Markets

Empower Finance has revealed its plans to acquire the US-based credit card fintech Petal, which offers alternative financial products and credit underwriting for underserved users in Mexico and the US. This acquisition is anticipated to close later this quarter. Petal...

EBA Clearing is planning to launch a continent-wide Verification of Payee solution before the year concludes. The feature will be ready by December. It will assist payment service providers (PSPs) in providing IBAN/name-matching solutions to their clients for their Sepa...

The European Central Bank has collaborated with various investors for exploratory work, aiming to distribute ledger expertise to resolve wholesale transactions within the central bank money. The initial wave of trials will include five central banks, six market DLT operators,...

Gresham Technologies, a London-based financial technology company, has agreed to be acquired by a private equity firm in a cash transaction valued at £146.7 million. Gresham's board has given its approval to a proposal from Alliance Bidco, an entity indirectly...

Google Cloud has shared information regarding its collaborations with major financial services - Discover, Scotiabank, and Citadel Securities. This was during its once-in-a-year Las Vegas event. Prominent market maker Citadel partnered with Google Cloud to develop the innovative version of...

Tradeweb Markets has announced the purchase of a financial service technology provider for organizations, Institutional Cash Distributors (ICD), for $785 million. The company runs electronic marketplaces for credits, rates, money markets, and equities for retail, wholesale, and institutional customers. The...

London Clearing House (LCH) has received regulatory authorization to process cash-based Bitcoin index stocks and options contracts. The Chief Executive Officer of LCH, Corentine Poilvet-Clédière expressed excitement for receiving regulatory clearance to introduce this new service. He added that the...

The People’s Bank of China has set up a re-lending program worth $70 billion (500 billion yuan) as it aims to speed up the growth of the science and technology industries. According to the announcement, the program will be offering...

Earlier this month, Bank of Ireland suffered a glitch that blocked users from having access to their accounts. The glitch also prevented them from concluding their credit card transactions. Now, the bank has come out with an explanation regarding the...

The CHIPS network, which is the largest high-value clearing and settlement system in the private sector, has embraced the ISO 20022 messaging format. CHIPS first used the ISO 20022 messaging format on April 8, 2024, through a payment transaction between...

Revolut, a fintech giant whose headquarters are in the UK, is continuing with its expansion plans. The platform recently secured a banking license in Mexico as it pushes to expand its services in Latin America. According to Reuters, Revolut will...

Lloyds Bank, a UK high street bank, is trimming the size of its risk management division. The bank says that this division is preventing the strategic transformation of the bank. According to the Financial Times, a memo sent last month...

The International Monetary Fund (IMF) has said that organizations offering services in the financial sector have lost over $12 billion due to cyber-attacks. In a Global Financial Stability Report published earlier this month, the IMF said this money was lost...

Banking platform Santander has announced the launch of a new offering for the US market under the Openbank brand. This Openbank brand will launch during the second half of 2024. The platform will also launch in Mexico during the same...

The CEO of banking giant JPMorgan Chase, Jamie Dimon, has addressed the “critical impact” of artificial intelligence (AI) and the benefits of migrating data to the cloud. In an annual letter to shareholders, Dimon said the banking platform was planning...