Nationwide Building Society Alerts Customers To 'Delayed payments' On App
Weekly news up to Monday, 26th of August 2024
👀 NEWS HIGHLIGHT
Hundreds of financial firms are struggling to comply with a new UK regime designed to rein in online payment scams before an Oct. 7 deadline after one of the worst summers for fraud.
The incoming rules from the Payment Systems Regulator require all British banks, FinTechs, and payment companies to refund fraud victims within five days. But many firms aren’t prepared for a key system underpinning the settlement framework, people familiar with the matter said.
📊 INFOGRAPHIC
💡INSIGHTS
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Nationwide Building Society alerts customers to 'delayed payments' on app.
⭐️ Deutsche Bank (DB) Settles 60% of Claims Related to Postbank Takeover.
⭐️ What Is an Intermediary Bank? How It Works & Fees Explained.
⭐️ C-Innovation Ranked the Fastest-Growing Digital Banks In Europe.
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🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
The Bank of England is working with the BIS Innovation Hub London centre on a project that will explore how technology can enhance the analytical use of ISO 20022 data to shed light on economic conditions, system liquidity and compliance.
Travelex launches new redesigned app for the Travelex Money Card, powered by Mastercard. The new app, which has been developed from scratch and replaces the old TMC app, has been redesigned with simpler navigation and reduced complexity in mind. will also offer greater stability and reliability compared to its predecessor.
EUROPE 🇪🇺
nCino, a cloud banking provider for the global financial services industry, announced that ABN AMRO, one of the largest banks in the Netherlands, is live on nCino’s Cloud Banking Platform. By implementing nCino, ABN AMRO is enhancing collateral management and consolidating multiple legacy systems into a single platform.
USA 🇺🇸
Treasury Prime partners with Kobalt Labs to bring AI-Powered compliance to its bank network. Banks in Treasury Prime’s network now have the option to leverage Kobalt Labs to better manage their third party diligence with AI, including the ability to streamline legal, compliance and infosec diligence in one platform.
Majority of FinTech partner banks report losses over compliance. According to identity risk management platform Alloy’s “2024 State of Embedded Finance” report, an estimated 75% of sponsor banks have suffered losses of $100,000 or more as a result of compliance violations, including fines and direct financial losses.
Three executives from Evolve, a crypto-friendly bank that suffered a data leak affecting at least 7.6 million customers, have all reportedly left their jobs. The bank's Chief Credit Officer, Corporate Controller, and Chief Lending Officer-Open Banking have all recently left the bank.
CANADA 🇨🇦
Equitable Bank launches new financing option to support homeowners and increase urban housing density. The Laneway House Mortgage is the latest addition to the Bank's array of efforts that support housing densification, including lending towards the development and renovation of multi-unit residential projects.
LATAM
Agibank posts record 200% growth in half-year net income. The institution's loan portfolio advanced 53.0% year-on-year, reaching R$19.1 billion, standing out for growing five times faster than the market. Find out more
Nubank has finalized negotiations for seven new agreements to expand the offering of NuConsignado, its 100% digital payroll loan service. The new contracts include the three branches of the Brazilian Armed Forces, as well as the municipalities of São Paulo, Rio de Janeiro, and Belo Horizonte and the state of Paraná.
ASIA
National Bank of Egypt collaborates with Mastercard to issue Egypt’s first touch Card empowering visually impaired customers. Dr. Maya Morsy, Minister of Social Solidarity, expressed deep pride in the launch of the Touch Card, a key initiative aimed at advancing financial inclusion for visually impaired individuals, in alignment with national directives.
The Bank of Israel has issued Revolut a unique identification code, marking its official entry into Israel's regulated Payment System. The code allows Revolut to assign payment account numbers, streamlining identification within the system.
Swiss banks dive into instant payments, capturing 95% of retail transactions. The country has moved closer to a cashless society with its new instant payment scheme. The Swiss National Bank (SNB) and financial infrastructure operator SIX made the announcement on Wednesday.
South East Asian neobank Fingular surpasses four million customers. In July, the neobank hit 4 million registered customers in South and Southeast Asia, making it a serious competitor to both traditional and neobanks in the region and globally, just weeks after achieving profitability in Malaysia within 9 months of launch.
AFRICA
Kenya’s NCBA delays Ghana digital-banking start to 2025. NCBA Group is postponing plans to roll out digital-banking services in Ghana to 2025 after regulators in the West African nation changed some rules and asked the lender to reapply, Group Chief Executive Officer John Gachora said.