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** U.S. regional banks gain in afternoon trading after Federal Reserve lowers interest rates by 50 basis points, kicking off what is expected to be a steady easing of monetary policy
** KBW Regional Banking index .KRX, a key benchmark to track investor sentiment toward the sector, gains 2.7%; SPDR S&P Regional Banking ETF up ~2.5%
** Among individual movers, US Bancorp USB.N, Fifth Third Bancorp FITB.O, M&T Bank MTB.N, Keycorp KEY.N and Western Alliance WAL.N rise between 1.7% and 4%
** Regional lenders expected to benefit as Fed lowers rates, driven by recovery in loan demand and normalization of elevated deposit costs
** Investor sentiment toward the sector had taken a hit after three major players collapsed in early 2023, in part due to higher rates racking up unrealized losses on their loan books
** The worries returned earlier this year, when New York Community Bancorp NYCB.N reported a surprise loss and cut its dividend due to pressure on its commercial real estate loan book; the bank's stock, which is expected to benefit from lower rates, last up 2.3%
** Meanwhile, major U.S. banks also up in volatile trading after Fed decision; KBW Bank index .BKX - tracking large-cap banks - last trading ~1% higher
** .KRX up ~7% YTD, including session moves, underperforming broader markets
(Reporting by Jaiveer Singh Shekhawat and Manya Saini in Bengaluru)
** Shares of regional U.S. lenders up after Federal Reserve cut benchmark interest rate for the first time in four years
** US Bancorp USB.N, Fifth Third Bancorp FITB.O, M&T Bank MTB.N, Keycorp KEY.N, Western Alliance WAL.N rise between 0.3% and 1.6%
** KBW Banks Index .BKXup 0.2%
** Rate cut is expected to reignite the loan demand and deals activity which will take away the heat off from rising deposit costs for these lenders that even led to several bank runs
** Fed cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy
(Reporting by Jaiveer Singh Shekhawat in Bengaluru)
Wells Fargo & Company WFC expanded its Application Programming Interfaces (APIs) portfolio with the launch of specialized APIs for its Commercial Banking clients.
Manufacturers, distributors and dealers can use Wells Fargo's API platform to connect directly from their preferred system. This automated setup permits effortless data transfer among trading partners, reducing delays in sending and receiving information. Customers do not have to input data, upload it to the server, or download it anymore, they can access essential business insights instantly.
Other banks are also making efforts to enhance the payment interface. Fifth Third Bancorp’s FITB embedded payments platform, Newline, entered into a collaborative agreement with Trustly this month. By collaborating, FITB’s Newline and Trustly will advance pay-by-bank arrangements and payments made through the ACH and Real Time Payments networks.
In June, U.S. Bancorp’s USB wholly-owned subsidiary, Elavon, launched the Elavon Cloud Payments Interface. This advanced API is intended to simplify managing digital and in-person payment experiences for hotels and other entities related to hospitality. This new Payments Interface by USB’s subsidiary integrates payments seamlessly and securely for its guests and business clients.
Benefits of WFC’s Latest APIs Launch
WFC’s new APIs offer faster order processing, enabling instant credit checks and approvals within their own systems, reducing invoice times and allowing for flexible credit adjustments to its commercial banking clients.
It provides real-time inventory data for precise forecasting and supply chain control, eliminating delays from manual updates. Instant invoicing speeds up revenue recognition by removing delays due to processing issues. Seamless integration with client systems removes the need for manual data entry and simplifies inventory and payment tasks.
Additionally, the APIs streamline money management, offering instant transaction reconciliation by reducing manual processes.
Reetika Grewal, Wells Fargo’s head of Digital for Commercial Banking and Corporate & Investment Banking, said, “This expansion of our portfolio will allow our clients to be even more connected to the platforms they are using and ensure they have an end-to-end view that can streamline their business operations and provide information at a faster speed.”
Final Words on WFC’s New APIs Launch
The new APIs provides clients with real-time, on-demand information, allowing them to easily and seamlessly manage inventory, supply chain and payments. By expanding its APIs technology, WFC took a step forward in removing the hassle of navigating several systems, allowing clients to incorporate the functionality required to manage their inventories and processes in their preferred system.
Such strategic innovation will help the bank to solidify customer loyalty and attract new clients seeking advanced digital solutions. This could lead to increased transaction volumes and higher revenue streams.
Additionally, as industry players increasingly adopt digital tools, WFC’s efforts to expand its API technology will open new market opportunities for the company and foster innovation in commercial banking services.
However, such innovation could lead to a rapid increase in expenses if not managed carefully and could adversely affect the company’s financials.
Over the past month, shares of WFC have lost 3.4% compared with the industry’s decline of 1.9%.
Wells Fargo currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
U.S. Bank Foundation supports organizations offering cultural and recreational opportunities to underserved youth
NORTHAMPTON, MA / ACCESSWIRE / September 18, 2024 / U.S. Bank
U.S. Bank Foundation Community Possible grants support programs that promote play, arts and cultural opportunities, such as the Triple Play program offered by the Boys & Girls Club of the North Valley in Northern California.
Originally published on U.S. Bank company blog
Rebecca Boyer has seen firsthand how the U.S. Bank Community Possible giving and engagement program makes a difference in the Chico, California, area, where she works as a U.S. Bank branch manager. As the president of the Chico community leadership board of the Boys & Girls Clubs of the North Valley (BGCNV), she knows what a valuable role the clubs play in helping local youth and families thrive through programs like the Triple Play health and well-being initiative. The program gives students the chance to experience the camaraderie and joy of intramural sports and recreation, stay active and acquire healthy habits, and develop interpersonal skills.
"Organized sports may not be affordable and accessible to many kids at the club, but Triple Play is all-inclusive - everyone is welcome. Being there gives these students the opportunity to grow and build confidence and learn the concept of being on a team," Boyer said. "Being involved with the Boys & Girls Clubs means so much to me because I see how it truly changes lives. I am so excited that U.S. Bank gives me the opportunity to be part of this nonprofit."
"We are incredibly grateful for Rebecca's dedication and leadership. Her involvement, along with the support from the U.S. Bank Community Possible program, has made a real difference in the lives of the local youth we serve," said Rashell Brobst, CEO of Boys & Girls Clubs of the North Valley. "Programs like Triple Play are crucial in providing kids with opportunities they might not otherwise have, helping them to stay active, build confidence and learn valuable life skills. Rebecca's passion for our mission and her commitment to our community truly help us change lives every day."
The U.S. Bank Community Possible program supports local communities throughout the country. By listening and learning from the people who live, work and play in these communities, U.S. Bank and the U.S. Bank Foundation* strive to help meet each community's unique needs through volunteerism and financial support, including 500+ Community Possible grants totaling more than $11.5 million that the foundation provided to nonprofit organizations in its most recent round of giving.
Many Community Possible grants go toward nonprofits that provide opportunities for people to play, create and enjoy the richness and diversity of arts and cultural experiences. Halfway across the country from the Northern California community where Boyer lives, the Puerto Rican Arts Alliance (PRAA) brings the magic of music and art to Chicago students and families.
With funding from the U.S. Bank Foundation, PRAA's Latin Music Project offers enrichment programs in 10 Chicago public schools located in low- to moderate-income communities. Regardless of musical background or experience, participating students learn to play instruments while immersing in the culture and heritage of Puerto Rico, and many get the chance to perform with professional musicians at special events, including the National Cuatro Festival in November.
"At the Puerto Rican Arts Alliance, we believe that every student deserves the opportunity to explore their cultural heritage through the arts. Thanks to the support from U.S. Bank and the U.S. Bank Foundation, we're able to provide Chicago's youth with enriching musical instruction that not only nurture their talents but also connect them to the rich traditions of Puerto Rico. This partnership has been instrumental in empowering our students to express themselves, build confidence and dream big," said PRAA Executive Director Ignacio Lopez.
JeNyce Boolton, a U.S Bank community affairs manager based in Chicago, PRAA board member and self-professed "huge music fan," appreciates how music and arts programs provide students with a safe, creative outlet outside school hours and empower them to gain new skills and cultural acumen.
"My kids are musical, and I know becoming a better musician requires resources, so the ability to offer this kind of programming to kids who live in underserved and under-resourced communities is really meaningful," Boolton said.
U.S. Bank employees don't have to go far to see the impact of this support - the company has donated space in one of its Chicago branch buildings for PRAA to use as a classroom and performance facility.
So far in 2024, the U.S. Bank Foundation has provided more than $23 million in Community Possible grants, and giving will continue through the rest of the year.
*U.S. Bank Foundation is a tax-exempt private foundation described in section 501(c)(3) of the Internal Revenue Code. The Foundation is funded primarily through contributions from U.S. Bank National Association and its affiliates and subsidiaries. The Foundation's mission is to close the gaps between people and possibility in the areas of work, home, and play.
View additional multimedia and more ESG storytelling from U.S. Bank on 3blmedia.com.
Contact Info: Spokesperson: U.S. Bank Website: https://www.3blmedia.com/profiles/us-bank Email: info@3blmedia.com
SOURCE: U.S. Bank
View the original press release on accesswire.comFor the full text of this story please click the following link: http://www.moodys.com/page/viewresearchdoc.aspx...
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