In my last post I discussed the separation of manufacturing and distribution in banking and fleetingly mentioned “digital banking platforms” (DBP) aka digital banking engagement platforms as coined by Jost Hoppermann at Forrester. This has started taking shape in the analyst’s world over the last few years but is a concept that still many banks struggle … Continue reading Banking is moving to a dual core Continue Reading
Brazilian private bank Banco Safra has selected ACI Worldwide to underpin a planned expansion into the US. ACI already worked with Banco Safra in Brazil Banco Safra selected the vendor’s UP Retail Payments solution and UP Framework deployed in the public cloud via Microsoft Azure. The bank chose to go with ACI Worldwide due to … Continue reading Banco Safra picks ACI Worldwide to underpin US expansion Continue Reading
The UK’s Financial Conduct Authority (FCA) has fined Commerzbank’s London branch £37.8 million for failures in its anti-money laundering (AML) systems between October 2012 and September 2017. The FCA fine could have been £54m The regulator states that while Commerzbank London was aware of these weaknesses, it “failed to take reasonable and effective steps” to … Continue reading Commerzbank fined £37.8m by FCA for AML failings Continue Reading
OCBC Group plans to hire around 3,000 people here this year, according to Straits Times. About 2,100 of the jobs are full-time roles across the bank’s entities, such as OCBC Bank, OCBC Securities, private-banking subsidiary Bank of Singapore and insurer Great Eastern. About 2,100 of the jobs are full-time roles across the bank’s entities. These … Continue reading OCBC to hire 3,000 this year in full-time, traineeship positions Continue Reading
UK’s financial regulator is to ban the marketing of high-risk “mini bonds” to retail investors permanently, after nearly 12,000 pensioners and small savers lost £236 million in the collapse of London Capital and Finance. On 16 June, the Financial Conduct Authority (FCA) said it would fully implement the temporary prohibition it introduced in January — and … Continue reading FCA permanently bans marketing of mini bonds Continue Reading
Shares in Wirecard plunged more than 60% on 18 June after the German payments group postponed its annual results once again and said auditors could not confirm the existence of €1.9 billion in cash on its balance sheet. According to the Financial Times and CNBC, the Munich-headquartered company said in a statement on Thursday morning … Continue reading Wirecard shares plummet as it announces €1.9bn of missing cash Continue Reading
The Commodity Futures Trading Commission (CFTC) has settled two enforcement actions with Deutsche Bank to the tune of $10 million. Deutsche dragged up for swap failures and spoofing in 2013 and 2016 The actions refer to Deutsche Bank violating swap data reporting regulations, and two traders from Deutsche Bank Securities (DBSI) engaging in spoofing on … Continue reading CFTC fines Deutsche Bank $10m for swaps failure & trade spoofing Continue Reading
Delivery company DoorDash is facing a lawsuit from the San Francisco district attorney over allegedly illegally classifying its workers as contractors rather than employees. The charge comes with the accusation that the company failed to help its employees navigate the economic fallout of the pandemic by denying them full benefits and better pay, according to District Attorney Chesa … Continue reading San Francisco DA Files Lawsuit Against DoorDash For Employee Mistreatment Continue Reading
Two of the world’s largest credit card companies have lost their bid to assess fees on retailers in the United Kingdom. Britain’s Supreme Court has rejected an appeal by Visa Inc. and Mastercard Inc., affirming a lower court ruling that the mandated payments restricted competition, the court announced on Wednesday (June 17). In its 83-page ruling, the justices ruled … Continue reading UK Supreme Court Rules Mastercard, Visa Violated Anti-Competition Laws Continue Reading
Americans are dining out again in many cities, albeit on a very limited test basis, as individual U.S. states reopen restaurants according to various phased plans. That’s a positive sign, with summer underway and people longing for a return to familiar pre-pandemic routines. But some shifts that occurred due to COVID-19 will have lasting impacts, … Continue reading QSRs Battle Fake Reviews With ID Tools Continue Reading