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Banking & Payments DECODED

Latest edition: 21 May 2024
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Latest news

Interview: Persado's Lisa Spira on how banks can use GenAI to personalise marketing and appeal to Gen-Z

Too many banks have not yet realised the financial power of Gen Z. As Lisa Spira, VP of Content Intelligence at Persado tells Douglas Blakey, it is high time that they reframe their marketing strategy to acknowledge this group as serious customers.

Nearly 3-in-4 SaaS product managers plan to implement embedded finance: Weavr

The majority of B2B SaaS product managers plan to adopt and utilise embedded finance as part of their near-term roadmap. Research released by embedded finance company Weavr is set out in a white paper entitled ‘The next step for B2B SaaS’.

Mobile wallets dominate China payment landscape with over 84% user adoption, reveals GlobalData

Mobile wallets have become the dominant payment method in China, with over 84% of users utilising them for transactions in the past year. This surge is driven by widespread smartphone and internet accessibility, QR code-based payment adoption, and the popularity of domestic brands like Alipay and WeChat Pay, according to GlobalData, publishers of EPI.

Swift standardises payments end-to-end, gives banks ready-to-use tracking services

Swift will give banks ready-to-use, white-labelled tracking services that can be activated for customers at the click of a button. According to Swift, the initiative marks a significant milestone in delivering its strategy for instant and frictionless transactions. Specifically, it will enable financial institutions to capture rich data at source, by standardising the payment end-to-end with ISO 20022. Swift will also help banks offer their customers ready-made and white-labelled payment tracking services by API or messaging channel. It will give complete transparency on a payment’s status as well as confirmation of its receipt.

UK is still not ready to go cashless: LINK

Almost half of UK consumers think the country is heading towards a cashless society, according to research released by LINK. But despite big changes in how cash usage, a similar number of people would still find a cashless society problematic.

JP Morgan Payments adds Studio Science to payments partner network

JP Morgan Payments has added Studio Science to its payments partner programme. The System Integrator Program launched in March 2024. It is part of the larger JP Morgan payments partner network. It brings together JP Morgan Payments' extensive suite of payment solutions and its consulting partners. The aim is to help clients build, implement, expand and optimise payments strategies based on their business needs.

CFPB closes down and fines Western Benefits $400,000 for swindling student borrowers

The Consumer Financial Protection Bureau (CFPB) has ordered Western Benefits to permanently cease operations. In addition, it must pay a $400,000 penalty to be deposited in the CFPB’s victims’ relief fund. The CFPB order also rescinds all existing agreements with consumers.

DBS helps Terrenus Energy obtain SGD300m green loan

Renewable energy company Terrenus Energy has obtained approximately SGD300m ($222m) in green financing from a group of five banks headed by DBS.

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