IRS Issues Proposed Regs on New 1% Excise Tax on Remittance Transfers
The Treasury and IRS have issued proposed regulations for a new 1% excise tax on U.S. outgoing remittance transfers that involve cash or similar physical instruments. The tax, imposed under § 4475 of the Internal Revenue Code, must be collected by the remittance‑transfer provider and reported quarterly on Form 720. Providers receive limited penalty relief for early‑2026 filing errors, and the rules clarify which transactions are exempt, such as those funded through FDIC‑insured banks or U.S. debit/credit cards. Comments on the proposal are due by June 12, 2026.
José Luis Escrivá: Capital Flows, Exchange Rates, and Geopolitics - the Value of Trust in a Changing Global Order
In a BIS speech, José Luis Escrivá warned that the global geoeconomic order is shifting from multilateral cooperation to the use of economic tools as instruments of pressure, while rapid technological change reshapes money and payments. He argued that tariffs...
Staying Afloat as Payment Operations Rapidly Evolve
AutoRek’s *Future of Payments Operations 2026* report warns that rapid volume growth and new rails are outpacing the industry’s infrastructure. 69% of surveyed firms point to manual, people‑dependent workflows as the chief scalability blocker, while 96% have deployed AI but...
Lunar Co-Founder Exits CEO Role After 11 Years
Lunar co‑founder and CEO Ken Villum Klausen is stepping down after eleven years, handing the role to former Saxo Bank and Danske Bank executive Søren Kyhl in early June. Klausen cites the bank’s strong team, healthy business and ambitious next phase...
ISDA Responds to AMLA on Customer Due Diligence Under AMLR
On May 7, 2026 ISDA submitted a response to the Anti‑Money Laundering Authority’s consultation on draft regulatory technical standards for customer due diligence under the AML Regulation. While endorsing the Association for Financial Markets in Europe’s position, ISDA flagged a mismatch...
Is RegTech Becoming Infrastructure, or Is It Being Absorbed Into It?
RegTech is moving from a stand‑alone category toward becoming embedded infrastructure within financial systems. Industry leaders argue that while niche tools will persist, their survival hinges on seamless integration with broader technology stacks. The conversation now centers on orchestration layers...
Fintech Landscape in the Caribbean: Dominica in 2026
Dominica’s fintech ecosystem remains modest, with fewer than a dozen active firms focused on bank‑led digital banking, credit‑union upgrades and niche payment solutions. The island relies on the Eastern Caribbean Central Bank’s regional infrastructure, including the DCash central‑bank digital currency...
Venmo’s Biggest Makeover in Years Comes at a Very Interesting Time
Venmo is launching its most extensive redesign since 2021, introducing a richer visual feed, reaction options, and new tabs for sending money and managing accounts. The update adds a “Give a Shoutout” button for endorsing local merchants and a consolidated...
As Payment Partnerships Proliferate, Here's How Bank Risks Are Changing
Banks are deepening partnerships with fintechs for payments, buy‑now/pay‑later, international transfers, stablecoins and other crypto services, but regulators are tightening oversight. A 2024 Alloy report shows 80% of sponsor banks struggle with compliance and 39% incurred losses of $250,000 or...
Michael Atingi-Ego: Launch of Centenary Bank's Custodial Services
Centenary Rural Development Bank announced the launch of its nationwide custodial services, marking a first for a major Ugandan bank. With about US$2.3 billion in assets, 82 branches and over 8,000 agents, the bank is positioned to offer secure asset‑keeping for...
World’s Best Banks: Asia-Pacific
The 2025 Asia‑Pacific banking review highlights a split in net interest margins as central banks diverged in policy. Japan’s rate hikes boosted NIMs, enabling MUFG to post a 30% profit surge to about $12 billion, while China’s cuts drove NIMs to...
The Cost of Deposits and the Next Fed Chair
Deposit rates have been falling, allowing big banks to fund loans cheaply and fuel multi‑billion‑dollar stock buybacks. However, a potential escalation of the Iran‑driven oil shock could force the Federal Reserve to keep rates higher, raising banks' cost of deposits...
Millions Turn to AI for Mortgage Advice Despite Concerns
A Barratt Homes‑commissioned survey reveals that nearly one‑quarter of Britons have turned to AI tools such as ChatGPT, Copilot and Grok for mortgage advice, yet only 7% are very confident in the accuracy of the information. Respondents use AI to...
World’s Best Banks 2026: Central & Eastern Europe
In 2025 Central and Eastern European (CEE) banks posted stronger fortunes despite war in Ukraine, a fragile euro‑zone recovery and falling rates, with larger institutions better weathering the environment. State‑driven bank taxes, especially in Hungary, could shave roughly 8% off...
Laying the Foundation for Confidence – Financial Conduct Authority
The Financial Conduct Authority (FCA) unveiled a multi‑phase programme aimed at restoring investor confidence across the UK financial sector. The initiative introduces a new consumer‑confidence framework, tighter transparency rules for fintech firms and a 20% increase in supervisory visits beginning...
Fed Rate Pause May Rekindle Bank Deposit Competition
The Federal Reserve's decision to pause rate cuts has halted the recent decline in banks' funding costs, which fell to 2.26% in 2025 from 2.61% in 2024. Analysts warn that deposit competition is re‑emerging, with many institutions maintaining or raising...
NMLS Address Policy Change and Pain Points with Changes
The Nationwide Multistate Licensing System (NMLS) rolled out a major refresh on April 18, updating disclosure questions and automating employment‑history reporting for its 600,000 users. The overhaul introduces auto‑populated employment data, standardized employer lists, and expanded contact fields for company users,...
28th Connected Banking Summit: Innovation & Excellence Awards 2026 – Southern Africa
The International Center for Strategic Alliances will host the 28th Connected Banking Summit on July 8, 2026 in Johannesburg, South Africa, under the theme “Shaping the Future of Banking in Southern Africa: Innovation, Connectivity, and Financial Resilience.” The event gathers senior banking,...
World’s Best Banks 2026: Middle East
Global Finance’s 2026 Middle East winners are accelerating digital transformation, AI adoption, and ESG integration to deepen client engagement across retail, wealth, corporate, and SME segments. Arab Bank leveraged a new branding campaign, AI‑driven Frontline Assistant, and cross‑border Arabi Access...
Why Inherent Risk Assessment Is Now a Strategic Tool
Financial crime risk managers are shifting inherent risk assessment from a compliance checkbox to a strategic intelligence function. Arctic Intelligence notes that evolving customer behavior, rapid fintech product cycles, and volatile geopolitics have made exposure highly contextual. Firms now need...
Grainger Extends £540m of Core Bank Facilities to 2033
Grainger, a UK real‑estate investment trust, has extended its core bank facilities by £540 million (approximately $686 million) to 2033. The extension lifts the weighted‑average facility maturity to 4.6 years, including optional extensions that further lengthen the debt horizon. By securing longer‑term financing,...
A 'Quiet Crisis' Is Brewing for Student-Loan Borrowers
A new wave of private student loans is poised to replace federal borrowing after President Trump’s repayment overhaul takes effect on July 1. The rule caps federal loans, driving students toward private lenders who currently serve about 10% of borrowers but...
North and Visa Team to Elevate the Payments Game
North, a three‑decade‑old fintech, has teamed with Visa to roll out three new payment solutions: Visa Network Token Service, Real‑Time Account Updater (RTAU) and Account Name Inquiry (ANI). The token service replaces sensitive card numbers with non‑reversible identifiers, while RTAU...
Collections Doesn’t Need More AI Tools. It Needs a Framework that Scales.
Banks are pouring record AI investment into collections, yet only about 10% see meaningful ROI from agentic AI. The industry’s reliance on point solutions creates fragmented integrations, compliance burdens, and pilot‑only deployments. Experts argue that a unified, AI‑native framework—standardizing data,...
Commercial Credit Data Sharing and Bank Referral Scheme: Consultation and Call for Evidence
The UK government has confirmed it will legislate to strengthen and modernise the Commercial Credit Data Sharing (CCDS) scheme, extending its reach beyond banks and improving data quality and coverage. The aim is to create a richer, more reliable credit...
Commercial Credit Data Sharing and Bank Referral Scheme: Consultation and Call for Evidence
The UK government has announced plans to legislate the Commercial Credit Data Sharing (CCDS) scheme, expanding its reach beyond banks, improving data quality, and increasing coverage to support SME financing. In contrast, the Bank Referral Scheme (BRS) will not see...
Commerzbank to Cut 3,000 Jobs as It ‘Leverages AI Even More’
German lender Commerzbank announced it will eliminate 3,000 jobs, roughly 8% of its staff, as it ramps up a €600 million ($650 million) AI investment program through 2030. The bank projects the AI spend will generate about €500 million ($540 million) of incremental value...
Keel Unveils Fintech Infrastructure Business After Pivot From Neobank
Manchester‑based Keel has emerged from stealth after reaching profitability, rebranding from its original neobank Frost. The company now offers a Banking‑as‑a‑Service platform that delivers multi‑currency accounts, Visa card issuing and access to domestic and international payment rails via a single...
Nifty Bank Crashes 900 Points as SBI, IndusInd, Yes Bank, Other Lender Stocks Tumble up to 4%. What Lies Ahead?
The Nifty Bank index plunged nearly 900 points, falling about 2% to around 54,442 after State Bank of India reported weaker margins despite higher profit. SBI’s shares dropped 4% on the day and have lost 10% over two days, dragging...
SEC Goes After Reign Financial International
The SEC filed a complaint in the Southern District of Florida accusing Reign Financial International, its principals and affiliated hedge‑fund managers of a multi‑million‑dollar high‑yield fraud. Between March 2021 and October 2022 the defendants raised over $26 million from at least...
It’s the AI’s Fault … Urmm, No It’s Not
The article clarifies that when AI tools execute trades, legal responsibility does not shift to the algorithm but stays with the human or entity that controls it. If you trade your own capital, any loss is your own, unless the...
J.P. Morgan’s Mali Bartlett on the Virtual Netting Revolution
J.P. Morgan Payments Managing Director Mali Bartlett outlines how virtual netting replaces traditional batch settlement with invoice‑by‑invoice processing via in‑house bank virtual accounts. The approach tackles the hidden costs of fragmented intercompany systems—estimated at up to 30% of transaction volume—by...
Bank of Baroda Shares Gain over 2% After Q4 Results. Should You Buy, Sell or Hold?
Bank of Baroda reported an 11.2% YoY rise in Q4 net profit to ₹5,616 crore (≈ $676 million) and a 9% increase in net interest income to ₹12,494 crore (≈ $1.5 billion). Asset quality improved, with gross NPAs dropping to 1.89% and net NPAs to 0.45%....
UK Savings: Six Traps to Avoid when You’re Finding a New Deal
Around £90 bn (~$115 bn) of UK fixed‑rate savings are set to mature between April and June, joining an estimated £329 bn (~$418 bn) in zero‑interest current accounts and £99 bn (~$126 bn) earning 1 % or less. The article flags six common traps—irregular contribution limits, temporary...
RBI Should Dial Back Rupee Intervention: Former Governor Subbarao
Former RBI governor Duvvuri Subbarao warned that the central bank’s aggressive rupee‑intervention policy should be scaled back. He argues the RBI should let the rupee weaken to reflect rising import costs and capital outflows, reserving rate hikes as a last resort....
Commonwealth Bank of Australia Adopts FIS Data Integrity Manager
Fintech firm FIS has been chosen by Commonwealth Bank of Australia to deploy its Data Integrity Manager, a SaaS reconciliation platform hosted on Microsoft Azure. The solution will handle more than 150 million daily transactions, providing real‑time visibility, automated alerts and...
Top ECB Official Attacks German Opposition to UniCredit’s Bid for Commerzbank
The European Central Bank’s top official publicly rebuked German politicians who oppose UniCredit’s €12 billion (≈$13 billion) hostile bid for Commerzbank. The ECB argued that the resistance undermines market‑driven consolidation and could weaken the euro‑area banking sector. German parties cite national interest...
Will the ECB Shift Tack on the Digital Euro?
The European Central Bank is reconsidering its digital euro strategy, signaling a possible delay and a broader pilot that now includes retail‑payment scenarios. Officials cite the need to refine privacy safeguards, address regulatory uncertainties, and respond to growing competition from...
Britain’s Bridging Loan Woes Rattle US Private Credit Firms
The collapse of UK bridging lender Market Financial Solutions (MFS) has inflicted heavy losses on US private‑credit firms and banks, with exposures exceeding £2 bn (≈$2.5 bn). Blue Owl, Apollo’s Atlas unit, HSBC and Barclays reported losses ranging from $124 mn to $508 mn....
This Startup Believes Replacing Account Numbers with Paytags Can Reduce Fraud in Nigeria’s Banking System
Nigerian fintech Flex has launched “paytags,” pseudonymous identifiers that let users send and receive money without exposing traditional 10‑digit account numbers. The closed‑loop system masks personal data, aiming to make fraud assembly harder in a market plagued by identity‑theft. Within...
Banks Tapped for Solar Financing Push
Thailand's Provincial Electricity Authority (PEA) is expanding its rooftop solar buy‑back programme to purchase up to 500 MW of electricity, a five‑fold increase from the previous 90 MW quota. The scheme offers a feed‑in tariff of 2.20 baht per kilowatt‑hour (about $0.06) under...
Ffbw Inc (FFBW) Q1 2026 Earnings Call Transcript
First Financial Bancorp (FFBW) reported adjusted earnings of $0.77 per share, a 22% year‑over‑year increase, driven by a resilient net interest margin of 3.99% and a 24% jump in non‑interest income. Loan balances grew modestly by $71 million, largely reflecting the...
Hong Kong Bad-Debt Bankers Ramp Up Fire Sales, Liquidations
Hong Kong’s special‑asset bankers, a team of fewer than 200 staff, are tasked with disposing of a HK$200 billion ($25.5 billion) pool of non‑performing loans that has driven the city’s distressed‑loan ratio to a two‑decade high. The group has shifted from collaborative...
Australians Still Using Cash for Now
Reserve Bank of Australia data show cash usage in the country is quietly rebounding, with cash accounting for 15.4% of all payments in 2025—up from 13.3% three years earlier. About half of Australians now use cash weekly, a habit strongest...
Big Take: Taking Stock of Jerome Powell as Fed Chair (Podcast)
Jerome Powell’s eight‑year term as Federal Reserve chair concludes this week, prompting Bloomberg’s Big Take podcast to assess his legacy. Host David Gura and Fed correspondents Catarina Saraiva and Amara Omeokwe dissect the central bank’s low‑inflation success, the aggressive rate‑hiking...
AI-Native Banking Is Forcing a Structural Reset in Banking Systems
AI is exposing the limits of fragmented banking architectures, prompting a shift toward AI‑native systems that enable continuous, system‑wide financial execution. Legacy platforms isolate data and rely on sequential, human‑centric workflows, preventing AI models from acting across the enterprise. Banks...
No PANs Issued to FPIs for a Month, Onboarding Hit
Foreign portfolio investors (FPIs) in India have been unable to receive Permanent Account Numbers (PAN) for nearly a month after the Income Tax Department altered the PAN application process within the Common Application Form (CAF). At least 20 newly registered...
Punjab National Bank Classifies Reliance Telecom Loan Account as Fraud
Punjab National Bank (PNB) has declared the Rs 201.51 crore (≈$24 million) loan to Reliance Telecom Ltd (RTL), a Reliance Communications subsidiary, as fraudulent, citing a forensic audit that uncovered fund diversion, round‑tripping and fictitious debtor transactions. The bank also labeled former non‑executive...
European Central Bank and Reserve Bank of India Sign Memorandum of Understanding on Cooperation
The European Central Bank and the Reserve Bank of India signed a new Memorandum of Understanding on May 10, 2026, updating their 2015 cooperation framework. The agreement, sealed on the sidelines of the BIS meeting in Basel, creates a structured channel for...
Advisers Urge JP Morgan Investors to Vote to Split Chair and CEO Positions
Investors in JPMorgan are being urged to back a shareholder resolution that would separate the chief executive and chair roles, a move supported by proxy advisers ISS and Glass Lewis. The proposal will be voted on at the bank’s May 19 annual...