Every week, we’ll be offering a quick rundown of the most relevant news in finance and technology.
Western Union added five more countries to its growing online transaction network, bringing the total number of nations included in this service to 29. As competitors in the cross-border transfer business proliferate, Western Union continues to innovate and expand on their formerly agent-based model.
Reversing years of proprietary stealth, Goldman Sachs announced it was preparing to share some of its “secret sauce,” allowing clients to access its fine-tuned automated trading platform, as well as insights and analysis for risk management.
Fidelity National Information Services Inc. (FIS) bought financial software multinational SunGard for $5.1 billion in cash and stock. FIS describes itself as the largest global provider of payments and banking technology; acquiring Sungard creates a company projected to earn $9.2 billion in annual revenue.
C. Hoare & Co., the UK’s oldest private bank, finally moved to “fully adopt the digital age” by introducing a mobile app and contactless cards for the first time. With mobile emerging as the most popular choice for interactions between customers and banks, even the most venerable institutions are wading into the shallow end of digital services.
Former Chairman of the US Federal Reserve Alan Greenspan argued that the economy will benefit more from higher capital reserve requirements than from regulations to control banks’ loan and securities portfolios. He recommended shelving the Dodd-Frank Act to curtail the recent decline in market liquidity.
National Australia Bank (NAB) partnered with Simply Wall Street, hoping that integrating the startup’s simple interface for trading and investments can encourage formerly active customers to return to the bank’s trading platform. This is the latest development in a trend of Australian banks acquiring and adopting fintech startups.