Banking

Ripple announced today that several global banks are joining forces to establish the first interbank group for global payments based on distributed financial technology.

The financial services industry is still finding its footing in open banking.

The cost of misconduct is defined here as costs borne by banks in connection with imposed penalties, paid settlements, costs of regulatory proceedings, customer compensation, and other relevant costs.

The largest financial institutions in the US have been involved in one way or another in bringing artificial intelligence into operations and customer-facing functions.

As payment technology evolves, FinTech startups are more imaginative in making money-handling easier for consumers.

Machine learning is one of the most important and powerful types of AI. Blind straight algorithms can never be as beneficial for businesses and society as the ones that can learn and adapt to inputs and trends.

According to the FRB, US banks had 4,821 branch closures between 2009 and 2014. The number accounted for around 5% of the bank branches in the country.

One of the most aggressive and swollen financial industry segments is investment banking.

A 2015 research report on the smartphone industry in the US states that 64% or two-thirds of Americans have a smartphone. This is indeed a 35% rise in the past four years.

BBA, Payments UK, the Council of Mortgage Lenders, the UK Cards Association, and the Asset Based Finance Association are set to merge their efforts to create a more substantial lobbying power, backed by nine British banks, including HSBC, Lloyds and Barclays, and building society Nationwide.

The PSD2 (Revised Payment Service Directive) – going to be implemented across SEPA (Single Euro Payments Zone) in 2018 – will bring about many changes to how financial services are delivered to customers.

While it is hard for a first-world millennial to imagine not paying bills or rent online or not having money in a savings account, there is a massive portion of the world’s population that doesn’t even have that opportunity.