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[Discussion] Idk if this is the place to ask..

February 25, 2021 at 09:55AM

So last week my onlyfans was hacked and someone took $550 out of my bank and sent it to a fake account (probably themself) I noticed it the day after and I started freaking out. I emailed onlyfans to tell them I got hacked and that I wanted to delete my account but I couldn’t because of the money in my onlyfans wallet. Then I went and I got a new debit card and mentioned to my bank that I was the victim of fraud. My bank said they could not do anything until the charges were no longer pending. Couple days later onlyfans emails me and says that they noticed the unsolicited activity on my account and that they were going to give me a full refund. They removed the money out of my account and I asked if I could still delete it with a refund incoming and they said that would be fine. I decided not to file for fraud with my bank since I was going to get a refund. Fast forward to this week and it looks like my bank flagged it as fraud anyways and returned the money to my account, but I have also received half of the refund from onlyfans with the other half pending… What am I supposed to do moving forward now?

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Shriram Housing Finance launches video-based credit underwriting

February 25, 2021 at 09:29AM
K Ram Kumar Shriram Housing Finance Ltd (SHFL) has put in place video-based personal discussion with customers as part of its credit underwriting proc
via Business Line – Money & Banking
BankingTech FinTech

[Discussion] AML Compliance Guide for Lenders

February 25, 2021 at 09:41AM

In its most basic definition, Lenders are defined as an individual, a public or private group, or a financial institution that provides funds to a person or business with the expectation that the funds will be repaid. Today, the number of both leasing and digital leasing organizations is increasing. The increase in these institutions can bring complexity and financial crimes with it. For this reason, especially in the developing world, lending institutions need to know the risks of crimes and understand AML regulations and regulators to be protected from financial crimes. Here you will be able to guide every corner of the ever-evolving Leasing landscape.

Full article AML Compliance Guide for Lenders

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Landmark pan-European payment system EPI calls on fintechs for build phase

February 25, 2021 at 09:00AM

The European Payments Initiative (EPI), founded in July last year by the European Central Bank (ECB) , is finally ready to start building the continent’s first pan-European payment system.

With another 17 members – 15 of which are banks and credit unions, and two of which are third-party payment acquirers – the EPI has announced it’s “ready to start building the payment solution architecture”.


European payment giants Worldline and Nets became shareholders in the EPI last year

This means fintech start-ups, as well as larger payments providers, can submit their applications to be a part of the pan-European payment system.

The intention is for the EPI to leverage “Target Instant Payment Settlement (TIPS)”, which was launched in November 2018. Currently, TIPS only settles payment transfers in euro.

The payment solution will offer a card for consumers and merchants across Europe, a digital wallet and peer-to-peer (P2P) payments.

“To build this comprehensive solution, [the] EPI is now looking for qualified technical partners,” the interim company said in a statement. Fintechs will need to submit their applications here before 1 March 2021.

Challenging the US and China

The pan-European solution will challenge the dominance held by US card issuer giants – Mastercard and Visa – in Europe. It will also pose another barrier to Big Techs such as Alipay and WeChat trying to break into the region.

“The government is trying to stimulate commercial activities,” Lu Zurawski, consumer payments practice lead at ACI Worldwide and a member of one of the EPI boards, told FinTech Futures last year.

“In the past 20 years, policies clearly haven’t been very good, so now it’s trying to create the environment for commercial success.”

Last year, the EPI – which is headed up by Oliver Wyman partner and former Deutsche Bank director, Martina Weimert – said it expects the solution to be in operation by 2022.

Its initial member banks spun five European countries. These include Belgium, France, Germany, the Netherlands and Spain. Now with another 15 members, the EPI additionally covers countries such as Poland, and Finland, according to its website.

In November last year, European payment giants Worldline and Nets became shareholders in the EPI. It’s unclear how this interim company will evolve along with the interests of its stakeholders once the solution is developed.

How will it help?

The EPI believes that the new payments system will help drive the switch from cash to digital. Last year, the body said more than 50% of retail payment transactions in Europe still happen in cash.

Pushing “a truly European solution”, the EPI wants more consumers to pay digitally around Europe and to help more merchants accept digital payments.

In theory, it should also help European merchants. The system would wipe away Visa and Mastercard’s fees, though Europe’s banks will want to make their own profit

The fact that this will likely be one flat percentage fee – rather than varying fees depending on card providers and schemes – will however help merchants.

In a broad sense, the EPI hopes that a pan-European system will strengthen both the Single Market and the continent’s cohesive digital agenda.

Read next: Does Europe really need its own Big Tech?

via FinTech Futures –

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Western Alliance Bank splashes $1bn on mortgage firm AmeriHome

February 25, 2021 at 08:30AM

Arizona-based Western Alliance Bank is set to acquire AmeriHome Mortgage Company in a deal worth $1 billion.

AmeriHome is the third-largest correspondent mortgage acquirer in the US. It purchased $65 billion in conventional conforming and government insured originations during 2020. The firm also manages a $99 billion mortgage servicing portfolio.

Western Alliance HQ image

Western Alliance expects an earnings increase of 30% after the deal

Western Alliance believes the addition of AmeriHome extends its national commercial businesses with “a complementary, low-risk national mortgage franchise”.

AmeriHome originates mortgage loans to consumers, and purchases loans from sellers to pool and sell in secondary markets. The firm had been mulling over the idea of going public before this deal.

After the deal, Western Alliance’s revenue mix changes from 95% net interest income and 5% fee income to 70% net interest income and 30% fee income.

The bank expects its earnings following the completion of the deal to rise by as much as 30%.

“Acquiring this differentiated, high-performing mortgage platform provides a powerful growth engine,” says Ken Vecchione, CEO of Western Alliance.

“This move meaningfully enhances our baseline and growth, diversifies our revenue mix, and mitigates business cycle volatility.”

AmeriHome will become a wholly owned subsidiary of Western Alliance Bank. The bank is paying a cash consideration of $275 million, plus an adjusted tangible book value which brings the total to the $1 billion figure.

“Joining Western Alliance Bank is a terrific opportunity to accelerate our own strategic objectives and pathway to growth,” says Jim Furash, AmeriHome CEO.

“AmeriHome’s successful results and unique business model proved to be highly attractive for Western Alliance Bank, which has a history of growing by adding specialised financing groups.”

Related: HSBC explores options for loss-making US arm as profits dip 34%

via FinTech Futures –

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Stock markets ‘look frothy,’ but Standard Chartered CEO sees no reason to panic over inflation

February 25, 2021 at 08:35AM Standard Chartered on Thursday warned stock market valuations appear to have reached unsustainable levels amid a period of "speculative hype." via Banks
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US fintech for gamers Zytara signs payments partnership with i2c

February 25, 2021 at 08:00AM

Zytara, an upcoming digital bank for millennials and Gen Z, has partnered with technology vendor i2c.

Zytara plans to launch in “early 2021”

The Californian fintech describes itself as the “world’s first digital bank for millennials, Gen Z gamers, and e-sports enthusiasts”.

It offers users a pending account, virtual and physical cards, and access to investing tools. Features it earmarks as “tailored to gamers” include limited-edition branded cards, automated payments for tournaments, and peer-to-peer (P2P) transfers.

Its payments technology deal with i2c follows Zytara’s launching of its own stablecoin, ZUSD.

The digital asset is redeemable for US dollars on a 1:1 basis, with Zytara hoping it enables users to “send and receive payments at the speed of the internet”.

“Zytara combines financial services and features in a way that gamers and esports enthusiasts can embrace as their own,” says Al Burgio, founder and CEO at Zytara.

“Our mission is to give them a unique set of tools that deliver financial support, inclusion and literacy.

“Our partnership with i2c will build on our foundations and help us achieve this on a global scale.”

Amir Wain, i2c CEO, hails Zytara’s “ground-breaking and globally ambitious initiative”. He adds that the firm is a “great example of the kind of innovation fintechs are bringing to life in 2021”.

The vendor signed a payments deal with another Californian firm in June last year, Credit Sesame. It also powers US challenger Branch.

Related: Polish consumer protection regulator investigates CD Projekt over Cyberpunk 2077

via FinTech Futures –

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Singapore’s UOB bank wants to focus on growing its wealth business

February 25, 2021 at 08:14AM Wealth management is a growing business in Asia and has been a significant contributor to UOB's overall returns, says Lee Wai Fai, the bank's group chief financial officer. via Banks
BankingTech FinTech

Tyme lands $110m in Series B funding, plans Asia-Pacific expansion

February 25, 2021 at 07:30AM

South African challenger bank Tyme has landed $110 million in Series B funding to power an expansion across Southeast Asia.

TymeBank claims to have signed up 2.8 million customers

Among the firm’s new investors are Apis Growth Fund II and Philippines-based JG Summit Holdings. The latter is working with Tyme on an application for a digital banking licence in Singapore.

Tyme originally started life in 2012. In 2015, it was acquired by Commonwealth Bank of Australia (CBA) and became TymeDigital.

Three years later CBA sold it to African Rainbow Capital, which describes itself as a “fully Black-owned and controlled investment company”.

TymeBank launched in 2019 in South Africa. It aims to act as both a bank and a banking group, and claims to have accrued 2.8 million customers.

The bank runs on Mambu’s Software-as-a-Service (SaaS) core banking system.

Singapore has awarded banking licences to new digital hopefuls in fits and spurts since 2019. The Monetary Authority of Singapore (MAS) originally announced space for five licences in August of that year.

Around 50 companies bid for a place among the lucky five. Grab and Sintel, Sea, Ant Group, and a consortium of Chinese businesses have nabbed four of the five so far.

MAS says it has seen huge diversity in applications, from e-commerce firms, to technology and telecommunications companies.

“Internationally, digital banks are starting to take significant market share from traditional players,” says Tyme co-founder Coen Jonker.

“Both Apis and JG Summit have already proven their commitment to this cause. We can’t wait to work with them in South Africa, the Philippines and beyond.”

Related: Grab’s fintech arm lands $300m Series A

via FinTech Futures –

BankingTech FinTech

[Discussion] Question re: check

February 25, 2021 at 05:55AM

I received a check made out to my dad c/o me with my address. My dad passed away a few years ago and I was his POA prior to his passing. My sister was the executor of his estate which is now closed and thus the estate checking account is closed. So which of us should/can deposit the check?

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