Uncovering the Cybersecurity Threats Wealth Management Clients Face
Fraud has surged as cybercriminals have developed new technologies and tactics. Wealth management clients have become prime targets—in large part because they have more to lose. Even though high-net-worth individuals may be at higher risk from fraud, they also have a powerful resource to help protect them: their financial advisor. As Tracy Goldberg, Director […]
Swift Is Creating a Blockchain-Based Platform for Cross-Border Payments
Global messaging hub Swift has spent decades building a global system for cross-border payments, and now it plans to launch a blockchain-based solution incorporating digital assets. In collaboration with roughly 30 global financial institutions, Swift is developing a shared digital ledger designed to be interoperable with existing blockchains, including those supporting stablecoins, tokenized deposits, and […]
How Banks Can Regain the Ground They’ve Lost to Paytechs
In the race to handle payments, banks are increasingly losing ground to smaller, nimbler paytechs—companies that provide not only end-to-end payment solutions but business accounts and operational tools. Data from Capgemini highlights how these companies are challenging banks with faster services, more cost-efficient services. Onboarding a merchant through a bank can take up to seven […]
Average FICO Score Drops: A Canary in a Coal Mine?
FICO Scores are the credit card standard, throughout the account lifecycle. Top issuers use them at the acquisition point, they become the foundation for assessing credit quality on regulatory reports like Current Expected Credit Loss, automated credit line increases consider them, collection groups use them to triage resources, and when it comes time to securitize […]
Why a Bill Pay Redesign Should Be a Higher Priority for FIs
Bill pay has been a core service for financial institutions for years. However, aside from the digital exterior, the nuts and bolts of bill pay have been largely unchanged since their introduction. This lack of modernization is beginning to show now that the open-banking model is gaining momentum. As James Wester, Co-Head of Payments at […]
How Many People Know They Can Use a Digital ID?
Digital IDs are quietly reshaping how we pay, prove, and protect—but most people don’t even know they exist. As governments and financial institutions push ahead with digital identity systems to streamline payments and combat fraud, a surprising gap is emerging: public awareness. In a world where verifying who you are is as important as what’s […]
Uber’s Prepaid Passes Are About More Than Loyalty
Uber’s new prepaid passes—offering riders reduced rates on frequently traveled routes—are designed to appeal to those who consider the rideshare’s services too expensive. Beyond encouraging loyalty among Uber riders, the program also helps the company manage its overall costs. Unveiled this week, the prepaid passes are sold in bundles of 5 to 20 rides, with […]
Bolt Makes Bid for Super App Dominance
As more fintechs expand their digital offerings, Bolt is preparing to launch a platform positioned as an all-in-one super app. Originally founded as a checkout solution for merchants, the company has faced shortfalls and leadership changes. Now, it is pivoting into the digital wallet space, where it will face stiff competition from leading financial services […]
Swift Develops Rules for Retail Cross-Border Payments
The Swift messaging system has long been a central player in improving international transactions, and the network now has its sights set on streamlining retail payments. This retail push marks a shift for Swift, which has traditionally been used for larger intrabank or business-to-business payments. After collaborating with roughly 30 banks across 17 countries, Swift […]
Split-Tender Scam Exploits Retail Software Glitch
A glitch in split-tender payment processing allowed a group of criminals based in Miami to steal more than $1.5 million, according to the Justice Department. The scheme exploited a flaw in a retailer’s specific payment processing software rather than a vulnerability anyone could easily use. According to the DOJ, the men purchased expensive merchandise and […]