Business Banking – Game Towne http://gametowne.com/ Fri, 17 Sep 2021 22:24:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://gametowne.com/wp-content/uploads/2021/06/icon-6-150x150.png Business Banking – Game Towne http://gametowne.com/ 32 32 Building the future of crypto asset custody and management for businesses – Sponsored Bitcoin News https://gametowne.com/building-the-future-of-crypto-asset-custody-and-management-for-businesses-sponsored-bitcoin-news/ https://gametowne.com/building-the-future-of-crypto-asset-custody-and-management-for-businesses-sponsored-bitcoin-news/#respond Fri, 17 Sep 2021 21:42:21 +0000 https://gametowne.com/building-the-future-of-crypto-asset-custody-and-management-for-businesses-sponsored-bitcoin-news/ sponsored As the floodgates open for large corporations and corporations to enter the crypto market, you see a growing demand for an established digital asset management platform. Fortunately, Unido is among a few that meet these criteria, but with all the noise in the crypto space now, it’s crucial to compare similar products and projects […]]]>

As the floodgates open for large corporations and corporations to enter the crypto market, you see a growing demand for an established digital asset management platform. Fortunately, Unido is among a few that meet these criteria, but with all the noise in the crypto space now, it’s crucial to compare similar products and projects to better understand the options and the differences between the platforms. .

Among the very few options today, this article will take a look at Fireblocks to analyze the different product offerings in relation to the Unido ecosystem. Fireblocks is a digital asset management platform with product offerings similar to Unido, such as Multi-Party Computing (MPC), DeFi integration, DeFi APIs, full governance control and a system extremely robust security for digital assets.

Fireblocks vs. Unido

Fireblocks was founded in 2018 and is an end-to-end blockchain security platform that protects, stores, transfers and issues digital assets to the blockchain (s) while using multi-party computing (MPC). Fireblocks has governance controls and custodial solutions and is an enterprise-grade solution that allows clients to transfer assets between exchanges, wallets, and custodians using chip isolation technology. MPC and patent pending to secure private keys, API credentials eliminate the need for depository addresses.

Unido, whose parent company, PAC Blockchain & Digital Advisory (over 17 years), quickly developed and identified the problem of crypto custody in 2017, from which Unido was born, thus began the development of a multisig portfolio. usable on any blockchain.

Since then, Unido has produced a secure and patented digital asset platform designed to manage crypto transactions, enable businesses to easily manage their on-chain assets, a crypto-banking suite with a corporate banking portal, governance and security compliance checks. , and access to the DeFi safe, transparently.

Unido and Fireblocks today allow businesses and organizations of different sizes to easily access DeFi, and both products offer unparalleled security, access to DeFi policies, decentralized exchanges (DEX like Uniswap and Balancer) and access total to all exchanges and decentralized applications (dApps) in the crypto ecosystem.

Unido and Fireblocks offer comprehensive security, easy regulatory compliance, and an easy-to-use platform that makes it easy to enter crypto for large and small businesses.

David vs. Goliath

The proliferation of companies entering the crypto economy has been booming since Michael Saylor started buying Bitcoin en masse for Microstrategy (a publicly traded company based in the United States), which now has over 108,997 Bitcoins on its balance sheet (estimated at over $ 3 billion).

In 2020, it became clear that it is not just retail investors entering the crypto markets, but rather large inflows of venture capital funding and institutional scale investments that are creeping in. a path in the crypto economy. Unido predicts that institutional investment in the crypto space will grow exponentially by region and that the number of companies will grow exponentially (see graph below).

(Image source is from Unido white paper; page 5)

Fireblocks is undoubtedly a household name in the cryptoversy and has many prolific backers and VCs associated with its project. They recently raised $ 310 million in a Series D financing co-led by Sequoia Capital, Stripes, Spark Capital, etc., bringing the company’s valuation to over $ 2 billion to continue developing their digital asset platform.

While Unido remains a small-cap gem compared to Fireblocks capital increases, that doesn’t mean we don’t have similar, if not comparable, digital asset platforms designed for businesses and institutions.

Fireblocks uses its MPC-CMP algorithm which allows digital asset transactions to be signed up to 8x faster and supports signing transactions from cold and hot wallets. It gives institutions the possibility of configuring a key management scheme adapted to their organization. MPC-CMP follows a strict set of steps which ensure that there is never a single point of compromise of the private key as it is never concentrated on a single device at any time.

Likewise, Unido Core, or its MPC, is a patented advanced technology solution that provides levels of cold storage security for all transactions while maintaining an intuitive, application-oriented environment that makes the software easier to use by businesses.

Unido’s basic proprietary algorithm divides keys into portions and stores them securely among all wallet members. This distribution of keys greatly reduces the likelihood of them being lost or stolen and gives multiple members of a team varying levels of access and rights. With keys distributed using its patented MPC technology, Unido can provide the governance and security required for sophisticated enterprises that wish to adopt blockchain and DeFi technology in their business.

Both Fireblocks and Unido offer similar services to institutions, from governance to fast settlement times, from cold wallet-level security via MPC to DeFi APIs that make it easy for developers to leverage platforms. While Unido diverges from Fireblocks in some areas, it is evident that there are many crossovers in the two product suites.

Fireblocks also has a digital asset transfer network that acts as a layer of institutional settlement. At the same time, Unido has Unido X. This new platform gives full control to institutions so that they take full control of their assets, whether for settlement or manual or automated transactions. Unido X provides businesses with liquidity from other financial institutions with best-priced swaps available on any network.

Unido also has the Enterprise Platform (EP) which enables crypto-native companies and asset management companies to manage their crypto assets. The EP platform has a crypto banking suite that acts as a business banking portal that allows businesses to manage day-to-day operations and capital spending, DeFi Vault access that allows businesses to store, manage, and invest secure crypto assets, and a robust suite for governance and security. , which helps businesses get into DeFi in a way that meets all of their compliance and regulatory needs.

EP provides enterprises and SMEs with built-in custody, inter-chain interoperability and blockchain-level multi-party trust for private key operation, making it an ideal solution for all categories of investors, including the segment of underserved businesses and asset managers.

But wait … there is more

Other features of Fireblocks include an institutional settlement layer with access to various crypto exchanges to trade, offer liquidity, operate lending bureaus and institutional DeFi access with algorithmic trading, maximum security and private key management.

Total market capitalization of the UDO token at different prices compared to the total valuation of Fireblocks

At the end

Fireblocks is by far one of the best known and most used digital asset platforms for businesses available today. Fireblocks were valued at $ 2 billion after their last increase of $ 310 million, and have been very successful in attracting businesses to the platform, with clients like Revolut, BNY Mellon and many more.

The Unido team sees Fireblocks as a significant example of a great digital asset management solution with a similar approach, including MPC technology and regulatory compliance. Although Fireblocks does not have a native token like $ UDO, their market valuation and fund increases make them one of the toughest competitors in custody and institutional crypto.

With such a large growing ecosystem today, Unido, with a much smaller current market cap, has similar characteristics to Fireblocks. While Unido may not yet compete with Fireblocks’ customer base, the team, vision, and patented advanced technology will make Unido a formidable force as they grow and develop Unido shortly.

About Unido

Unido offers a suite of crypto custody solutions for businesses and institutions based on a state-of-the-art fragmented private key signing engine, enabling the signing of distributed transactions at the blockchain level and providing a governance framework for business on crypto ownership.

This level of corporate governance and security technology workflow is necessary for sophisticated organizations to confidently break through crypto, complemented by a Challenge investment dashboard to make digital asset yield a business of point and click.


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Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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JPMorgan to launch digital bank in UK next week https://gametowne.com/jpmorgan-to-launch-digital-bank-in-uk-next-week/ https://gametowne.com/jpmorgan-to-launch-digital-bank-in-uk-next-week/#respond Fri, 17 Sep 2021 13:33:40 +0000 https://gametowne.com/jpmorgan-to-launch-digital-bank-in-uk-next-week/ Signage outside a branch of Chase Bank in San Francisco, California on Monday, July 12, 2021. David Paul Morris | Bloomberg | Getty Images LONDON – JPMorgan Chase is preparing to launch its highly anticipated digital bank in the UK next week. The move will see the US banking giant take on major UK lenders, […]]]>

Signage outside a branch of Chase Bank in San Francisco, California on Monday, July 12, 2021.

David Paul Morris | Bloomberg | Getty Images

LONDON – JPMorgan Chase is preparing to launch its highly anticipated digital bank in the UK next week.

The move will see the US banking giant take on major UK lenders, including HSBC, Barclays, Lloyds and NatWest, as well as start-ups like Monzo and Starling.

JPMorgan will also intensify its rivalry with Goldman Sachs, which launched its digital banking product Marcus in the UK in 2018.

New York-based JPMorgan first revealed plans to launch its Chase brand in the UK earlier this year. Rather than establishing physical branches, JPMorgan will only offer its services through a mobile app.

This is the first international expansion of JPMorgan’s consumer banking brand in a 222-year history.

The news was originally reported by the Financial Times and later confirmed by CNBC.

Sanoke Viswanathan, CEO of JPMorgan’s international consumer division, said the bank’s expansion into the UK was a “very big strategic commitment”.

“We’re going to spend hundreds of millions before we break even and get to a place where this is a sustainable business, and we’re in no rush,” he told the FT. .

Chase will initially offer checking accounts as well as a rewards program. He also plans personal loans, investments and longer term mortgages.

The UK is home to an increasingly crowded retail banking market. Fintech-friendly regulations have allowed challengers like Monzo, Revolut, and Starling – which offer checking accounts and other services via smartphones – to thrive and grow into billion-dollar businesses.

These digital banks have won millions of customers among themselves, while some have even tried their luck by entering the US market. Revolut, which now has more than 15 million customers, was last valued at $ 33 billion, making it the UK’s most valuable tech start-up.

JPMorgan’s arrival in the UK will put additional pressure on the country’s traditional lenders. State-backed lender NatWest has notoriously tried and failed to take on fintech challengers with a competing digital bank called Bó.

Under the leadership of CEO Jamie Dimon, JPMorgan has sought to combat the threat from fintech stars like PayPal and Square through a number of acquisitions.

As part of its efforts to expand into the UK, the bank agreed to acquire online wealth manager Nutmeg in June. Later that month, he announced a deal to buy OpenInvest, a San Francisco-based ethical investing platform.

Earlier this month, JPMorgan announced plans to acquire a controlling stake in Volkswagen’s online payment unit.


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ETFs (ETFs) down 0.27% in Light Trading on September 16 https://gametowne.com/etfs-etfs-down-0-27-in-light-trading-on-september-16/ https://gametowne.com/etfs-etfs-down-0-27-in-light-trading-on-september-16/#respond Fri, 17 Sep 2021 01:40:00 +0000 https://gametowne.com/etfs-etfs-down-0-27-in-light-trading-on-september-16/ Last prize $ Last trade Switch $ Percentage of change % Open $ Previous Close $ High $ moo $ 52 weeks high $ 52 weeks low $ Market capitalization P / E ratio Volume To exchange ETFs – Market data and news To exchange Today, FNB Corp. Inc (NYSE: ETF) fell $ 0.03, a […]]]>

Today, FNB Corp. Inc (NYSE: ETF) fell $ 0.03, a decline of 0.27%. ETFs opened at $ 11.12 before trading between $ 11.14 and $ 10.89 throughout Thursday’s session. Activity saw ETFs market capitalization drop to $ 3,514,709,891 on 1,718,244 stocks, below their 30-day average of 2,234,500.

About FNB Corp.

FNB Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company with operations in seven states and the District of Columbia. ETF market coverage spans several major metropolitan areas, including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington DC; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. The company has total assets of more than $ 37 billion and approximately 350 bank offices in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, DC and Virginia. FNB provides a full range of commercial banking, personal banking and wealth management solutions through its network of subsidiaries led by its largest subsidiary, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include commercial banking services , small business banking, real estate investment, real estate finance, government banking, business credit, capital markets, and leasing. The Consumer Banking segment provides a full range of consumer banking products and services, including deposit products, mortgages, consumer loans, and a full range of mobile and online banking services. FNB’s wealth management services include asset management, private banking and insurance.

Visit the FNB Corp Profile. for more information.

About the New York Stock Exchange

The New York Stock Exchange is the largest stock exchange in the world in terms of market value with more than $ 26 trillion. It’s also the leader in initial public offerings, with $ 82 billion raised in 2020, including six of the seven biggest tech deals. 63% of PSPC proceeds in 2020 were raised on the NYSE, including the six biggest deals.

For more information on FNB Corp. and keep up with the latest company updates, you can visit the Company Profile page here: FNB Corp Profile. For more information on the financial markets, be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

Sources: The chart is provided by TradingView based on 15 minute lag prices. All other data is provided by IEX Cloud as of 8:05 p.m. ET on the day of publication.

DISCLOSURE:
The views and opinions expressed in this article are those of the authors and do not represent the views of equities.com. Readers should not take the author’s statements as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please visit: http://www.equities.com/disclaimer


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Arvest Bank Collaborates with Technology Leaders Thought Machine and Accenture for Next Generation Banking Platform https://gametowne.com/arvest-bank-collaborates-with-technology-leaders-thought-machine-and-accenture-for-next-generation-banking-platform/ https://gametowne.com/arvest-bank-collaborates-with-technology-leaders-thought-machine-and-accenture-for-next-generation-banking-platform/#respond Thu, 16 Sep 2021 14:05:00 +0000 https://gametowne.com/arvest-bank-collaborates-with-technology-leaders-thought-machine-and-accenture-for-next-generation-banking-platform/ FAYETTEVILLE, Arche .– (COMMERCIAL THREAD) – Arvest Bank (Arvest) today announced that it is working with Thought Machine and Accenture to adopt a next-generation banking platform to support the bank’s multi-year transformation strategy. Thought Machine’s native cloud-based core banking engine, Vault, will provide Arvest with the capabilities to build personalized banking services in real time. […]]]>

FAYETTEVILLE, Arche .– (COMMERCIAL THREAD) – Arvest Bank (Arvest) today announced that it is working with Thought Machine and Accenture to adopt a next-generation banking platform to support the bank’s multi-year transformation strategy. Thought Machine’s native cloud-based core banking engine, Vault, will provide Arvest with the capabilities to build personalized banking services in real time.

“Since our inception almost 60 years ago, Arvest has been committed to serving our customers and communities by helping them find financial solutions for life,” said Kevin Sabin, President and CEO of Arvest. “As modern consumer lifestyles and digital banking expectations change, we want to make sure that we deliver a banking experience that makes their lives easier today and in the future. A new generation mid-engine powering Arvest will allow us to do just that. ”

Thought Machine was chosen for its modern approach to basic banking software development. By using Vault, Arvest will be able to offer highly personalized banking services available on demand, helping to deliver higher levels of customer satisfaction. The Vault core engine at the heart of the bank will help Arvest create superior digital experiences, products and processes to meet the needs of customers today and generations to come.

“Deploying modern, cloud-native core banking software will allow Arvest to truly lead the competition in customer experience, resilience and innovation,” said Paul Taylor, CEO of Thought Machine. “Banks of the future are embracing Vault to deliver cutting-edge experiences to their customers, create exciting new products and break free from legacy constraints. This is a pivotal moment for Arvest, and we are extremely excited to be working with the bank as it builds its future.

Accenture has also worked with mid-market banks to help them modernize their core systems and meet their digital transformation goals across retail, small and medium-sized businesses, commerce and enterprises. Accenture helps Arvest to strategically develop and structure its future banking proposition and to select the most suitable ecosystem partners.

“Arvest is taking bold steps to become a technology leader among its peers by deploying a next-generation banking platform, supported by a strong ecosystem of partners,” said Brett Goode, Managing Director and Head of Digital Banking at Accenture. “We are excited to help Arvest transform its technology infrastructure to create the digital experiences demanded by customers and employees, delivering the latest and most innovative technologies at scale and at high speed.

In addition to a core next-generation banking platform, Arvest’s forward-looking digital transformation strategy will include the introduction of new products, services and customer experiences to meet their digital banking needs today and in the future. The multi-year strategy will include innovation in emerging payments, digital applications and operational capabilities of the bank.

Accenture and Thought Machine are collaborating to bring core modernization and cloud-centric capabilities to financial institutions of all sizes around the world. Accenture is the first systems integration partner to implement Thought Machine in North America, where companies are initially focused.

About Arvest

Arvest operates more than 230 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 14 locally managed banks, each with its own board of directors and management team. These banks serve customers in more than 130 communities, with extended weekday bank hours in many locations. Arvest offers a wide range of banking services, including loans, deposits, cash management, credit cards, mortgages and mortgage services. Arvest is also one of the few banks in the country to have its mobile app – Arvest Go – certified by JD Power to provide an exceptional mobile banking experience. Arvest is an equal housing lender and member of the FDIC.

About the thinking machine

Thought Machine was founded in 2014 with a mission to empower banks to deploy modern systems and move away from the old computing platforms that plague the banking industry. We do this through our cloud-native core banking platform, Vault. This next-gen system was written from the ground up as a fully cloud native platform. It doesn’t contain a single line of legacy or pre-cloud code.

Founded by entrepreneur Paul Taylor, Thought Machine’s clients include Lloyds Banking Group, SEB, Standard Chartered, Atom bank, Monese, TransferGo and Curve. We are currently a team of over 500 people in offices in London, Singapore, Sydney, Melbourne, New York and have raised over £ 110million from Eurazeo, Draper Esprit, SEB, British Patient Capital, IQ Capital, Playfair Capital, Nyca Partners, Lloyds Banking Group and Backed. For more information, visit thinkmachine.net.

About Accenture

Accenture is a global professional services company with industry-leading digital, cloud and security capabilities. Combining unparalleled experience and specialized skills in more than 40 industries, we offer strategy and advisory, interactive, technological and operational services, all powered by the world’s largest network of advanced technology and intelligent operations centers. Our 569,000 employees deliver on the promise of technology and human ingenuity every day, serving customers in more than 120 countries. We embrace the power of change to create value and shared success for our customers, employees, shareholders, partners and communities. Visit us at www.accenture.com.

Accenture’s Banking Industry Group Helps Retail and Commercial Banks and Payment Providers Drive Innovation; meet business, technological and regulatory challenges; and improve operational performance to build trust and engagement with customers and grow more profitably and securely. To learn more, visit https://www.accenture.com/us-en/industries/banking-index.


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US Bancorp announces quarterly dividends https://gametowne.com/us-bancorp-announces-quarterly-dividends/ https://gametowne.com/us-bancorp-announces-quarterly-dividends/#respond Tue, 14 Sep 2021 21:12:00 +0000 https://gametowne.com/us-bancorp-announces-quarterly-dividends/ Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here. MINNEAPOLIS – (BUSINESS WIRE) – The board of directors of US Bancorp (NYSE: USB) has declared a regular quarterly dividend of $ 0.46 per common share, payable October 15, 2021, to shareholders of record at the close of offices on September 30, 2021. […]]]>

Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here.


MINNEAPOLIS – (BUSINESS WIRE) – The board of directors of US Bancorp (NYSE: USB) has declared a regular quarterly dividend of $ 0.46 per common share, payable October 15, 2021, to shareholders of record at the close of offices on September 30, 2021. At this quarterly dividend rate, the annual dividend equals $ 1.84 per common share.

The Board of Directors also stated the following:

  • A regular quarterly dividend of $ 894.444 per share (equivalent to $ 8.944440 per custodian share) on US Bancorp Perpetual Non-Cumulative Preferred Shares Series A, payable October 15, 2021, to shareholders of record at the close of business on September 30, 2021.

  • A regular quarterly dividend of $ 223.611 per share (equivalent to $ 0.223611 per custodian share) on US Bancorp Perpetual Non-Cumulative Preferred Shares Series B, payable October 15, 2021, to shareholders of record at the close of business on September 30, 2021.

  • A regular quarterly dividend of $ 406,250 per share (equivalent to $ 0.406250 per custodian share) on US Bancorp Perpetual Non-Cumulative Preferred Shares Series F, payable October 15, 2021, to shareholders of record at the close of business on September 30, 2021.

  • A regular quarterly dividend of $ 343.750 per share (equivalent to $ 0.343750 per custodian share) on US Bancorp Perpetual Non-Cumulative Preferred Shares Series K, payable October 15, 2021, to shareholders of record at the close of business on September 30, 2021.

  • A regular quarterly dividend of $ 234.375 per share (equivalent to $ 0.234375 per custodian share) on US Bancorp Perpetual Non-Cumulative Preferred Shares Series L, payable October 15, 2021, to shareholders of record at the close of business on September 30, 2021.

  • A regular quarterly dividend of $ 250,000 per share (equivalent to $ 0.250,000 per custodian share) on US Bancorp Perpetual Non-Cumulative Preferred Shares Series M, payable October 15, 2021, to shareholders of record as of the close of business on September 30, 2021.

  • A regular semi-annual dividend of $ 662,500 per share (equivalent to $ 26,500,000 per custodian share) on US Bancorp Perpetual Non-Cumulative Preferred Shares Series J, payable October 15, 2021, to shareholders of record at the close of business September 30, 2021.

About US Bancorp

US Bancorp, with nearly 70,000 employees and $ 559 billion in assets as of June 30, 2021, is the parent company of the US Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diverse mix of businesses: Personal and business banking; Payment services; Banking services for businesses and businesses; and Wealth and Investment Management Services. The company has been recognized for its approach to digital innovation, social responsibility and customer service, including being named one of the world’s most ethical companies in 2021 and Fortune’s most admired super-regional bank. Learn more at usbank.com/about.

Investor contact: Jennifer Thompson, US Bancorp Investor Relations

jen.thompson@usbank.com, 612.303.0778, @usbank_news

Media contact: Jeff Shelman, US Bancorp Public Affairs and Communications

jeffrey.shelman@usbank.com, 612.303.9933, @usbank_news

Source: Bancorp from the United States


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Former Giants spokesperson QB Manning for Investors Bank https://gametowne.com/former-giants-spokesperson-qb-manning-for-investors-bank/ https://gametowne.com/former-giants-spokesperson-qb-manning-for-investors-bank/#respond Fri, 10 Sep 2021 20:13:00 +0000 https://gametowne.com/former-giants-spokesperson-qb-manning-for-investors-bank/ TAP in the news from another city: Barnegat / Waretown – 08005 Barnegat – 08005 Waretown – 08758 Basking Ridge – 07920 Freedom Corner – 07938 Millington West – 07946 Bayonne – 07002 Belmar / Lake Como – 07719 Belmar – 07719 Lake Como – 07719 Berkeley Heights – 07922 Bernardsville & Bedminster – 07924 […]]]>

TAP in the news from another city:


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RCBC Bankard wins Mobile Banking and Payment Initiative award – Manila Bulletin https://gametowne.com/rcbc-bankard-wins-mobile-banking-and-payment-initiative-award-manila-bulletin/ https://gametowne.com/rcbc-bankard-wins-mobile-banking-and-payment-initiative-award-manila-bulletin/#respond Fri, 10 Sep 2021 01:47:00 +0000 https://gametowne.com/rcbc-bankard-wins-mobile-banking-and-payment-initiative-award-manila-bulletin/ RCBC RCBC Bankard Services Corporation, the credit card arm of Rizal Commercial Banking Corp. (RCBC) won the Mobile Banking and Payments Initiative of the Year at Asian Banking and Finance (ABF) Wholesale bank prices 2021 and retail bank prices. In presenting the award, ABF, the leading publication for banking and finance executives in Asia, recognized […]]]>
RCBC

RCBC Bankard Services Corporation, the credit card arm of Rizal Commercial Banking Corp. (RCBC) won the Mobile Banking and Payments Initiative of the Year at Asian Banking and Finance (ABF) Wholesale bank prices 2021 and retail bank prices.

In presenting the award, ABF, the leading publication for banking and finance executives in Asia, recognized the unique and innovative features of the RCBC Online Banking app, specific to the features available to RCBC Bankard credit card holders.

RCBC Bankard President Arniel Vincent B. Ong said cardholders were able to manage their finances efficiently and conveniently with the special features of RCBC’s online banking app, especially payment. invoices and the conversion of purchases despite the pandemic.

“The pandemic has disrupted the way things are done. Nonetheless, RCBC Bankard quickly identified the concerns of cardholders and their business impact. In collaboration with RCBC, the issuing bank, we have set up this digital channel with easy-to-use features ”, said Ong.

“Our commitment to our customers is to continue to innovate to provide mobile and payment solutions that truly meet their needs and offer the best customer experience” he added.

RCBC Bankard’s online bill payment feature called Fast BillsPay allows cardholders to pay their bills such as utility bills and more using their credit card. What’s unique about this feature is that in addition to making one-time payments, cardholders can sign up for auto-billing agreements for these bills with RCBC partners so that payments recurring monthly payments are automatically billed to their credit card.

During the pandemic, RCBC Bankard has seen tremendous growth from this facility, with bill payment volumes increasing 2.5 times per year.

Purchase conversion, on the other hand, allows cardholders to convert direct purchases they’ve made at any merchant, including those purchased overseas or online, in three months – a zero percent payment or up to 36 months with minimal interest.

RCBC Bankard has noted an increase in the use of this feature over the past year, with over 80% of transactions now going through the app.



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Standard Chartered Plans Digital-Only Bank in Singapore, appointed CEO https://gametowne.com/standard-chartered-plans-digital-only-bank-in-singapore-appointed-ceo/ https://gametowne.com/standard-chartered-plans-digital-only-bank-in-singapore-appointed-ceo/#respond Tue, 07 Sep 2021 20:57:10 +0000 https://gametowne.com/standard-chartered-plans-digital-only-bank-in-singapore-appointed-ceo/ While these new channels tend to be aimed more at mass / retail customers rather than private banks, the development of digital-only platforms raises questions about the value-added propositions that private banks must offer to remain competitive. Dwaipyan Sadhu, head of personal, business and consumer banking at Standard Chartered Singapore, has been appointed CEO of […]]]>

While these new channels tend to be aimed more at mass / retail customers rather than private banks, the development of digital-only platforms raises questions about the value-added propositions that private banks must offer to remain competitive.

Dwaipyan Sadhu, head of personal, business and consumer banking at Standard Chartered Singapore, has been appointed CEO of the lender’s digital banking business with the enterprise arm of NTUC, according to reports.
(NTUC is “National Congress of Trade Unions”.)

The digital bank, called SC Bank Solutions, will be the UK’s second separately licensed digital bank in Asia, after Mox Bank in Hong Kong (source: fintechnews.sg, others). Standard Chartered’s wholly-owned subsidiary, SCBSL, will take a 60 percent stake in the company, while BeaPlus, a holding company controlled by NTUC Enterprise, will take a 40 percent stake.

In August last year, SCBSL was the first and so far the only bank to be granted “Significant Rooted Foreign Bank” status by the Monetary Authority of Singapore; he then received enhanced SRFB privileges, giving him the opportunity to earn an additional full banking license.

Such a development is a testament to how banks are embarking on “pure-play” digital models, tapping into the demand of younger, supposedly more tech-savvy consumers. Goldman Sachs, for example, has pushed into a different area with its “Marcus” offering in the UK. These new channels tend to target more individuals / wealthy individuals than private banking customers.

This publication has requested details from Standard Chartered and may be updated in due course.

In a different digital sphere, Standard Chartered has joined an international alliance of banks, fintech companies, and crypto-organizations to promote best practices in managing digital assets such as bitcoin. The UK listed bank is a member of the Board of Directors of Global Digital Finance (GDF).

In early August, Standard Chartered said pre-tax income from personal, personal and commercial banking services for the six-month period ended June 30 jumped 42% year-on-year to $ 1.821 billion. For the UK-listed banking group, underlying profit before tax was $ 2.682 billion, up 37%.


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Apple’s big financial threat https://gametowne.com/apples-big-financial-threat/ https://gametowne.com/apples-big-financial-threat/#respond Fri, 03 Sep 2021 19:16:00 +0000 https://gametowne.com/apples-big-financial-threat/ “The engagement war” Tensions between CBA and Apple have erupted, not coincidentally, amid a major shift in the way Australians pay at the checkout. Smartphones will spoof plastic cards as the most popular form of contactless payment by the end of the year, the ABC expects, and the trend comes at a cost to banks. […]]]>

“The engagement war”

Tensions between CBA and Apple have erupted, not coincidentally, amid a major shift in the way Australians pay at the checkout. Smartphones will spoof plastic cards as the most popular form of contactless payment by the end of the year, the ABC expects, and the trend comes at a cost to banks.

Every time a payment goes through Apple Pay – a service that banks claim they basically have to provide – Apple charges an undisclosed fee to provide the hardware that turns phones into wallets. Google’s digital wallet doesn’t charge a fee for this, but unlike Apple, it uses consumer data for its business.

The rise of digital wallets has been fueled by the pandemic, which has accelerated the digitization of finance, with CBA seeing 90% growth in digital wallet transactions over the past year.

However, this fight goes far beyond Apple Pay and its associated fees.

More fundamentally, it is a fight over what professional clients use in their banking operations: the bank or the technological platform? It is also about how the government regulates payments – one of the most critical services provided by banks.

The rise of digital wallets such as Apple Pay has been boosted by the pandemic.Credit:Josh robenstone

And the risk is not unique to CBA, although it has been most vocal about Apple. But why is Apple considered a threat?

AirTree Ventures partner James Cameron said that while it was “a bit rich” for CBA to warn about market share given its own dominance, the crucial battle between banks and fintechs is to engage customers through apps.

“This is a battle in a larger war: the war for engagement,” he said. “You really have to be the real estate that people have on their screens, that they turn to five to ten times a day.”

As Afterpay has shown, providing an app-based payment service can be a way of nabbing millions of bank customers. Tech giants with deep pockets could do something similar, but on a larger scale.

Evans and Partners analyst Matthew Wilson says there is a long-term risk that Apple’s popularity with young people in particular will leave banks relegated to disqualified manufacturers.

“It’s Silicon Valley against the banking system. I think it has the potential to be important because Apple gets in between the bank and the customer. ‘

Matthew Wilson, Analyst at Evans and Partners

Today, the cut Apple gets from Apple Pay itself isn’t particularly important. But over five to ten years, Wilson says it’s possible the tech giant will also allow disruptors on its platform.

Such a move could intensify competition in the banking industry by allowing fintechs to target younger customers in the same way Afterpay uses its app to nip bank customers.

“It’s Silicon Valley versus the banking system,” Wilson says. “I think this has the potential to be important because Apple stands between the bank and the customer. Everyone wants to own the customer, distribution / network feedback is more valuable, ”he says.

Bankers have warned of these potential risks for years, with former NAB chairman Ken Henry declaring in late 2017 that banks could be “challenged beyond our ability to cope by large platform providers. computer forms “.

The difference today is that the disruption is clearly happening.

In the US, Apple already offers a credit card (issued by Goldman Sachs) and is reportedly working on a buy now, pay later offer. Google last year announced plans to offer deposit accounts, although the money is held by licensed banks.

Jefferies analyst Brian Johnson says a bigger threat from tech giants is in business loans – where tech companies like Square can use a company’s payment data to assess solvency. “If you have the payment data, you probably have the best borrower data,” he says.

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Yet Johnson says there are also opportunities for banks with systems to tap into the sheer mass of customer data they hold.

Graham Rothwell, who heads Accenture’s payments practice in Asia-Pacific, also said he was not entirely convinced that the encroachment of big technology on payments would marginalize banks.

Rather, he says the entry of the tech giants emphasizes digital experiences and features like reward programs.

“Those who should be concerned are those who struggle to design and create great customer experiences,” says Rothwell.

Despite the tech giants’ obvious encroachment on financial services, the money Apple made in this area is still a relatively small beer for the iPhone maker.

Apple discloses finance revenue associated with “service” revenue, which also includes its Apple TV subscription service and warranties. Revenue from these activities stood at US $ 50 billion ($ 67.5 billion) in its latest results for the past nine months, less than a fifth of the total of US $ 282 billion in revenue at the company-wide for the period.

The main goal of Apple Pay is to help it sell more of its most important product: the iPhone.

Regulatory arbitrage

Insync Funds Management portfolio manager John Lobb says Apple Pay allows the company to turn phones into secure substitutes for an old-fashioned wallet, but he doesn’t think a major expansion in the finance would make sense to the tech giant.

“I just don’t think the financial side of things is really going to turn the lights off. [for Apple]Says Lobb, who owns Apple shares in the funds he manages.

Yet even if the big tech players have no plans to become banks, they can expect more regulation.

Apple has so far dodged the regulations because it doesn’t actually hold the money on behalf of customers, and it has argued in a submission to a parliamentary inquiry that it isn’t even a payments service or an app. of payment. Rather, it claims that its application provides the “technical” architecture that allows customers to make payments with their bank cards.

But it looks like the distinction may soon become less relevant, as the regulatory void it has filled is likely to be filled.

A landmark review of payments regulation led by King & Wood Mallesons partner Scott Farrell released this week proposed a new system that would give the treasurer more power over payment policy, with the ability to regulate digital wallets if necessary.

Banks have shown strong support, with an ABC spokesperson saying rapid technological changes and new business models are clearly creating challenges for the regulatory framework. “As technology continues to transform payments in Australia, regulations must evolve to ensure a level playing field is maintained and strong competition leads to better outcomes for Australians and Australian businesses,” the spokesperson said.

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And the power of big tech in banking seems to be something Labor, the coalition and the government can generally agree on.

Labor Senator Deborah O’Neill, a member of a digital wallets inquiry committee, accuses the government of taking too long to release the Farrell report and not paying enough attention to regulatory loopholes. But she ultimately shares concerns about Apple’s power, saying it already has a “huge” share of the market.

Liberal Senator Andrew Bragg said tech giants already have a lot of power in the economy and society, and although he is instinctively liberal, he fears they will gain more leverage in payments.

“The pandemic has amplified the foray of major technologies into the payment system. This has all happened outside of the normal regulatory environment, so there is regulatory arbitrage going on, ”Bragg said.

“We need to make sure Canberra is in charge of politics, not the RBA, and not Silicon Valley.”

Time may be running out for digital wallets to be an unregulated area. But the rivalry between the banks and the tech giants is probably only just beginning.

The Market Recap newsletter is a summary of the day’s exchanges. Get it every weekday afternoon.


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A conversation with Fontaine on restaurants, the impact of Covid https://gametowne.com/a-conversation-with-fontaine-on-restaurants-the-impact-of-covid/ https://gametowne.com/a-conversation-with-fontaine-on-restaurants-the-impact-of-covid/#respond Tue, 31 Aug 2021 22:00:56 +0000 https://gametowne.com/a-conversation-with-fontaine-on-restaurants-the-impact-of-covid/ Pat Fontaine is the executive director of the Mississippi Hospitality and Restaurant Association (MHRA). He has worked directly and indirectly for the MHRA since 2004, when he started as a loss control specialist for the association’s workers compensation fund. He served as Membership Director from 2007 to 2012, then continued his career in the insurance […]]]>

Pat Fontaine is the executive director of the Mississippi Hospitality and Restaurant Association (MHRA). He has worked directly and indirectly for the MHRA since 2004, when he started as a loss control specialist for the association’s workers compensation fund. He served as Membership Director from 2007 to 2012, then continued his career in the insurance industry by becoming an independent insurance agent.

As Director of Membership and Insurance Services for the MHRA, Fontaine worked with members on two association-approved insurance programs before assuming his current role. Fontaine has a long family history in the Mississippi hospitality industry. His grandparents operated Allison’s Wells Resort in Way, near Canton, from the 1930s until it was destroyed by fire in 1963. Famous for its hot sulfur baths and good food, it was home to origin of the Mississippi Art Colony.

Fontaine grew up on the property of Auberge La Font in Pascagoula, which his family operated from 1963 to 1999. Auberge La Font was a 191-room property, with a restaurant, lounge, and banquet facilities. His knowledge of the restaurant and hospitality industries began at the age of 8 when he helped organize banquets and took care of everything from front desk clerk to housekeeping. bedrooms.

Fontaine graduated from the University of Southern Alabama in 1990 with a bachelor’s degree in commercial banking. He also holds his independent insurance agent license and is a member of the Mississippi Insurance Alliance.

Fontaine and his wife, Amanda, are the parents of three children, Wesley, Taylor and Sydney.

What is the purpose of the Mississippi Hospitality and Restaurant Association?

“Our association exists to unify, foster, promote and protect the hotel and restaurant industries in Mississippi.”

When was the association created?

“It was founded in 1954.

How many members does the association have?

“The association has around 925 members, some of whom have several restaurants. This equates to approximately 1,200 member locations.

How many restaurants are there in Mississippi?

“Before the pandemic, there were approximately 4,800 restaurants in Mississippi.”

How have restaurants in the state behaved since the start of the pandemic?

“Overall, Mississippi restaurants have performed well in part due to our state’s leadership. I keep in touch with the Council of State Restaurant Associations and the National Restaurant Association and we have done well.

“The Governor, Lieutenant Governor and Speaker of the House have taken into account the needs of small businesses, including restaurants. They were responsive and received our communications and kept us informed. We have an excellent relationship with the offices of the three leaders.

What are the challenges restaurants face?

“The work is above all a challenge. In recent weeks, the Delta variant wave of the coronavirus has been a challenge. ”

How do restaurants cope with the labor shortage?

“Restaurants have gone out of their way to encourage employees to come and work for them, whether through a signing bonus, a 90-day bonus and by offering benefits never before offered to hourly employees at this time. industry such as medical insurance, retirement benefits and paid vacation. You see more offers to attract employees than you have seen before and that is not enough.

“Over the summer, restaurants were able to fill a large portion of their workforce positions with high school and college workers. This allowed them to have a larger staff at this stage. People were still not bringing in enough manpower, but were getting by and achieving decent sales levels. Now that school is back, I find the work difficult at the moment. This is true in all segments, including fast food, casual fast food, and fine dining.

“I don’t have specific numbers, but based on conversations with members over the past two months, many restaurants are in some cases operating with less than 50% of normal staff, probably less than in the last three. last few weeks. ”

Has the federal government given relief to restaurants?

“Yes. There was an almost a year-long effort to get a restaurant subsidy program. The restaurant revitalization plan went through the American Rescue Plan Act and allocated $ 28.6 billion to restaurants. Applications were open for the first 21 days to specialist groups such as women-owned operators, minority-owned operators and veteran-owned operators Everyone knew the $ 28.6 billion would go quickly.

“In the first round of applications, 1,907 Mississippi restaurants applied and only 511 received funding. These 511 restaurants received a total of $ 77 million.

That left $ 155 million in demand from Mississippi restaurants that was requested but was not funded.

“A law has been introduced for an additional $ 60 billion for restaurants. U.S. Senators Roger Wicker and Cindy Hyde-Smith have asked for help, and U.S. Representatives Trent Kelly and Michael Guest have co-sponsored similar bills. Our delegation in Mississippi provided support. Everything is still at an impasse.

Why is it difficult for restaurants to find workers?

“People find a way to stay home and not work. I think part of this is due to the programs subsidized by the federal government. Improved federal unemployment provisions ended in Mississippi in June, but there are other federal programs. It was announced on August 17 that many beneficiaries of the Supplemental Nutrition Assistance Program (SNAP) will see their monthly allowance increase from October 1 and that many households are benefiting from the child tax credits. When those programs start to go down, I think you’ll see more people going back to work.

What makes running a restaurant difficult?

“People feel like you own a restaurant and earn millions of dollars. This is simply not the case. When you look at the profit margins in our industry, they’re low. For the average full-service restaurant in Mississippi and the country, the profit margin is between 4% and 5%. If you include alcohol sales, you can double that because of the alcohol markup.

“You are trying to sell a quality product at a low price or at a price that the consuming public is willing to pay. Food and labor are known as major costs and consume a good chunk of your sales dollar. You also have construction and utility costs and all other business related expenses.

How much have food prices increased in recent months?

“Since January, the cost of protein has increased by an average of 5%.

Ground beef increased 6.1 percent. Bacon rose 5.1% and steak 9.3%. The chicken got off it.

“The amounts that restaurants charge for their menu items have increased by almost 4% in the past 12 months. ”

What are the keys to a successful restaurant?

“It’s everything from the location of your restaurant to your concept, to the construction of your space, your menu, the staff, the training and the attention to detail. You look at the successful owners and operators of our state and you see them present in their businesses. It’s special attention to detail in combination with everything else.

Is this the right time to get started in the restaurant business?

“Right now, if you want to get into this industry, you can take the job. Jobs are readily available. If you’re serious about working in the restaurant industry, there’s never been a better time to get started.

What should people think about when eating out?

“We ask consumers for patience and understanding. It will take longer due to labor shortages. Be patient.”

How much should consumers tip when they eat out?

“People have different opinions, but I wholeheartedly believe in tips. Twenty percent is the usual tip. Right now, those working employees maybe deserve a little something extra. This is my personal opinion.


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