Tag: Banking

Digital Banking News: BoA Launches Life Plan

In today’s top news in digital-first banking, Bank of America has launched its Life Plan program, while United Airlines and Chase Card Services launched a United Gateway credit card. Plus, NCR Corp. unveiled its new generation of automated teller machine (ATM) operating software.

BoA Expands Into Digital Financial Planning for Consumers

Bank of America has rolled out its Life Plan program, which can be accessed via the financial institution’s website and mobile app. It lets users choose and prioritize financial aims in arenas such as giving, leisure and health, among other areas. To talk about how to attain certain financial aims, users can also tap into the bank’s network of financial professionals, with the option to make individual appointments.

United Airlines, Chase Card Services Launch No-Fee Credit Card

United Airlines and Chase Card Services have rolled out a United Gateway credit card that

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Starling’s online banking rollout increases growth potential

  • Starling launched an online portal for personal and joint account holders, joining the small rank of its peers offering online banking.
  • And online banking could extend customer lifetime value for Starling, by enabling functionality that mobile is poorly equipped to handle.
  • Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about subscribing here.

The UK-based neobank launched online banking for personal and joint account holders, its first foray into a non-mobile channel for personal account holders, per AltFi.

reasons UK digital bank users feel negative about their banks

Starling Bank launched an online portal for personal and joint account holders.

Business Insider Intelligence

The launch follows the release of Starling’s online banking portal for SMB customers last fall. The pitch at the time was that online access would help businesses manage more complex finances, like setting up recurring payments and exporting statements. It was also a requirement

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Fideuram – Intesa Sanpaolo Private Banking And REYL & Cie SA To Enter Into Long-term Strategic Partnership

– Fideuram – ISP PB will acquire a 69% interest in REYL and contribute to REYL its wholly-owned Swiss banking subsidiary Intesa Sanpaolo Private Bank (Suisse) Morval

– Following the transaction, the combined bank will remain headquartered in Geneva and will count close to 400 employees, AUM of over CHF 18 Bln and regulatory shareholders’ equity of about CHF 250 Mln

– Implementation of joint long-term strategic plan encompassing all REYL business lines

MILAN and GENEVA, Oct. 5, 2020 /PRNewswire/ — Fideuram – Intesa Sanpaolo Private Banking (Fideuram – ISP PB), the private bank division of the Intesa Sanpaolo Group and REYL & Cie SA (REYL), an independent and diversified banking group headquartered in Geneva, announce they have agreed on the terms of a strategic partnership by which Fideuram – ISP PB will acquire a 69% interest in REYL and will contribute to REYL its wholly-owned Swiss bank

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Currensea issues SME Open Banking travel card

British fintech Currensea is today launching a first-of-its-kind open banking debit card for small businesses, enabling them to make international transactions through their existing bank account without any of the charges and with low fees competitive with the leading challenger banks.

The new debit Mastercard frees users of the hassle, admin and due diligence required when creating and managing multiple business accounts. Currensea also offers 16 interbank currencies, including the South African Rand and Thai Baht, which no other UK provider currently offers fee-free. Its physical cards are developed by payment services provider, allpay.

Currensea’s business debit card costs just £5 a month – or £50 for 12 months – and comes with features including:

The best exchange rates possible
0% FX charge, compared to the average 3.25% bank charge
16 interbank currencies
24/7 interbank exchange rates
Zero ATM withdrawal fee up to £500/month
No hidden charges

Founded in

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Young People Want Jobs in Innovation-first Industries; Banking and Strategic Consulting Lose Some Luster

STOCKHOLM, Oct. 1, 2020 /PRNewswire/ — Universum’s World’s Most Attractive Employers rankings show students entering the workforce are doubling down on financial security and innovation; “high future earnings” is the number one priority when weighing a potential employer (and a bigger priority than in 2019), followed closely by “innovation” for engineering and IT students (chosen by 46%). For all students surveyed, Google, Apple and Microsoft were the top three employer brands. In 2020, among the companies gaining the most points in the rankings: Amazon, Volkswagen, J.P. Morgan, Daimler AG, Philips and LVMH.

“This year we witnessed interesting shifts in industry preferences among students across the globe,” explains Richard Mosley, chief strategist at Universum. “Careers in professional services, banking and strategic consulting all dropped in prestige, while careers in IT, automotive and even manufacturing rose significantly. What we are witnessing is a strong desire among students to work for

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Cowen to Acquire Investment Banking Business of MHT Partners, Further Deepening Coverage of Middle-Market and Private Equity Investors

The MarketWatch News Department was not involved in the creation of this content.

Cowen Inc. (NASDAQ: COWN) (“Cowen” or the “Company”) today announced that it has signed a definitive agreement to acquire substantially all of the assets of MHT Partners, LP (“MHT Partners”), an investment bank focused on representing innovative companies in growing markets. Based primarily in Dallas and San Francisco, MHT Partners’ investment banking team is expected to join Cowen under the agreement. Terms of the acquisition, which is not material to Cowen from a financial perspective, were not disclosed.

“Cowen’s momentum in investment banking reflects our commitment to serving the dynamic companies that fuel the global economy. Accelerating that strategy, we welcome MHT Partners’ impressive banking team to the Cowen platform,” said Larry Wieseneck, Co-President of Cowen and Company. “The MHT team provides deep industry knowledge and relationships,

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Mphasis partners with fintech platform Upswot to offer marketing insights though alternative data for business banking

NEW YORK, Sept. 22, 2020 /PRNewswire/ — Mphasis, an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its strategic partnership with US-based Upswot, a fintech startup, that provides an innovative technology platform to help banks and other financial institutions increase sales and marketing insights for business banking customers, through alternative data.

The partnership will focus on creating a joint solution offering to help US-based regional and global banks increase revenue and provide insight-driven services to their SMB and mid-market customers. The solution will enable access to over 120+ apps typically used by SMB and mid-market customers and combine with sophisticated KPI-oriented analytics on top. The offering is intended to provide a powerful overall digital experience for the bank’s customers as well as the bank’s relationship managers.

The platform is an add-on to online banking and on-boarding that motivates SMBs and mid-market businesses to provide

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Goldman Sachs Is Partnering With Walmart to Expand Its Consumer Banking Business

Until a couple of years ago, Goldman Sachs (NYSE:GS) was almost exclusively an investment bank. However, over the past few years it has started to make a big push into the consumer banking side of the business. First, it rolled out the Marcus brand, which offers personal loans and high-yield savings accounts. Then, Goldman jumped head-first into the credit card business by partnering with Apple (NASDAQ:AAPL) to launch the Apple credit card product.

More recently, Goldman introduced an investment platform for everyday Americans, and partnered with Amazon (NASDAQ:AMZN) to provide small business credit lines to merchants. And as if pairing up with Amazon didn’t give Goldman enough reach into the e-commerce world, another major partnership was just announced.

Man holding fanned-out $100 bills

Image source: Getty Images.

Goldman and Walmart are teaming up

The latest expansion of the Marcus brand’s reach comes in the form of a small business lending partnership with Walmart (NYSE:WMT).

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Banking Central | An ‘Aatmanirbhar’ interest waiver solution on the cards?

a close up of a sign: Banking Central | An ‘Aatmanirbhar’ interest waiver solution on the cards?

© Dinesh Unnikrishnan
Banking Central | An ‘Aatmanirbhar’ interest waiver solution on the cards?

The final outcome of the ongoing interest waiver case in the Supreme Court is anybody’s guess. Thousands of borrowers who availed moratorium facility are anxiously awaiting an answer. Borrowers obviously want a full waiver of the interest amount during the six months moratorium period. If there is no waiver, they will be charged compound interest and the loan repayment burden will significantly shoot up. And if that happens then banks will have to take a substantial hit—RBI estimates this at around Rs 2 lakh crore.

It is fair to expect that considering the opposition from the RBI and the government, the SC may stop short of ruling for a total waiver. The court could limit its view suggesting that compound interest, or interest-on-interest, shouldn’t be charged to the borrower as it amounts to a penalty. That

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‘When Can I Shred This Check?’ and Other Online Banking FAQ | Personal-finance

Bank customers should download or print statements and save them for at least a year, to reference at tax time and beyond.

As the COVID-19 pandemic leads banking customers to lean into online technology to manage their money, those trying online banking for the first time may find themselves with questions about how to handle things previously done in person or with paper documents.

If you’re stuck on how to handle some of the practical aspects of online banking, here are answers to common questions.

Should I save monthly statements?

Experian, one of the three major credit bureaus, recommends keeping bank statements for tax purposes to confirm your income or deductible expenses. If you do end up using your statements for your taxes, you may want to hang onto your statements for up to seven years in case the IRS decides to audit you. Even if your bank keeps digital records of your statements, you may want to print or download your statements just in case.

When should I shred

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