Monzo Introduces Trio Of New Fraud Controls
Weekly news up to Monday, 8th of July 2024
👀 NEWS HIGHLIGHT
Monzo has introduced a trio of security controls to help customers diminish the prospect of fraudulent payments out of their accounts from phone theft, shoulder surfing or impersonation scams.
The controls, which are called Known Locations, Trusted Contacts and Secret QR codes, are opt-in for customers and will be rolled out over the coming weeks.
Customers need to have at least two of these controls set up and can choose the limits at which each control is activated when making bank transfers or instant access savings withdrawals from pots.
📰 ARTICLE OF THE WEEK
Prior to recent news of a $545M profit, and that it was seeking an updated $40bn valuation, Revolut added a number of new features to its app.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Plumery and Fimple forge challenger bank technology pact.
⭐️ Wise says some customers affected by Evolve Bank data breach.
⭐️ Central Bank may delay Revolut plans to offer mortgages from early next year.
⭐️ German FinTech Vivid Money buys Pile’s treasury solution.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
UK bank customers hit by payment delays. Thousands of major bank customers in the UK have been hit by payments problems that has seen some people not receiving their salaries.
Revolut Surpasses $2.2 Billion in Revenue and Achieves Record Profits of $545 Million in 2023. The boss of British financial technology giant Revolut told CNBC he is optimistic about the company’s chances of being granted a U.K. banking license, as a jump in users saw the firm report record full-year pre-tax profits.
JP Morgan revealed that Ant International, the affiliate of China’s Alipay, has processed billions of dollars in transactions using JPM Coin. Ant supports payments for 1.2 billion buyers and 2 million sellers in over 200 countries.
EUROPE 🇪🇺
In line with the latest payment technologies and to enhance the customer experience, Kuwait Finance House (KFH) has launched a new digital service called (WAMD). This service allows customers to send and receive money instantly and for free using their mobile numbers, 24/7.
Revolut could enter the Irish mortgage market as early as next year. The company has confirmed it is “actively working tirelessly” towards building a mortgage offering for its Irish customers.
FINOM Launches Local IBAN for Business Accounts in Spain. The launch of local IBAN accounts for Spain complements FINOM’s existing offerings of banking services, competitive FX rates, and robust account payables and receivables capabilities.
LATAM
Data From Nubank reveals: 43% of Consumers Who Obtained First Credit Card with Nu Have Also Boosted Savings. The study focuses on the journey “towards a sustainable financial life in the long term and showed that, over a period of five years until December 2023, Nubank enabled nearly 21 million (20.7 million) Brazilians to access their first credit card.”
ASIA
Tonik And Gupshup Collaborate On Generative Ai Chatbot For Digital Banking Innovation. The innovative solution aims to provide Tonik's customers with instant and accurate answers to frequently asked questions, revolutionizing the way they interact with their bank.
The Hong Kong Monetary Authority (HKMA) and the Banque de France (BdF) have joined forces to explore the use of wholesale central bank digital currency (CBDC) and tokenisation for cross-border transactions.
MOVERS AND SHAKERS
Mambu hires Mark Geneste as chief revenue officer. Prior to joining Mambu, Geneste was the Chief Commercial Officer at Backbase, an engagement banking platform.
ING Appoints Anjila Thomas as Head of Sectors in the UK. Her position as a member of the UK Management Team representing all Sector Teams will continue, where her leadership will play a crucial role in driving ING’s Commercial strategy and achieving ING’s ambition to be recognised as the best European bank.