Payment network Earthport has announced a deal to provide cross-border payments services for Japan Post Bank, Japan's largest retail bank by deposits, reports lse.co.uk. Earthport said it is also exploring partnerships with other post banks about cross-border services. Earthport last year announced a global partnership with Ripple Labs to look at improving the speed of cross-border payments.
Clydesdale Bank is likely to see its bill for payment protection insurance (PPI) mis-selling rise to more than £1 billion before the end of this year, according to The Herald. Owner National Australia Bank (NAB) confirmed its UK operations, which also include Yorkshire Bank, are "expected" to take a further PPI provision of between £290 million and £420m in the financial year to the end of September.
The Wall Street Journal reports that Santander Consumer USA Holdings, one of the largest US vehicle lenders, said on Monday that regulators alleged the company violated fair-lending laws and the matter could be reviewed by the Justice Department.
As European banks pledge to retrench and shed assets, banks in the United States are preparing to pounce on global opportunities. "Big European investment banks' revenue across Europe, the Middle East and Africa fell 18% to $23.7 billion between 2012 and 2014, compared with a drop of 2% to $26.2 billion, for the largest U.S. banks, according to research firm Coalition," says the Journal.
StanChart is moving to beef up its financial crime team, the Financial Times reports. The FT says "the appointments come as StanChart is subject to an ongoing investigation by several US regulators, including the Department of Justice and New York Department of Financial Services, over whether the bank hid transactions that flouted sanctions laws." Deutsche Bank made a similar announcement earlier this week as new co-chief executive John Cryan promised to strengthen its legal team.
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