Compliance spend may take toll on fintechs

Bank Innovation

Lenders have had to spend unprecedented funds on compliance in the first quarter, which could shift resource allocation at banks and credit unions and hamper post-pandemic fintech partnerships. “We’re We’re expecting to see [the Banking Compliance Index] be up above 2 in a first quarter for the first time ever, and that’s directly related to the […].

Compliance will kill the bank

Chris Skinner

He’s not worried about Amazon, Google or Alibaba; he’s not concerned about FinTech start-ups, Revolut or Monzo; he doesn’t really care about Open Banking and software; as for machine learning, artificial intelligence (AI) and … The post Compliance will kill the bank appeared first on Chris Skinner's blog. I was talking with a banker at a recent conference, and was surprised by his attitude.

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Compliance Monitoring

Mobile Payments Today

Included in our range of premium services is a Compliance Monitoring solution provided in partnership with MCP Insight

Beyond compliance—the new API economy

Accenture

The post Beyond compliance—the new API economy appeared first on Accenture Banking Blog. For leading incumbent banks, Open Banking is not just a regulatory imperative.

Innovative Approaches To Retail And PCI Compliance

PYMNTS

And in payments innovation, tokenization and data vaulting take the sting out of payment card industry (PCI) compliance. Today In Data Commerce compliance Innovation loyalty News payments Retail Today in Data

Shujinko debuts cloud compliance tool

Payments Source

Compliance startup Shujinko is launching software designed to automate the cloud security compliance process for businesses, saying it makes the security audit far simpler and faster for businesses. Compliance Cloud computing

Innovation with compliance is difficult

Chris Skinner

You may find it gratifying that most of … The post Innovation with compliance is difficult appeared first on Chris Skinner's blog. I’ve been at a few conferences this week, and was amused by an audience poll at one event. The moderator first of all asked: Do you believe that the regulators are in the incumbent’s pockets and protect the industry from new competition?

Merchants Solving For Data Compliance

PYMNTS

Solving for data compliance while reinventing with new digital tools is just one of the key themes found in the June 2020 Merchants Guide To Navigating Global Payments Regulations. While the latest Merchants Guide To Navigating Global Payments Regulations delves into open banking and how European Union (EU) data privacy rules have been temporarily eased due to the pandemic, compliance hasn’t gone away. Contactless, Meet Compliance.

Deep Dive: How Regulatory Compliance Tools Help Keep Remittances Flowing

PYMNTS

Maintaining compliance with these important regulations can be challenging, but FIs cannot afford to slip up. The Cost of Compliance .

For Blockchain Adoption, FIs Have to Solve Compliance First

Bank Innovation

The next big thing in financial services won’t make it very far off the ground if FIs don’t innovate with an eye towards compliance. And blockchain innovation is no exception, Arshi Singh, head of North America product at international payments processor CurrencyCloud, told Bank Innovation: Regulatory landscape and compliance concerns are the main barriers to […].

Merchants Get Clarity Around Compliance As Global Payment Regulations Evolve

PYMNTS

Compliance with financial regulations market-to-market around the globe is increasingly automated yet relies on the same human emotion that undergirds all forms of exchange: trust.

Fidor: How Cloud-Based Banking Helps With Compliance

PYMNTS

How The Pandemic Is Shifting Banks’ Understanding Of Clo ud Compliance. Deep Dive: Why The Pandemic Is Pushing Up The Cloud Compliance Innovation Curve. To learn more about how the pandemic is affecting emerging cloud compliance standards, visit the Tracker’s Deep Dive.

Democratizing FinTech Development Without Compromising Compliance

PYMNTS

Compliance, he pointed out, is a particularly challenging hurdle to overcome. “People underestimate the time and effort and money required to enable those regulatory compliance capabilities.” Though applications of the U.K.’s

Orchestration Curing COVID-Era Compliance Headaches

PYMNTS

As data privacy becomes enshrined in international law, regulatory compliance will grow more stringent and costly to companies that fail to provide the digital defenses these laws demand.

The Future Of Compliance: Using Data Better

PYMNTS

and compliance teams would manually check onboarding customers to make sure their records were clear. Wiping out the manual process and handling compliance in an automated fashion can propel companies forward,” Meier said. But that automation is a starting point in a journey toward adopting compliance best practices that aren’t codified so much as passed down through the industry. In the pre-digital age of financial services, AML/KYC was a very slow process.

Revolut automates compliance workflows to fuel expansion

Bank Innovation

based digital banking startup Revolut is expanding at a rapid clip. The company boasts more than 8 million customers across multiple continents. It operates in Europe and Australia, and last fall launched publicly in Singapore and in beta for U.S. customers. Revolut’s efforts to expand means meeting regulatory requirements in each country in which the […]. Automation Carousel Payments Product Design Retail Banking ClauseMatch revolut

Report: Tokenization And Data Vaulting Take The Sting Out Of PCI Compliance

PYMNTS

Working with payments orchestration providers can help firms like these address their systems’ security flaws by taking on the compliance burden. They can also provide the resources and expertise needed to meet PCI compliance and allow firms to focus on their own core competencies.

Compliance Concerns Remain an Obstacle to Tech Upgrades, Study Finds

Bank Innovation

Compliance Corporate Daily Post 1 Daily Post 2 Exclusive Premium Security & Risk Celent compliance Fenergo fintech Regtech regulationsDespite the importance bank executives place on innovation, a significant number believe their banks lack the technology to invest in disruptors.

EDPB Recommends Steps For Data Exporters To Ensure GDPR Compliance 

PYMNTS

The European Data Protection Board (EDPB) adopted recommendations to assist data exporters with evaluating countries to ensure that they are adhering to the bloc’s level of protection under the EU General Data Protection Regulation ( GDPR ) and finding further measures as needed.

FinTechs Raise Funding For Supplier Payments, Compliance Automation

PYMNTS

Venture capital funding landed at supplier payment and compliance automation firms this week, among other B2B innovators that raised money. Strike Graph , a compliance automation firm, has launched with a $3.9

Biometrics’ Role In SCA Compliance

PYMNTS

Despite announcements last month that the deadline for Strong Customer Authentication (SCA) compliance will be extended , the original proposed deadline approaches next week. The potential cost for non-compliance is huge. Regulation authentication biometrics compliance Editors' Picks Ekata EU News PSD2 PSD2 TRACKER regulations SCA Security

Fintech-Bank Partnerships Hinge On Compliance Awareness, Finicity CEO Says

Bank Innovation

Compliance Exclusive Online Startups collaboration compliance credit decisioning Experian Financial Regulation FInicity fintech partnerships JPMorgan Chase mortgagesEXCLUSIVE—If fintechs want to land a successful partnership with a financial incumbent, understanding the regulatory atmosphere of the industry is crucial, Steve Smith, CEO of Finicity, told Bank Innovation.

PCI compliance is complicated, but it can be conquered

Payments Source

As fraud continues to rise, there are a series of steps merchants can take to bring themselves into PCI compliance, says Qualpay's Penny Townsend. Risk Payment fraud PCI DSS Payment processing Merchant

Self-service industry lags with EMV compliance

Mobile Payments Today

The future state of self-service is turning the kiosk into a stand-alone store, and secure payment is one of the services that needs to be offered for it to be effective, says Ingenico's John Menzel, who recently shared his insights on EMV compliance in self-service

Security Firms Counting on Compliance to Bolster AI’s Value in Banking

Bank Innovation

Compliance startups and security firms are banking on artificial intelligence playing a key role in know-your-customer/anti-money laundering processes, rather than being just a trend in regtech. Artificial Intelligence Compliance Daily Post 1 Daily Post 2 Exclusive Operations Premium Security & Risk AML artificial intelligence compliance IHS Markit KYC nice actimize Regtech Steele Compliance

The online shift is harming security compliance

Payments Source

Bad actors have taken advantage of the work-from-home shift and bank’s digital channels to increase AML risk, says Jumio's Robert Prigge. Risk Payment fraud Authentication Payment processing Merchant

Knowing how payments come in is key to managing PCI compliance

Payments Source

By adhering to a checklist that determines acceptance, data and other steps, PCI compliance is achievable, says Qualpay's Penny Townsend. Risk Compliance Payment fraud PCI DSS Payment processing

HealPay On How SaaS, Payments Orchestration Providers Help Meet PCI Compliance

PYMNTS

Keeping customers' digital payment data safe and secure is a critical part of doing business in the digital economy, and following Payment Card Industry (PCI) compliance guidelines is an effective way for firms to accomplish this. Getting Up to Speed on Compliance.

The Cost of AML Compliance for US Banks

Banking Exchange

New data shows the impact of anti-money laundering and BSA compliance on banks’ balance sheets Compliance Feature3 Feature AML & Fraud BSA/AML Compliance Management Compliance/Regulatory.

Compliance As Competitive Advantage

PYMNTS

Compliance is also becoming an enterprise-wide endeavor, and compliance officers must adopt a global mindset. When asked as to what the three things that are most urgently in need of attention when it comes to compliance and fraud, Gurz said that “one is balancing efficiencies versus risk. Security & Fraud ACH CGI cheryl gurz compliance Financial Crime fraud Main Feature Security

Turning Compliance Burden Into FinTech-Regulator Collaboration

PYMNTS

But financial regulatory compliance can be a headache for any market. For traditional banks, compliance experts agree that it’s all about data — and the ability to share information with regulators. According to Barybin, SatchelPay’s inability to meet regulatory requirements is the result of fast-pace growth, demonstrating the potential downside of FinTech success and the risks new businesses face for compliance processes to fall through the cracks. “We

PCI wants compliance to be customizable in 2021

Payments Source

In a major break from the Payment Card Industry security standards playbook, merchants and service providers using newer technologies would have the opportunity to rewrite network operation and testing procedures when achieving compliance.

Does GDPR have a silver lining for PCI compliance?

Payments Source

Since the Payment Card Industry Data Security Standard was introduced in 2004, many merchants found compliance to be too arduous or costly and just skipped it, risking fines. But increasingly, other regulations like GDPR are changing the PCI DSS compliance equation. PCI Compliance European Union PCI DSS GDPR Network rules

Avalara Unveils eInvoicing Software For Tax Compliance In India

PYMNTS

The solution comes on top of the technology firm’s array of offerings to bolster the GST compliance experience for companies in the country, according to a Wednesday (Sept. To assist companies in following Goods and Services Tax (GST) rules in India, Avalara, Inc.

Taxes 175

Global GDPR Compliance Rates Remain Low

PYMNTS

Compliance of General Data Protection Regulation (GDPR) rules remain low across the globe, according to the latest research from Dimensional Research. When researchers isolated the findings to businesses in the European Union (EU), they found only marginal improvement, with 27 EU companies reporting GDPR compliance. However, the cost of GDPR compliance is significant. companies said they have spent at least $1 million on compliance initiatives.