Banking

The story behind the world's first cashpoint

The world’s first cash machine landed on a north London high street 50 years ago this week, transforming everyday banking for millions of people all over the globe.<p>On June 27 1967 the cash machine, installed outside a Barclays branch in Enfield, north London, was unveiled. Customers who needed to …

Business (UK)

From first to worst: Ranking 9 of America's big banks by customer loyalty

These banks score highly on customer loyalty, the hallmark of any well-run financial institution.<p>The fundamental challenge facing the banking industry is that the core product is a commodity. At its most basic level, every bank offers the same standard bank account, car loan, mortgage, and so on. …

Stocks

Venmo Is Testing Out A Physical Debit Card For Purchases, Report Says | International Business Times

Venmo is best known for making it easy to transfer cash quickly and digitally to roommates or friends. But soon, the payment service could be heading …

Business (UK)

Cash is falling out of fashion – will it disappear forever?

On June 27, the ATM turns 50. Former U.S. Federal Reserve Chairman Paul Volcker once described it as the “only useful innovation in banking.” But …

United States

'One online security breach can push bank by $1.75 million'

An incident involving a bank's online banking services could cost the organisation USD 1,754,000 (about Rs 11.31 crore), a report by cybersecurity …

Online Banking

Next global crash could arrive 'with a vengeance'

A new financial crisis is brewing in the emerging economies and it could hit “with a vengeance”, an influential group of central bankers has …

Central Banks

Deal on Italian Banks Raises Questions about Eurozone Rules

The decision to create a banking union was the decisive moment in the eurozone's response to the global financial crisis.<p>The establishment of common banking rules and oversight institutions were intended to help restore trust in a system badly shaken by concerns that weak national supervisors in …

Greece

Royal Bank of Scotland to move hundreds of jobs to India

<b>Royal Bank of Scotland is cutting 443 UK jobs dealing with business loans as it shifts many of the roles to India.</b><p>The state-owned bank said it was moving the jobs, which help to handle loans for small businesses, as part of an ongoing cost-cutting drive.<p>But it added that UK-based staff would …

Royal Bank of Scotland

I sent money to a friend using Barclays’ Pingit app, but it never arrived

An international transfer of £792 in euros in May still hasn’t turned up in my friend’s account<p><b>I made an international transfer of £792 in euros to a friend using the Barclays Pingit mobile payment service on 18 May. My friend has still not received the money, though it has left my account and on</b> …

Business (UK)

Kushner company received $285M loan from Deutsche Bank shortly before election: report

Jared Kushner’s real estate company received a $285 million loan a month before Election Day from a German bank that has lent millions to President …

Donald Trump

Biggest US banks can withstand recession

All of the 34 largest US banks are fortified enough to withstand a severe US and global recession and continue lending, the Federal Reserve says.<p>The …

BB&T

Govt urged to hold of on banking inquiry

It wasn't the best of weeks for the banking industry.<p>No sooner had the ink dried on the federal government's bank levy passing the parliament, old …

Moody's Investors Service

PayPal is testing out Venmo debit cards

Peer-to-peer payments service Venmo may be working on a physical debit card that would allow users to access their store funds at physical outlets, …

Paypal

Memo For Gretchen Morgenson - Banco Popular Suffered A Run, Not A Lack Of Capital

The New York Times’ Gretchen Morgenson has a rather odd piece on last week’s failure of Banco Popular in Spain. The bank was swiftly taken over by Santander to put it out of its misery, the shareholders lost everything as did the suppliers of contingent capital in the coco bonds. OK, that’s all …

Opinion

Banks won't compensate you for burglary or theft of your valuables in lockers, reveals RTI query

<b>New Delhi:</b> Do not expect any compensation for theft or burglary of valuables in safe deposit boxes of public sector banks as the locker hiring …

India

Mastercard and Visa see UK legal claims from high street names mount over interchange fees

MASTERCARD and Visa are facing legal claims that could top £1bn as a raft of high street names pool their resources in a battle with the credit card …

Business (UK)

Push on with the 'great unwinding', BIS tells central banks

LONDON (Reuters) - Major central banks should press ahead with interest rate increases, the Bank for International Settlements said on Sunday, while recognizing that some turbulence in financial markets will have to be negotiated along the way.<p>The BIS, an umbrella body for leading central banks, …

Central Banks

Inflation Has More Than One Reason to Surge, Only It Won't - Bloomberg

Age-old inflation patterns might be in the process of breaking with history.<p>Labor markets are improving and unused resources are diminishing globally …

Central Banks

Whatsapp planning to launch p2p payment system in india

Whatsapp becomes active hub for business owners. Thousands of businesses uses whatsapp to communicate with their clients. Whatsapp has more than 200 …

Payment Systems

'HSBC said I needed advice to close my account'

<i>For more than 50 years my late wife and I both had separate current accounts with Midland Bank as was, now HSBC.</i><p><i>When my wife died in 2015 I wrote asking for deeds the bank was holding to be forwarded to me. This was done.</i><p><i>The family was less than satisfied with the way we were dealt with over the</i> …

Business (UK)

Yoyo raises £12m as fintech defies Brexit fears

Fundraising for British mobile payments app highlights strength of VC investment<p>Yoyo Wallet, the fast-growing British mobile payments app, has raised …

FinTech

RBS to cut 443 jobs in UK, move many of them to India

(Reuters) - British lender Royal Bank of Scotland (RBS.L) is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said.<p>The Edinburgh-based bank said the cuts were part of a restructuring aimed at becoming a smaller bank."We realize this will be …

Royal Bank of Scotland

50 years of the ATM: what will cash machines do in the future?

<b>Tomorrow marks the 50th anniversary of the first ever ATM in the UK, a</b><b>nd cash machines have served us round-the-clock since the first one launched at</b> …

Personal Finance (UK)

Deutsche Bank excluded from UBS issue over poaching spat

Swiss rival shunned after luring Asia-based wealth management staff<p>Aggressive poaching in Asian wealth management helped UBS lose its place in …

Deutsche Bank

Trump could use alternate routes to roll back bank reforms

Though Congress is nowhere close to repealing reforms, others think Trump can inflict major and damaging change by overhauling bank rules without legislation<p>On the campaign trail and in office, Donald Trump has promised to replace the Dodd-Frank Wall Street regulations, triggering fears that he …

Business

Western, southern states control over 60% of bank credit: RBI

Led by western and southern states of India, bank credit has seen a manifold jump in the past 25 years as total outstanding credit soared to Rs …

India

Fake bank notes top list of fraud in Kenya

Counterfeit bank notes are the most common form of fraud in Kenya, with mobile money and bank agents being the key targets.<p>A nationwide survey …

Central Banks

Italy Is Prepared to Spend Billions in Shutdown of Two Banks

Government would assume costly responsibility for liquidating the banks’ portfolio of bad loans<p>ROME—Italian authorities said Sunday they were prepared to spend as much as €17 billion ($19 billion) as part of the shutdown of two regional banks, in a deal that will transfer the lenders’ best assets …

Italy

As bank wars escalate, shareholders are the losers

Paul Keating's classic line "never get between a premier and a bucket of money" has new relevance for the country's five biggest banks, after South …

Business (Australia)

Police chief lambasts Lloyds over HBOS fraud case

Bank ‘reluctant to co-operate fully’ with officers investigating £1bn fraud<p>The Thames Valley police commissioner has lambasted Lloyds Banking Group …

Lloyds Bank