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Air India Cuts Foreign Widebody Flights by 15% After Crash

Air India Cuts Foreign Widebody Flights by 15% After Crash

Bloomberg6 hours ago

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Air India is reducing its international service using widebody planes by 15% as the nation's flag carrier grapples with the fallout from a fatal Boeing Co. 787 crash last week and an Israel-Iran clash in the Middle East.
The cuts will be rolled out through June 20 and will continue until at least mid-July, the carrier said in a press release on Wednesday. The airline also said it would undertake one-time safety inspections across its Boeing 777 fleet as 'a matter of added precaution.'

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Celent reveals 2025 Model Banks
Celent reveals 2025 Model Banks

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Celent, the leading research, advisory and consulting firm focussed on technology for financial institutions globally, has announced its 2025 Model Bank winners. The 2025 Model Bank programme attracted 140 nominations from around the world. Every region was well represented with the nominations well balanced across all asset tiers. Of the 18 winning banks, six are headquartered in the US and three in Canada. India and the UK each have two winners with institutions from the Philippines, Chile, Brazil, Vietnam and Romania also recognised. A common theme across all categories is the winning banks success in combining technology, talent, and processes to modernise platforms, enhance customer value, and lead with impact. From leveraging advanced tech to embracing Generative AI alongside human expertise, these institutions are setting new standards in efficiency, product innovation, and service delivery. JP Morgan Payments launched several concurrent initiatives that markedly improved its end-to-end payments and treasury services, driving business value for corporate clients and ecosystem partners. Specifically, the bank is recognised for the success of four initiatives, namely: Payments Development Portal: a strategic digital platform to connect developers with JPM's payments infrastructure. Integrated Solutions Plugin: an embedded banking solution integrating popular middle-market resource planning systems. API Multibank Reporting: a reporting product that recognises multibank reporting by using the API connectivity channel to retrieve information from non-JPM accounts. Cash Flow Intelligence: an AI-driven analytics and cash forecasting solution providing visibility into clients' cash flows. Celent has released an interview with JPMorgan's Lisa Davis, Managing Director, Head of Digital and Design Commercialization, for a deeper dive into the initiative and the team behind its success. And Celent subscribers can access the full length case study report on 2025 marks the third time that a global US-headquartered bank is recognised as the model bank of the year. Bank of America was the winner of the primary Celent award in 2018 with Citi winning in 2019. Other recent winners include 2013 BBVA Compass; 2014 Commercial Bank of Africa; 2015 Fidor Bank; 2016 Boston-headquartered lender, Eastern Bank; 2017 CaixaBank; 2020 Royal Bank of Canada; 2021 Varo; 2022 Teachers Federal Credit Union and 2023 ICICI Bank. The award citation recognises Aditya Birla Capital as being in the vanguard and excelling in three critical areas: implementing emerging technology at scale, effectively ideating and collaborating, and realizing the 'R' in ROI. Celent has released a highlight reel of the initiative, along with a one-page overview. In addition, it has published a full-length case study report for each of the model banks recognised that is available for Celent's subscribers on Banco do Brasil's launch of ARI (Área de Recomendações Inteligentes) is notable for two reasons. Firstly, this is one of the few customer-facing GenAI projects in production in the industry. Secondly, it addresses a key pain point for small business customers, namely how to get clear and timely advice to help them better run their companies. A highlight reel of Banco do Brasil's initiative, along with a one-page overview, is available at BancoEstado, the largest bank in Chile by customer base, has demonstrated successfully that it is possible for a large bank to move off a mainframe-based legacy core banking system to next-gen core platforms. The bank adopted a phased migration approach, shifting 14 million customers over a few years to Mambu, a next-generation, cloud-native digital core, running both platforms in a parallel without impacting the customer, a massive undertaking. The project is close to completion, with BancoEstado seeing strong cost and innovation speed benefits. A highlight reel summarising the BancoEstado initiative is available via this link. Celent selected Bank of America's CashPro Data Intelligence for this year's Model Bank Award for developing an Edge in Actionable Analytics. The bank has demonstrated a commitment to engage with its corporate client community and develop self-service, rich data and analytics tools that help all corporate clients meet their working capital and operational goals. A highlight reel summarising the Bank of America initiative is available via this link. 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It also demonstrates the bank's commitment to delivering a world class developer experience while helping clients accelerate time-to-value with scalable, more secure, and user-friendly integration options. By combining self-service design, embedded certificate provisioning, pre-built integrations, and a solution-oriented marketplace, the portal sets a high standard for enterprise API platforms in the financial industry and demonstrates a clear understanding of client pain points. A highlight reel summarising the initiative is available via this link. The bank's MTF platform was approaching end of life, along with its underlying software and infrastructure. Its age was causing many challenges, not least that the platform was failing to meet the bank's functional, business, customer, resilience, and security needs. There was also a recognition that the bank would also need to prepare for widespread ISO 20022 adoption. 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The bank has evolved its lending to actively use data and ML decisioning models across all stages of the small and medium-sized enterprise (SME) customer lifecycle, such as customer acquisition, credit underwriting, cross-sell, upsell, and portfolio risk management. Data is taken directly from the verified source by leveraging digital public infrastructure instead of from customers. This has brought operational efficiency in addition to increased predictive lift from machine learning models. The highlights reel is available via this link. Nationwide's existing Faster Payments infrastructure was, complex, and heavily integrated with various payment channels and processing systems. Rather than just upgrading its technology, Nationwide set an ambition to go further, embracing next-generation payments and reinventing customer experiences at speed and scale. Nationwide chose to modernise its payment processing infrastructure by shifting to a cloud-native, event-driven architecture. The highlights reel summarising the initiative is available via this link. The RBC Clear initiative is a new market entry in the US cash management market that required not just a new client experience, but a completely new technology stack. RBC acknowledged that this vision would require a new technology stack, free from outdated legacy systems. By designing with today's technology, the bank could reimagine process flows to meet client desires, rather than being constrained by legacy product and application architecture, and increase its speed of delivery. The citation recognises the bank's success in bringing a bold vision to life: entering a new market with a next-generation technology platform. The results not only meet client needs, but also lower the bank's cost of funding. A highlights reel summarising the initiative is available via this link. The award recognises Salt Bank's success in rapidly launching a new digital bank as well as the wider implications its approach has for the industry. Salt Bank is a new mobile-first digital bank that launched in Romania in 2024, with the development of the bank platform and organisation built in under 12 months. To achieve this, Salt Bank was one of the first banks to leverage Engine by Starling, a next-generation cloud and microservices-based banking platform that enables it to provide functional richness, a strong customer experience, and innovative services. The highlights reel is available via this link. Celent recognises TD's Small Business Dashboard and Tap to Pay on iPhone as representing exceptional discovery of distinct customer needs and innovation. The bank leveraged consumer-digital technologies to deliver truly impactful solutions for small business clients. Partnerships with proven third party solution providers combined to form a complimentary offering producing strong results. The bank took a customer-centric approach to product design that included extensive research to identify specific pain points experienced by its small business clients. In addition, the bank pursued an early-adoptor position in the area of payments technology, where it knew it would have difficulty playing catch up later. The highlights reel is available via this link. UK-headquartered Coop Bank launched Go Get Paid, a facility offering invoicing, payments, and accounting functionality to small businesses. Celent reports that it is notable for two reasons. Firstly, the service is available to all small businesses in the UK (including customers of other banks), which has helped to support customer acquisition. 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Celent recognises the bank's success in delivering across all the critical dimensions of digital banking transformation: acting on the voice of the customer and selecting and implementing the most effective advanced technologies. The highlights reel is available via this link. "Celent reveals 2025 Model Banks" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

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timean hour ago

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Mike Sommers, American Petroleum Institute President & CEO, discusses how the energy sector is watching the escalation in the Middle East, and states that American oil production has helped keep energy prices low amid the Israel-Iran conflict. He also talks about what future action could look like in the United States under the Trump Administration if there are concerns about energy. Mike Sommers speaks with Joe Mathieu and Tyler Kendall on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)

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