Bank Of America Automates FX Conversion For Smaller FIs

Bank of America Merrill Lynch (BofA Merrill) is introducing a new solution for other financial institutions (FIs) in the interbank payment system to automate foreign exchange (FX) conversion. The new solution, AutoFX, aims to make it easier for smaller banks to streamline cross-border payments for their customers by automating foreign exchange conversion before the transaction occurs, rather than relying on the

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How Canada’s Post Strike Could Boost Electronic B2B Payments

Canada’s mail and parcel operations under Canada Post have been hit by a worker’s strike amid ongoing contract tensions with the Canadian Union of Postal Workers (CUPW). While the post disruptions are certainly a headache for the public (consumers, businesses and government entities alike), there may be an unexpected effect of the strikes: a boost in electronic invoicing and payment adoption. Ongoing

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FSB: No Govt Contracts For Big UK Firms That Pay Late

The Carillion bankruptcy has certainly helped shine a spotlight on late payments in the United Kingdom. Many trade groups have advocated for change in the way payment terms are handled by the government — and for repercussions when it comes to late payments. Amid the latest news, the Federation of Small Businesses (FSB) said larger firms that pay their suppliers

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Fleet Drivers Brace For Brexit Complexities

A no-deal Brexit scenario would bury fleet companies in “red tape and paperwork,” according to the Freight Transport Association’s Head of European Policy Pauline Bastidon. Reports in FleetNews on Monday (Oct. 22) said Bastidon is voicing concerns about the regulatory impact on fleet and freight companies in the case of a “no-deal” Brexit. Fleet drivers, for example, may need to

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Aktis Platform Boosts Banks’ Corporate Governance Transparency

Data intelligence firm Aktis is rolling out a cloud-based platform for banks to benchmark and analyze their market positions compared to industry peers. The company said in a press release on Monday (Oct. 22) that it is launching Governance.Direct, a platform that aggregates more than 800 governance data points from top global banks, including board size and composition, director expertise, gender

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National Bank Of Canada Blockchain Pilot Eyes Trade Finance Contracts

The National Bank of Canada, the country’s sixth-largest bank, is collaborating with business consulting and IT company CGI to launch a blockchain-powered trade finance solution. Rather than focusing on the actual finance of a trade agreement, however, the bank and CGI are working to facilitate the negotiations process for standby letters of credit and guarantees, according to a press release

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Treasurers Begin Exploring New Open Banking Opportunities (And Risks)

Open Banking regulations have gotten FinTech innovators’ brains churning over how to take advantage of the troves of data that traditional banks have typically kept locked away. With regulations like PSD2 and Open Banking emerging as ways to boost financial services competition, the bank-FinTech relationship has taken center stage. However, though it is certainly a major use case within Open

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Banks’ Low Interest Rates Costing Them Deposits

The country’s four largest banks reported a combined 5 percent drop in U.S. deposits that earned no interest in the third quarter, compared with a year ago. According to The Wall Street Journal (WSJ), JPMorgan Chase, Bank of America, Wells Fargo and Citigroup revealed that customers withdrew more than $30 billion from U.S. bank accounts that don’t earn interest over the year

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Wells’ ‘Cross-Selling’ Biz Draws $65M Fine

The New York Attorney General announced that Wells Fargo & Company has agreed to pay a $65 million fine in connection with its “cross-sell” business model, related sales practices, and publicly reported cross-sell metrics. “The misconduct at Wells Fargo was widespread across the bank and at every level of management – impacting both customers and investors who were misled,” Attorney

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