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EquiLend Revolutionizes Securities Finance Technology with Strategic BNY Investment
EquiLend, a leader in securities finance technology, has secured a significant minority investment from an affiliate of The Bank of New York Mellon Corporation (BNY). This partnership, involving eight major financial institutions, aims to enhance EquiLend’s innovative solutions, particularly the 1Source platform, which utilizes distributed ledger technology to streamline securities finance operations. The investment will support the development of this platform and improve market transparency. BNY will also be one of the initial users of 1Source, highlighting its commitment to EquiLend’s vision. Both companies express confidence in this collaboration to tackle industry challenges and drive efficiency.
Mastercard Unveils Innovative Virtual Card Program to Streamline Commercial Payments
Mastercard has launched a program to simplify the adoption of virtual cards among banks, platforms, and corporations, enhancing the integration of Virtual Card Number (VCN) technology in commercial payments. This initiative aims to meet corporate employees’ demand for seamless payment processes by minimizing friction in virtual card adoption. Through partnerships with enterprise resource planning systems and expense management platforms, Mastercard facilitates easy implementation and efficient payment processes. The program streamlines onboarding by eliminating direct engagement between banks and partners, setting new standards in commercial payments and targeting a serviceable market valued at $80 trillion, according to CEO Michael Miebach.
Visa Direct Leverages Banking Circle API for Seamless Global Payment Solutions
Banking Circle S.A. has partnered with Visa to enhance cross-border payment efficiency through Visa Direct, a global digital payments platform. This collaboration allows Visa Direct to utilize Banking Circle’s extensive local clearing rails via a streamlined single API, facilitating seamless transactions across different cards, currencies, and markets. Banking Circle CEO Laust Bertelsen highlighted the partnership as a significant milestone in improving transaction speed and reducing costs. Visa Direct’s global head, Sandeep Gupta, expressed excitement about leveraging Banking Circle’s technology to enhance customer services. The partnership underscores Banking Circle’s commitment to innovative solutions for international businesses.
CFPB Halts Enforcement Actions: Consumers Risk Losing $2 Billion – What You Need to Know
The Consumer Financial Protection Bureau (CFPB) has withdrawn its lawsuit against Capital One, which accused the bank of misleading customers about interest rates on its “360 Savings” accounts. This decision could forfeit up to $2 billion in customer reimbursements and raises concerns about consumer rights enforcement under the bureau’s new leadership. Advocacy groups warn that this move signals a leniency towards financial institutions that mistreat customers, potentially resulting in billions in lost relief. The CFPB is also reconsidering key consumer protection rules, heightening uncertainty about future enforcement and protections for consumers.
