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Is Your Cash-Handling Infrastructure Ready for the New U.S. Banknotes? - Bank Automation News
A new era in U.S. currency is on the horizon. Beginning in 2026, the Federal Reserve will initiate the most comprehensive rollout of redesigned banknotes in decades—starting with the $10 bill in 2026, followed by the $50 in 2028, $20 in 2030, $5 in 2032 and continuing through the $100 note in 2034. These new […]
Payments groups want 3.5% remittance levy killed from tax bill - Bank Automation News
A proposed 3.5% tax on remittance transfers should be killed because it invades consumer privacy and would encourage the use of unregulated money-movement services, payments-industry trade groups told US lawmakers. Even after a cut from an initial 5% proposal, the levy will still hit migrants sending money back to relatives on top of posing a […]
TD plans to cut about 2% of workforce amid restructuring - Bank Automation News
Toronto-Dominion Bank said it will cut about 2% of its workforce as part of a restructuring program begun in the second quarter following its historic anti-money laundering settlement. The bank, with about 95,000 employees, said the restructuring will cost up to C$700 million ($505 million) in pre-tax charges over the next several quarters, according to […]
Klarna hits 100 million users as revenue and onetime costs jump - Bank Automation News
Klarna Group Plc reported a $92 million pretax loss for the first three months of the year due to onetime costs such as staff share awards and preparations for its now-paused initial public offering. The Stockholm-based fintech said Monday its like-for-like revenue rose 15% from the same period last year to $701 million. On an underlying […]
USAA melding human, AI interactions - Bank Automation News
USAA is testing ways to improve the digital experience and identify when human intervention is necessary, Scott Serpico, associate vice president of product management and consumer lending, said during a session last week at Auto Finance Summit East in Nashville, Tenn. “Most of our members today use us digitally, [but] that human touch, especially in the last mile […]