Retail Banking News Updates, March 14th 2012

BAML to help banks reduce penalties
200,000 homeowners will receive mortgage reliefs by the Bank of America Merrill Lynch (BAML), provided that the amount homeowners owe on mortgages exceeds the values of their homes. This effort is expected to assist banks in reducing the amount of penalties it owes to America’s Housing & Urban Development agency by up to $850 million.

Banking app for Kindle Fire platform launched
Citi has unveiled a banking application for the Kindle Fire platform. The feature-rich app aims to encourage a “new way of banking”, by allowing consumers to be more immersed in their banking experience. Advanced features include the ability to plan cash outflows and analyze personal spending habits.

DFS and NPCI alliance to benefit RuPay cardholders
RuPay cardholders will soon be able to utilize Discover, Diners Club International (DCI) and PULSE networks for international purchases, as well as cash access from outside of India, as a result of a strategic alliance between Discover Financial Services (DFS) and National Payment Corporation of India (NPCI). NPCI ATMs and POS terminals will accept Discover cards and DCI cards, in line with NPCI’s quest to consolidate all retail payment systems in India.



 

Re-disseminated by The Asian Banker