The news: Checkout.com started using Mastercard Send to enable faster payments for consumers and businesses in Singapore, per a press release. It will extend the solution to Australia and Hong Kong later this year.
Mastercard Send is Mastercard's faster payments network. It lets businesses send payments to more than 1.5 billion debit, credit, and prepaid cards.
Although debit still reigns supreme, with consumer preferences moving toward digital, cash and checks will continue to be displaced in the US.
The news: Silicon Valley Bank became the largest US bank to fail since the 2008 crisis when California’s Department of Financial Protection and Innovation shut it down on Friday and placed it under the control of the Federal Deposit Insurance Corporation.
The news: MoneyGram will let customers in Jamaica receive remittances through homegrown mobile wallet Lynk, per a press release. The wallet offers peer-to-peer (P2P) payments, retail payments, and bill pay.
The news: Citi is the latest Wall Street lender to rethink headcount in its investment banking arm as it aims to trim costs amid a prolonged deal slowdown, CFO Mark Mason told Bloomberg.
The news: BMO and Bill (formerly Bill.com) introduced BMO Bill Connect, an accounts payable (AP) and accounts receivable (AR) offering for small and medium-sized businesses (SMBs), per a press release.
Here's how it works: BMO Bill Connect lets SMBs automate bill pay, digitize invoices, and monitor cash flow through one dashboard, and it offers two pricing tiers depending on businesses' monthly transaction volume.
The news: US banks have "some work to do" before they can embrace AI-powered tools like ChatGPT, according to Bank of America CEO Brian Moynihan.
The news: Brazil's central bank launched a CBDC pilot focused on wholesale transactions with a full rollout expected by the end of 2024, per Reuters. Brazil hopes the digital real will help make financial services more accessible.
The news: Goldman Sachs is considering selling or restructuring part of its consumer business as it recovers from the expensive, loss-generating digital bank venture Marcus, per Business Insider.
The news: Cross-border payments fintech Wise rolled out two offerings in the US and unveiled new branding, per a press release.
