costs and extended time frames.

The evolving landscape of BaaS is facing shifts as regulatory scrutiny intensifies, the focus sharpens on core banking functions, and the sector experiences a wave of consolidation, according to payments executives. This trifecta is reshaping the industry and setting the stage for a more refined and robust BaaS ecosystem.

“The regulators are now awake,” Thredd CEO Jim McCarthy told PYMNTS. “At the end of the day, it’s the banks that sponsor these banking-as-a-service programs that will be the ones that are impacted … so they will take this all quite seriously.”

Amias Gerety, a partner at QED Investors, added to PYMNTS: “If you want your business to survive, you have to figure all this out.”

Meanwhile, during a conversation for the “What’s Next in Payments” series, Ingo Payments CEO Drew Edwards told PYMNTS’ CEO Karen Webster, “regulatory orders and regulatory scrutiny have taken a front seat in the industry. We’ve gone through a bunch of these cycles over the last 23 years, but this regulatory environment is back to where the bank sponsorship [model] is getting tighter and more difficult.”

The post Three Big Shifts for Banking From PYMNTS Intelligence’s Embedded Finance and BaaS Report appeared first on PYMNTS.com.

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 adjusts our overall sponsorship strategy,” the bank said in the report. “As such, we have made the business decision not to renew the naming rights contract to the Wells Fargo Center.”

The bank acquired the sponsorship as part of its merger with Wachovia bank a decade ago, according to the report.

Wells Fargo has ended some other sponsorships as well. Last year, it took its name off a PGA Tour event. This year, it did the same with an office tower in Jacksonville, Florida, the report said.

The Wells Fargo Center, which is the home of the Flyers hockey team and the 76ers basketball team, is owned by media and telecom giant Comcast, per the report.

“We are grateful for our long-standing relationship with Wells Fargo and look forward to working with a new partner as we continue to bring the best sports and entertainment experience to fans in the Philadelphia region,” Comcast’s Spectacor unit said in the report.

This report comes at a time when Wells Fargo, like other financial institutions, is navigating an ongoing digital shift and a challenging macro environment.

During a July 12 earnings call, Wells Fargo CEO Charlie Scharf said: “Our efforts to transform Wells Fargo were reflected in our second quarter financial performance. However, the economy is slowing and there are continued headwinds from still elevated inflation.”

In terms of consumer spending and credit trends, Wells Fargo also said that it has seen improvements in the metrics on card performance that have come in tandem with credit tightening.

The bank’s 30-plus-day delinquency rate for the card segment was 2.7% in the June period, where that rate had been 2.3% a year ago. It moved downward from the 2.9% rate logged in the first quarter.

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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 of the world, which facilitates transactions across the West and the East,” Anith Daniel, head transaction-banking at Emirates NBD, told PYMNTS.

He added that the unique position of the UAE as a trade hub has helped it act as an engine in driving advancements in payment technologies, as well as play a role in defining the rising importance of corporate treasuries.

Historically, investment in treasury and finance management was not a priority for many companies and ranked relatively low on the capital expenditure totem pole. However, the post-COVID-19 environment has underscored the critical role of liquidity management and efficiency.

Treasurers are now more focused on adopting advanced technologies such as SWIFT SCORE (Standardised Corporate Environment) APIs and sophisticated front-end systems to enhance liquidity management and streamline operations, said Daniel.

As he explained, this shift is also influencing banks, which are repositioning themselves to offer more technologically advanced cash management solutions.

“Most of our conversations, especially when we talk about APIs, don’t just happen with the treasury or the finance managers; they actually happen with the CIOs and the CTOs as well, because they have to get convinced,” Daniel said, noting that he anticipates a significant uptick in the space as corporate treasuries seek greater efficiency and integration with their enterprise resource planning (ERP) systems.

The push toward single-platform, bank-agnostic solutions will likely drive the adoption of APIs among corporates in the near future, he added.

Embracing Digitization and Supporting FinTechs as Catalysts for Growth

According to Daniel, the UAE’s robust infrastructure, including world-class airports and ports, facilitates seamless trade and business operations. This strategic positioning has attracted a diverse array of businesses and nationalities to the UAE, creating a vibrant ecosystem where cross-border transactions are the norm.

The UAE government’s own supportive stance on business operations, including streamlined government approvals and advanced infrastructure, has been instrumental in fostering this growth.

As a result, the government’s initiatives have significantly propelled the growth of digitally focused FinTech companies, virtual asset service providers and crypto companies in the region. This digital-first approach has created an environment where new FinTech entrants can easily set up and scale their operations.

“Every government department is monitored on their digital effectiveness,” Daniel said.

The focus on digital services extends to all facets of the government and banking sectors, ensuring that businesses and individuals can conduct their affairs with ease. This has not only enhanced the efficiency of business operations but also attracted FinTech innovators looking to leverage the UAE’s conducive environment for digital finance.

“FinTechs can start and ramp up quite easily … and from the banking side, we get to see what they want — we learn from their experiences in other parts of the world, and then cater to what they specifically need from our markets and build based on their requirements,” Daniel explained.

When it comes to payments, the priorities and requirements have remained consistent: speed, cost-effectiveness, full-value transfers, beneficiary validation and security.

“It’s been a hub of ever-growing payments growth,” Daniel said, emphasizing that customers’ expectations for instantaneous payments, minimal charges and secure transactions drive the payments agenda.

The Future of Payments in the Middle East

The rise of regional payment networks and the growing adoption of tokenization are seen as pivotal in meeting the expectations of modern end-users.

Tokenization, in particular, is viewed by Daniel as the next evolutionary step in payment technology. It promises 24/7 transaction capabilities and finality of payments, addressing some of the limitations of traditional banking rails. While still in its nascent stages, he added that tokenization is a key area of investment for forward-thinking banks in the region.

“We’re nowhere close to getting tokenization at scale, but we think it is likely to be the future in the next three to five years,” Daniel said.

The integration of artificial intelligence (AI) in banking and payments is another major trend.

Daniel discussed the establishment of an advanced analytics center of excellence at Emirates NBD, which focuses on leveraging data and AI for insights and efficiency. While regulatory constraints around data localization pose challenges, the bank is committed to exploring the potential of AI and machine learning in areas such as fraud prevention and customer experience enhancement.

Instant payments are a game-changer for the payments industry, providing immediate transaction finality and enhancing the customer experience.

“Bank customers really look forward to having finality. Meaning, if I make a payment, I need to be aware that it’s reached the beneficiary that I’m intending it for,” Daniel said. “Payments is usually a black hole: they initiate, then they don’t know what happened with that payment till somebody confirms that yes, the beneficiaries got it.”

“Instant means different things to different people and different markets. Instant is immediate, or it could be up to one hour after, three hours is also deemed as instant in some markets, or it’s near instant,” he added, noting that the eventual goal is to facilitate seamless cross-border transactions by integrating with other countries’ instant payment networks.

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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” or “weak” management of so-called operational risk, whether that means  cyberattacks or mistakes by employees.

The report, citing sources familiar with the matter, said this determination led the OCC to rate the banks at three or lower on a five-point management scale, a sign that U.S. regulators are worried about banking risks after three high-profile failures in 2023.

The OCC’s operational risk assessments are part of a larger scoring metric known as the CAMELS rating, which stands for six measures of operations: capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk. 

As noted here last year, the “downgrading of banks’ CAMELS rating can have far-reaching implications. … It affects banks’ deposit insurance premiums, audits and their ability to engage in certain activities. Downgraded lenders may be barred from making deals and denied emergency liquidity from the Federal Reserve.” 

The report comes amid a period of heightened concern over cybersecurity, exacerbated last week by what has been described as “the worst IT outage in history,” in which a single software update issued by security firm CrowdStrike inadvertently crippled Microsoft’s systems, impacting the computer systems of more than half of all Fortune 500 companies.

Days earlier, an hourslong outage at Swift affected the Bank of England and the European Central Bank, disrupting high-value transactions across Europe, with the European Central Bank reporting that its settlements system was affected.

“As the dust settles, the focus worldwide is shifting towards learning from these incidents and strengthening the resilience of global IT infrastructure to withstand future challenges,” PYMNTS wrote last week. “At the same time, businesses and organizations are reassessing their reliance on centralized cloud services and considering diversifying their IT infrastructure to mitigate the risk of similar disruptions.”

That’s to say nothing of the recent wave of intentional hacks by cybercriminals, a situation that — as PYMNTS wrote recently — spotlights a need for a shift “from a purely preventive approach” to one that balances prevention with robust response and recovery. 

“It is essentially an adversarial game; criminals are out to make money, and the [business] community needs to curtail that activity. What’s different now is that both sides are armed with some really impressive technology,” Michael Shearer, chief solutions officer at Hawk AI, said in an interview with PYMNTS.

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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 system was affected by the Swift outage, according to the report.

Swift’s problem caused less trouble for the European Central Bank than for the Bank of England because eurozone banks are less likely than U.K. ones to rely on the system, per the report.

In an operational status page on its website, the European Central Bank said that the cutoff times of some operations of its real-time gross settlement system (RTGS), T2, were delayed Thursday due to “the earlier issue impacting Swift.”

T2 settles payments related to the monetary policy operations of the Eurosystem and bank-to-bank and commercial transactions, according to the bank’s website.

Swift posted an operational update on Thursday that said that all Swift services were operating as normal after experiencing an operational incident that delayed the processing of services that it provides to some of its customers earlier in the day. It added that the incident “was not cyber-related.”

“We are in contact with our customers to support them in mitigating the adverse consequences on their operations and in turn on their own customers’ transactions,” Swift said in the update. “Swift takes any operational incident extremely seriously, is conducting a full investigation and apologizes for the disruption caused.”

As PYMNTS reported earlier Thursday, the Bank of England said that a global payments issue had been resolved after affecting the United Kingdom’s high-value payment system, CHAPS, and delaying house purchases and other high-value and time-sensitive payments.

The bank added that retail payments systems for cash points, card payments and bank transfers were unaffected by the payments issue.

“We are pleased to confirm that the third-party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal,” the Bank of England said in a Thursday press release. “We expected that all payments received by the bank today will be settled by the end of the day.”

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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 goal is to offer pricing flexibility that rewards higher balance customers who want the convenience of saving online with competitive interest rates,” James Capolongo, head of banking at Barclays US Consumer Bank, said in the release.

The product offers tiered pricing and makes it simpler for customers to earn higher rates and reach their financial goals, according to the release.

Barclays’ online experience allows consumers to open an account, deposit funds or checks remotely, view account balances, and link to other U.S. financial institutions, per the release.

Having high-yield savings accounts offers banks a way to cross-pollinate revenue streams as diverse as credit cards and investment products, PYMNTS reported in 2022. The net interest margin can help fund those initiatives.

FinTechs, too, have found that high-yield accounts help them unlock a relatively cheaper source of capital. Having cheaper capital in hand can in turn boost balance sheet strength and fund operations as deposits reach critical mass.

PYMNTS Intelligence has found that savings accounts may be a key battleground in the competition between banks and neobanks.

Twenty-five percent of consumers would switch from their banks for savings accounts, according to “Personalization Beyond Traditional Banking to Build Financial Wealth,” a PYMNTS Intelligence and NCR collaboration.

The report also found that the race to boost savings rates on accounts — and to lure deposits — is and has been global in scope.

In this competition, the advantage may go to the traditional financial institutions who have the installed base of clients, the financial firepower, and a host of complementary and adjacent revenue streams that the digital-only startups just don’t have.

In the Tuesday press release from Barclays US Consumer Bank, Capolongo said: “Barclays deposits program has been a significant contributor to the US Consumer Bank for over a decade. The Tiered Savings product will elevate our deposits business by unlocking additional value for our customers and bolstering our successful deposits portfolio.”

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It’s part of the British banking giant’s attempt to cut costs amid a $5 billion strategic overhaul, the Financial Times (FT) reported Monday (July 15).

To that end, Lloyds is making a “few adjustments” to its travel policy to slash costs and reduce its carbon footprint, the FT said, citing a memo sent to Lloyds’ corporate and institutional banking staff earlier this month.

The bank is now limiting business class flights to international journeys of more than six hours, while domestic flights should be avoided, the memo said, adding that taxis should only be called when “no other viable or safe method of transportation is available.”

“As we grow and expand our business … it’s important that we also keep a tight grip on our costs — particularly where our personal choices have a great impact,” Nick Laird, Lloyds’ chief operating officer, wrote in the memo. “The clearest example of that is our travel which has both a financial and environmental cost.”

A source told the FT the changes will apply to the bank’s 60,000-member workforce.

The report comes weeks after one by Bloomberg News that another big bank — HSBC — was asking its investment bankers to cut their expenses as lenders around the world anticipate interest rate cuts.

The bank is reportedly slowing hiring by leaving positions open or even pausing new hires altogether. It is also encouraging investment bankers to conduct at least three client meetings per day to make the most of work travel.

These moves are happening amid an anticipated uptick in business travel, as PYMNTS wrote earlier this month.

“The runway toward a corporate travel rebound has been in place, and it has been showing up in earnings and other data over the past several months,” that report said.

For example, Delta Air Lines’ record revenue in its March quarter came in part from demand for business travel, as managed corporate sales climbed 14% year over year.

Management said the trend was poised to continue this summer, with 90% of companies surveyed by the airline saying they expected their travel volumes to increase or stay the same in the June quarter and beyond. 

Likewise, American Express Global Business Travel saw its global multinational customers increase their business travel in the first quarter.

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