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News and resources on retail banking, consumer finance and reinventing customer experience in finance.

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Funding Circle to cut 120 jobs

Funding Circle to cut 120 jobs

Small business lender Funding Circle is cutting around 120 jobs as it looks to slash costs in search of profitability.

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Synapse fallout leaves 85,000 Yotta customers locked out of accounts

Synapse fallout leaves 85,000 Yotta customers locked out of accounts

Reducing banks' carbon footprint: What can be done to achieve environmental targets?

Reducing banks' carbon footprint: What can be done to achieve environmental targets?

Coinbase donates $25m to crypto super PAC

Coinbase donates $25m to crypto super PAC

JPMorgan payments boss Georgakopoulos quits

JPMorgan payments boss Georgakopoulos quits

Monzo achieves first full year of profitability

Monzo achieves first full year of profitability

Fiserv co-leads $16 million seed round in PayFac Forward

Fiserv co-leads $16 million seed round in PayFac Forward

Citi suit prompts dispute between CFPB and industry groups

Citi suit prompts dispute between CFPB and industry groups

UBS invests in climate fintech Doconomy

UBS invests in climate fintech Doconomy

Hackers claim to have bank account details of 30m Santander customers

Hackers claim to have bank account details of 30m Santander customers

Stripe blames regulatory landscape for move to invite-only in India

Stripe blames regulatory landscape for move to invite-only in India

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[Webinar] Ensuring Interoperability in the Age of Global, Cross-Border e-Invoicing[Webinar] Ensuring Interoperability in the Age of Global, Cross-Border e-Invoicing
Retail banking blogs
Digital Banking Trends  

Demystifying Investing: The Power of Digital and Generative AI

Joris Lochy

Joris Lochy - Capilever - Brussels

Digital Bank Transformation  

From Legacy to Leadership: How Financial Executives Can Transform in the Digital Age

Alex Kreger

Alex Kreger - UXDA - Riga

Asia Financial Services  

Bringing Change To Rural and Community Banks-Time for Core Banking to be Open

Kaustuv Ghosh

Kaustuv Ghosh - Nxtgen Payment Infra. Prometheus Labs. - Singapore

Banking  

Is there a vote for improving access to cash and services with smarter fintech?

Mark Aldred

Mark Aldred - Auriga - London

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Reducing banks' carbon footprint: What can be done to achieve environmental targets?

Reducing banks' carbon footprint: What can be done to achieve environmental targets?

Join FinextraTV at the Temenos Community Forum 2024 as Kalliopi Chioti, Chief Marketing & ESG Officer at Temenos, and Dan Broten, CTO of EQ Bank, discuss how technology helps banks measure and reduce their carbon footprint. They highlight the role of SaaS in improving scalability, security, and sustainability targets; emphasise the importance of measuring emissions, and showcase the collaborative efforts required to enhance carbon efficiency with innovations.
ISO 20022: Powering Instant Payments in the UAE

ISO 20022: Powering Instant Payments in the UAE

FinextraTV and Al Etihad Payments’s CEO Jan Pilbauer, dive into the evolving landscape of ISO 20022 and the challenges of being a brand-new national payments entity and subsidiary of the central bank. AI Etihad Payments discuss how they, in collaboration with Unifits, are automating testing and in turn, innovating payments processes for individuals and businesses in the Emirates. The importance of rigorous testing and simulation is also discussed as a key route to ensuring a seamless and secure transition for all stakeholders.
Effective decision making: Leveraging AI for growth and efficiency

Effective decision making: Leveraging AI for growth and efficiency

Join FinextraTV at the Temenos Community Forum 2024 in Dublin as Prema Varadhan, President Product & COO of Temenos, delves into the transformative potential of artificial intelligence in banking. We explore specific use cases across banking operations, highlighting how generative AI, combined with explainable AI, enhances customer interactions, streamlines back-office processes, and improves risk and compliance screenings. We also review the measurable value generative and responsible AI bring to banks in terms of innovation, customer centricity, and operational efficiency.
Lending Modernisation: Quick Wins for Banks

Lending Modernisation: Quick Wins for Banks

Join FinextraTV in conversation with Robert Downs, Global Head of Corporate & Syndicated Lending, Finastra and Prakash Pattni, Managing Director - Digital Transformation, IBM Cloud for Financial Services, IBM, as we explore a plethora of topics including digitalisation gaps, cloud innovation, data and knowledge management, regulation, and competition and how they all intersect with each other to modernise lending. This compelling conversation explores current problems with data in the lending industry and how modern technologies such as AI and automation transform lending processes, products and ensure quick wins for banks.
The long read
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Sehrish Alikhan

What Gen Z want from UK fintech

Sehrish Alikhan - Reporter, Finextra
Discussion
Stripe blames regulatory landscape for move to invite-only in India
Ketharaman Swaminathan

Ketharaman Swaminathan

  In between, the Indian banking regulator drastically increased the scope of merchant due diligence that payment aggregator license holders like Stripe need to carry out to onboard new merchants. It was earlier like KYC that could be carried out by the merchant in self-service mode. It has now become like KYB that needs to be carried out by PA via physical verification. Experts told Economic Times last month that the change in reg announced by RBI would increase efforts and costs for PAs and slow down merchant onboarding by 9X. Notwithstanding what Stripe is saying about commitment to India now, I wouldn't be surprised if it's effectively bidding sayonara to the Indian market, just like many merchants did on the back of Reg Emandate announced by RBI for recurring payments 2.5 years ago.

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Stripe blames regulatory landscape for move to invite-only in India
Hitesh Thakkar

Hitesh Thakkar

  Stripe received Payment Aggregator license (in-principle) in early 2024 so now next step is to put up infrastructure which as per regulator (RBI) need to follow it's cyber security controls, process and procedures. Back of the envelope calculation on timeline  1 3 to 4 months to setup infra and controls.DC + DR ( In India). 2. 3 to 4  months for PCI and ITGRC norms audits May or June 2025 seems reasonable cooling time justified.

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PayPal builds advertising platform
Ketharaman Swaminathan

Ketharaman Swaminathan

  As I highlighted in my company blog post Mastering Targeted Offers – The Uber Way several years ago, I don't know a better practitioner of targeted advertising than Uber. Smart move by PayPal to hire an ex-Uber executive to lead up its new advertising business. 

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What is Mistral AI and why will Le Chat and Mistral Large rival ChatGPT-4?
John Davies

John Davies

  I'm a huge fan of Mistral for many reasons; It's European to start with and therefore not (potentially) restricted by the new ridiculous laws being proposed in California. It is by design, multilingual which is critical for a European market. it is a serious contender not just in the generalised GPT race but very specifically in open source LLMs. Mistral's open LLM's are not just amongst the best, but for many months have been undisputedly THE best. The Mistral 7B (v0.3), release less than a week ago, is incredible for function calling, beating Meta's Llama 3 released only weeks earlier. Je me sens même obligé d'écrire en français, je suis très fier d'avoir une société comme Mistral en Europe. I believe Mistral will play a strong part in the future of privacy in European, and global, AI. Viva Le Chat!

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Featured
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UBS invests in climate fintech Doconomy

UBS invests in climate fintech Doconomy

Visa and Mastercard offer $197m to settle ATM class action suite

Visa and Mastercard offer $197m to settle ATM class action suite

Pay.UK hails fraud detection pilot results

Pay.UK hails fraud detection pilot results

PayPal builds advertising platform

PayPal builds advertising platform

The long read
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Ian Rand

What’s the outlook for challenger banks in 2024?

Ian Rand - CEO, Monument
Elsewhere...

  1. BusinessGreen

    Campaigners urge regulators to investigate alleged greenwashing at UK's biggest high street banks

  2. Fortune

    The most powerful woman in fintech is on the hunt for acquisitions

  3. This is Money

    Fraudsters are brazenly advertising fake banknotes on social media, currency firm warns

  4. CityAM

    Lloyds defends return-to-office mandate as staff engagement falls to nine-year low

  5. Bank Underground

    Leveraging language models for prudential supervision

The long read
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Níamh Curran

What’s happening at Temenos?

Níamh Curran - Senior Reporter - Finextra