Today's Banking Pulse
Mortgage refinance demand plunges 18% as rates climb to 6.65%
Refinance applications fell 18% week‑over‑week, dropping to 38% of total mortgage filings—the lowest share since June 2025. The average 30‑year fixed rate rose to 6.65%, while purchase‑loan volume edged down 0.4% and the average loan size hit $473,600.
Also developing:
By the numbers: OakNorth acquires Monite to boost business banking
Wallets and Interoperability Drive Next Phase of P2P Competition
Digital wallets have become mainstream in the United States, especially for cross‑border and consumer‑to‑consumer transfers, but fragmentation still hampers seamless use. Nearly 28% of consumers cite incompatibility between sender and recipient platforms as a barrier, while one‑third of SMBs point to the lack of industry standards. Venmo’s recent integration into PayPal’s global network illustrates a shift from closed‑loop user acquisition toward broader interoperability. The next competitive edge will be the ability to connect disparate networks and reduce transaction friction.
J.P. Morgan Bitcoin Mining Deal Boosts WGMI Top Holding
Core Scientific secured $500 million in financing from JPMorgan, bringing its total Wall Street commitments to $1 billion after a prior $500 million from Morgan Stanley. The funding will accelerate equipment purchases, property acquisitions, and energy contracts as the miner pivots its 11...
Earn $500 Bonus with New Relay Financial Account
Relay Financial, a fintech platform backed by Thread Bank, is launching a $500 cash bonus for new business checking customers. To qualify, users must deposit $10,000 within the first 30 days and maintain that balance for 90 days. The reward...
Covid Relief Loans Are Haunting Small Businesses
The federal Covid‑relief program offered 30‑year, low‑interest loans that many small businesses, like Georgia blueberry farmer Chris Towns, accepted to stay afloat. Towns borrowed $125,000 initially and later $495,000, but soaring labor, fertilizer costs and severe weather have left him...
Customers Benchmark Against Their Best Experience, Not Just Banks
Customers compare your experience to the best they’ve ever had, not just other banks. If your personalization falls short, someone else is ready to step in. https://t.co/7raP3Qh4eK
Switzerland's DLT Act Spurs Rapid Bank Crypto Adoption
🇨🇭#Switzerland – global leader in banking adoption of #crypto assets and services: The 2021 DLT Act, in force since August 1, 2021, created legal certainty leading to quick adoption of #cryptoassets by banks. @TheBigWhale_ & @TheCryptoValley Zug: https://t.co/53BVfxYRKt #DigitalAssets #Blockchain
European B2B Buyers Want AI, but only if It Removes Friction
European B2B buyers are increasingly adopting AI, with nearly 80% using it regularly in procurement and payments, according to TreviPay’s survey of 550 buyers across the UK and key European markets. The technology is most prized for enhancing decision‑making, fraud...
European Retailers Fight EU Plan to Mandate Cash Acceptance
A coalition of European retailers and wholesalers, led by EuroCommerce, is opposing an EU proposal that would obligate all businesses to accept cash. The group is urging policymakers to embed broad exemptions for unmanned sites, safety‑critical environments, and high‑cost scenarios,...
Wall Street’s Crypto Push Has Been Years in the Making, Says Morgan Stanley
Morgan Stanley’s head of digital asset strategy, Amy Oldenburg, emphasized that Wall Street’s move into crypto is the result of years of infrastructure development, not a sudden hype‑driven rush. The bank has expanded beyond indirect exposure, adding spot Bitcoin ETFs...
Credit Card Application Rules By Bank – A Complete Guide
The guide outlines each major U.S. issuer’s credit‑card application limits, timing rules, and welcome‑offer eligibility. American Express caps five cards with a two‑approval‑per‑90‑days rule, while Chase enforces the notorious 5/24 rule that excludes business cards. Bank of America, Capital One, Barclays, and others impose...
UK Confirms Ongoing Close Cooperation with EU on Regulation – ALFI Conference
Lucy Rigby, the UK economic secretary, announced at the ALFI conference that Britain will deepen regulatory cooperation with the EU while tailoring rules to support private‑market growth and digital innovation. The agenda includes modest tweaks to the UK’s AIFMD‑style regime,...
Subprime Lender Goeasy Secures Debt Relief After Share Slide
Goeasy Ltd. secured debt‑relief concessions after a Q4 charge‑off surge of C$331 million ($241 million) forced its auto‑lending unit LendCare out of compliance, sending shares down over 60 % and its 6.875 % note to 79.25 cents. Lenders waived covenants, raised spreads by 100 basis...
Maximising Collections to Deliver Business Value: A Modern Direct Debit Imperative
Mark Bish’s blog highlights Pay.UK’s Direct Debit rule 5.8, which now lets businesses challenge indemnity claims under reason code 4, curbing fraudulent disputes. The update tightens onboarding standards, demanding stronger validation and verification to avoid sanctions. He also stresses that automation,...
How Adding Send for Instant Payments Spawned Good Surprises for BofA
Bank of America launched real‑time payment sending in March 2024, following its receipt‑only capability introduced in November 2018. The bank’s smart, future‑proof design allowed it to add the send function without cannibalizing its $1.9 trillion‑daily wire transfer volume. Industry forecasts suggest...
Z1
Z1 is a Brazilian fintech neobank built for teenagers and young adults across Latin America. It delivers a digital banking platform that includes prepaid debit cards, peer‑to‑peer transfers, and integrated financial‑education tools. By focusing on early financial habits, Z1 aims...
Big Banks Are Leading the On-Chain and Stablecoin Race
American Banker’s 2026 Value of On‑Chain survey of 199 banking professionals shows large banks are furthest along in adopting on‑chain technology. About 30% have implemented or piloted on‑chain solutions, with cross‑border payments emerging as the leading use case for both...
Feedzai Unveils RiskFM, Aimed at a Frustrating Plague of Financial Fraud
Feedzai has launched RiskFM, a fraud‑prevention platform that moves beyond sole reliance on card‑network data by incorporating customer onboarding, payments and broader digital activity. The solution processes roughly $9 trillion in global payments across 120 billion events each year. Early testing is...
Starling Bank Appoints New Chief Risk Officer
Starling Bank announced the appointment of Keith Algie as its new group chief risk officer, pending regulatory sign‑off. Algie succeeds Cyrille Salle De Chou, who is leaving after a two‑year tenure focused on scaling the bank’s risk framework. Algie joins from ANZ,...
Banks Must Shift Left to Stop Elder Scams
Banks urged to 'shift left' to fight elder fraud https://t.co/TtUy0i7zWZ "a couple lost $2.5 million over the course of a year by purchasing gold bars and leaving them in their mailbox for a fake undercover government courier" https://t.co/hTHQ67yB5E
FCA Announces Timing of Motor Finance Redress Decision
The Financial Conduct Authority announced it will unveil its approach to motor finance redress on Monday, 30 March 2026, shortly after markets close. The decision follows the FCA’s October 2025 consultation on establishing a compensation scheme for consumers affected by mis‑selling in auto‑loan...
Podcast | Global Regulation Tomorrow Plus: Future of Payments Series – Episode 1 PSD3 and PSR
On March 24, 2026, a new podcast episode launched as part of the Global Regulation Tomorrow Plus Future of Payments series, focusing on the EU’s upcoming Payment Services Directive 3 (PSD3) and the Payment Services Regulation (PSR). The hosts, joined by...
ServiceNow and Visa Deploy Agentic AI for Payments
ServiceNow and Visa Bind Agentic AI to Payments: A Live Test of Enterprise AI in Regulated, Revenue-Critical Workflow AI-powered payment dispute platform automating end-to-end workflows. ServiceNow's agentic AI + AI Control Tower applied to regulated payments operations. https://t.co/q1KioQdJwE
US Institutional Decay Is Threatening Global Finance
The United States has long been the cornerstone of global finance, thanks to the perceived independence of the Federal Reserve, the Securities and Exchange Commission, and the Federal Trade Commission. Recent trends suggest that this institutional independence is eroding, with...
International Business Briefs | JPMorgan Announces €2.8m in Support for France’s Small Businesses
JPMorgan Chase announced a €2.8 million (~$3.1 million) programme to fund French small‑business entrepreneurs, emphasizing inclusive growth. Toyota Industries agreed to a $30 billion buyout, the largest Japanese M&A deal since 1985, after shareholders tendered 63.6% of shares. Heineken will shift Singapore’s Tiger‑beer...
Spade Raises $40M Series B for Finance AI Platform
Spade announced a $40 million Series B round led by Oak HC/FT, backed by Andreessen Horowitz and other fintech investors. The New York‑based fintech reported 470% year‑over‑year growth and a peak daily transaction volume of 1.9 billion, underscoring rapid adoption. The capital will...
Electronic Transactions Association Acquires Peer
The Electronic Transactions Association announced it is acquiring the American Transaction Processors Coalition to bolster its advocacy, education, and member‑engagement capabilities. ATPC’s executive director, Jay Morgan, will join ETA as an advisor, reinforcing the trade group’s policy work. The combined...
Experian Finds UK Households Could Save over £2,800 a Year by Switching Credit Products
Experian’s latest research reveals that British households stand to save an average of £2,881 ($3,660) per year by reviewing and switching existing credit cards, car loans and debt‑consolidation products. The findings highlight a sizable, actionable opportunity for consumers to reduce...
Bank of Montreal Launches Tokenized Cash Platform with CME and Google
Bank of Montreal (BMO) announced a tokenized cash platform built with CME Group and Google Cloud, aiming to deliver near‑instant settlement for capital‑market participants. The service will allow continuous fund movement, eliminating traditional banking‑hour constraints and reducing capital tied up...
The EBA Publishes Its Second MREL Impact Assessment Report
The European Banking Authority released its second impact assessment of the Minimum Requirement for Own Funds and Eligible Liabilities (MREL). The report finds that by the end of 2024 EU resolution entities hold MREL‑eligible instruments equal to 34.7% of total...
How AI Agents Are Cutting Costs in AML Operations
AI agents are transforming AML operations by automating the labor‑intensive alert review and decisioning stages, where most costs reside. WorkFusion’s Evan can analyze adverse media results in two to three minutes, cutting review time by 80‑90% compared with human analysts....
Modernizing Payments: Tackling the Toughest Tech Challenges
Banks are racing to modernize payments as real‑time transactions surge and AI reshapes the industry. A recent ACI survey of 200 banks placed payments modernization as their top priority, emphasizing faster product launches and innovative customer solutions. Executives highlighted the...
Meet Qivalis: The Bank-Led Effort to Internationalise the Euro with Stablecoins
European banks have formed a consortium called Qivalis to issue a euro‑denominated stablecoin, marking the first large‑scale, bank‑led effort to internationalise the euro in digital form. The project receives backing from the European Central Bank’s regulatory sandbox, signaling official support...
Mobile Payments Outpace Cards, AI Will Accelerate Shift
The fastest growth in payments is no longer plastic. It is mobile, and with agentic AI entering the picture, that shift is only going to accelerate. https://t.co/bVJV0KZtAo
It's Past Time for Paper Checks to Follow the Penny Into Extinction
Paper checks remain a costly, fraud‑prone legacy in the United States. In 2024 the Federal Reserve processed $175 billion in checks, incurring nearly $700 million in support costs, while checks accounted for 65% of payment‑fraud losses. Check volume has dropped 83% over...
Borrower Sues UWM over Hard Credit Pull She Never Authorized
On March 20, 2026, Oakland homeowner Tiana Perez filed a federal lawsuit against United Wholesale Mortgage (UWM) alleging the lender performed an unauthorized hard credit inquiry. Text messages reveal loan officer Cyrus Mulitalo admitted the pull was accidental and based on no...
Optasia Wants to Do for Banks What It Did for Telcos
Optasia, the South African fintech that pioneered AI‑driven credit vetting via mobile wallets, is expanding into formal banking. The company’s micro‑financing line now generates 63% of revenue and posted a blended default rate of 1.2% for 2025. FirstRand Group invested...
Low-Deposit Mortgage Deals Hit as Rates Continue to Soar
Mortgage rates in the UK are climbing sharply, with two‑year fixed mortgages now averaging 5.51% and five‑year fixes 5.52%, the highest levels since early 2023. Low‑deposit products favored by first‑time buyers have been rapidly withdrawn – more than 200 deals...
Port of Rotterdam Ensured Loan for Shore Power Infrastructure
European Investment Bank approved a €90 million ($98 million) loan to the Port of Rotterdam Authority to fund shore‑power installations at three deep‑sea container terminals. The loan is complemented by a €70 million ($76 million) European Commission grant, bringing total public financing to roughly...
Financial Crime Risk Assessments: The New Regulatory Standard
Regulators worldwide are elevating enterprise‑wide financial crime risk assessments from a compliance formality to the core blueprint of AML/CTF programmes. The new standard demands assessments that are accurate, complete, evidence‑based and fully integrated with governance, controls and risk appetite. Generic...
ECB Launches New Scrutiny of Banks' Private Credit Exposure
You can run, but you can't hide: ECB to Start Fresh Checks on Banks’ Exposure to Private Credit https://t.co/nEqJE6yYDf
How Financial Crime Enables Child Exploitation Networks
Financial crime fuels a massive global child sexual exploitation market, with an estimated half‑million Filipino children forced to produce content and 105 million abuse files identified worldwide in a single year. Demand originates mainly from high‑income Western economies, where offenders may...
Late Payment Reform Toughest in over 25 Years, Government Says
Britain's government has introduced the toughest late‑payment reforms in the G7, tightening rules for large firms dealing with small suppliers. A new 60‑day payment cap and a statutory interest rate of 8 % above the Bank of England base rate will...
ECB Prepares for Digital Transformation, Anticipating Impact of AI, Tokenized Finance, Payment System Advancements
The European Central Bank is intensifying its focus on AI, tokenised finance, and cross‑border payment integration to boost euro‑area productivity and market efficiency. ECB officials estimate AI could raise total‑factor productivity by 0.2‑0.4 percentage points per year, with employee adoption...
SEC Orders Formal Review of Egan‑Jones' Bid to Resume ABS and Government Ratings
The U.S. Securities and Exchange Commission issued an order on March 23, 2026 requiring a formal review of Egan‑Jones Ratings' application to resume rating asset‑backed securities (ABS) and government securities. The commission must decide by Aug. 12, 2026 whether to...
Liminal Custody and Securosys Unveil MPC‑Based HSM Vaults for Institutional Crypto Custody
Liminal Custody and Swiss security firm Securosys announced the Liminal HSM Vaults, an institutional‑grade custody platform that blends multi‑party computation with certified hardware security modules. The solution targets banks, custodians and fintechs seeking FIPS‑level protection and policy‑driven authorization for digital‑asset...
Despite Growing Financial Pressures, Canadians Are Still Reliably Paying Their Mortgages
A True North Mortgage survey shows 83% of Canadian homeowners have never missed a mortgage payment, yet more than one‑third report financial strain. Mortgage debt rose to roughly $1.44 trillion USD, a 2.6% year‑over‑year increase, while the national arrears rate stays...
Banks Urged to 'Shift Left' To Fight Elder Fraud
Elder financial exploitation cost U.S. seniors $4.9 billion in 2024, prompting banks and credit unions to adopt a “shift left” strategy that intervenes earlier in the fraud kill chain. Speakers at RSAC 2026 urged financial institutions to break down cyber‑fraud silos,...
UK Finance Outlines Strategy to Secure London’s Status as Global Financial Hub
UK Finance has issued a forward‑looking roadmap urging the financial sector to move beyond narrow regulatory compliance toward a holistic strategy that safeguards London’s global hub status. It stresses that competitiveness now hinges on the UK’s unified common‑law framework, talent...
10 Ways to Become a Customer Obsessed Bank
In this episode, host Jim and guest Marbu Brown explore why most banks claim to be customer‑centric but few are truly customer‑obsessed, citing research that obsessed customers are 88% more likely to repurchase and 42% likely to recommend a brand...
Agentic Commerce Reshapes Payments; Providers Must Rethink Differentiation
Thanks to UKI Acquirer Innovation Hub for hosting me last month. We had a great discussion about 'Discoverability in an Agentic World', exploring how agentic commerce will reshape payments and why providers might need to rethink how they differentiate. https://t.co/irpi0R2B2k