PYMNTS

JANUARY 15, 2021

The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan. 15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). financial system.”.

Banking 107

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PYMNTS

JULY 30, 2020

The Bank of England (BoE) is pushing ahead with an overhaul of a key part of the United Kingdom’s financial payments infrastructure. The new system, slated to debut in 2022, will also have the capability to handle a central bank digital currency (CBDC), such as a digital pound, CoinDesk reports.

Currencies 63

Currencies Banking Risk Management Financial Systems 63

PYMNTS

MAY 13, 2020

The Bank of Mauritius is progressing toward providing a central bank digital currency (CBDC) per its governor, CoinDesk reported. Seegolam noted that any digital currency would need to be distributed via the current banking system to steer clear of the risk of putting the island’s financial system in an uneven position.

Currencies 61

Currencies Banking Forecasting Financial Systems 61

Global Finance

OCTOBER 11, 2024

Global Finance presents its 31st annual list of best banks worldwide. Banks face an uphill battle as supply chains remain disrupted, regional conflicts continue to build, and the fear of bank failure returns. Industry leadership, advancements in digitalization and corporate citizenship also factored in.

Banking 105

Banking Foreign Exchange Profit and Loss Finance 105

PYMNTS

MARCH 22, 2019

Agustin Carstens, the general manager at the Bank for International Settlements , said that banks shouldn’t issue their own bitcoin-like tokens because it could undermine global financial stability, as well as monetary policy, according to a report by Bloomberg.

Banking 69

Banking Currencies Financial Systems Retail 69

PYMNTS

NOVEMBER 8, 2016

And just like that, two swaths of Indian currency are gone. As reported by the BBC , taking those notes out of the financial system represents an effort to stymie fraud efforts, corruption and what the site noted as “illegal cash holdings.” 10 and extending through Dec.

Currencies 59

Currencies Financial Systems Banking Marketing 59

CFO News

FEBRUARY 16, 2024

Vasudevan, an executive director at the Reserve Bank of India (RBI), stated that cryptocurrencies lack underlying value and therefore cannot be considered as currencies. The RBI has expressed concerns about cryptocurrencies like Bitcoin, citing potential systemic risks to financial systems.

Currencies 52

Currencies Financial Systems Banking 52

Global Finance

SEPTEMBER 4, 2024

Global Finance magazine interviewed Brazil Central Bank President Roberto Campos Neto, who has been at the helm since February 2019. In this interview, Campos Neto shares his insights on the global economy, Brazil’s economic outlook, the resilience of Latin American economies, and the importance of central bank independence.

Banking 99

Banking Economics Currencies Finance 99

PYMNTS

OCTOBER 23, 2018

The SBI Group plans to license Sepior ApS ’ wallet technology to use in its own wallet, which will become a part of its digital currency exchange platform, the company said in an announcement. Work remains to be done to determine how it can be set up to maximize the benefits for the whole financial system.”.

Startups 76

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PYMNTS

NOVEMBER 10, 2020

Many consumers move to new countries to pursue economic opportunities, but adjusting to these locations also requires learning the ins and outs of new financial systems — a transition that can be filled with friction. How Rayo Delivers Immigrant-Focused Financial Services. Consumers who move to the U.S.

Banking 86

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PYMNTS

DECEMBER 13, 2019

With the belief that it could cause instability within the country’s financial system, the government of Switzerland spoke against making a central bank digital currency available to the public. Instead, it would give rise to new risks, especially with regard to financial stability.”.

Currencies 40

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PYMNTS

MAY 2, 2019

To that end, Invest In Blockchain reported that Mark Carney, governor of the Bank of England, said that the central bank should gear up for a “fourth industrial revolution” that includes at least some impact to payments, chiefly through blockchain and decentralized systems. Also in the U.K.,

Banking 78

Banking Strategic Planning Currencies Financial Systems 78

PYMNTS

JANUARY 3, 2020

Digital currencies, yes – but with limits. According to a paper that debuted this week from the European Central Bank (ECB), central bank currencies in digital form have their uses, but individuals should be dissuaded from holding too much of a hypothetical digital euro.

Currencies 52

Currencies Banking Financial Systems Retail 52

PYMNTS

JULY 13, 2020

The nation’s banks hoping to use COVID-19 as an excuse to shutter branches or get permanent concessions from regulators better think again, the Financial Times reported. Brian Brooks , Acting Comptroller of the Currency, an independent agency within the U.S. Brooks told U.S. Brooks told U.S.

Banking 68

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PYMNTS

JUNE 21, 2019

The head of Germany’s central bank warned about stablecoins, which are cryptocurrencies tied to traditional currencies, according to a report by Reuters. Jens Weidmann said that if the new currency becomes widely used, it could undermine banks. This might disrupt transaction banking and financial market intermediation.”.

Banking 59

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PYMNTS

DECEMBER 3, 2020

Today in B2B payments, Visa embraces the USDC digital currency for corporate payments. Plus, Basware enhances its accounts payable (AP) offering, CardUp eases commercial card adoption, Kofax adds new AP features and the Federal Reserve eyes bank lending. Visa Teams With Circle on USDC Digital Currency Corporate Card.

Currencies 60

Currencies B2B Accounts Payable Invoicing 60

PYMNTS

DECEMBER 5, 2019

5) that digital currencies like Facebook’s Libra have no place in the European Union unless the consequences and pitfalls are adequately sorted out, Reuters reported. “No As a cryptocurrency, Libra is considered a stablecoin because it would be backed by traditional currency or securities.

Currencies 52

Currencies Finance Financial Systems Banking 52

PYMNTS

AUGUST 29, 2019

Global payments company MoneyGram announced a new partnership with HD Bank in Vietnam to provide a home delivery service, MoneyGram said in a press release on Thursday (Aug. MoneyGram is committed to enhancing our product offerings in Vietnam and we believe this is a progressive and mutually rewarding step towards that goal.”. local time.

Banking 75

Banking Currencies Financial Systems Technology 75

PYMNTS

JULY 1, 2020

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). Additional steps may be necessary to properly segment and secure bank networks if employees use personal devices to connect to bank systems,” the OCC wrote.

Compliance 66

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Spreadym

OCTOBER 20, 2023

A multi-currency account reporting refers to the financial reporting and tracking of transactions in multiple currencies within a single account or financial system. Here's how it works: Multiple Currency Support: In a multi-currency account, you can hold balances in different currencies simultaneously.

Currencies 52

Currencies Accounting Risk Management Compliance 52

PYMNTS

OCTOBER 5, 2020

Banks Oppose Idea Of Possible Big Tech Banking Charters. House committee started to look at the idea of letting firms like Facebook or Amazon get charters to run as banks. The banking industry, however, is against the idea. “We Last week, a U.S. European Commission To Appeal Apple State Aid Decision.

Banking 91

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PYMNTS

AUGUST 6, 2020

Goldman Sachs has named Matthew McDermott its new global head of digital assets, in a move signaling the bank’s renewed commitment to that area of banking, CNBC reported. That comes despite Goldman Sachs’ own track record, in which the bank asserted that bitcoin wasn’t an asset class.

Forecasting 103

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CFO News Room

NOVEMBER 18, 2022

Why this new book, focusing on central banks and their influence? Nomi Prins: Since the financial crisis, one of the themes in my books is money and power. LP: You place the roots of this trouble in 2008, a year which, you point out, increased the power of central banks. economy and Wall Street.

Banking 100

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PYMNTS

NOVEMBER 22, 2018

The reconsideration comes, according to the Times , as half of Sweden’s retailers have said they will stop accepting hard currency within the next few years. Regulators are now prodding banks to keep notes in circulation, as they mull what happens in various scenarios tied to the country’s digital eKrona currency.

Currencies 80

Currencies Financial Systems Banking Retail 80

PYMNTS

APRIL 22, 2020

But when it comes to establishing operations abroad and managing money throughout the globe — whether it be reconciling finances across multinational business units or paying suppliers in foreign currencies — the challenges are vast. Yet the traditional banking infrastructure can limit that globalization. ”

Currencies 96

Currencies Advertising B2B Finance 96

Global Finance

DECEMBER 26, 2024

Ashley Pater: Modular solution architecture allows companies requiring a flexible approach to FX risk management to adopt the specific functionalities that meet their needs without committing to an inflexible, one-size-fits-all system. This interconnectedness ensures accurate, real-time financial insights.

Treasury 57

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PYMNTS

JUNE 2, 2020

Brooks , Acting Comptroller of the Currency, said in a series of letters that some states’ long-term efforts to curb the coronavirus could lead to reduced real estate values and debt payments. The closures, Brooks said, were seemingly “indefinite” in some states, a press release from the Office of the Comptroller of the Currency (OCC) said.

Banking 52

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PYMNTS

JULY 16, 2019

“With respect to Facebook’s Libra and other developments in cryptocurrencies, our overriding goal is to maintain the integrity of our financial system and protect it from abuse,” he said. “We He added that the crypto is not intended to compete with principal currencies and won’t interfere with monetary policy.

Treasury 75

Treasury Securities Currencies Financial Systems 75

PYMNTS

MARCH 24, 2020

The first online bank in Hong Kong, ZA Bank, opened on Tuesday (March 24), according to reports. The bank is a unit of China’s ZhongAn Online P&C Insurance Co. In 2019, Hong Kong issued about eight digital banking licenses to companies like Ant Financial, and a team-up of Tencent and Standard Chartered.

Banking 54

Banking Currencies Financial Systems Accounting 54

PYMNTS

DECEMBER 9, 2016

According to the report, the move on the part of the Indian government is a direct result of its move to take high currency notes out of the system. The government recently banned currency in the 500-rupee and 1,000-rupee denominations. million online point-of-sale terminals issued by Indian banks.

Currencies 76

Currencies Financial Systems Banking Sales 76

PYMNTS

NOVEMBER 2, 2020

The financial ministry expects to kick off phase two, regarding licensing requirements, in June 2021, the release stated. Their research will begin with a proof-of-concept for a CBDC operated on distributed ledger technology (DLT) to test the proposed coins’ use cases in payment settlements, the release stated.

Banking 64

Banking Risk Management Compliance Currencies 64

Global Finance

OCTOBER 10, 2024

Australia Michele Bullock: Too Early To Say Reserve Bank of Australia veteran Michele Bullock took the helm as the bank’s first female governor in September last year during intense soul-searching at the institution, which had come under critical scrutiny during the tenure of her predecessor, Philip Lowe.

Benchmarking 90

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PYMNTS

JUNE 17, 2019

banks in upcoming years, but the regulation and testing processes are convoluted and complicated for institutions in both spaces to assess, according to a report by the Financial Times. Several regulators want to come up with a multi-agency cybersecurity approach that tests banks in a coordinated way.

Banking 53

Banking Credit Risk Currencies Financial Systems 53

PYMNTS

JUNE 19, 2019

The success of this venture depends on its trusted and safe integration with the existing financial system,” Facebook said on Tuesday. The currency, Facebook said, would be backed by existing currencies and hard assets.

Treasury 77

Treasury Currencies Financial Systems Finance 77

PYMNTS

JUNE 20, 2019

government will respond to the introduction of new digital currencies. The Wall Street Journal is reporting that the Federal Reserve and the Senate Banking Committee will both closely scrutinize the implementation of Libra. Libra won’t, he said, displace the current currency system, or complicate monetary policy. “I

Currencies 67

Currencies Financial Systems Banking eCommerce 67

PYMNTS

JANUARY 29, 2019

Syria and Iran governments have come to an agreement to enable bank transactions between the countries, reported Reuters. Western restrictions have hurt bank transactions between Iran and Syria, as has Syria’s access to the international financial system. Syria, noted the report, is looking to Iran to help it rebuild.

Banking 46

Banking Currencies Financial Systems Investments 46

PYMNTS

SEPTEMBER 14, 2016

government seems to be accepting the positive impact that digital currencies and blockchain could have on legacy financial systems, according to Business Insider. According to the resolution, digital currencies increase transparency and provide more secure payment authentication. 12) by the U.S.

Currencies 78

Currencies Financial Systems Securities Technology 78