Today's Banking Pulse
Mortgage refinance demand falls 18% as rates climb to 6.65%
Refinance applications dropped 18% week-over-week, with the average 30-year fixed rate rising to 6.65%, the highest since August 2025. Refinance filings now represent just 38% of total mortgage applications, the lowest share since June 2025, while purchase‑loan volume edged down 0.4% and average loan size hit $473,600.
Fiserv Revenue Dips Slightly and Other Digital Transactions News Briefs From 5/5/26
Fiserv reported first‑quarter revenue of $5 billion, a 2% decline from a year earlier, with merchant solutions flat and operating margins slipping to 26.4%. Elavon introduced a new Business Solutions suite that bundles payments with software tools, while FIS rolled out an AI‑driven AML agent that cuts investigation time dramatically. Paymentus launched AI‑enabled bill‑management services, and CPI Card Group saw a 20% revenue jump on contactless cards despite a profit drop. The briefs also note EA‑Visa gaming rewards, Pagaya‑Sezzle AI underwriting, Toast’s marketing AI, and Mesh’s crypto integration.
Peru, Chile and Argentina Enter a New Phase of Growth Driven by Real-Time Payments, ACI Worldwide Report Finds
A new ACI Worldwide report, authored by the Centre for Economics and Business Research, projects that real‑time payments will drive significant economic growth and financial inclusion in Peru, Chile and Argentina by 2028. Argentina is expected to gain $19.3 bn in...
Standard Chartered Backs Crypto Firm GSR with $150M
Standard Chartered just staked $150M in crypto trading firm GSR at a $1B valuation. This big bank move shows traditional finance doubling down on crypto infrastructure as market momentum starts to build. https://t.co/fDXqaagRkz
Capital Models Benchmarking: A Framework for Counterparty Credit Risk Internal Models
Firms using internal models for counterparty credit risk (CCR) face numerous implementation choices, from data inputs to Monte Carlo simulation techniques. To strengthen model validation, the industry is adopting a peer‑benchmarking framework that compares results across institutions using hypothetical portfolios....
Tokenization Boom: Choose Open Architecture or Institution‑Centric Networks
Investing in the Tokenization Megatrend The two competing networks: Open architecture networks and Institution-centric networks. https://t.co/f9xh0mGAj1 https://t.co/KGXBWoMKI7
Gift Cards As Payment Rails with Alex Preece, CEO & Co-Founder of Tillo | Episode 485
In this episode, Greg Myers talks with Alex Preece, CEO and co‑founder of Tillo, about how the company has turned gift cards into a modern payment rail for rewards, incentives, and payouts. Preece explains Tillo’s API‑driven platform that connects thousands...
Lili CTO Liran Zelkha on Building AI that Disappears
Fintech firms have spent the past two years layering chatbots and in‑app assistants onto their platforms, but Lili CTO Liran Zelkha argues the effort is misdirected. He believes small‑business owners, who are time‑pressed and uninterested in new interfaces, need AI...
The Week in Market Moves
The weekly market roundup highlights several strategic shifts across major banks and fintechs. Wells Fargo teamed with Mastercard to streamline B2B card payments, signaling a deeper push into payments infrastructure. Paymentus re‑positioned its value proposition around user experience rather than data...
Financial Crime Risk and Threats: Inside and Outside Organizations
Financial crime risks are expanding as digital assets and cryptocurrency platforms increase anonymity and cross‑border transactions. Organizations face threats such as unverified onboarding, multiple accounts on single devices, unauthorized use of customer accounts, illegal payments, payment mismatches, fraud, and sanctions...
Monzo to Launch in Spain, as Ramps up EU Expansion Plans
Monzo, the UK‑based challenger bank, announced it will launch its services in Spain, adding a second European market after Ireland. The bank secured a pan‑EU banking licence from the ECB and Central Bank of Ireland in December and has opened...
Personal Loans Offer Savings as Credit‑Card Debt Hits $1.23 Trillion Record
U.S. households face a historic $1.23 trillion credit‑card debt pile, prompting many to consider debt‑consolidation personal loans. With average credit‑card APRs over 21% and personal loan rates near 12%, borrowers who qualify can slash interest expenses, though eligibility and fees remain...
HSBC Profit Falls 4% as $400 M Fraud Charge and Iran War Hit Earnings
HSBC announced first‑quarter pre‑tax profit of $9.4 bn, a 4% drop from a year earlier, after taking a $400 m fraud‑related charge and setting aside $300 m for the Iran war. The results pushed the stock over 5% lower, underscoring the risk management...
Temenos Widens Cloud Banking Offering with AWS Expansion and FAB Saudi Arabia Project
Temenos announced an expanded SaaS suite on Amazon Web Services that now includes digital banking and payments alongside its core banking platform. The new model lets banks adopt individual components or a full‑stack solution, offering flexibility for varied modernization strategies....
RBA Lifts Cash Rate to 4.35% and Warns of Further Hikes Amid Middle East Tensions
The Reserve Bank of Australia increased its cash rate by 0.25 percentage points to 4.35%, with eight of nine board members backing the move. Governor Michele Bullock linked the hike to inflation pressures from the Middle East and fiscal stimulus,...
The Authentication Challenge
The blog highlights that while EMV 3DS 2.x is technically identical worldwide, authentication outcomes vary dramatically because issuers make strategic economic choices. In Australia, just 3% of card spend generates 51% of CNP fraud, illustrating the cross‑border cost disparity. Issuers...
CFTC’s Selig Sets Out Agenda for Leaner Rules and Faster Markets
CFTC Chairman Michael Selig used his ISDA keynote to push for a slimmer, more proportionate derivatives rulebook, ending reliance on temporary no‑action relief and tightening SEC‑CFTC coordination. He highlighted the need for clear, final rules on swap reporting, materiality thresholds,...
Why RBI Wants to Keep India's Gold at Home
The Reserve Bank of India repatriated more than 100 tonnes of gold in the six months to March, boosting domestic gold holdings to 680 tonnes, which now represent about 17% of its $698.5 billion total reserves. The gold share in RBI’s portfolio has...
Beyond Point Solutions: The Future of AML Compliance
Financial crime compliance is shifting from fragmented point solutions to holistic platforms that combine detection, workflow automation, and scalable architecture. IMTF argues that true effectiveness requires performance across three layers—detection accuracy, operational efficiency, and platform foundation. Its Siron®One solution exemplifies...
European Banks Show Mixed Results as HSBC Profits Dip While UniCredit's Rise
European banks posted mixed earnings in Q1 2026. HSBC’s pre‑tax profit slipped 1.1% to $9.38 bn, dragged down by $1.3 bn in credit‑impairment charges linked to the Iran conflict, though its wealth‑management division generated $2.7 bn in fees and attracted $39 bn of new...
Spotting Sanctions Evasion Before It Costs Your Business
Sanctions evasion is becoming increasingly sophisticated, with criminals using opaque corporate structures, shell companies, and name‑manipulation to skirt expanding global restrictions. Compliance teams now face a fragmented landscape of U.S., EU, UK and UN sanctions lists that change frequently, raising...
3DS Authentication Under Scrutiny as E-Commerce Stakeholders Look to Break Data Deadlock
Global card networks Mastercard and Visa are tightening 3D Secure (3DS) rules, requiring merchants to send richer transaction data to issuers. Mastercard’s Essential Data Requirement for its Identity Check went live on April 1, while Visa’s Verified by Visa mandate reaches...
HSBC Hit by $400m UK Fraud-Related Charge; Rachel Reeves ‘Clashed with Scott Bessent’ over Iran War Criticism – Business Live
HSBC disclosed a $400 million fraud‑related charge tied to a UK private‑credit securitisation, inflating its first‑quarter credit loss to $1.3 billion. Pre‑tax profit slipped $100 million to $9.4 billion, while the bank raised its 2026 net interest income outlook to $46 billion. Shares fell more...
Moremonee Launches Moremonee Student Community Program to Provide Loans, Jobs, and Scholarships to Students
Moremonee has launched the Moremonee Students Community (MSC), a digital ecosystem for Nigerian students that bundles flexible loans, merit‑ and need‑based scholarships, skill‑building courses, and priority hiring. The platform also rewards referrals with about $1 per sign‑up and offers entrepreneurship...
SA Banks Prioritise Governance to Harness AI Fast
South African banks are accelerating AI adoption while emphasizing governance and ethical guardrails, according to an IBM‑hosted roundtable in Sandton. Executives highlighted AI use cases such as hyper‑personalisation, credit risk assessment, fraud detection and cyber‑security, but stressed the need for...
AI Is the Force for Change in Banking
McKinsey’s new report argues that most banks cannot reap AI benefits because legacy architecture, fragmented data, and siloed operating models prevent true intelligence from being applied. AI will only add value if banks tear down these structures and rebuild around...
Europe Is Debating a Digital Euro But Progress Is Slow
The European Central Bank, led by Christine Lagarde, is pushing for a digital euro but expects the first issuance no earlier than 2029. The initiative is framed as a geopolitical move to secure payment‑system sovereignty and reduce reliance on U.S....
OCBC Expands in 'Key Growth Market' Indonesia by Buying HSBC's Retail and Wealth Business
Singapore‑based OCBC Bank announced it will acquire HSBC’s Indonesian retail banking and wealth management unit, PT Bank HSBC Indonesia. The deal, slated to close in 2027, will add roughly 25% to OCBC Indonesia’s assets under management and boost its credit‑card...
China, Indonesia Debut Cross‑border QR Payments, Boosting Yuan
SCMP: "China and Indonesia have launched a new cross-border QR payment system, marking the latest step in Beijing’s drive to build a regional digital payments network as it pushes to internationalise the yuan and reduce dependence on the US dollar." https://t.co/NEt62G5jZ7
Affordability Issues Masked in Latest Housing Data, Lender Warns
Skipton Building Society’s chief executive warns that while UK house‑price inflation appears steady at 1.3% and the average home sits at £271,700 (≈ $345,000), affordability for first‑time buyers is eroding. Skipton’s Home Affordability Index shows only 12.1% can afford a property...
Bank of Italy Pushes EU to Assess Tokenized Euro Payments
JUST IN: Bank of Italy urges EU to evaluate a tokenized version of Europe’s euro payments system.
HSBC Q1 Profit Misses Forecasts Amid Rising Credit Losses
JUST IN: HSBC's first-quarter pre-tax profit was below estimates due to higher expected credit losses.
South Sudan’s Kiir Orders Banks to Lift Withdrawal Limits as Cash Crisis Deepens
South Sudan President Salva Kiir has ordered commercial banks to remove all cash‑withdrawal limits to help small depositors amid a deepening liquidity crisis. The directive follows the Bank of South Sudan’s decision to increase cash allocations to banks after the economy...
London Bank's Q1 Profit Flat Amid Middle East Credit Hits
JUST IN: The London-based bank's first-quarter net profit was largely flat, as higher credit charges from the Middle East conflict offset gains in its Hong Kong, U.K., and wealth businesses.
SWIFT Trades Surge; SIPS, Alternatives Rise Fast in Asia
SWIFT $ trades hit a high at 51%. But SIPS and alternatives are growing quickly from a very low base. Global trade risk is evolving at an exponential pace and risk managers need to be alert to the consequences both...
Paul Weiss Discusses OFAC Guidance on “Sham Transactions” And Sanctions Evasion
On March 31, 2026, OFAC issued a sanctions advisory warning that blocked persons are using "sham" transactions to evade U.S. sanctions by transferring property while retaining control. The advisory outlines seven red‑flag categories—such as commercially unreasonable terms, transfers to family...
Alarm Bells Raised over Fintech Firm’s Bank Purchase
Fintech lender OppFi announced a $130 million stock‑and‑cash acquisition of Arizona‑based BNC National Bank, securing a national bank charter and the ability to offer checking and savings accounts nationwide. The deal follows a wave of bank consolidations accelerated by a regulatory...
OppFi to Acquire BNC National Bank for $130 Million, Gaining National Charter
OppFi has agreed to purchase BNC National Bank and its parent BNCcorp for roughly $130 million, securing a national banking charter and $1.1 billion in assets. The deal broadens OppFi’s product range beyond consumer instalment loans, positioning it for growth in SBA,...
Citi Launches Arc AI Agent Platform to Automate Financial Services
Citi has unveiled Arc, a proprietary AI‑agent platform that lets developers build autonomous agents for multi‑step workflows across the bank. The system builds on a two‑year AI foundation and will initially be limited to internal developers before scaling to broader...
Tenora Wins FCA Licence as Macquarie Boosts Stake to 33%, Fueling UK Digital Lending Expansion
Tenora Financial Group’s UK subsidiary, Tenora Financial Solutions Ltd., has been authorised by the FCA as an Electronic Money Institution, and Macquarie Group has increased its equity stake to 33%. The dual milestones give Tenora a regulated foothold to issue...
Brazil Central Bank Bars Crypto Settlement on Regulated Cross‑Border Payment Rails
Brazil's central bank issued Resolution BCB No. 561, prohibiting regulated cross‑border payment providers from using cryptoassets to settle eFX transactions. The rule, effective immediately, forces fintechs and remittance firms to rely on traditional foreign‑exchange channels, with a May 31 2027 deadline for transitional...
FIS and Anthropic Collaborate to Enable Agent-First Banks
FIS Global and AI firm Anthropic have co‑developed a Financial Crimes AI Agent that automates anti‑money‑laundering investigations, delivering results in minutes. The agent, built with Anthropic’s Claude models and FIS’s unified data infrastructure, will be first deployed at BMO and...
Ncontracts Launches Nquiry AI Platform for Instant, Auditable Compliance Answers
Ncontracts introduced Nquiry, an AI‑powered regulatory intelligence platform, on May 4, 2026 in Nashville. The tool promises to return cited, auditable answers to complex compliance questions within minutes, drawing on 17 years of proprietary data. Legal and risk teams in...
UNO Digital Bank Hits Operating Break‑Even, Signals Viability of Digital Banking in Emerging Markets
UNO Digital Bank announced it reached operating break‑even in February 2026, driven by rapid loan growth and a low‑cost digital payments model. The milestone highlights the scalability of a pure‑play digital bank in the Philippines and may encourage similar ventures...
Revolut Pushes for US Banking Licence and IPO Amid Global Expansion
Revolut CEO Nik Storonsky announced the neobank’s bid for a US banking licence, filed in March and expected to be granted within four months, while also confirming plans for an IPO no sooner than two years. The move follows a...
Credit Acceptance Corp (CACC) Q1 2026 Earnings Call Transcript
Credit Acceptance Corp. announced CEO Brett Roberts’ retirement and named CFO Ken Booth as his successor, emphasizing the firm’s collaborative leadership culture. The earnings call highlighted a 20‑25% rise in collections for March‑April, but quarter earnings were muted due to...
LoanDepot Inc (LDI) Q1 2026 Earnings Call Transcript
loanDepot reported a 15% rise in pull‑through weighted rate lock volume to $5.4 billion and a 20% jump in adjusted revenue to $278 million, narrowing its adjusted net loss to $25 million. The company’s gain‑on‑sale margin accelerated to 355 basis points, surpassing guidance,...
PennyMac Financial Services Inc (PFSI) Q1 2026 Earnings Call Transcript
PennyMac Financial Services reported Q2 2025 net income of $136 million, or $2.54 per share, delivering an annualized ROE of 14%. Origination volume surged 31% to $38 billion in unpaid principal balance, while locked volume rose 26% to $43 billion. The company highlighted over...
Federal Agricultural Mortgage Corp (AGM) Q1 2026 Earnings Call Transcript
Federal Agricultural Mortgage Corp (AGM) reported a record Q1 2026 with $34.8 billion in outstanding business volume, a $1.5 billion net new addition, and all‑time highs in revenue ($110 million) and core earnings ($52 million). Growth was broad‑based, led by a 30% surge in...
Onity Group Inc (ONIT) Q1 2026 Earnings Call Transcript
Onity Group reported adjusted pretax income of $31 million for the quarter, delivering an annualized adjusted return on equity of 25%, well above its guidance. Servicing unpaid principal balance grew by $17 billion (6% YoY) with $39 billion of net additions, while originations...
Enact Holdings Inc (ACT) Q1 2026 Earnings Call Transcript
Enova International reported a record $875 million in Q1 2026 revenue, up 17% year‑over‑year, driven by a 33% surge in total originations to $2.3 billion. Small‑business loans led the growth, expanding 42% to $1.7 billion, while consumer originations rose 10% to $559 million. Adjusted EPS...