Banco Santander’s global digital transformation has led it to Mexico, where the bank has agreed to acquire U.S. Bancorp’s Elavon Mexico merchant acquiring unit for about $84 million.
Higher rates are looming for transactions on e-commerce sites, while merchants in certain services categories, such as real estate and education, will see fees decline, according to a document Visa sent to banks.
The bank raised its return-on-equity goals, based mostly on cost cuts and its core trading business; the Fed did raise the rate it pays on bank reserves.
For banks and other financial institutions to survive and thrive in the age of mobile payments and e-commerce, they need to continue to enhance their mobile apps with more innovations, tighter security features and more time-saving capabilities.
With customers now having the opportunity to onboard across multiple devices and channels, or even through a call center, the likelihood of an inconsistent experience is drastically increased, Neal Keene of Intelledox says.
There is no way to know exactly what the market will look like in 2023 or 2024 when FedNow debuts. We're working on a solution that can help our customers right away, says Luanne Cundiff, president and CEO of First State Bank of St. Charles in Missouri.
The fintech is now worth $10 billion more than its top rival, Square; cost cuts, asset growth and share buybacks could offset the headwinds from low rates.
