NatWest Banking App Down As Customers Locked Out
Weekly news up to Monday, 2nd of September 2024
👀 NEWS HIGHLIGHT
Goldman Sachs, opens new tab is planning to cut a few hundred jobs as part of an annual review process aimed at low performers, a person familiar with the matter told Reuters on Friday.
The investment bank reinstated performance-related job cuts in 2022 after halting it for two years due to the COVID-19 pandemic.
"Our annual talent reviews are normal, standard and customary, but otherwise unremarkable," a Goldman spokesperson said in a statement to Reuters. "We expect to have more people working at Goldman Sachs in 2024 than 2023."
📊 INFOGRAPHIC
📰ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Goldman, Nomura tap Meta Llama AI models.
⭐️ NatWest banking app down as customers locked out.
⭐️ Crown Agents Bank to Collaborate with Visa on FX and ‘Last Mile’ Payments Across Emerging Markets.
⭐️ Cleafy Expands to the UK: A New Era in Online Banking Fraud Prevention.
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🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
PayPoint and Teya announce new partnership to facilitate cash deposits. Teya customers can now access a convenient cash payment service where they can add funds directly into their business accounts at over 29,000 PayPoint stores across the UK.
Visa has collaborated with Revolut to enable Instant Card Transfers for Revolut Business customers. Powered by Visa Direct, a network that enables real-time payments, Revolut Business customers can now access Instant Card Transfers, sending money across the globe in real-time and securely.
EUROPE 🇪🇺
Bank of New Zealand becomes the first NZ bank to achieve next open banking milestone. BNZ has implemented the Payments NZ Account Information API v2.1 standards, which when open banking is fully operational, will enable New Zealanders to safely and securely share their financial information with approved providers.
bunch embeds banking with Swan to deliver superior investor experience. With the bunch platform, funds and private investors in Germany, UK and the Netherlands, can operate more efficiently, scale more rapidly, and foster stronger relationships with LPs and other stakeholders.
USA 🇺🇸
Evolve partner PrizePool to shut down. According to a report by Jason Mikula from FinTech Business Weekly, Neobank PrizePool is shutting down its consumer app amid an acquisition. Read on
The Federal Reserve Board announced its approval of the application by OakNorth Bank plc, of London, England, to establish a representative office in New York. Read the full press release
Revolut US told users it was migrating from MCB, which was hit with an enforcement action last October, to CFSB. But now, "after careful consideration," Revolut has instead decided to go with Lead Bank (found by Jason Mikula).
Fast-growing immigrant-focused neobank Comun has secured $21.5M in new funding just months after its last raise. The company plans to use its new capital to expand locations and create new products. For instance, Comun recently hired former Nubank and Capital One employees to help it build out a credit product.
Greenlight CEO talks about partnerships, forthcoming features. Going beyond its banking scope, the FinTech that caters to parents and kids sees safety as an area of continued opportunity, said CEO and co-founder Tim Sheehan. Dive into the insights shared in this conversation
CANADA 🇨🇦
Koho rolls out reporting feature to help Canadian renters build their credit history. With its new rent reporting feature, both new and existing Koho customers who pay rent through the platform will have their rent payments reported directly to a credit bureau.
ASIA
GoTyme Bank has raked up 3.7 million users, PHP 17.3 billion in deposits. The rapid growth positions the bank on track to achieve its target of five million customers by the end of the year. PhilStar reported that GoTyme Bank has accumulated PHP 17.3 billion in total deposits during the same period.
Weyay Bank launches new multicurrency prepaid card. The new digital card empowers the bank’s app users to conveniently pay for purchases during travel and make online transactions using the currency they want. Keep reading
HDFC Bank partners with Zeta to offer Credit Line on UPI. The partnership will empower HDFC Bank to launch innovative credit products on NPCI’s CLOU scheme, which allows banks to connect pre-approved credit lines directly to the UPI user base.
Advapay announces exclusive partnership with ICT Misr to deliver Core Banking Solutions in Egypt and Libya. Under this exclusive partnership, ICT Misr will provide comprehensive core banking solutions, including implementation, integration services, and ongoing support to Advapay’s customers in these regions.
TBC Bank Uzbekistan secures $25m from Swiss investor BlueOrchard. These funds will be dedicated to further expanding TBC UZ’s ecosystem. This will contribute to the ongoing growth of the digital bank’s loan portfolio and promote financial inclusion in Uzbekistan, Central Asia’s largest country by population.
AUSTRALIA 🇦🇺
New security feature for businesses to save millions in scams. In a move to help reduce scam losses and make Australia a harder place for scammers to operate, Westpac is extending its payee verification solution to institutional and government clients.