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A challenging time for time challenger banks
Challenger banks were hailed by politicians as the way to break the stranglehold of the UK’s big four high street banks. The challengers have enjoyed rapid growth, helped by benign economic conditions, low interest rates and cheap central bank funding. Now they are confronting a tougher climate — as shown by the £1.6bn takeover approach [...]
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Is the Payments Industry ready for new PCI-DSS encryption protocols
On June 30th 2018, new Payment Card Industry Data Security Standard requirements (PCI-DSS) go into effect. This means that payment card acquirers, processors, gateways and services providers worldwide are working to implement more secure encryption protocols for transactions. The industry is required to discontinue the use of Secure Sockets Layer and early versions of Transport Layer Security, and implement, [...]
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Visa hit by EC complaint over damaging fee changes initiated by CMSPI
An independent payments consultancy, CMSPI, has initiated a complaint with the European Commission over changes Visa is making to its fees, claiming the card scheme’s actions could cost small businesses in Europe more than $2 billion a year. This month, Visa restructured the fees it levies for processing credit and debit card transactions, adding a [...]
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Danske Bank in trouble over weak anti money-laundering controls
In a week that saw the Australian banking industry under scrutiny, Danske Bank has also been extensively criticised and reprimanded by Danish regulators over weak or non-existent money-laundering controls that gave rise to suspected “criminal activities involving vast amounts of money”. The Danish Financial Supervisory Authority on Thursday gave the country’s largest bank eight reprimands and [...]
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World Bank report shows financial inclusion on the rise
Financial inclusion is on the rise globally, accelerated by mobile phones and the internet, but gains have been uneven across countries. A new World Bank report on the use of financial services also finds that men remain more likely than women to have an account. Globally, 69% of adults – 3.8 billion people – now [...]
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