Germany's KfW Bank says a system error led to the unintentional transfer of $5.4 billion to four counterparty banks in an automated cycle of repeat transactions.
As the new 12-sided £1 coin enters circulation, a survey shows that a third of Brits think that cash will be obsolete within just three years.
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The US Supreme Court has refused to revive a $5.7 billion class action settlement between millions of retailers and Visa and MasterCard over interchange fees.
Wells Fargo customers can now leave their wallets at home and instead use their mobile phones to make cash withdrawals at the bank's 13,000 American ATMs.
Billon, a Polish e-money transfer startup backed up by distributed ledger technology, is set to enter the UK market having completed a successful trial of a corporate payout system with consumer research firm Conduct Research.
British financial services firms expect to increase IT spending at a healthy rate in the near future, according to a CBI/PwC survey which also shows that combatting cybercrime is a growing imperative for the industry.
Features and analysis
A team of heavyweight financial services industry execs, led by Bank of America and capital One veteran Rob Habgood, are launching a consumer credit card business.
Nordic payments processor Nets is enlisting the help of distributed ledger technology specialist Chainalysis to help it ensure virtual currency transactions comply with anti-money laundering rules.
Bank of Ireland is kicking off the second session of its annual incubator programme to support innovative startups in the West of Ireland.
Swiss Financial infrastructure operator SIX is to use the cognitive computing ability of IBM Watson to build a new cyber-security hub to help banks comply with Swiss privacy laws and regulations.