WASHINGTON — The Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to right-size monetary policy. In a follow-up to September’s big half percentage point reduction, the Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, […]
Category: Top News
NatWest Transitions to Bankline Direct Digital With Capco to Accommodate Changing Consumer Needs
UK bank NatWest is partnering with Capco, the management and technology consultancy, as part of efforts to ensure a smooth transition for its systems and clients as the financial industry moves to adopt ISO 20022 for payments and reporting. Through its collaboration with Capco, NatWest is transitioning to Bankline Direct Digital, the strategic ISO 20022-compliant cloud-based architecture behind Bankline […]
CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees
Between 2017 and 2022, Navy Federal has been illegally collecting $20 from consumers for overdraft transactions through its Optional Overdraft Protection Service (OOPS). The credit union would charge surprise fees to users even when they had enough funds to cover the transaction, if the account had a negative balance once the purchase was posted. Navy […]
California revokes BlockFi’s lending license 2 years after bankruptcy
The California Department of Financial Protection and Innovation (DFPI) permanently revoked the license of collapsed cryptocurrency lender BlockFi two years after its bankruptcy. Announcing the news on Nov. 7, California’s DFPI said the license revocation came after an examination by the regulator following a suspension of BlockFi’s license in November 2022. BlockFi entered into a settlement agreeing to the license […]
MEX Global Launches Cash Deposit and Withdraw Services in UAE Through Al Ansari Exchange Branches
MEX Global, a subsidiary of MultiBank Group, the global financial derivatives institution headquartered in Dubai, has launched cash payment services to enable UAE-based clients to easily deposit and withdraw funds. Through a partnership with Al Ansari Exchange, a personal remittance and foreign exchange company in the UAE, MEX Global is enabling its clients to deposit […]
NatWest and Mastercard Launch Mobile Virtual Card Solution for Business
UK bank NatWest has partnered with payments giant Mastercard to launch a new mobile virtual card payment solution for business, Approval2Buy with Mobile Virtual Cards. Becoming the first service in Europe to leverage the Mastercard mobile virtual card app, NatWest plans to enable companies to provide virtual cards to their employees for use worldwide. With the new solution, it […]
Asia-Pacific markets mixed in choppy trading after Trump victory
Asia-Pacific markets were mixed Thursday after former President Donald Trump won the White House, defeating Vice President Kamala Harris in the 2024 presidential election. NBC News projects that Trump will win at least 291 Electoral College votes, including key swing states of Pennsylvania, North Carolina and Georgia. Japan’s Nikkei 225 reversed gains to lose 0.25%, but the broad based Topix was up 0.95%. […]
Elon Musk bet big on Trump. Here’s what he stands to gain — and lose — from his win
No single business leader did more to support former President Donald Trump’s candidacy than Elon Musk. But the billionaire and his business empire face both positives and negatives after Trump won back the presidency in Tuesday’s election. Musk has donated nearly $119 million so far to a political action committee he set up to support Trump, according […]
Tesla jumps 12% as Trump-backer Musk seen benefiting from White House win
Shares of Tesla surged in early trading as investors bet a potential Donald Trump election victory would benefit major backer and CEO of the carmaker, Elon Musk. Tesla shares jumped 12% in premarket trading. The former president had gained a substantial lead over Vice President Kamala Harris in Electoral College votes, according to NBC News’ […]
Bank of Namibia taps Konsentus to support open banking implementation
UK regtech Konsentus has been selected by the Bank of Namibia to establish API guidelines for the central bank’s integration of open banking. The Reading-headquartered open banking firm has been engaged to “identify, recommend and facilitate the development of the API standards”, according to a statement. This is to also include establishing “appropriate rules” for […]
US stock futures, dollar and bitcoin surge as Trump claims victory
U.S. and European stock futures and the dollar surged on Wednesday, while bitcoin jumped to a record high as Republican Donald Trump claimed victory in the U.S. presidential election. Fox News projected that Trump has won the U.S. presidency, defeating Democrat Kamala Harris and capping a stunning political comeback four years after he left the […]
British fintech firm Wise posts 55% jump in profit on expanding market share
Wise posted a 55% jump in profit in the first half of its 2025 fiscal year Wednesday, citing customer growth and expanding market share. The British digital payments firm said that its first-half profit totalled £217.3 million, up from £140.6 million in the same period a year ago. That came on the back of a […]