Western Union has admitted turning a blind eye as criminals used its money transfer services to launder money and commit fraud. It has agreed to pay a $586 million fine to the US authorities.
Russia-based Bank for Development and Foreign Economic Affairs (VEB), a state-owned development bank, has issued a tender for new core banking software.
FairFX, a London-based multicurrency payments service, has acquired Q Money and its e-money licence.
Financial services and fintech firms in the US come together to form a new industry group – Consumer Financial Data Rights (CFDR) – “to defend consumers’ access to their data and fuel innovation in fintech”.
London-based Persia International Bank, a joint venture of two Iranian financial services groups, Bank Mellat and Bank Tejarat, is undergoing a tech revamp.
Airdrie Savings Bank (ASB), the only remaining independent savings bank in the UK, is closing down for good.
Delta Capita has been appointed as managed service provider to Credit Suisse EMEA Structured Products business. A number of existing Credit Suisse team will transfer to Delta Capita as part of the deal.
AxiomSL, a regulatory reporting and risk management software vendor, has added financial services firm Raymond James to its customer list.
Daimler Financial Services is acquiring e-payments services provider PayCash Europe, based in Luxembourg. This will enable Daimler to launch its own e-payments service under the Mercedes Pay brand.
Rabobank is implementing ACI Worldwide’s UP Immediate Payments solution to support SEPA instant payments.