The Week in Review

The Week in Review

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.

HSBC launches robo-adviser

HSBC UK launches a robo-advisory investment service targeted at its retail banking customers.

Hulu Is Venmo’s First-Ever TV Streaming Service Partner

Venmo to be a payment option for new Hulu subscribers.*b0&ranSiteID=PPkX79_c.b0-BYP2GWaCYnGAiHOsNoblDA&siteID=PPkX79_c.b0-BYP2GWaCYnGAiHOsNoblDA

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.

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..

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.