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Archive · June 15, 2026

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Story 01

China’s mBridge Platform Challenges SWIFT With Central Bank-Backed Cross-Border Payments

China has launched 'mBridge,' a digital currency-focused cross-border payment system backed by central banks from China, Hong Kong, Saudi Arabia, Thailand, and the UAE. The platform aims to reduce reliance on SWIFT for international transactions, enabling participating banks to settle payments directly in digital currencies. This shift could reduce transaction costs and settlement times for banks and payment processors operating in these corridors, while potentially limiting the influence of Western financial infrastructure.

Source: PYMNTS
Also Worth Knowing
№02

European Regulators Stall Revolut’s Super-App Expansion Across the Continent

European authorities have restricted Revolut’s plans to launch new financial services, curbing its aggressive super-app expansion strategy. This regulatory intervention slows Revolut’s growth and gives incumbent banks and fintech rivals more time to defend market share. Payment processors and technology vendors serving Revolut may see delayed project timelines, while competitors could accelerate their own launches to capitalize on Revolut’s pause.

Source: Sifted
№03

eToro Eyes Banking License and Acquisitions to Broaden Financial Services

eToro is exploring acquisitions and considering a banking license to expand beyond trading into full-service banking. This move positions eToro to compete directly with neobanks and traditional banks by offering deposits, lending, and payments. Banks and payment processors may face new competition for customer deposits and transaction volumes if eToro successfully integrates new services and secures regulatory approval.

Source: Financial Times
№04

Figure Acquires Kiavi for $717M to Deepen AI-Driven Real Estate Lending

Figure is acquiring Kiavi, an AI-powered real estate lending platform, for $717 million with backing from Sixth Street. The deal expands Figure’s reach in property finance and brings advanced AI underwriting to its lending stack. Competing lenders and mortgage technology providers may need to accelerate their own AI adoption to keep pace with faster risk assessment and loan processing.

Source: Banking Dive
№05

APP Fraud in the UK Climbs to £1.28B, Forcing Banks to Rethink Defenses

APP fraud losses in the UK rose to £1.28 billion in 2025, up 4% year-over-year, signaling a renewed surge in financial crime. Banks are facing higher operational costs as they invest in fraud detection and reimbursement, while regulators may introduce stricter guidelines. Payment providers and fintechs must prioritize real-time risk controls to avoid reputational and financial fallout, and the trend is likely to drive demand for AI-powered anti-fraud solutions.

Source: Finextra
The Long Memory
“A 2023 study found that organizations fully compliant with PCI DSS experienced 50% fewer payment card data breaches than those with only partial compliance.

Filed under: Payments History · The Long Memory

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