How to Keep Your Bank from Canceling All Your Accounts
The New York Times: Banking
NOVEMBER 18, 2023
Banks have suddenly shut down the accounts of scores of customers. Here’s how you can avoid becoming one of them.
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Zero Balance Current Account: A Quick Explainer
Razorpay
JANUARY 19, 2024
Powerful current accounts always come with a caveat; a minimum balance requirement. Whether it is a few ten thousand or a few lakhs, most accounts are not zero balance current accounts. Would a zero balance current account really be so beneficial to businesses?
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Startup Current Account: The Best Way to Bank for New Age Businesses
Razorpay
MARCH 19, 2024
Many startup founders initially feel that they can manage their organisation without having a current account. However, sooner than later, they would realise they require a current account to facilitate streamlined withdrawals, deposits and other business transactions. Let’s get right into it. What is a Startup Current Account?
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Checking Account – Meaning & How Does it Work?
Razorpay
MARCH 27, 2024
What is a Checking Account? A checking account is a type of bank account that allows you to deposit and withdraw money, write checks or use a debit card to make purchases or pay bills. Generally, account holders use these accounts on a short-term basis for paying daily expenses like food bills.
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Banks Should Have Better Customer Relations When Closing an Account
The New York Times: Banking
DECEMBER 30, 2023
When banks close checking and credit-card accounts because of “suspicious activity,” chaos and anxiety ensue. It doesn’t have to be this way.
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How banks can mitigate cloud security threats
Global Banking & Finance
OCTOBER 7, 2024
Furqan Siddiqui, SOC Operations Officer at Obrela As custodians of sensitive financial data, banks and financial institutions face several cloud security threats that demand security controls and mitigation strategies.
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Fraud Against Financial Institutions Calls for Tighter Security Measures Protecting Customers in 2024
Global Banking & Finance
FEBRUARY 29, 2024
Fraud Against Financial Institutions Calls for Tighter Security Measures Protecting Customers in 2024 In January 2024, Citigroup was sued for its weak security measures against fraud.
Banks Offer Bonuses for Customers Opening New Accounts
The New York Times: Banking
SEPTEMBER 13, 2024
Facing competition for business, banks are offering incentives to switch. But as one expert put it, “You have to read the fine print.”
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Quiz: Would You Close This Bartender’s Bank Account?
The New York Times: Banking
DECEMBER 9, 2023
Here’s what bank security employees might be thinking when deciding whether to shut down a customer account after detecting unusual activity.
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What are Corporate Accounts? Meaning, Benefits & Types
Razorpay
MARCH 18, 2024
What is Corporate Account? A corporate account is a bank account one can open in the name of a business. Every small business that is required to pay tax should have a corporate bank account for business banking and its numerous benefits. Explore RazorpayX 2.
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What is a Merchant Account? How to Get a Merchant Account?
Razorpay
DECEMBER 1, 2023
Once you have set up a business account, it is important to set up an online merchant account as well. But what is a merchant account? Let’s read further to learn everything about merchant accounts. Let’s read further to learn everything about merchant accounts. What is a Merchant Account? Wondering why?
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Synapse Bankruptcy: When a Fintech Isn’t a Bank and Savings Accounts Are Frozen
The New York Times: Banking
JULY 9, 2024
For unsuspecting depositors of online financial start-ups, the unraveling of a little-known intermediary has separated them from their life savings.
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A Russian Bank Account May Offer Clues to a North Korean Arms Deal
The New York Times: Banking
FEBRUARY 5, 2024
Moscow may be trying to help Pyongyang with access to the international financial system in exchange for missiles and ammunition, U.S.-allied allied intelligence officials suggest.
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Core Banking Solution (CBS)
Razorpay
MAY 27, 2024
What is Core Banking Solution? A core banking solution (CBS) is a software used by banks to manage primary operations. It is a centralized system that allows customers or businesses to carry out transactions from any branch rather than only from the branch where the account was opened.
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What is Banking?
Razorpay
JUNE 8, 2023
What is Banking? A bank is any financial institution that helps people and businesses store, invest and borrow money. Banks provide services like deposits, loans, and investment options. Banks in India are regulated by the Reserve Bank of India (RBI), which is the central banking authority of the country.
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How Bank Reconciliation Helps Businesses?
Razorpay
MAY 17, 2023
Bank reconciliation refers to the process by which the bank account balance of a business entity is reconciled with the amount recorded by financial institutions in the latest bank statement. What is a Bank Reconciliation Statement? It is to make sure all transactions are properly accounted for.
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Citi Is Sued by New York State Over Account Transfer Fraud
The New York Times: Banking
JANUARY 30, 2024
New York’s attorney general said the bank failed to protect its customers from hackers who, in some cases, stole their life savings and college funds.
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How to Cancel e-mandate? – A Complete Guide In 2024
Razorpay
NOVEMBER 14, 2024
It allows lenders to take EMI payments directly from your bank account. This cancellation might be necessary when you’ve completely repaid your loan or need to change your repayment bank account. Click on Delete mandate Step 1 : Log in to your bank’s official online platform or mobile application.
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RBI directive on one-time-settlement with defaulters can derail banks: MP
Business Standard - FInance
JUNE 22, 2023
The RBI circular permitting banks to enter into a one-time settlement with wilful defaulters poses a significant risk to the stability of financial institutions in the country, the CPI MP Binoy Viswam has said. This circular poses significant risks to the stability of our financial system," he said.
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Bank of America Fined $150 Million Over ‘Junk Fees’
The New York Times: Banking
JULY 11, 2023
The bank double-charged overdraft fees, withheld card perks and opened unauthorized accounts, regulators said. It will repay customers more than $80 million.
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Binance Moved Billions Through Two U.S. Banks, Regulators Say
The New York Times: Banking
JUNE 7, 2023
shared new details about how Binance’s accounts at Signature Bank and Silvergate Bank were used to move customer funds quickly through a web of foreign companies.
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Alison Rose of NatWest Bank Resigns After Nigel Farage Allegations
The New York Times: Banking
JULY 26, 2023
Alison Rose of NatWest, one of the country’s largest banks, resigned after Nigel Farage, a Brexit firebrand, said his account had been shut because of his political views.
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IMGC to focus on strengthening partnerships with finance institutions: CEO
Business Standard - FInance
JUNE 13, 2023
India Mortgage Guarantee Corporation (IMGC) would focus on strengthening partnerships with banks and financial institutions, a top official said on Tuesday. The company is backed by marquee investors -- Enact MI, Sagen (Brookfield Group), National Housing Bank, IFC (World Bank Group), And Asian Development Bank.
When a Bank Rescinds a Job Offer Because It Canceled Your Credit Card
The New York Times: Banking
JUNE 6, 2024
Then it reviewed his account activity. Last year, JPMorgan Chase wanted to pay Mansoor Shams a low-six-figure salary to work in a marketing role.
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What is Payment Processing? How It Works and Its Advantages
Razorpay
MAY 6, 2024
These actions involve secure gateways, banks and consumer accounts to facilitate the exchange of funds for goods and services. It serves as a bridge between the merchant’s point of sale and the financial institution. What is Payment Processing? It plays a pivotal role in safeguarding sensitive information.
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Security Deposits: Your Landlord May Owe You More Than You Think
The New York Times: Banking
JUNE 1, 2024
Landlords are required to put security deposits in interest-bearing bank accounts. How much of that interest goes to you?
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Former Wells Fargo Executive Avoids Prison in Sham Accounts Scandal
The New York Times: Banking
SEPTEMBER 15, 2023
Prosecutors had sought a year of incarceration, which they said would be a deterrent to other corporate executives.
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What is a Neobank? Everything you should know
Razorpay
JUNE 18, 2023
Traditional banking, which has been the go-to for hundreds of years now, has not been able to keep up with today’s tech-savvy customers. Long waiting times, security issues, and fixed working hours are a few of the problems plaguing legacy financial institutions today. So are they really better than traditional banks?
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Unpacking the 20 most impact financial regulations from the last 20 years
The TRADE
APRIL 30, 2024
These regulations have significantly impacted the operations and behaviour of financial institutions, contributing to greater stability, transparency, and accountability in global financial markets. The years following 2008’s GFC experienced continued financial regulatory reform.
Lebanon Freezes Accounts of Riad Salameh
The New York Times: Banking
AUGUST 15, 2023
The action comes days after a U.S.-led led coalition accused Riad Salameh of decades of corruption to enrich himself at the expense of his country.
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What is the SWIFT Banking System? (Definition, Benefits, Challenges)
Peak Frameworks
SEPTEMBER 19, 2023
History of SWIFT In the early 1970s, banks predominantly used telex for international communications, which was not just cumbersome but lacked standardization. To address these inefficiencies, 239 banks from 15 countries collaborated in 1973 to form SWIFT , aiming for a standardized global transaction protocol. What is SWIFTNet's FIN?
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Your Identity Has Been Compromised. Now What?
FineMark
SEPTEMBER 20, 2023
You may want to start by calling your bank and other financial institutions to let them know what’s happening. Setup Alerts At FineMark, we will put an alert on your accounts so no money will leave the bank without your permission. Check out this link on how to setup Mobile Alerts for your Bank Account here.
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Optimized for Success: How Instant Mudra is transforming rural banking with Razorpay Optimizer
Razorpay
MAY 24, 2023
Instant Mudra is a fintech company that aims to make banking services accessible to communities that are unbanked and underserved. With Razorpay Optimizer, Instant Mudra was able to manage multiple payment gateways and boost its transaction success rate while pursuing the goal of transforming rural banking.
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Certificate of Deposit (CD)
Wall Street Mojo
JANUARY 18, 2024
Certificate of Deposit (CD) Definition A certificate of deposit (CD) is an investment instrument mostly issued by banks, requiring investors to lock in funds for a fixed term to earn high returns. Banks and credit unions mostly issue them in exchange of an interest income. read more earnings.
What are export payments and how to choose the right one for your business?
Razorpay
OCTOBER 13, 2023
A letter of credit (LC) is a contractual agreement between the importer and exporter’s bank, promising payment upon meeting the mentioned terms and conditions in the LC. This is done by providing specific documents, which upon verification by the banks, releases payment from the buyer’s bank to the exporter’s bank.
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What is a Payment Settlement? – A Comprehensive Guide
Razorpay
NOVEMBER 10, 2024
The payment settlement is a process in any financial transaction where the issuing bank transfers funds from the cardholder’s account to the acquiring bank through a payment gateway. This is the final step in any financial transaction after authorisation and approval. What is Payment Settlement?
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Offline UPI Payment – How To Make UPI Payment Without Internet?
Razorpay
MAY 15, 2024
This service, based on the USSD code *99#, lets you perform various mobile banking transactions without an active Internet connection. You can transfer money, request funds, change your UPI PIN, and check your account balance anytime and anywhere. Enter your bank’s IFSC code in the text field as requested.
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What Is eMandate: Meaning and How Does It Work?
Razorpay
MARCH 21, 2024
In 2001, you needed money and had to take a bank loan. After visiting your bank, you received a pamphlet with loan details. You compared other banks, gathered documents, submitted them, and waited for verification. You approached a bank for a loan and realized you could avail benefits without visiting the bank.
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Despite the dominance of voice trading, electronification is the natural path for Peru
The TRADE
FEBRUARY 29, 2024
During the last few years, there has been a notable increase in financial institutions and corporates in Peru accessing offshore liquidity through electronic platforms, with transparency and high liquidity for G10 currencies some of the main drivers that promoted an increase in market activity.
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What to Know About Writing Checks While Preventing Fraud
The New York Times: Banking
JANUARY 7, 2024
Should you keep a separate checking account for writing checks? Is there a specific pen you should use? We answer some reader questions.
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The Top 3 Mistakes To Avoid With Your 401(k)
The New York Times: Banking
JULY 27, 2024
Here is what experts say are the costliest stumbles people make with their retirement savings accounts — and how to get back on course.
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Payment Gateway vs Payment Processor: What is the Difference?
Razorpay
SEPTEMBER 17, 2023
It is a platform that connects your bank account to the platform where you need to transfer money. A payment gateway authorises you to conduct an online transaction through different payment modes like net banking, credit card, debit card, UPI, or the many online wallets that are available these days. Card Networks (e.g.,
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What Is a Payment Network? Types, Benefits and How it Works?
Razorpay
AUGUST 11, 2024
A payment network is a system that processes electronic payments between consumers, businesses, and financial institutions. By connecting merchants, banks, and card issuers, it enables seamless processing of credit, debit, and other electronic transactions. These networks can be specific to a bank or part of interbank networks.
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What is Payment Gateway and How does It Work?
Razorpay
JUNE 20, 2023
It acts as a secure bridge between the customer’s payment method (such as a credit card or digital wallet) and the merchant’s bank account, facilitating the authorisation and processing of transactions. Step 2: Website directs customer to payment gateway where they enter bank/card details.
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