From internecine conflict on European soil to pernicious public health crises, a range of uncertainties affect how money flows across the globe, determining national and international politics in the process.
Read MoreIn an OpEd, Gabe Kajicek, CEO of Kasasa, argues that local banks offer personal touches that can set clients onto healthier financial journeys and help address debt-related issues.
Read MoreIn an OpEd, Michael T. Pugh, President and CEO of Carver Federal Savings Bank, argues that the role of Community Banks and CDFIs partnering with fintech platforms has never been more important in helping small businesses and entrepreneurs gain certainty with access to capital.
Read MoreIn 2017, The Clearing House launched Real Time Payments (RTP), which immediately processes funds at any hour. Notably, RTP permits earned-wage access (EWA) capabilities, meaning payroll companies can allow workers to withdraw their earnings at any time, not just at traditional payroll increments.
Read MoreThis morning, DoorDash and JPMorgan announced the launch of a co-branded card issued by Mastercard. The card will let users earn benefits both on and off the DoorDash app.
Read MoreAnonymous sources say the Federal Reserve is investigating Marcus, Goldman Sachs’s consumer-banking branch. This follows a probe by the Consumer Financial Protection Bureau (CFPB) last month into Marcus’s credit card practices.
Read MoreVTB, a Russia-based state-controlled bank with $280B in assets, began supporting transfers to China in yuan. Purchases of yuan in Russia have increased by 800% this year after the Russian invasion of Ukraine and ensuing sanctions.
Read MoreWave, a payments platform in Senegal, is in a price war with incumbent platform Orange Money. Wave offers a 1% fee on money transfers, while Orange Money has dropped its rates from 5% to 0.8%.
Read MoreJPMorgan announced that it’s acquiring cloud-native payments startup Renovite. The California-based startup will become part of JPMorgan Payments.
Read MoreBank of America has partnered with the Liberty Science Center in Jersey City, New Jersey, to launch educational programs in local high schools. Students who complete the course will be extended job offers for positions related to emerging technologies by Bank of America.
Read MoreLenders originated more than $100B in home equity lines of credit (HELOCs) in the first five months of 2022. This represents a 50% increase over the same period in 2021.
Read MoreThree Arrows Capital (3AC), a Singapore-based crypto hedge fund, filed for bankruptcy in July 2022. It owed more than $2.8B to creditors at the time it went bust, and is widely blamed for fueling the collapse of the crypto ecosystem.
Read MoreOn Friday, UBS announced that it had called off its acquisition of Wealthfront. UBS had been slated to purchase the robo-adviser for $1.4B.
Read MoreUS banks have closed 1,261 branches during the first six months of 2022. If closures continue at the same pace over the rest of the year, then this rate will represent a 15% decline compared to 2021.
Read MoreTexas Comptroller Glenn Hegar announced a list of ten financial firms that are now banned from doing business with state entities in Texas. Hegar said those firms, which include BlackRock, Credit Suisse, UBS, and BNP Paribas, “boycott” the fossil fuel sector, which is illegal under a 2021 Texas state law.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
