Fintech

IBM plans to use blockchain technology to power real-time execution for international transfers, joining the push to streamline a traditionally cumbersome payment type.

The embattled company has begun offering cash bonuses to certain customers who open accounts, but at least for now pricey deposit rates would not ensure that customers stick around, executives said Friday.

Fintech solutions to send cross-border payments to unbanked consumers through smartphones are gaining momentum globally, but the volume of remittances going to bank accounts in developing countries is also on the rise, according to Small World Financial Services.

The Society for Worldwide Interbank Financial Telecommunication (Swift) has issued a preliminary report stating blockchain can make cross-border payments more efficient.

The Pittsburgh company benefited from loan growth and higher interest rates, though fee income fell and expense rose in the third quarter.

Cash is resilient, especially during times of crisis or uncertainty. But there are significant efforts to make cash less relevant in areas where it has typically been a mainstay.

The company agreed to buy Commercial Bancshares for $59 million in stock.

Total revenue rose less than 1% to $21.8 billion, but expenses declined 2.5% to $13.1 billion. That computed to the highest profit at Bank of America in six years.

Macy's is not alone, as more companies find success after upgrading loyalty programs, writes Tom Caporaso, CEO of Clarus Commerce.

Same-day ACH debits rolled out last month, a year after same-day credits, cutting processing time for these payments from a couple of days to a few hours — but for many emerging use cases, that’s not fast enough. And debit is filling the void.