Latest global banking news

Post offices in the U.K. handled a record volume of cash withdrawals in July, totalling more than $967 million. That's up 8% from June and 22% over July 2021, reports U.K. technology site Finextra. July's total postal transaction volume was about $4 billion, the largest monthly total in the U.K. postal service's history. The data suggests a countertrend to digital payments in the U.K., where non-cash transactions have been on the rise for years, similar to most developed countries. The postal service attributes the recent boost in cash to people who are managing their budget on a weekly or even daily basis, citing research from the University of Cologne that found people are more likely to remember the time and amount of a payment if that transaction is made in cash, as opposed to a card or mobile app. —John Adams

Canadian Imperial Bank of Commerce has entered a partnership with data technology firm MX to expand CIBC's capabilities to share data with third parties. The bank will use an application programming interface to enable clients to connect banking information with MX partners that provide personal financial management, budgeting and credit-building services without sharing their bank login ID and password. The bank says accessing a full view of finances from different providers is complicated, and the collaboration with MX is designed to remove friction from the process.  CIBC and MX are also members of FDX, a nonprofit organization that produces interoperable standards for user-permissioned data. —John Adams