The pandemic has drastically affected how consumers are shopping and paying for even routine purchases, and this in turn has altered how businesses are accepting their payments. The rise of online and contactless transactions in the European Union, for example, has meant that many merchants...
As the fallout from Wirecard’s troubles unfold, Germany’s deputy finance minister has called for radical solutions to fix how accounting firms are regulated, the Financial Times reported. The government is expected to end its contract with the Financial Reporting Enforcement Panel (FREP), the country’s accounting...
The Federal Deposit Insurance Corp. (FDIC) is considering nixing its quarterly reports of banks in an attempt to modernize the way data is handled. The reports have been a fixture of the way the government monitors for risk for 150 years, The Wall Street Journal...
Zopa, the United Kingdom-based peer-to-peer (P2P) lender, has reached its latest milestone and received its banking license as it takes on traditional banks, the Financial Times reported. “We never thought we would be launching in such an extraordinary set of circumstances, but we believe that,...
Germany’s Commerzbank London has agreed to pay a fine of £37,805,400 — about $47.45 million — “for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017,” Britain’s main bank regulator said in a news release on...
U.S. bank profits took a hit of 69.6 percent in profits in the first quarter of the year compared to the same time last year, according to Reuters. The profits only hit $18.5 billion as the coronavirus pandemic continued to cause lenders to write off...
The EU enacted open banking rules in 2018, inspiring regulators worldwide to reconsider how they were transacting funds or transmitting data. The two years since have led governments around the world to launch initiatives exploring innovative digital connection strategies for financial institutions (FIs) and merchants...
The pandemic has thrown daily operations for merchants in the EU and the U.K. into flux. Retailers have had to swiftly adapt to markets where online transactions have ballooned exponentially. Even customers still shopping in stores are desiring digital payment methods such as contactless cards...
Financial institutions (FIs) in the European Union (EU) and the United Kingdom are still thinking positively about open banking even as the COVID-19 pandemic creates obstacles. FIs and their regulators are clinging to that vision even as they work to answer complicated questions brought about...
