PURCHASE, N.Y. - (02/11/05)-- MasterCard International said it israising interchange rates, effective April 1, in its U.S. regionfor its consumer credit, World MasterCard, debit, corporate,Maestro and ATM rate programs. The rate increase won't affectsignature debit rates in 2005 and 2006. For the consumer creditprogram, the common Merit III Base category will rise from 1.54% ofthe transaction plus 10 cents to 1.63% of the transaction plus 10cents. The increase means the fee for a typical $40 transactionwill rise from 71.6 cents to 75.2 cents. Visa USA also plans tochange exchange rates on April 1, lowering some rates on its debitcheck card while raising rates on its Interlink PIN debitnetwork.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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