In today’s top news in digital-first banking, Alfa-Bank has become a part of Contour’s international trade finance network, while J.P. Morgan has named a leader of liquidity solutions and escrow. Plus, Visa is collaborating with UAE-based NOW Money to bring digital banking services to low-income customers.
Alfa-Bank has joined Contour’s international trade finance network. Contour allows bank customers to keep track of the handling and updating of trade finance transactions in real time, with the assistance of blockchain technology. Its network is a virtual collection of groups including applicants, banks, nominated/confirming/advising banks, beneficiaries and other entities involved in the letter of credit (LC) process.
Lori Schwartz has been named the new global head of liquidity solutions and escrow of J.P. Morgan. Schwartz will be taking over for Phillip Lindow per a memo from Takis Georgakopoulos, the head of wholesale payments at the company. Lindow, who has headed up the financial firm’s liquidity and escrow solutions unit for almost 10 years, intends to retire early next year.
Visa has teamed up with UAE-based NOW Money to bring digital banking offerings to low-income clients in the Gulf Region who can’t access typical banking offerings like international money transfers. NOW Money will offer clients contactless-enabled Visa payment cards that will be connected to a NOW Money account, which can be used digitally and at payment terminals across the globe.
CORO Global – and its gold trading mobile program – just grew its reach in the United States with the addition of a license to run in Alabama. On Tuesday (Nov. 3), the Alabama Securities Commission granted the Florida-based CORO a money transmitter license, providing it with permission to do business in the state.