reuters

Citigroup Shakes Up Consumer Bank and Card Chief Leaves

Citigroup Inc restructured its consumer bank, elevating one executive and triggering the departure of another, as the third-biggest U.S. bank moved to improve results.

Read More

China Fines Alipay for Violating Payment Services Regulations

The Shanghai head office of China’s central bank has levied a fine of 4.12 million yuan (601,846) on Alipay, the online payment platform of Ant Financial, for violating regulations on payment services, the regulator said on Monday.

Read More

Switzerland Seeks to Regain Cryptocurrency Crown

Swiss regulators are stepping up efforts to halt an exodus of cryptocurrency projects from the country, after two of only a handful of banks active in the nascent sector shut their doors on it in the last year.

Read More

PayPal to Spend $3 Billion a Year on M&A’s

PayPal Holdings Inc is on the lookout for further acquisitions following its recent takeover of iZettle, the Swedish fintech startup, for $2.2 billion, in the U.S. payments company’s biggest ever deal.

Read More

Payments Processor Square Withdraws Banking License Application

San Francisco-based payments processor Square Inc. said on Thursday it had withdrawn its regulatory application to open a deposit-taking bank, but that the company plans to refile its paperwork at a later date.

Read More

Deutsche Bank Fails Fed Stress Test While Three U.S. Lenders Stumble

Deutsche Bank AG’s U.S. subsidiary failed on Thursday the second part of the U.S. Federal Reserve’s annual stress tests due to widespread and critical deficiencies in the bank’s capital planning controls. The Fed board’s unanimous objection to Deutsche Bank’s U.S.

Read More

New Digital Lender ‘86400’ Launches in Australia Amid Poor Big Bank PR

MELBOURNE (Reuters) – A new digital lender led by a number of banking heavyweights and backed by Australia’s largest independent payments provider Cuscal is set to launch by early next year, as non-bank lenders step up their presence in the country’s scandal-ridden sector.

Read More

Visa, Mastercard Close to Settle Issues Over Card Swipe Fees

Visa and Mastercard are close to settling a long-running antitrust lawsuit with merchants over the fees they pay while they accept card payments, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Read More

Australia, NZ Central Banks Shun “Volatile” Digital Currencies

The central banks of Australia and New Zealand ruled out on Tuesday the notion that they would issue official cryptocurrencies anytime soon, warning the potential damage to their banking systems could outweigh the benefits.

Read More

BIS Wants Tighter Rules for Funds Offering Credit, Fintech

Regulations introduced after the financial crisis a decade ago to smooth out banking booms and busts should be extended to funds that provide credit, or shadow banks, and fintech firms, the Bank for International Settlements (BIS) said on Sunday.

Read More

The Bigger Cryptocurrencies Get, the Worse They Perform: BIS

Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS)said on Sunday in its latest warning about the rise of virtual currencies.

Read More

Banks Unlikely to Process Payments With Distributed Ledgers for Now, Says Ripple

Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology. I will concede, we haven’t gotten there yet, Ripple’s chief cryptographer David Schwartz said in an interview.

Read More