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Re-Examining The Role Of Correspondent Banking

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The Bank for International Settlements (BIS) said in a recent report that the number of correspondent banks — where banks and financial institutions (and domestic payment systems) are linked together — slipped 3 percent in 2019 vs. 2018 and declined a significant 22 percent from 2011 to 2019.

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The B2B Payments Fraud Threat Of Internal Employees

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Gov Info Security said a reported cybersecurity incident involved a scammer using the town’s website to request changes to bank account information for a local construction supplier, with directions to receive payment via wire transfer instead of check. According to local Kentucky Today reports, $1.5

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Bank Of America Automates FX Conversion For Smaller FIs

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While wire remains a popular rail for global transactions, BofA Merill said, “Many smaller banks lack the infrastructure, the accounts and the mechanisms to handle the currency conversions themselves.” In a press release issued Monday (Oct.

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The New York Times Inks $30M Consumer Guide Deal

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The five-year-old site was founded by Brian Lam, tech journalist and former editor at Gizmodo and Wired. “ The New York Times announced on Monday (Oct. 24) that it purchased an online product recommendation consumer guide called The Wirecutter for more than $30 million in an all-cash transaction.

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Ex-State Street Execs Charged In Defrauding Scheme

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The pair charged — Ross McLellan and Edward Pennings — face a five-count indictment, touching on conspiring to commit securities fraud and wire fraud and also two counts apiece of securities and wire fraud. The indictment itself alleges that the two — during a timeframe that stretched between Feb. 2010 and Sept.

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Samsung Announces Voluntary Top-Load Washer Recall

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Business Wire reports that Samsung has announced a voluntary recall of specific top-load washers manufactured between March 2011 and current production. Risks reportedly include the drums in the washers losing balance during the high-speed spin cycle.

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U.S. Postal Service Rolls Out New App To Protect Mail Carriers From Dogs

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billion in packages it delivered to customers in 2011, and now accounts for about 40 percent of all of Amazon’s deliveries, according to the analyst firm Sanford C. Postal Service delivered 4.5 billion packages in 2015, a big jump from the 3.3 Bernstein & Co. Scott Hooper, the U.S.

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