NEWS
IBS Journal December 2017
17
One in five UK ATMs could be scrapped by 2021
T
he UK could be set to lose one in five of its ATMs by 2021, according to the ATM Industry Association. Revolut expects to receive the licence in the first half of 2018 and will immediately begin offering deposit and credit services in selected markets; including overdrafts, personal loans and term deposits.
10,000 of the 55,000 free cash points in the UK are in danger of being closed. The drastic figures have arisen after Link, one of the UK’s biggest ATM networks, announced its decision to cut the fees cash point providers can charge banks by 20%.
Previously, vendors have been able to charge 25p per transaction.
Link plans to reduce that figure to 20p. It said the changes – which come into effect next April – would help protect the network.
“This will be catastrophic for consumers, Ron Delnevo, chief executive of the ATM Industry Association, told the Telegraph.
“But cash point providers’ revenue will go down to the point where they will struggle to break even, meaning they will be forced to close. It will be worse in rural areas. It’s very serious.”
The UK’s rural areas are set to be the worst hit, with the South West, Scotland and the South East losing potentially 44%, 40% and 33% of their ATMs respectively.
Australia won’t regulate cryptocurrencies any time soon
T
he Australian central bank don’t see cryptocurrencies as “pressing regulatory issues” for payments, according to statements by two of its officials last week.
In a statement before the Australian House of Representatives Standing Committee on Tax and Revenue, Tony Richards and David Emery, officials at Reserve Bank of Australia’s payments policy department, shared the bank’s view on cryptocurrencies and blockchain. The officials indicated that the central bank would likely not support any regulations around the core protocols that make up blockchain networks.
“The distributed and cross-border nature of digital currencies like bitcoin means that regulation of the core protocols of these systems is unlikely to be effective,” they said. “From the Bank’s payments policy mandate, digital currencies do not currently appear to raise any pressing regulatory issues.”
This follows a statement in 2015 where the central bank highlighted that “any benefits of regulation would outweigh the potential costs. The greatest potential is likely to be in sectors where workflows involve lots of different parties with no trusted central entity, and where current practices are quite inefficient.”
Bank First Corporation completes First National Bank merger
B
ank First National Corporation has completed its merger with Waupaca Bancorporation, adding all assets of the latter’s subsidiary, First National Bank, to its holdings.
A systems conversion between First National Bank and Bank First occurred on 27 October. The Waupaca, Weyauwega, Clintonville, Iola, Seymour, and Chetek branches of First National have officially rebranded as Bank First. “The merging of these two institutions results in a much stronger organisation, and
together, we will continue to be deeply connected and involved in the communities we serve,” said Mike Molepske, president and CEO of Bank First National Corporation. “Our valued customers can expect to receive high-quality, personalized care and service from our team of bankers.” Jim Rothenbach, former CEO of First National Bank, said: “With the merger complete, our customers will now have access to a wider range of products and services, an expanded branch network, and a larger team of bankers dedicated to providing superior financial solutions.”
www.ibsintelligence.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
