Regions Bank Unveils New Tool to Streamline Cash Flow for Businesses
The Future Of Banking
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?? NEWS HIGHLIGHT
Banco Santander's UK business remains a core part of the Spanish lender's globally diversified business model and the division is not for sale, a company spokesperson said on Thursday.
The Financial Times earlier on Thursday reported that Santander had discussions with NatWest for a potential sale of the Spanish lender's UK retail business, citing people familiar with the matter.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
?? DIGITAL BANKING HIGHLIGHTS
?? Regions Bank unveils new tool to streamline cash flow for businesses.
?? JPMorgan’s Dimon urges Washington to review bank regulations.
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?? REGIONAL HIGHLIGHTS
UK ????
Allica Bank set to triple relationship manager network across the UK. The move comes in response to growing demand for expertise from businesses to help them grow, and at a time when high street banks have been increasingly removing personal support for their established business customers.
ClearBank launches embedded banking solution for SME credit card provider and Capital on Tap. The new business savings accounts will be available to new and existing Capital on Tap customers. Businesses using the accounts will benefit from higher interest rates on their savings, as well as eligible deposits protected by FSCS.
Finastra aligns with Attune on mortgage processing. The partnership with ATTUNE helps optimize the digital lending experience for its mutual customers. Through this integration, the company can help credit unions and banks accelerate the lending process while improving operational efficiency.
EUROPE ????
Revolut has officially announced the expansion of its services to Ukrainians. Residents will be able to seamlessly open a European Revolut account and experience an array of innovative products like sending instant, fee-free P2P transfers to each other.
Revolut eyes up Spain and Europe with installment plans and more. It has unveiled an installment payment option for its credit customers in Spain along with Ireland, and Poland. This feature allows users to split purchases over €50 into fixed installments, offering lower interest rates than traditional 'revolving' credit cards.
Netcompany enters into an agreement with SDC to create ‘the future of banking services’. Together, They will create innovative banking solutions and services to the benefit of current banks running on SDC’s platform, as well as for new banks to be onboarded to the platform in the future.
BBVA drives innovation in its wholesale banking through the integration of BBVA Spark and the group’s Digital Assets & Blockchain strategy. This restructuring strengthens its leadership in advanced financial solutions and the digital transformation of the industry.
Revolut plans to obtain a ?????????????? ?????????????? in Ukraine. According to Dmytro Strelchuk, Head of New Markets at Revolut, the country is a priority market, and obtaining the Ukrainian banking license is part of the company’s long-term strategy. But is not the only one. Click here for more
Commerzbank to cut 3,900 mostly German jobs as it tries to head off UniCredit. The job cuts are expected to take place by 2028 but will be accompanied by hiring outside Germany, meaning full-time positions will remain steady at 36,700, the bank said.
Commerzbank and Visa agree on strategic partnership in card business. The bank will further develop its payment offerings as an important part of its growth trajectory. Customers can look forward to a strong offering with worldwide acceptance, secure online payments, and easy integration into mobile wallets.
USA ????
The Union Bank Company partners with Candescent to enhance digital banking for consumers and businesses. The bank also gains the ability to more effectively reach out to and engage with customers, back-end productivity and efficiency improvements, and stronger fraud mitigation, including continuous verification with CallSign.
nCino acquires iPaaS provider Sandbox Banking. nCino's acquisition of Sandbox Banking introduces an integration hub designed to simplify these processes, eliminate redundancies, and align data across various banking systems, according to the company.
JPMorgan Chase begins about 1,000 layoffs while continuing to hire. The layoffs are part of the “regular management of the business,” the bank will try to relocate the impacted employees, and it continues to hire in many areas, with 14,000 open positions.
ASIA
Standard Chartered to help ChinaAMC launch tokenized retail money market fund. The move will see the company use Libeara, an incubated tokenization platform from SC Ventures. It will use the platform to build its money market fund with a suite of securities and technology to facilitate tokenization of the fund, fiduciary, fund administration, custody, and cash services.
Fawry to launch money transfer service soon. The company aims to promote digital payment acceptance solutions during 2025 after the sector recorded 100% growth, according to the CEO. He also indicated that the company is reevaluating the feasibility of applying for a digital bank license.
MOVERS AND SHAKERS
Monzo’s COO Sujata Bhatia to exit after five years. Bhatia, a former American Express executive, pointed to some Monzo highlights during her tenure, including the challenger backing becoming full-year profitable. Continue reading