Friday December 7, 2018 –
Here are the new and noteworthy stories we have been following this week.
Signature Bank gets NYDFS greenlight for blockchain-based payments system
Signature Bank has received regulatory approval to launch a blockchain-based digital payments platform for commercial clients
Commission seeks feedback on commitments offered by Visa and Mastercard on inter-regional interchange fees
The European Commission is inviting comments on commitments offered by Visa and Mastercard to reduce inter-regional interchange fees.
http://europa.eu/rapid/press-release_IP-18-6655_en.htm
HSBC launches robo-adviser
HSBC UK launches a robo-advisory investment service targeted at its retail banking customers.
https://www.ftadviser.com/investments/2018/12/04/hsbc-launches-robo-adviser/
Hulu Is Venmo’s First-Ever TV Streaming Service Partner
Venmo to be a payment option for new Hulu subscribers.
Retailers Embrace Payment Apps to Sidestep $90 Billion in Swipe Fees
Merchants are trying to use their own payment apps to circumvent the card networks.
CFPB catches flak from banks, credit unions on risks of AI
Bank and credit union advisory boards have voiced industry concerns related to an uneven regulatory framework between traditional FIs and fintech firms.
https://www.americanbanker.com/news/cfpb-catches-flak-from-banks-credit-unions-on-risks-of-ai
For Walmart and Target, the Fed Holds the Keys to Faster Payments
Walmart and Target are pushing the Fed to develop a real-time payments system so they can receive their card network settlements faster.
We can do better on de novos
FDIC Chairman, Jelena Williams is supportive of new bank formation and is seeking public comment on how the de novo application process can be improved..
https://www.americanbanker.com/opinion/fdic-chairman-jelena-mcwilliams-we-can-do-better-on-de-novos
Mobile payment co. Boku acquires Danal for up to $68M to add user authentication
Boku has acquired Danal in a “reverse triangular merger” worth upto $68 million.
Wells Fargo reform plans fail to satisfy Fed after scandals
The Fed has rejected Wells Fargo’s reform plan suggesting that more work is needed before the Fed will lift restrictions.
U.S. Consumer Credit Rose Most in 11 Months in October
U.S. consumer credit rose in October by the most in almost a year to $3.96 trillion.
