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Morning Briefing

Morning Briefing

Apple's proposed person-to-person payments service could prove to be far more than a rival to Venmo. Indeed, notes the Wall Street Journal, it could put Apple Pay up against payment processors and credit cards companies among other payments players as it would allow Apple Pay to accept payments and potentially could be used by merchants to accept payments directly, driving down the cost of payment transfers in the process.

California-based online mortgage lender LoanDepot has delayed its IPO on the eve of pricing it due to adverse market conditions.

Nigeria's central bank has recovered 8.6 billion nairas ($42.7 million) deducted by a software firm which provided the e-payment/e-collection solution used for the recent transfer of government funds from commercial banks to the treasury single account (TSA) at the central bank, according to investigations by THISDAY.

Nigeria's government had instructed all its departments to transfer funds from commercial banks to the TSA in an effort to stamp out opportunities for corruption.

Meanwhile, Kenya's central bank has told auditors to probe bank IT systems when conducting audits this year after it emerged that software manipulation was used to siphon 34 billion shillings ($326.5 million) from Imperial Bank.

In the UK, the Co-operative Bank made £1.81 billion ($2.75 billion) of new mortgage loans in the first nine months of 2015, more than double the £690 million in new loans given out in the first nine months of 2014.

The European Banking Authority has ordered British banks to stop paying their staff role-based allowances, saying the payments are in breach of the EU's bonus cap rules.

And the long-delayed report into the collapse of HBOS Group is to be published on 19 November, two years after it was originally scheduled to be published and seven years after the bank failed.

Finally, and significantly, John Reed, the former chairman and chief executive of Citigroup, writes in today's Financial Times that the "universal banking model is inherently unstable and unworkable. No amount of restructuring, management change or regulation is ever likely to change that."

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