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Tag: institutions

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ACH Alert Links FIs To Deeper ACH Transaction Data

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“In an announcement Monday (Feb. 11), ACH Alert said its newest tool aims to make it easier for financial institutions to access to manage data stored within ACH payment files” reports pymnts.com. PDX is designed to further automate the ability for financial institutions to manage electronic data interchange (EDI) information imbedded within incoming ACH files, notification of change (NOC) and ACH return information.ACH Alert, which provides financial institutions with electronic payments fraud detection technologies, is enhancing its automation capabilities with the integration of Payment Data Xchange (PDX) into its Fraud…

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GBP News 

The real-life Wolf of Wall Street says ‘it’ll work out’ for the City of London after Brexit

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“People want to do business in London, they’re comfortable doing business here” writes Callum Burroughs for businessinsider.com. They have been doing business for how many? 270 years, right?”. Jordan Belfort, whose “Wolf of Wall Street” memoir about his time as a penny stockbroker led to a Martin Scorsese film starring Leonardo DiCaprio, has suggested that London will remain an important financial center after Brexit.Despite a number of major financial institutions pulling staff, office space, and money from London since the Brexit vote in 2016, the Wolf of Wall Street’s savvy…

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Crypto News 

Ripple’s Higher Education Initiative Adds 11 Partner Institutions

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“Distributed ledger technology (DLT) company and cryptocurrency founder Ripple has added 11 new partner universities in its global University Blockchain Research Initiative (UBRI), according to an announcement from the company” writes Rachel Mcintosh for financemagnates.com. As part of the initiative, Ripple has reportedly launched a series of faculty and student grants for research in blockchain and DLT-related fields.At the University of São Paulo, UBRI will fund an interdisciplinary blockchain program from students in mathematics, economics, law, engineering, and business administration. Source: financemagnates.com

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BB&T and SunTrust banks announce surprise $66B merger

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“The new bank will be led by BB&T CEO Kelly King until September 2021, when SunTrust CEO William Rogers will take over, according to the announcement” reports nypost.com. BB&T and SunTrust, two of the biggest regional banks in the US, are merging in an all-stock, $66 billion deal — the first major bank tie-up since the financial crisis.During the Obama era, regulators required banks to keep higher excess capital to prevent shocks to the financial system, and prevented major financial institutions from acquiring each other.It’s gotten harder in recent years…

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Crypto News 

Institutions Taking Crypto Loans from Genesis for Spot Trading

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“Most notably, the institutions taking out the loans used the cryptocurrency provided to them for spot trading activities and, for cryptocurrency firms, to meet short term payment obligations in Bitcoin” writes David Kimberley for financemagnates.com. As our highly knowledgeable base of readers will know, the company has also been providing cryptocurrency loans for some time now.The bearish cryptocurrency market may have some traders down in the dumps but, for cryptocurrency exchange operator Genesis, things haven’t been all bad.In total, the firm provided $1.1 billion in loans over the course of…

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Deloitte: 19% of financial institutions are using AI to reduce costs and improve accuracy

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“Banks are investing increasingly in automation, machine learning, and other labor-saving technologies, according to a report today published by Deloitte” writes Kyle Wiggers for venturebeat.com. Despite that, though, half said they felt their institutions were “extremely effective” or “very effective” in managing the risk.Roughly 29 said their institutions are currently using robotic process automation — software that automates monotonous, repetitive chores traditionally performed by human workers — to manage risk data (25 percent), risk reporting (21 percent), and regulatory reporting (20 percent). Source: venturebeat.com

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Survey: Workers trust their employer over other institutions

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“The survey also found the largest ever difference in trust in public institutions between wealthier people with college educations and poorer ones without degrees” reports thebusinessjournal.com. In a survey of trust in institutions that public relations firm Edelman releases each year on the eve of the World Economic Forum in the Swiss ski resort of Davos, the firm found that 75 percent of respondents trusted their employer.(AP) — With trust in governments taking a hit since the global financial crisis, people around the world view their employer as the most…

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Shutdown sojourn: Free museums, music for furloughed U.S. workers

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“Museums in at least 27 states, along with at least 19 orchestras, offered free admission to federal workers who have unpaid time on their hands” writes Midwest Communications Inc for 95kqds.com. NEW YORK (Reuters) – It may not put a meal on the table for furloughed federal employees, but some U.S. museums and symphonies are supplying food for the mind in free admission for workers affected by the longest partial federal government shutdown in U.S. history. That is because premiere cultural institutions such as the Smithsonian’s museums, galleries and zoo,…

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Payment Network RippleNet Exceeds 200 Customers, Garlinghouse Highlights Fiat Volatility

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“Crypto and blockchain company Ripple has reported today, Jan. 8, that 13 new financial institutions have signed up for the RippleNet payment network, bringing the total number of customers over 200” writes Molly Jane Zuckerman for cointelegraph.com. The new institutions range from locations including Sweden, England and Kuwait, with 40 countries in total across all customers.Speaking to CNBC, Garlinghouse, addressing a common concern that crypto payments are a poor substitute for fiat payment due to the currency’s volatility, noted foreign currencies can also be volatile.Other institutions new to RippleNet, like…

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International, local financial institutions offer to invest $934.1m in Egyptian T-bills

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“Several international and local financial institutions have offered to invest $934.1m in the Egyptian USD-denominated treasury bills (T-bills), floated by the Central Bank of Egypt (CBE) on Sunday” writes Hossam Mounir for dailynewsegypt.com. The CBE received 30 bids for investment by local and international banks, as well as financial institutions, worth of $934.1m, and accepted 25 offers worth $854.1m.Furthermore, the CBE allows banks to buy Egyptian USD-denominated T-bills to both local banks and foreign institutions with a minimum subscription of $100,000 and its multiples. Source: dailynewsegypt.com

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