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TD Bank Spoofing Settlement, Banks Enter BNPL Space, and NCR Voyix Sells Digital Banking Unit
Manage episode 443105051 series 3586686
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TD Bank has agreed to pay over $20 million to resolve a spoofing case involving fraudulent orders by a former trader. The settlement includes a three-year deferred prosecution agreement and significant penalties, plus enhancements to their compliance programs.
Major banks are entering the buy now, pay later market by offering debit-based installment plans. This move allows customers to split their debit purchases into four equal payments, directly competing with firms like Affirm and Klarna. Major banks such as J.P. Morgan Chase are launching their own BNPL products.
NCR Voyix has completed the sale of its digital banking unit to Veritas Capital for $2.45 billion. Now rebranded as Candescent, the largest independent digital banking platform in the U.S. will continue operations under its new name, serving over 1,300 financial institutions and 20 million users.
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