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…

There are a number of numbers being bandied around regarding the major slump in the fintech sector over the past two years. The latest one that I picked up on is from the Indian data intelligence firm Tracxn, stating that UK fintechs raised just $4.3bn in 2023, a sharp drop from $11.2bn in 2022, which……

Things we’re reading today include … You can apply to be CTO of a $25bn fintech right now (efinancialcareers.com) Deutsche Bank CEO says acquisitions not a ‘priority’ as Commerzbank rumors swirl (cnbc.com) US bank profits shrink on higher deposit costs, one-time charges | Reuters Fraud Reimbursement Costs Are Likely to Rise for UK Banks (fitchratings.com)……

KeyBank prioritized its investment in technology during the fourth quarter as it looks to build the bank’s franchise to ensure competitiveness.  “Our first investments are always going to be good clients and our people. And then in this world, you’ve got to continue to invest in technology,” Chief Financial Officer Clark Khayat said during today’s…

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.