In a striking development that has sent ripples through the financial world, the nation’s largest and most prominent banking institutions have recently made headlines. Bank of America layoffs approximately 200 employees from its wealth management unit. Most of them were shifted to the bank’s different units. Only a few lost their job in the bank. …
In the ever-evolving world of technology, a new generation of consumers has emerged, wielding their smartphones as powerful tools for every aspect of their lives. Gen-Z, born and bred in the digital age, embraces the convenience and connectivity offered by their handheld devices. But it’s not just about social media or entertainment; these tech-savvy individuals …
Gen-Z Consumers Feel More Secure Banking via Smartphone Read More »
The passing of the Secure and Fair Enforcement (SAFE) Banking Act in 2021 marked an important turning point for the CBD industry. For the first time, CBD companies were given explicit permission under federal law to access financial services like banking, payment processing, and business lending. However, the implications of the SAFE Banking Act go …
The SAFE Banking Act and Its Affect On Your CBD Business Read More »
Silicon Valley Bank (SVB), a California-based financial institution, was once known as a champion of the tech industry, providing loans and services to many of the biggest names in the sector. However, in March 2023, the bank collapsed, causing shockwaves throughout the financial world. In this article, we’ll take a deep dive into why did …
Why Did Silicon Valley Bank Fail and What Does it Mean for the Banking System? Read More »
In the world of payments, the need for efficiency is greater than ever. Transactions, where someone hands a cashier a bill and receives change, are not only slow, but they’re also expensive. That’s why more businesses are adopting digital payments as an alternative to cash, cards, and coins. Between mobile wallets like Apple Pay, Google …
Mastercard and JPMorgan Launch Pay By Bank-Streamlining ACH Payment Read More »
Bank of America –one of the leading financial institutions in the world, has launched the concept of Account Validation for assisting public sector and corporate clients in the United States of America with solutions related to fraud prevention. The total number of attempts related to digital fraud in the United States of America has gone …
As banks all around are making their ways into the field of digitization, the overall customer expectations are rising day by day. The given digital transformation has been accelerated due to several restrictions imposed during the COVID-19 era. Post-pandemic, study reports reveal what financial and banking institutions can do along with explaining the importance of …
How Banks Use API to Fulfill Commercial Banking, Payment Expectations? Read More »
Bread, a division of Alliance Data Systems Corporation, recently announced its partnership with Sezzle (a fintech payment transfer company that transforms consumer shops). Alliance Data System is a leading provider of payment solutions, loyalty, and data-driven marketing. It provides customized solutions to improve consumers’ behaviors while looking forward to business profitability and growth for well-known …
FDIC: Bank Profits Dropped 36.5 Percent In 2020 The Federal Deposit Insurance Commission or FDIC reports that United States banks saw significantly lower profits in 2020 than in 2019. Banks had earnings of about $147.9 billion in 2020. While the value might seem massive, the tally is 36.5 percent less than they had in 2019. …
On 13th January 2021, the concept of open banking under the Payment Directive Services 2 in the European Union celebrated its third anniversary. Since 13th January, 2018, the concept of open banking went on to become a mandatory regulatory requirement in the United Kingdom. The given concept was put into execution with the purpose of …
Millennials, who are between 18 and 34, are a major market segment for banks and other financial institutions to attract and retain. There are now more than 83 million millennials in the U.S., representing one-quarter of the country’s population and a larger share than baby boomers. Most millennials have spent their entire lives with technology …
How Banks Are Adapting to the Demands of Millennials Read More »
DOJ Approves Creation Of Real-Time Payments Network The DOJ has approved a real-time payment network suggested by two dozen banks who want to provide faster payments to merchants using their merchant services. The DOJ wanted to make sure that this was not a move that would consolidate too much power in too few places and that there is no …
Real-Time Payments Network approved! What Is It? Read More »
Is Goldman Sachs About To Take The Plunge Into Bitcoin? Something as flashy and relatively new to the scene as Bitcoin may not be the first thing you would imagine a company like Goldman Sachs getting themselves involved with. However, they may yet still have a few surprises up their sleeves. Recently, Goldman Sachs has hinted at …
Yesterday the U.K.’s Treasury Ministry ruled to forbid surcharges on debit and credit purchases. The ban is to go into effect January of 2018. In recent years merchants have been imposing surcharges to their customers for using credit or debit cards. They, in essence, were passing along the fees that the merchant would incur from …
On October 21, 2016 there was a DDoS attack that efficiently shut down several internet services for an extended period of time. Some of the websites include Github, Twitter, Spotify, The New York Times, Pinterest, Netflix, and many, many others. As a precaution in case of further attacks, banks are now stockpiling Bitcoin to pay …
Banks Are Hoarding Bitcoin to Protect Against Hackers Read More »