AUD News 

AI-based chatbot gets to do banking for customers of Commonwealth Bank of Australia

“The virtual banker is aimed at business customers, enabling them to receive instant answers and assistance with common banking questions and tasks” reports financefeeds.com. The bank has announced the launch of a chatbot, codenamed Ceba, which aims to assist customers with more than 200 banking tasks ranging from the activation of their card and checking their account balance to making payments.Ceba, which, unlike human staff, is available 24/7, can recognize approximately 60,000 different ways customers ask for various banking tasks and will eventually be able to tell customers what they are…

Read More
News 

Varo Money Raises $45M On Quest To Become A Bank

“Mobile banking FinTech Varo Money has raised $45 million in Series B funding as it strives to become a mobile-only regulated bank” reports pymnts.com. Instead, Varo makes its money through interchange fees and interest income from loans.According to American Banker, the funding will be used by Varo to expand its talent pool, continue developing its product, boost marketing and continue to work toward its ultimate goal of becoming a regulated bank.There are also future plans to pull fee income from partners in insurance, wealth management and student loans. “We’re looking…

Read More
News 

It could be easier for Facebook and Google to get into UK banking thanks to new rules starting Saturday

“Facebook and Google have long tried to break into financial services, with products such as Pay by Messenger and Google Wallet” writes Oscar Williams-grut for businessinsider.com. Fluidly is one of a number of businesses primed to take advantage of open banking and Plumb has been monitoring the area closely.And there are very big financial brands that are not part of the Big 9 that are looking at the European market very seriously.”.  Source: businessinsider.com Share This:

Read More
Markets News 

J.P. Morgan Chase’s CIB revenue falls below expectations, weighed by weak fixed income results

“Within markets, fixed income markets revenue plunged 34% and equity markets revenue was flat” writes Reporter Editor for marketwatch.com. Within the group, banking revenue rose 10% to $3.1 billion, boosted by 10% growth in investment banking revenue.But markets and investor services revenue tumbled 22% to $4.4 billion, weighed down by a 26% decline in markets revenue.JPM, +0.54% slipped 0.3% in premarket trade Friday, after the banking giant reported fourth-quarter results, which showed corporate and investment banking (CIB) revenue falling well below expectations.Although overall adjusted earnings per share, which excluded a…

Read More
Crypto News 

Saifu deploys Thales to protect cryptocurrency holdings from attacks

“With this platform in place, Saifu claims it is the first financial service to provide bank-grade security to the cryptocurrency world” writes Stewart Rogers for venturebeat.com. Unlike many banks, however, Saifu also allows you to exchange money between fiat and cryptocurrencies. Source: venturebeat.com Share This:

Read More
News 

Saudi Aramco Working to Raise Cheap Loans Before IPO

“But it also indicated the readiness of banks to accept lower returns ahead of the IPO, the sources said” writes Min Read for reuters.com. The ECA-backed loans would typically come with tenors of up to 10 years at interest rates generally below 1 percent a year, two banking sources said.Each of these new loans was likely to be in the range of $2 billion dollars, the sources added.DUBAI (Reuters) – Saudi Aramco is working to secure billions of dollars in cheap loans from banks seeking to strengthen their ties with…

Read More
News 

Investment Banking Fees at Record High in 2017 – Thomson Reuters Data

“Following a downbeat 2016, investment banking fees for equity products rose 41.5 percent to $22 billion on an issuance recovery” writes Partner Content for investopedia.com. Buoyed by a recovery in equity issuance, global investment banking fees rose 16 percent to an estimated $104 billion in 2017, Thomson Reuters data shows, the highest level since its records began in 2000. JP Morgan was the biggest global investment banking earner of the year once again, racking up an estimated $6.7 billion in fees, or 6 percent of the total. Source: investopedia.com Share This:

Read More
Crypto News 

Paper Checks Continue To Steal The B2B Payments Spotlight

“Visa, for example, will launch and scale its cross-border B2B payments solution B2B Connect, while B2B payments company nanopay will also be expanding its platform into new markets in 2018” reports pymnts.com. As the market looks toward the future, some predictions for B2B payments have remained consistent throughout the decade.2017 may go down in B2B payments history as the year the space finally saw a bump in attention from innovators.The Association for Financial Professionals (AFP) released a report in September that found the use of paper checks in B2B payments…

Read More