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Tag: finance


Capital and Risk, Operational

Global card spend grows 13% in 2019, mostly down to China’s UnionPay

October 9, 2020

Via: Banking Technology

The report cited three main drivers for the strong growth: financial inclusion initiatives in developing countries, rise of contactless in more mature markets, and the hygiene concerns around cash during COVID-19. UnionPay – the world’s largest card payment organisation based […]


Activity, Corporate Banking

Bank of America teams up with Black-owned Unity bank

October 9, 2020

Via: FinTech Futures

According to Black Business, BoA has acquired approximately 5% of the bank’s common equity. Its investment is aimed at offering benefits to the communities that Unity serves through services such as lending, housing, neighbourhood revitalisation, and more. “Unity remains committed […]


Capital and Risk, Credit

Ripple introduces Line of Credit

October 8, 2020

Via: Finextra

Today, Ripple launched Line of Credit, a new beta service on RippleNet that allows customers using On-Demand Liquidity (ODL) to source capital on demand to initiate cross-border payments at scale using the digital asset XRP. Limited access to working capital […]


Capital and Risk, Credit

Bank of America wades into payday loans business

October 8, 2020

Via: Finextra

Bank of America today introduced Balance Assist, a revolutionary new solution that provides a low-cost way for clients to manage their short-term liquidity needs, borrowing only the amount they need, up to $500. Balance Assist is the latest offering in […]


Business Banking, Products

BofA launches omni-channel approach to cross-currency transactions

October 7, 2020

Via: Finextra

Bank of America is responding to the dual imperatives of cross-currency transactions – technology innovation and client demand for improved efficiency – with an omni-channel offering that now includes API (application programming interface) and mobile connectivity. “We are pleased to […]


Activity, Corporate Banking

Wells Fargo Reportedly Cuts More Than 700 Jobs in Commercial Banking

October 7, 2020

Via: TheStreet

Wells Fargo (WFC) – Get Report reportedly has cut more than 700 commercial-banking jobs and the bank ultimately could reduce tens of thousands positions. Shares of the San Francisco-based financial services company were up 2.77% to $24.84 in trading Wednesday. […]


Activity, Investment Banking

First Mainstreet Insurance Acquires Two Iowa Agencies

October 6, 2020

Via: Insurance Journal

First MainStreet Insurance L.C. (FMSI), an affiliate of TrueNorth Companies L.C., has acquired two Iowa agencies: Brummel Madsen Insurance in Cedar Falls and The Engel Agency in Maquoketa. Brummel Madsen Insurance has been serving the Cedar Valley area since 1960. […]


Activity, Insurance

Pandemic Economic Uncertainty Could See Insurers Buying, Partnering with Insurtechs

October 5, 2020

Via: Insurance Journal

Insurance carriers could increasingly target insurtechs for acquisition and partnerships in the coming months due to pandemic-related economic uncertainty, according to a report. “As insurers move toward late 2020 and into 2021, we believe there may be an increase in […]


Activity, Investment Banking

Liquidnet launches investment analytics suite

October 5, 2020

Via: Finextra

The new business combines the latest AI technologies, including machine learning (ML) and natural language processing (NLP), to uncover hidden insights within data and alerts users to key factors influencing their investments. The suite is comprised of four products, each […]


Activity, Insurance

California Department of Insurance Fraud Suit Results in $24M in Payments from AbbVie

August 7, 2020

Via: Insurance Journal

California Insurance Commissioner Ricardo Lara this week announced a settlement agreement with AbbVie Inc. to resolve a lawsuit alleging violations of the California Insurance Frauds Prevention Act involving the marketing of blockbuster prescription drug HUMIRA. AbbVie agreed to reform its […]