Crude Oil Soars on Hopes of New Supply Deal

Investing.com | April 02, 2020

Oil markets surged Thursday, amid hopes that the price war between Russia and Saudi Arabia, which has flooded the market with extra supply, may be coming to an end. AT 9:20 AM ET (1320 GMT), U.S. crude futures traded 8.9% higher at $22.12 a barrel, while the international benchmark Brent contract rose 8.5% to $26.84. Global oil prices have fallen by roughly two-thirds this year as the coronavirus has slammed global economies at the same time as the world's two largest exporters, Saudi Arabia and Russia, have started to pump extra supply into the market. U.S. President Donald Trump said late Wednesday that he had talked with the leaders of both countries and believed the two would make a deal to end their price war within a "few days." "Worldwide, the oil industry has been ravaged," he said. "It’s very bad for Russia, it’s very bad for Saudi Arabia. I mean, it’s very bad for both. I think they’re going to make a deal," Trump added. Comments since out of the Kremlin have been reasonably constructive, but Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, Reuters reported.

Spotlight

Is your accounting system holding you back? This whitepaper highlights the five signs that indicate you have outgrown your current accounting system. From limited scalability to lack of integration, recognize the signs and understand when it's time for an upgrade. Don't let an outdated system hinder your business growth. Downloa

Spotlight

Is your accounting system holding you back? This whitepaper highlights the five signs that indicate you have outgrown your current accounting system. From limited scalability to lack of integration, recognize the signs and understand when it's time for an upgrade. Don't let an outdated system hinder your business growth. Downloa

Related News

Financial Management, Fintech

Treasury Prime Joins The Banking-as-a-Service (BaaS) Association

PRnewswire | June 26, 2023

Treasury Prime, a leading embedded banking software platform, announced today that it has joined the Banking-as-a-Service (BaaS) Association, the unified voice for financial institutions and fintechs dedicated to advancing the adoption of BaaS strategies and technologies. As a prominent player in the BaaS industry, Treasury Prime has consistently demonstrated its commitment to revolutionizing banking through its cutting edge API platform. By joining forces with The BaaS Association, Treasury Prime aims to further propel the adoption and evolution of BaaS offerings, enabling banks and enterprises to deliver exceptional and innovative banking experiences to their customers. The BaaS Association, founded in 2022 as part of the Bankers Helping Bankers network, brings together a diverse array of banks, fintech innovators and technology providers, all united by the shared vision of promoting, supporting and advocating for BaaS sponsor banks. By joining the association, Treasury Prime gains access to a vast network of industry experts and best practices, enhancing its ability to deliver innovative solutions in the BaaS industry. "We are delighted to join the BaaS Association and collaborate with like-minded organizations to shape the future of Banking-as-a-Service," said Chris Dean, co-founder and CEO of Treasury Prime. "Our mission at Treasury Prime has always been to empower and support financial institutions and enterprises with modern, scalable, and secure embedded banking solutions." Through its embedded banking platform, Treasury Prime provides financial institutions and enterprises with the tools and infrastructure necessary to seamlessly embed banking capabilities into their applications. This allows them to offer a wide range of financial services, such as account management, payments, and lending, without the burden of developing and maintaining their own banking infrastructure. Treasury Prime is renowned for its flexibility, ease of integration, robust security features, and multi-bank network. "The BaaS industry is a tremendous vehicle for innovation and reaching underserved and underbanked communities and it's also an avenue for banks, particularly community banks, to no longer be limited by geography," said Dave Mayo, Co-Founder of The BaaS Association. "And when done correctly, the bank benefits, the fintech benefits, and the end consumer benefits with increased competition and access to new products and services." About The BaaS Association The BaaS Association is the voice of the BaaS (Banking-as-a-Service) industry. The association promotes, supports, and advocates for BaaS sponsor banks which help serve millions of customers in a safe and compliant manner. The BaaS association represents over 80% of current BaaS sponsor banks operating across the United States. The BaaS Association provides education, collaboration, and best-in-class practices that serve the unique needs of BaaS Sponsor banks. The BaaS Association also helps establish sound bank-fintech partnerships, including those who provide banking services for underbanked and underserved communities. About Treasury Prime Treasury Prime is building the future of finance. Leveraging its award-winning APIs and versatile embedded banking products, Treasury Prime enables banks and enterprise partners to innovate, adapt, grow and scale to stay competitive in a rapidly changing marketplace. The company helps enterprises with a range of complex services including money transfer, risk mitigation and access to a chartered bank's infrastructure. Treasury Prime works with forward-thinking banks to innovate responsibly and increase access to banking products and services to all segments of the population Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and 2022, and was named to CB Insights' annual 2021 Fintech 250 list.

Read More

Financial Management, Payments

Alkami Partners with Atomic to Offer Direct Deposit Solution for Financial Institutions

PR Newswire | September 01, 2023

Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today that it has partnered with Atomic, the market-leading provider of payroll connectivity, to provide financial institutions with a direct deposit switching solution that allows account holders to seamlessly connect their payroll accounts to any financial institution. As part of the partnership, Atomic's direct deposit switch solution will be integrated into Alkami's Digital Banking Platform. This will make it easier for community and regional financial institutions to offer their account holders a quick and convenient way to set up and switch direct deposits, further helping financial institutions to grow direct deposits, account acquisition, and primary relationships. This enhancement eliminates paper processes, significantly decreases wait times often incurred with traditional methods, and reduces the cost of deposit acquisition. "We are excited to partner with Atomic to offer our customers this valuable solution," said Adam Craig, vice president, corporate development. "The true power of the Alkami platform is in the extensibility it offers financial institutions to grow with best-in-class partners and solutions like Atomic. Fintech partnerships like these give financial institutions the tools they need to earn primary financial institution status and maintain that status as they scale to meet the growing needs of their account holders." "At Texans, we are focused on creating a delightful member experience. Since implementing Alkami's digital banking platform, we've continued to identify new ways to improve our members' self-service capabilities – making it easier and more enjoyable for our members to transact with us. We were excited to learn that Alkami partnered with Atomic. Their workflow modernizes a legacy process that has been a standard for quite some time so that digital banking users can change their direct deposit with just a few clicks. We chose to partner with Atomic and Alkami to deepen member relationships, grow deposits, reduce call center volume, and create stickiness with our members," said Matt Moore, senior vice president at Texans Credit Union. "We are thrilled that Alkami chose Atomic to offer our direct deposit solution to their growing customer base," said Jordan Wright, co-founder and chief executive officer of Atomic. "Direct deposits are a major driver of account growth and profitability for financial institutions. In fact, we've seen financial institutions who leverage Atomic experience as much as a 50 percent lift in direct deposit conversion. We believe the Atomic Deposit plug-in will quickly become a core component for financial institutions as they continue to scale with Alkami's lineup of best-in-class partner solutions." About Alkami Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com. About Atomic Atomic is the market-leading provider of payroll connectivity. The company's mission is to help financial institutions and their customers thrive by making it easy to connect to payroll. Atomic's solutions are trusted by over 195 financial institutions and millions of consumers. For more information, visit https://atomic.financial. About Texans Credit Union Texans Credit Union is a not-for-profit financial institution serving North Texas members since 1953. Headquartered in Richardson, Texas, Texans Credit Union has more than 120,000 members and $2.1 billion in assets. Our mission is to provide members with exceptional service, value and financial products to help individuals achieve their financial goals. We offer a full range of banking services, including checking and savings accounts, loans, mortgages, credit cards and investment options. Texans Credit Union is one of the largest credit unions in the state.

Read More

Financial Management

BNY Mellon Unveils Bankify, A Cutting-Edge Addition to Its Portfolio

BNY Mellon | September 11, 2023

BNY Mellon and Trustly have joined forces for an open banking payment solution with guaranteed settlement. This open banking payments solution ensures a smooth user experience and guarantees funds for business receivables. Bankify integrates BNY Mellon's proficiency in transaction payments with Trustly's prominent open banking capabilities. Bankify, BNY Mellon's latest innovation, introduces an open banking payments solution designed to streamline the process of accepting payments directly from consumers' bank accounts, making it more convenient for organizations. It represents a pivotal stride forward in modern finance, designed with meticulous care to simplify and optimize payment interactions. BNY Mellon clients will now have the power to empower their end-users with a straightforward method for conducting transactions directly from their bank accounts, presenting a viable and enticing alternative to credit cards, debit cards, and third-party payment platforms. Bankify's innovation is not confined to a single niche but embraces the entire digital finance ecosystem. Its meticulous design ensures that it caters comprehensively to diverse payment needs, offering simplicity, security, and choice. By bridging the gap between traditional banking and the dynamic world of digital finance, Bankify streamlines payments and enhances customer experiences. It stands as a testament to BNY Mellon's forward-thinking approach and dedication to pushing financial technology's boundaries. "Bankify moves the needle for the payments industry in both the depth of the solution and the diverse range of organizations it can support," expressed Jennifer Barker, Global Head of Treasury Services for BNY Mellon. [Source: Cision PR Newswire] Jennifer's emphasis on Bankify's capabilities underscores its remarkable versatility and effectiveness across various sectors of the financial industry. Bankify's account linking and settlement guarantee features stand out as powerful assets in a wide range of scenarios. Whether a merchant seeks cost-effective payment processing, a biller aims to modernize customer interactions and secure banking data sharing, or a brokerage firm requires guaranteed settlement for instant fund access during enrollment, these features provide significant benefits. They streamline operations and greatly enhance an organization's overall financial performance, highlighting Bankify's profound impact on the financial spectrum. Meanwhile, Alexandre Gonthier, Founder and CEO of Trustly, Inc., also highlighted the driving force behind the collaboration with BNY Mellon. The shared dedication to advancing the payment industry and establishing a fresh, open banking-based standard for consumer and business payments has been a central driving force. This partnership underscores a shared belief that consumers should have access to a financially responsible payment method while merchants stand to gain valuable insights from open banking-enabled data. Nevertheless, the essence of Bankify lies in its versatility, accommodating a broad spectrum of consumer-to-business payment scenarios, including merchant payments, bill settlements, and the funding of digital wallets or accounts.

Read More