TSB, Monzo, Bank of America, Citibank and Barclays in Banking
- TSB Bank is to introduce iris recognition to its mobile banking app from September 2017. Customers will need the latest Samsung Galaxy S8 to use the new authentication method
- Monzo has announced that it is planning to roll out between 10,000 and 20,000 current accounts to existing customers in the next three months
- Barclays has apologised to customers affected by its decision to close its website and apps for maintenance for up to 16 hours over the weekend to undertake work relating to the new ring-fencing rules. During the maintenance, customers were unable to use mobile banking, the website or the Pingit app. Separately, Nationwide suspended its internet banking, banking app, faster payments and applications for products such as credit cards over the weekend for planned maintenance.
- People’s Bank of China report has revealed that shadow banking via off-balance sheet financing has increased significantly from previous estimates, to around 110% of on-balance sheet business
- Bank of America has chosen Dublin as its new base to service EU clients as part of its Brexit contingency plans. The bank currently has 700 staff in Dublin and 6,500 in the UK, of which 4,500 are based in London
- Barclays has joined Angel Co-Fund and individual investors in a $5m funding round for Form3, a provider of an API-based single point of access to the full universe of payment schemes. Form3 offers clients real-time and interbank payments processing through Faster Payments, Bacs, CHAPS, SEPA and Swift
- Citi has reportedly finalised plans to establish a second EU-based broker-dealer in Frankfurt, which will handle many of the market trading activities currently undertaken in London after Brexit
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