Italian antitrust approves digital payment cost reduction.
The Italian Antitrust body has approved a deal between shops, banks, and payment businesses to lower small card transaction fees, as requested by the government. The clearance is expected to enable a formal accord, allowing Prime Minister Giorgia Meloni to eliminate the possibility of a windfall tax on payment providers like Nexi, Mastercard, and Visa.…
FedNow new and fast payment system from The Fed
FedNow, a Federal Reserve fast payment service, lets Americans pay businesses, suppliers, and products quickly. The service will link institutions for fast payments with a $100,000 initial transaction limit and a $500,000 customer credit transaction limit. Venmo, unlike FedNow, requires balances instead of direct bank account transfers. It allows businesses and people to get paychecks…
The United Kingdom tightens bank account closing regulations.
The finance ministry has announced that British banks must explain and delay account closures due to concerns about banks blacklisting people for their political views. Brexiteer Nigel Farage claimed banks were blacklisting people for their political views, leading to an investigation. NatWest CEO Alison Rose apologized for Farage’s treatment and confirmed the bank’s alternate account…
Capital One Bank Profit hiked from interest income
Capital One Financial exceeded analysts’ second-quarter profit projections due to higher borrower income from rising benchmark lending rates. The Federal Reserve’s aggressive interest rate increases have boosted consumer-facing banks’ loan profits. Net interest income grew 9% to $7.11 billion, and deposits stabilized after a bank run by frightened clients.
Asia’s private loan industry expand as desperate borrowers find lenders.
JLL, a commercial real estate services firm, resorted to private credit markets to fund an Arizona property project after governmental debt and loan markets rejected it. Five Star Development’s $585 million refinancing loan may have cost more than any bank loan or bond. The May arrangement is part of a burgeoning private lending sector, where…
Mexico’s Banorte Q2 report incredible net profit
Grupo Financiero Banorte reported a 14% increase in second-quarter net profit to 13.09 billion pesos ($764.68 million), with both units profiting 38% more. The business, which owns one of Mexico’s largest banks and pension funds, earned 33.06 billion pesos, up 19%. Net interest income climbed 5% year-over-year due to loan book expansion and interest rate…
U.S. officials said an audit did not convince them to approve the release of funds held by Afghanistan’s central bank.
A U.S.-funded audit of Afghanistan’s Taliban-run central bank failed to convince Washington to restore bank assets from a $3.5 billion Swiss trust fund, which would help ease the country’s financial crisis. The audit has not affected the U.S. Treasury’s assessment that the bank must reform before the department will support disbursements from the Afghan Fund…
Flagstar Bank has added six private banking experts from First Republic
Flagstar Bank has hired six private client banking teams from First Republic Bank, with three teams in the West Coast and three in New York City. Flagstar Bank bought deposits and loans from U.S. regulators after Signature Bank’s collapse. Citizens Financial Group has also hired 50 First Republic senior private bankers and 100 support employees…