Friday March 9, 2018 –
Here are the new and noteworthy stories we have been following this week.
Amazon is considering offering something like checking accounts, report says
Amazon is in talks with Chase and Capital One about a checking account product.
http://www.latimes.com/business/la-fi-amazon-checking-account-20180305-story.html
The New ID Theft: Millions of Credit Applicants Who Don’t Exist
Synthetic-identity fraud is one of the fastest growing forms of identity theft—and the hardest to spot and combat.
Citi developing digital-only bank, CFO says
Citigroup is planning to introduce an online bank that will be marketed on a nationwide scale.
https://www.americanbanker.com/news/citi-developing-digital-only-bank-cfo-says
Co-op partners Mastercard to trial in-aisle mobile payments
The Co-op has teamed up with Mastercard to trial a new app at the retailer’s support centre in Manchester ahead of a wider rollout this summer.
Ripple develops blockchain-powered payment app with 61 banks to speed up transactions in Japan
Ripple has developed a payment app that settles transactions instantly, in partnership with a consortium of 61 Japanese banks.
US looks to loosen Dodd-Frank crisis-era banking rules
The US Senate is poised to loosen banking rules instituted in the wake of the 2007-2009 financial crisis.
http://www.bbc.com/news/business-43321236
Atom Bank raises £149m from shareholders
Atom Bank receives new investment from BBVA and Toscafund.
https://www.ftadviser.com/investments/2018/03/07/atom-bank-raises-149m-from-shareholders/
Banks Want a Bigger Piece of Your Student Loan
Private lenders are pushing to break up the government’s near-monopoly in the $100 billion-a-year student-loan market.
https://www.wsj.com/articles/banks-look-to-break-governments-hold-on-student-loan-market-1520418600
FinTech: Commission takes action for a more competitive and innovative financial market
The European Commission unveiled an Action Plan on how to harness the opportunities presented by technology-enabled innovation in financial services (FinTech).
http://europa.eu/rapid/press-release_IP-18-1403_en.htm
BBVA, Visa and ABN Amro join investment in German fintech group
solarisBank receives funding from BBVA, Visa, and ABN Amro.
https://www.ft.com/content/5f99de8c-22bc-11e8-add1-0e8958b189ea
Swift say blockchain not ready for mainstream use
Swift say that progress is needed before blockchain can handle bank cross-border payments.
https://www.ft.com/content/966f5694-22c6-11e8-ae48-60d3531b7d11
Five banks open up trillion-dollar gold club
The five banks (HSBC, Chase, Scotiabank, UBS, and ICBC Standard) that settle every transaction in London’s $6.8 trillion a year gold market are changing the rules of their clearing house to make it easier for newcomers to join.
https://www.cnbc.com/2018/03/08/five-banks-open-up-trillion-dollar-gold-club.html
