As we close the chapter on 2020, it’s an opportune moment to reflect on some of the standout news stories, videos, and community interactions that captivated our audience throughout the year.
Notable News Highlights of 2020
January
Banco Sabadell and TSB Sign $1 Billion Cloud Services Deal with IBM
Banco Sabadell has inked a decade-long, $1 billion partnership with IBM, aiming to bolster its hybrid cloud strategy. Concurrently, TSB, a UK subsidiary, is also collaborating with IBM to revamp its technological framework following last year’s significant IT failures.
February
Encompass Secures £2 Million Grant for AI Initiative
Regulatory technology firm Encompass received a £2 million grant from Scottish Enterprise to develop an AI engine designed to enhance its Know Your Customer (KYC) offerings.
March
Revolut and Monzo Debunk Imminent Collapse Rumors; Revolut Expands into the US
As Revolut launches its comprehensive financial app in the United States, the company addresses unfounded speculation about its financial stability amid the pandemic.
April
Nationwide Shuts Branches and Call Centers on Weekends
Following an initial announcement to close fifty branches, Nationwide Building Society has taken additional measures, suspending weekend operations in its branches and call centers to reduce in-person interactions and alleviate staff workloads.
May
Ripple Prepares for ISO 20022 Integration
Ripple positions itself as a pioneer in blockchain-focused payments by joining the ISO 20022 standardization committee, ensuring readiness for the enhanced messaging protocol.
June
CBA Implements Ban on Abusive Transaction Descriptions
The Commonwealth Bank of Australia addresses the misuse of its transaction description feature aimed at sending abusive communications, particularly targeting domestic abuse survivors.
July
Monzo Raises Concerns Over Future Viability Amid Covid-19
In its annual report, Monzo reveals that the ongoing pandemic raises “significant doubt” regarding its operational sustainability, with a recorded loss of £113.8 million for the year.
August
A Comparison of Monzo and Starling Banks
As digital challengers face uncertain futures during the pandemic, Starling Bank reports sustained growth and aims for profitability by year-end, reflecting its expanding customer base and loan portfolio.
September
HMRC Launches £3 Million Open Banking Project Tender
The UK tax authority seeks a provider for a £3 million Open Banking-based Payment Initiation and Account Information Service.
October
Former Barclays Executives to Launch New Digital Bank
A group from the financial sector, led by former Barclays executives, announces plans for Pennyworth, a digital bank tailored for young professionals and middle management.
November
HSBC Introduces TransferWise Competitor
HSBC unveils the Global Money Account, a complimentary mobile service designed to facilitate real-time currency transactions without fees across over 20 markets.
December
Lloyds Bank Becomes First to Connect to Swift gpi Instant
Lloyds Bank achieves a milestone by being the first institution to enable Swift gpi Instant, allowing instantaneous cross-border tracked payments.
Moreover, in an update to our December features, the story about Bitcoin Cash Outs Arriving at 16,000 ATMs in the UK has garnered significant attention, becoming the top read piece of the month.
Additional Resources
Long Reads:
- Bitcoin Halving: Implications and Impact
- Event Stream Processing in Banking: Overcoming SQL and NoSQL Challenges with Apache Kafka
- Banking-as-a-Service: A Positive Disruption
- ISO 20022 Implementation: A 2020 Update
- Request to Pay: Implications for Instant Payments
Finextra TV:
- Bank of America’s Predictions During Crisis
- Supporting SMEs During Covid-19
- Future of Money Post-Pandemic with Citibank
- Funding Solutions for the Climate Crisis
- Transformations in Digital Finance Due to Covid-19
Blogs:
- COVID-19: A Unified Message of Support
- Transformations Through National Digital Currencies
- SWIFT’s Major Announcement Overview
- The Future of Central Bank Digital Currency
- Top Banking-as-a-Service Providers
Most Discussed Topics
- PayPal Launches Interest-Free Buy Now, Pay Later Option
- Opportunities for Transforming the Credit Card Market
- Comments on CMA Year 2 Report Regarding Open Banking
- Coinbase Offers Departures for Politically Discontent Employees
- EC’s Refusal to Delay SCA: Impact on Retailers
This reflection on 2020 highlights the rapid developments in the financial and regulatory landscape, showcasing pivotal moments and future directions for the industry.