Today In Digital-First Banking: Open Banking Provider Fabrick Teams With Nets; Societe Generale, Credit du Nord To Merge Retail Banking
In today’s top news in digital-first banking, open banking provider Fabrick is collaborating with instant payments company Nets, while Societe Generale and Credit du Nord have approved a plan to combine their retail banking operations. Plus, Social Finance (SoFi) is reportedly in talks about selling to a blank-check company.
Open banking provider Fabrick and instant payments firm Nets are teaming joint business and product development. The firms seek to build out offerings that provide novel revenue streams for new and current customers by joining forces. “This is a compelling initiative for Fabrick. Instant payments is an integral part of the trend toward a cashless society,” said Marco Casartelli, deputy CEO of Fabrick.
Societe Generale and Credit du Nord, which are both based in France, have given the go-ahead to a plan to combine their retail banking operations. Societe Generale is already among the country’s biggest banks. The combination will create “a new entity at the service of nearly 10 million customers,” according to an announcement.
Social Finance (SoFi) is reportedly having discussions about selling to a special purpose acquisition company (SPAC). The California-based digital lending upstart, which was founded in 2011, was valued at $4.8 billion in a private fundraising round in 2019, and the firm has reportedly talked with multiple SPACs.
J.P. Morgan Chase has reportedly provided President-Elect Joe Biden with a collection of suggestions on what the company believes should be in the next stimulus package, in addition to a warning about the negative effect of taking no action on a key issue. Spending by unemployed people has quickly fallen since the further $600 federal benefit under the first $2 trillion stimulus package that expired in August.
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