Finextra's 2023 Year in Review: Key Insights and Highlights from the Financial Sector

Finextra’s 2023 Year in Review: Key Insights and Highlights from the Financial Sector

In the evolving landscape of finance, 2024 has already witnessed significant developments in the banking and payment sectors. From HSBC’s plans to launch a global currency conversion app to the latest innovations by major players like Visa and Apple, the year is shaping up to be transformative. Here’s a monthly breakdown of the top news stories impacting the financial world this year.

January

HSBC Launches Global Currency Conversion App

HSBC is set to challenge money transfer giant Wise with its newly announced money transfer app, aimed at streamlining global currency conversions for users.

February

Temenos Shares Plummet

Following a critical report from Hindenburg Research, shares of Swiss banking vendor Temenos have experienced a sharp decline due to allegations of accounting irregularities and product failures.

March

Monzo Mafia Ventures into Generative AI

The influential group known as the Monzo mafia, led by former co-founder Jonas Templestein and ex-VP Oliver Beattie, is pursuing funding for a startup focused on developing generative AI tools for coding.

April

Lloyds Bank Cuts Risk Management Staff

In a move to facilitate its strategic transformation, Lloyds Bank has announced a reduction in its risk management department’s headcount, as it is viewed as a hindrance to progress.

May

Visa Introduces New Digital Products

Visa has unveiled an array of digital-first products designed to address the evolving needs of businesses and consumers, promising to reshape the card landscape.

June

Apple Launches Tap to Cash Feature

Apple’s new Tap to Cash feature allows users to send money easily by tapping their iPhones together, enhancing peer-to-peer transactions.

July

Global Microsoft Outage Affects Banks and Payments

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A faulty update from CrowdStrike caused a significant global outage on Microsoft platforms, impacting various banks and card payment systems.

August

Instant Payments Launch in Switzerland

Switzerland has rolled out an instant payments system, allowing consumers to send and receive money almost instantly, a major advancement for the banking industry.

September

Citi COO Under Scrutiny After Data Compliance Failures

Citigroup’s chief operating officer Anand Selva has shared responsibility for a data overhaul following a hefty $136 million fine related to long-standing compliance issues.

October

Revolut Leads in Fraud Reports

Recent findings by the BBC reveal that Revolut has been associated with more fraud reports than any major high street bank during the last financial year.

November

Barclays in Talks to Divest Merchant Acquiring Stake

Barclays Bank is reportedly negotiating with Brookfield Asset Management to divest 80% of its merchant acquiring business, marking a significant shift in its operational strategy.

December

EPI Achieves Milestone with wero Wallet

The European Payment Initiative has successfully enrolled 14 million users and processed eight million transactions since the launch of its wero wallet, challenging existing market players like Mastercard and Visa.

Most Commented News

  • UK Payments Association urges new PSR chief to delay APP fraud rules.
  • PSR proposes a cut to the APP reimbursement limit to £85,000.
  • Chase restricts credit card usage for BNPL installment payments.

These developments highlight the ongoing evolution within the financial sector, as companies respond to technological advancements and changing consumer demands. For more insights on these trends, visit Finextra for the latest updates.

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