The news: In a recent blog post, the International Monetary Fund (IMF) stressed the risks that nonbank financial institutions (NBFIs) pose to the financial system and warned that their lack of regulatory oversight could cause the next global financial crisis.
The news: Two top US economic policymakers say they're focused on finding out why Silicon Valley Bank failed and determining what changes to federal regulation and oversight might be necessary to prevent further bank runs.
The news: Checkout.com added card issuing to its suite of offerings for clients in Europe and the UK, per a press release. The API-based service lets businesses create physical cards and single- or multi-use virtual cards. It's also designed so that Checkout.com shares interchange fee revenues with its clients.
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The news: As the banking sector entered into a brief lull, Treasury Secretary Janet Yellen praised financial regulators and discussed what's in store for the future. The Fed also gave a first look at emergency borrowing stats.
The news: Major payments firms and fintechs noted that their businesses were mostly uninterrupted despite some close ties with now-collapsed Silicon Valley Bank, per Payments Dive.
The news: Credit Suisse shares plummeted to an all-time low amid worries over its financial position as banking sector turmoil spread to Europe.
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.
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.