Latest global banking news, January 4, 2023 | PaymentsSource – American Banker

Swift adds a top exec from Mastercard, Visa expands mobile pay in Oman, Turkey tests a CBDC; and other global financial services news.
Here’s what’s happening around the world.
Provident Bank will roughly double in size by combining with Lakeland Bancorp. The modified technology roles it’s filled in the past six months could help it take on larger clients.
Members of the American Bankers Association’s Economic Advisory Committee expect gross domestic product to stall in 2023. Other surveys show a modest contraction. Lenders say sentiment among their borrowers also points to a slight slowdown.
Early Warning Services, owner of the Zelle peer-to-peer payment app, has tapped former Mastercard executive James Anderson as managing director of the online digital wallet the bank-owned consortium is developing.
Most U.S. consumers have used a peer-to-peer payments app like Zelle, Cash App, Venmo or Apple Cash, while 12% admit they sent funds to the wrong party and 9% said they’ve been victimized by a scam, according to a Consumer Reports study of top P2P apps.
Not every shopper wants to charge the same card every time — but many do. Retailers like Adorama and Nordstrom, and payment companies like PayPal, are digging into their data to determine when an invisible payment is the best option for a customer, and when it’s a pain point.
The breaks for some lower-income borrowers are welcomed, but the use of debt-to-income as a differentiator could complicate originations at a challenging time, lenders say.
Brown has helped the online bank weather the pandemic. His next challenge: a looming economic downturn


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