Swedish payments FinTech Klarna is now offering open banking-powered settlements in the U.K. “The launch means consumers can now pay Klarna directly from their bank account instead of using a debit card, bypassing card networks and marking a major milestone in Klarna’s ambition to build a payments network...
Blank check firm Porticoes Capital is reportedly planning to buy up failed U.S. banks. The group aims to take over banks that have been closed by the Federal Deposit Insurance Corporation (FDIC), the Financial Times reported Wednesday (March 13), citing a regulatory filing. According to the FT report, Porticoes...
Goldman Sachs Asset Management is reportedly planning a major expansion of its private credit portfolio. The Wall Street giant aims to grow that portfolio to $300 billion in five years, up from $130 billion, a senior executive told Reuters Tuesday (March 12). “It’s a huge opportunity,” said Marc Nachmann,...
Silicon Valley Bank’s (SVB) collapse was one of the largest banking failures in American history. And according to a report Tuesday (March 12) by Bloomberg News, that collapse brought with it the largest penalty since before the 2008 financial crisis: $285 million in fees to retire emergency financing...
Mastercard is piloting a subscription management solution that financial institutions can add to their consumer banking offerings. The new Smart Subscriptions solution enables consumers to cancel, pause and resume their subscriptions, the company said in a Tuesday (March 12) press release. It also helps consumers...
Artificial intelligence continues to grow in importance for JPMorgan Chase. So much so that the technology could have its own reporting line, beyond the banking giant’s larger tech team, CEO Jamie Dimon indicated Tuesday (March 12). “Before any other major investment, it’s how are we doing on AI,”...
HSBC is reportedly expanding its U.S. commercial banking operations to bolster its startup lending. Wyatt Crowell, head of U.S. commercial banking at HSBC, said in an interview with Reuters Monday (March 11) that the lender plans to recruit around 50 more bankers for his department, aimed at lending...
If there’s a surety in financial services, it’s that hackers and bad actors probe ecosystems and platforms for points of vulnerability, looking for weak links to yield access to data or ways to infiltrate the organizations themselves. Banking as a Service (BaaS) enables nonbanking entities...
It’s said that those who don’t learn from history are doomed to repeat it. The spectacular flameout of Silicon Valley Bank (and other banks subsequently), happened March 10, 2023, which seems long ago, but the ripple effects are being felt in the here and now. The questions...
