Klarna is continuing to incorporate artificial intelligence into various aspects of its business, with recent reports indicating that a majority of its employees are utilizing the technology to enhance productivity, aiming to extend these benefits to its customers. According to Klarna, 90% of its employees use generative AI on a daily basis, including ChatGPT and the company’s […]
Fintech
French P2P App Lydia Spins Off Digital Banking
French payments app Lydia, which has over eight million users, announced it will split its mobile banking operations into a new brand, Sumeria. Lydia, launched in 2013, started as a P2P platform but quickly grew to include bank accounts, crypto, personal loans, and stock trading. The decision to spin off its digital banking aspects and create […]
NRF Asks Fed to Drop Swipe Fees Even Lower
The Federal Reserve has proposed a plan to reduce the current cap on swipe fees for credit and debit cards from 21 cents to 14.4 cents. However, the National Retail Federation (NRF) suggests that, based on recent formulas for setting swipe fee prices, it should be closer to 10.5 cents per transaction. “We are very […]
Judge Blocks CFPB’s Credit Card Late Fee Rule
Just days before it was slated to go into effect, a federal judge in Fort Worth, Texas, blocked the Biden administration’s rule limiting credit card late fees to $8. Although the rule was supposed to go into effect on May 14, the preliminary injunction has placed it on hold, likely until a Supreme Court ruling […]
Apple’s Fees Keep In-App Payments In-House Despite Rulings
For years, app developers have voiced concerns about the high costs associated with doing business in Apple’s App Store—the tech giant charges a 30% commission on all in-app purchases. Legal action against Apple spurred the company to revise its policies in January. Developers can now apply to include outside links to their websites within the […]
‘Neobank in a box’ startup Fintech Farm raises $32 million
Fintech Farm, a London-based startup that helps banks in emerging markets to launch all-digital neobanks, has raised $32 million in funding. The investment comprises an initial Series B round led by London-based venture firm Nordstar and an extension Series B round led by the London Stock Exchange-listed Bank of Georgia. Fintech Farm’s ‘neobank in a […]
The Rise in Chargeback Awareness and its Impact on Banks
In today’s digital age, global interest in chargebacks has surged due to the exponential growth of online commerce. Cardholders are increasingly aware of their rights and are quick to initiate chargebacks in cases of dissatisfaction or suspicion of fraud. As consumers grow savvier, banks and financial firms face complex challenges when addressing their rights. As […]
Fintech Farm raises USD 32 mln for Indian operations expansion
UK-based Fintech Farm, a startup that provides technology to medium-sized banks in developing markets to build digital tools, has raised USD 32 million in Series B funding. The capital comes from an initial Series B round, which was led by London-based venture firm Nordstar, and an extension Series B round led by the London Stock […]
US banks to struggle with climate risk data – Federal Reserve
According to a climate scenario analysis by the Federal Reserve, American banks are set to experience challenges in predicting the impact of climate change on their loan books due data and modelling difficulties. The report’s aim was to predict how banks would be able to manage the risks of climate change, such as natural disasters […]
What is ‘ghost debt’? Buy now, pay later plans more popular than ever
If you’ve ever wanted to spend thousands of dollars on a vacation or even buy a new iPhone but not pay for it all at once, a credit card was once your only option. But now, buy-now-pay-later “loans” are growing in popularity. These types of loans allow consumers to make a purchase and pay for it over […]
