focus on "identifying and optimising incremental revenue generation, margin improvement and cost reduction opportunities.
business transformation needed, not just a cost cutting exercise. they have lost their product direction, in the face of strong competition
The fiasco cost the bank £366 million in remediation and compensation claims and the chief executive his job.
TSB fined £48.6 million over operational resilience failures
From an preventable incident in April 2018.
term deposit accounts, time deposit accounts require you to keep money in the account for a set period of time. In return, the bank pays you interest for doing so
TDA - are interest baring accounts
time deposit accounts and negotiable order of withdrawal (NOW) accounts.
Why have a TDA or NOW account type - product?
ayment security is taken into account as there should be an IBAN check on payments, warning consumers if there is a mismatch between the name of the beneficiary and the IBAN number
CoP is required as part of the process
many financial institutions are charging their customer higher fees for SCT Inst than for SCT. As a result, at the end of 2021, only 11% of SCT were SCT Inst, according to the European Commission
Changed by the new rules
SCT Inst transaction at EUR 15,000
Still not very high at €15k
From spring 2024, the Bank will mandate the use of Purpose Codes and LEIs for payments between financial institutions. It will also mandate Purpose Codes for property transactions. From November 2025 the Bank will mandate the use of Structured Addresses and Remittance Data for all payments.
This is the point even indirect CHAPS participants will be impacted