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Daily Briefing

Friday 21st July @ 10:41am

Deutsche Bank, well experienced in planning for worst-case scenarios in the last decade, has given up on any hopes of a Brexit deal and is planning for a hard Brexit , according to its CEO John Cryan. Mr Cryan delivered the message about the bank's preparations in a video shared with the bank's 98,000 employees. "The video was recently posted on the bank's intranet and shows Cryan being interviewed by the chief of communications, Joerg Eigendorf, according to people familiar...MORE

Thursday 20th July @ 9:35am

American Express Q2 profits dropped a little, though less than expected, as costs ticked upwards with the company working harder to retain and satisfy customers. The group said that revenues rose on the back of higher spending and net interest income, with consolidated expenses rising to 21 percent to $5.8 billion, the FT reports. "While part of the increase was attributable to one-off items in the previous year's quarter, higher spending on customer rewards for &#...MORE

Wednesday 19th July @ 9:44am

Since Eric Rosenthal's waggish prediction about Amazon Pay in Chicago recently, we have been paying closer attention than usual to the e-commerce company, and particularly to its payment division. Here's an insight from community banker Anat Bird, who has also been following the Amazon pay story — from the perspective of a worried banker who is concerned about her industry's future in the payments space. She is articulating some of the ideas that have also interesetd us. First, a...MORE

Tuesday 18th July @ 9:09am

PayPal will issue Visa-branded debit cards in Europe in the near future, easing tensions between the two payments businesses. PayPal, a digital wallet for online payments, offers its users the ability to pay from their bank accounts, bypassing the cards schemes. PayPal has long held a banking licence in Luxembourg, which it can extend from its use as a treasury function, writes the FT this morning. "Jim Magats, head of payments, product and engineering at PayPal, said that although there...MORE

Monday 17th July @ 9:22am

Late last week, on a phone call with reporters, JPMorgan CEO Jamie Dimon launched into a rant about the state of the USA, which Dimon said made him feel embarrassed to be an American. It's likely that Mr Dimon was venting in his capacity as head of the Business Roundtable, a lobby group with 200 members, typically CEOs of large American corporations. Mr Dimon said the Roundtable would prioritise regulatory reform, tax and infrastructure. The real reason for the call was JPMorgan's...MORE

Friday 14th July @ 9:34am

Facebook now has two billion users, and many of them check Facebook first thing in the morning and many times during the day. China-based WeChat has close to one billion users. Online social networks have usurped the traditional top-down or centre-out information distribution model and upended the order of entertainment and information industries. These days, the social networks are offering new channels for payments and it looks like banking will be overhauled by similar...MORE

Thursday 13th July @ 10:53am

So how do machine learning and artificial intelligence work together? A practical and quite comical example is in this new project from Google's Deep Mind project, which is teaching itself to walk. Yes, Google's Deep Mind project is taking baby steps, as this goofy animation shows, with Deep Mind virtually learning to walk by itself and learning from its mistakes, just as a human does (ideally). Will the stick figure grow...MORE

Wednesday 12th July @ 10:06am

Can you believe that ten years have passed now since Barclaycard introduced contactless payments to Britain? A winning technology that is now widely adapted, lately many have been expecting it to pave the way for tap-and-go phone payments. But the reality is that the basic acceptance infrastructure is still being built out. Several major UK supermarkets have only lately added contactless functionality, so much remains to do. However, according to new figures from Barclaycard...MORE

Tuesday 11th July @ 9:25am

India is once again pointing the way to the digital future as global technology companies are clamouring to get onto UPI, India's "Unified Payment Interface" which allows users to send money using a phone number or a national Aadhaar ID number. India's banks are already on board, but UPI's parent, NPCI, is now to issue...MORE

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Monday 10th July @ 9:31am

Institutional investors are beginning to accept the need for benchmarking of non-financial bank data , according to a report in the Financial Times this morning. Andy Griffiths, the executive director of the Investor Forum, said that banks will only regain the trust of investors and customers if they publish more information on non-financial data and reduce their focus on "hard financials". Mr Griffiths said:...MORE

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Friday 7th July @ 10:14am

Financial technology in India and China is far ahead of the rest of the world, says a report in Quartz — and much of this acceleration in fintech is due to the widespread adoption of the smartphone. "The big players in China — Alipay and WeChat, which together have more than a billion users — enabled $2.9 trillion in digital payments last year, according to a UN study. That's a 20-fold increase in the past four years. India's Paytm has some 200 million registered...MORE

Thursday 6th July @ 10:51am

The EU's dream of wresting control of Euro currency trading from the City will be far from easy to realise. It turns out that London's advantage has a strong infrastructural element: like any good hub, it has all the facilities of a terminus, with electronic highways flowing into it directly. The Financial Times , quoting an ECB study, writes that "financial centres next to oceans have an advantage 'because they are directly connected to the internet backbone, at the expense...MORE

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