Do you have $3650 (£2285) in savings or equity? If so, you’re richer than 50% of people on the planet. Nearly half of the world’s wealth is now owned by just 1% of people, with serious repercussions for global economic stability.

SIA, the Italian payment processor, has launched a new service called Jiffy that allows users to make real time transfers across the European Union using a smartphone app.

From the end of 2015 non-banking institutions such as hedge funds and private equity firms will have to provide a minimum level of collateral, such as stocks or bonds, when borrowing money from banks.

Yesterday’s sudden drop in US Treasury yields has caused chaos for hedge funds betting on higher interest rates and an improving macroeconomy, according to the Financial Times.

Specialist investment bank Investec, one of the industry’s top three players for mid-market M&A transactions, has appointed Christian Hess to head up its newly created financial sponsor transaction group.

Corporate structures, reporting, technological systems, oversight and control are all struggling to keep up with the evolving function of treasury, according to a new report by PwC.