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Essential Banking News: Banks Test Swift Blockchain, Chase Eyes Worldpay, SoFi Shuts Down Zenbanx

Jul 10, 2017 10:30:00 AM

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Here are the top banking headlines during the last week.
 

28 Global Banks to Test Swift Blockchain Application

BBVA, Santander, and JPMorgan Chase are among the banks testing a proof of concept that they hope will enable them to monitor account positions in real time. Damien Vanderveken, head of R&D at Swift, says, “If banks could manage their nostro account liquidity in real time, it would allow them to accurately gauge how much money is required in each account at any given point, ultimately enabling them to free up significant funds for other investments.”

 

Social Security Faces Depletion

MarketWatch's Jeff Reeves writes about the shortfall that's quickly approaching social security, signifying that banks and credit unions can do far more to help people prepare for their older years. Unfortunately, Reeves shows that 45% of Americans don't have anything saved for retirement and that the median savings for those nearing retirement is just $12,000. Clearly, this is an area where financial institutions can step in and provide guidance.

 

Worldpay, valued at $10B, confirms JPMorgan and Vantiv are trying to buy it

According to Worldpay, they "process 31 million mobile, online and in-store transactions daily," and they've caught the eye of big companies like JPMorgan. If the bank buys Worldpay, it would represent a major move for a financial institution — a shift from acquiring other banks to acquiring big fintech companies.

 

Six Months After Acquisition, SoFi Is Shutting Down Zenbanx

Ryan Lawler at TechCrunch writes about SoFi's decision to shut down Zenbanx. The online lending company initially bought the banking provider to provide credit cards, but the integration didn't work easily with their current structure. SoFi says, "We are working to build out an expanded line of revolutionary consumer financial products including a new account to be launched in the near future." Stay tuned.

 

Curve now lets you 'go back in time' and switch the card you paid with retroactively

TechCrunch's Steve O'Hear writes, "For example, if you accidentally charged a work lunch to your personal current account’s debit card instead of your expense account’s credit card, you can simply “go back in time” and Curve will reverse or refund the charge and take it from the correct card instead."

 

Happy Together: Why Banks And Startups Should Collaborate On Fintech

Forbes's Alan McIntyre writes, “Disruption of the banking industry hasn’t turned out to be a dramatic big bang; instead, the erosion of bank profitability by low interest rates and increased regulatory costs has triggered an industry-level response in which banks are using technology to improve efficiency and the customer experience. Instead of going extinct, the dinosaurs have been evolving.”

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.