Category: Doing Business Overseas

PNC prioritized expense management in the second quarter in the wake of market uncertainty due to higher interest rates, supply chain disruptions and increasing inflation. “Our focus is on executing the things we can control and not getting distracted by what is beyond our control,” PNC Chief Executive Bill Demchak said during today’s earnings call,…

Finance software provider Solifi announced this week the appointment of Mithu Bhargava as its first president. Bhargava brings more than 20 years of operational leadership in the secured finance industry. She previously served as executive vice president at payment solutions provider NCR, where she focused on the adoption and acceleration of next-generation cloud-based platforms. “This…

The operators of a Texan payments firm with ties to the UK pleaded guilty in the US to money laundering failures after their business facilitated the shipping of $160 million to Nigeria over about three years. Anslem Oshionebo, 45, and Opeyemi Odeyale, 43, received 27-month prison sentences for failing to maintain effective anti-money laundering controls…

Destruction of value in Fintech stocks gives us all a lesson to learn The rapid destruction of values in fintech stocks over the past year is salutary. History it seems keeps on repeating itself and nobody seems to learn anything in the process. Klarna is a particular case in point but there are plenty of…

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Complying with Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations is a core competency for any bank. Matt Marcus, chief product officer and co-founder, Modern Treasury But banks’ business-account customers? Well, it depends on the customer. Although banks mandate that their business customers implement BSA/AML compliance tools, sometimes those customers — particularly startups and emerging…

JPMorgan Chase will continue investing in technology in the event of a recession as its artificial intelligent (AI) capabilities monitor risk and losses, Chief Executive Jamie Dimon said today during the bank’s second-quarter earnings call.   “We spent $100 million building certain risk and fraud systems so that when we process payments on the consumer…

Apiture announced an investment of $29 million to help the company meet demand for its digital banking platform. The round was led by Live Oak Bank. The platform, unveiled earlier this year, combined Apiture’s Xpress and Open products into a single, API-based solution. Apiture’s total funding now stands at $69 million. Digital banking solutions provider…

The boss of UK digital bank Monzo Bank Ltd. said he’s targeting growth rather than immediate profit during a turbulent time for the fintech industry, after nearly doubling annual revenue while widening losses. Photographer: Chris Ratcliffe/Bloomberg Monzo is still hiring and aims to build out its buy now, pay later service while looking to expand…

Fintechs are focusing on automation solutions for lenders and manufacturers in an effort to streamline the car buying and financing process and attracting increased investment from venture capital firm Autotech Ventures along the way.   Autotech has invested more than $500 million into about 40 startups in the past seven years, most recently buy-here-pay-here platform Carpay, powersports marketplace provider Rollick and online recreational vehicle rental…