TBC Uzbekistan Launches Salom Card, Its New Flagship Daily Banking Product
The Future Of Banking
?? ??????????-?????????? ???????????????? ?????????????????? ???? ?????? ???????????? ???? ??????????????
?? NEWS HIGHLIGHT
BIAN, the independent, non-profit standards association, has launched the fourth version of its Coreless Banking Initiative.
Developed collaboratively with members such as Wells Fargo, Bangkok Bank, Bantrab, IBM, Salesforce, SID Global Solutions, Zafin, TCS, Envizion, Solace, and Temenos, this new iteration represents an expansion of its work to streamline banking operations and improve customer retention.?
??ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? DIGITAL BANKING HIGHLIGHTS
?? TBC Uzbekistan Launches Salom Card, its New Flagship Daily Banking Product .
?? Agent IQ and Narmi announce strategic partnership to improve digital banking experiences .
?? Wells Fargo rolls out Paze online checkout option to customers .
?? CFPB fines VyStar Credit Union $1.5m for botched banking system update .
Stay Updated on the Go. Join my new Telegram channel for daily updates and real-time breaking news. Stay informed and connect with industry enthusiasts —subscribe now!
?? REGIONAL HIGHLIGHTS
UK ????
Metro Bank has launched a switcher incentive for small businesses, offering free business banking for two years to those who complete a full switch via the Current Account Switching Scheme. Read more
Visa and ClearBank form real-time payments partnership. By leveraging ClearBank’s cloud-native banking infrastructure, Visa aims to benefit from real-time payment processing, improved transaction visibility, and streamlined reconciliation. Read more
Afin Bank partners with Thought Machine to launch a New Digital Bank for Africans in the UK. Afin Bank’s services will include savings accounts , residential mortgages, and buy-to-let (BTL) mortgages for Africans in the UK, as well as BTL mortgages for those abroad looking to invest in UK property.
Triodos Bank’s UK CEO Bevis Watts to step down in 2025. He will continue to lead Triodos Bank UK until June 2025, with the bank confirming a “recruitment process for his successor is underway”. Continue reading ?
Banco Santander, Lloyds Banking Group, and UBS successfully settle pilot uncleared margin transfers in the Sterling Fnality Payment System. This proof-of-concept demonstrates Fnality’s use of ￡FnPS for bilateral margin payments , marking the first regulated DLT system for settling inter-bank derivatives margin.
EUROPE ????
Santander CEO says more than 1,400 UK bank jobs are being cut. CEO Hector Grisi confirmed a reduction of 1,425 positions but did not provide a timeline for the previously announced layoffs. This redundancy plan reflects the global shift towards online banking and heightened competition in Britain's mortgage market.
Westpac hit by another round of online glitches. The bank says it’s working urgently to fix the problems . “Over the past week, a small number of customers have experienced issues logging into Westpac One online banking,” a Westpac spokesman said.
Revolut and Upvest to streamline digital investment process. The collaboration enables Revolut to introduce ETFs and fractional European stocks, enhancing its product offerings. Upvest’s API allows for efficient product launches and faster market entry. Click here to learn more
USA ????
Citi and Google Cloud announce strategic agreement to modernize Citi’s technology infrastructure and drive innovation. Through the collaboration, Citi will migrate multiple workloads and applications to Google Cloud's secure and scalable infrastructure.
SoFi CEO pushes back on bearish speculation about capital raise. The company shares fell despite a profit forecast and third-quarter earnings beat, unable to sustain a 40% rally over the past month. CEO Anthony Noto stated, “I think we’re seeing some of that being taken off the table ,” in an interview on Bloomberg TV Tuesday.
JPMorgan begins suing customers who allegedly stole thousands of dollars in ‘infinite money glitch.’ The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August.
nCino to buy FullCircl for $135M in cash. The acquisition will enhance nCino's onboarding and client lifecycle management capabilities. Acquiring FullCircl strategically boosts nCino's data and automation strengths while expanding its reach in the UK and Europe.?
JP Morgan affiliates to pay $151 million to resolve SEC enforcement actions. The SEC charged J.P. Morgan Securities and J.P. Morgan Investment Management Inc., in five enforcement actions for misleading disclosures , breach of fiduciary duty, prohibited joint transactions, principal trades, and failing to act in customers' best interests.
Starling Bank launches in-app bank impersonation detector. Starling has launched an in-app tool to help customers identify and protect themselves against scammers posing as banks, as fraud cases involving criminals impersonating bank representatives are on the rise, official figures show.
September 18, 1958 is a historic day in Banking and FinTech.
On September 18, 1958, Bank of America pulled off one of the bolderst financial experiments. They mailed 60,000 unsolicited BankAmericards to Fresno residents—no applications, just $500 in instant credit!
The result? Chaos, fraud, and nearly 22% delinquencies. Click here to learn more
Chase expands availability of business intelligence platform. Chase's Customer Insights platform, previously exclusive to Chase Payment Solutions clients, now analyzes aggregated, anonymized transaction data and peer benchmarks to provide business owners with insights on customer behavior.?
AUSTRALIA ????
Up, the neobank for millennials and Gen Z, aims to engage more customers as it reaches the one million customer milestone. The neo bank reached 920,000 customers in June, reflecting a 29% growth for the year ending June 2024 . Its growth is attributed to its entrepreneurial roots and lack of traditional financial services background, which CPO Anson Parker calls "our unfair advantage."
AFRICA
Standard Bank partners with Volante to revolutionize payment systems across Africa. The partnership, now live in South Africa , uses Volante’s Payments as a Service (PaaS) and Embedded Preprocessing to centralize multiple payment formats and standards into a single system, working alongside existing infrastructure.