Electronic Data Systems Corp. has agreed to offer an electronic check processing system from BancTec Inc. of Dallas to a major U.K. banking customer.
BancTec, which announced the 10-year deal Tuesday, did not identify the customer, except to call it one of the world's top 10 financial companies.
The BancTec system, which automates clearing and settlement by converting checks to digital images, will be implemented over the next two years.
Firing 90% of the Consumer Financial Protection Bureau's staff and stripping it down to "the statutory studs" is lawful, an attorney for the CFPB told an appeals court.
The merger, which provides for $6.75 million in payments to three Space City Credit Union executives, had drawn criticism. But Space City members approved it by an 82% to 18% margin.
Standard Chartered Bank hired a new head of digital assets, Europe and Americas; Provident Financial Holdings has a new chief financial officer; Bank of America is opening four branches in Boise, Idaho; and more in this week's banking news roundup.
Bribed overseas contractors accessed internal systems, triggering a monthslong breach with costs reaching up to $400 million.
In a dramatic move, conservative hardliners blocked President Donald Trump's tax and spending bill, which would have included many measures favored by banks.
The payment company's restructured Genius point of sale system is designed to cover all types of merchants to keep them away from other processors and fintechs.
