FintechDaily – Page 395 – Fresh Dose of Fintech News

Wise Claims High Street Banks Charge Hidden Exchange Rate Fees

For GBP to EUR exchanges, Wise reports that HSBC charges the highest fee at 3.7%, followed closely by Lloyds at 3.6%, Barclays at 2.75%, and...

Apple Agrees to Open NFC Payment Access to Resolve EU Antitrust Investigation

Apple is actively working to address antitrust charges from the European Commission by granting third-party providers access to the NFC chip technology, which enables iPhone...

Rakuten Plans to Consolidate Financial Technology Divisions

Japanese financial services conglomerate Rakuten Group has announced plans to consolidate its various fintech divisions into a single unit. Rakuten Group and Rakuten Bank have...

Bank Mismanagement of Climate Risks Poses Extinction Threat

The European Central Bank (ECB) has highlighted the serious transition risks that banks face if they do not prepare for a low-carbon economy. In a...

Mastercard Launches Pilot for Advanced ID Verification Service in Europe

Mastercard is set to launch a pilot program for a new service that allows issuers to verify detailed personal information about cardholders, reducing the need...

BaFin Intensifies Attention on Risks Associated with IT Outsourcing

Cybersecurity and the outsourcing of IT services are identified as major risks to the financial sector in a recent report from German regulator BaFin. The...

Scams Leading to Complaints at the UK’s Financial Ombudsman Service

The UK's Financial Ombudsman Service anticipates over 181,000 consumer complaints in the coming year, largely influenced by a rise in financial fraud and scams. Disputed...

CFPB Targets Non-Sufficient Funds Fees

America's Consumer Financial Protection Bureau (CFPB) has proposed a rule to eliminate non-sufficient fund fees for transactions that are declined in real time. The rule...

Sweden’s Scayl Secures €100M to Tackle Fintech Lending Shortfall

Swedish startup Scayl, a debt financing platform based in Stockholm, has raised €100 million to tackle a lending gap in the fintech sector. Scayl, described...

BIS and Bank of England Seek Consultants for Financial Crime Initiative

The London innovation hub of the Bank for International Settlements is seeking applications for an expert advisory group on a project led by the Bank...