The Week in Review

The Week in Review

Friday October 19, 2018 –

Here are the new and noteworthy stories we have been following this week.

Barclays to challenge Goldman in digital-only bank market

Barclays is launching a retail account that will offer U.S. consumers a low-cost, digital-only bank.

Fidelity Starts Crypto Unit to Serve Wall Street Customers

Fidelity is entering into the emerging cryptocurrency arena with a new business to manage digital assets for hedge funds, family offices and trading firms.

Visa, Mastercard, and American Express have yet to comply with India’s new “data localization” law.

OnDeck launches new subsidiary to partner with banks

OnDeck has set up a subsidiary, ODK that will provide technology and other services to banks to support their online small business lending.

BBVA launches open banking platform in the US

BBVA has officially launched its Banking-as-a-Service platform in the US, using APIs to let firms offer their customers financial products.

Mastercard signs off on removal of card signature panel

Mastercard is introducing a voluntary programme for banks to eliminate the signature panel on plastic cards, and enabling token services on all cards.

Payments revenue to hit $2.4 trillion by 2027

A new BCG / Swift report projects that global payments revenue will grow at CAGR of 6.6% to $2.42 trillion by 2027.

SEC Launches New Strategic Hub for Innovation and Financial Technology

The SEC announced the launch of the Strategic Hub for Innovation and Financial Technology  (FinHub) to support developments in new / emerging areas of financial technology.

PayPal and American Express expand partnership, will allow use of points for PayPal purchases

PayPal and Amex announce an expanded relationship that includes payments by points at PayPal merchants and easier integration of the two companies digital services.

JPMorgan to build Silicon Valley fintech office

Chase is building a new 1,000 person “fintech campus” in Silicon Valley focused on digital payments and part of Chase Merchant Services.