This week’s main blog discussions include: We need banking that is unusual Over the week, I got an update about Revolut and their business model. It was quite interesting although a little bit macro-level. My favourite part is where the Business Model Analyst listed the competitors to Revolut: Monzo: Monzo is a UK-based digital bank that offers features……

Huntington Bancshares Chief Technology and Operations Officer Paul Heller is set to retire March 1.  Heller has built the technology operations throughout the $187 billion, Columbus, Ohio-based bank since 2012, according to a Jan. 10 bank release. As Heller retires, the bank’s executive team is getting an overhaul. On March 1, the bank will make…

Fifth Third Bank expects to increase noninterest expenses slightly in 2024 as technology investment ticks up at the bank. Noninterest expenses in the fourth quarter fell 7% year over year to $1.5 million, but are expected to increase 1% overall in 2024, Bryan Preston, executive vice president and chief financial officer, said during today’s Q4…

Ally Financial today agreed to sell its point-of-sale financing business along with its loan books to Synchrony Financial for an undisclosed price.  The $196 billion Detroit-based bank is looking to simplify its organization and move away from sectors where it has no scale to grow after the banking crisis of 2023, Chief Executive Jeffrey Brown…

No Fee for Registering with FinCEN: Myth Busters! The world of financial regulations can be a labyrinth, and the question of fees pops up frequently. When it comes to registering with the Financial Crimes Enforcement Network (FinCEN), a common misconception circulates: there’s a fee involved. But relax, aspiring Money Services Business (MSB) owner, registering with…

A Card-to-Card Transfer Guide IntroductionIn an increasingly globalized world, the need for quick and reliable cross-border money transfers has never been more crucial. Visa Direct, a service by Visa, is revolutionizing the way people send money internationally. This article delves into how Visa Direct facilitates remittances, enabling customers to transfer funds from their card to…

A Card-to-Card Transfer Guide IntroductionIn an increasingly globalized world, the need for quick and reliable cross-border money transfers has never been more crucial. Visa Direct, a service by Visa, is revolutionizing the way people send money internationally. This article delves into how Visa Direct facilitates remittances, enabling customers to transfer funds from their card to…

The top five banks and thrifts have combined total assets of nearly $13 trillion as of September 30, 2023.