It’s not necessarily new, but a confluence of trends — advances in technology, changing consumer preferences and banks’ need to diversify their balance sheets — has made it more popular than ever.
The banks behind the Zelle network had more in mind than P-to-P payments between consumers, and BNY Mellon is beginning the network's evolution by targeting business payments market.
Bank of America hired Davis Polk & Wardwell to conduct an internal review of a $292 million charge-off in the fourth quarter, according to a person familiar with the matter.
Citigroup said an Italian court rejected a €1.8 billion ($2.2 billion) civil claim filed by Parmalat against the bank over the food company's collapse in 2003.
The SEC and CFTC ask Congress to expand federal oversight of cryptocurrency trading; the recent wild swings in financial markets may boost first quarter trading revenue.
The continuing cycle of scandal has forced big banks to get crafty in how they influence debate in Washington. The latest action against Wells ensures more backroom dealing.
Comptroller of the Currency Joseph Otting met Tuesday with acting CFPB Director Mick Mulvaney to discuss ways to reduce regulatory burden and coordinate supervision of financial firms.
The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals.
