Banks have been concerned about stablecoin issuers coming for their deposits, but the growing popularity of the digital asset could have wider implications, including a reduction in available credit. While stablecoins are still early in their evolution, they are bound to scale massively, Rajeev Bamra, associate managing director, head of strategy, digital economy at Moody’s
Citizens Bank’s latest foray into open banking is aimed at the annoyance of switching recurring payments from one card or bank account to another, a hurdle the bank plans to ease through a mobile app update. The bank has deployed a feature to its app that enables customers to update saved payment information across billers,
Comerica is one of the first users of new TCH rules for real-time payments. Shelby Tauber/Bloomberg As the size of individual real-time payments gets larger, ensuring smooth, secure processing is becoming more complicated. That has attracted banks such as Comerica and U.S. Bank, which have recently tweaked their payment systems to accommodate broader uses for
Citizens has spent more than two years working on its open banking strategy.Alex Kent/Bloomberg The Trump administration is doing away with a regulation designed to promote data sharing between banks and third parties. But for Citizens Financial, the move isn’t hindering its bullishness on the broader concept. “This doesn’t change our strategy,” Eric McCabe, Citizens’
David Paul Morris/Bloomberg Visa has rolled out Visa A2A, its account-to-account payment scheme, in the U.K., allowing customers to manage bills and subscriptions through their banking app. It also allows merchants the ability to include more transaction data for reconciliation and to see when a consumer changes or cancels payment permissions. Visa A2A uses open
If you asked the average person on the street if they would like their bank account data to be treated in the same way as data on Instagram or Facebook — that is, shared with advertisers, vendors and service providers — the response would be a resounding: “No! Absolutely not!” Yet every day, millions of