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

Automation Can Do For SCA Compliance What Human Hands Cannot

PYMNTS

Why Automation Could be the Key to Streamlining SCA Compliance. In this month’s Feature Story, PYMNTS spoke with Zamecki and sales manager Michael Kalwasinski about how automation could help merchants streamline SCA compliance and implementation before the deadline to do so arrives.

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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.

Beyond Open Banking Compliance: The Opportunity for Commercial Banks

Accenture

The post Beyond open banking compliance: The opportunity for commercial banks appeared first on Accenture Banking Blog.

The Importance of PCI Compliance and Data Ownership When Issuing Payment Cards

This eBook provides a practical explanation of the different PCI compliance approaches that payment card issuers can adopt, as well as the importance of both protecting user PII and gaining ownership and portability of their sensitive data.

Compliance Monitoring

Mobile Payments Today

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

Triterras Seeks Nasdaq Compliance Following Overdue Report

PYMNTS

Singapore-headquartered FinTech Triterras is asking the Nasdaq Stock Market to consider its compliance plan that was developed to meet Nasdaq’s listing rules. The Singapore startup said that, on July 31, it had submitted a plan in compliance with the rules.

Seizing the $300 Billion Opportunity in Payments

Accenture

This is often due to a reactive, compliance-driven, piecemeal approach that makes it harder to adopt new capabilities. Many banks today are not seeing the returns on their investments in payments modernisation they hoped for.

Key Components of a Strong Sanctions Compliance Program

Abrigo

Create an effective sanctions program Considering the current economic and political environment, it is crucial that financial institutions maintain a strong sanctions compliance program (SCP). Takeaway 1 OFAC has issued new guidance on the essential components of a strong compliance program.

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

How to Avoid the Pain and Cost of PCI Compliance While Optimizing Payments

Speaker: P. Andrew Sjogren, Sr. Product Marketing Manager at Very Good Security, Matt Doka, Co-Founder and CTO of Fivestars, and Steve Andrews, President & CEO of the Western Bankers Association 

In this webinar, we have a great set of panelists who will take you through how Zero Data strategies can be used as part of a well-rounded compliance and security approach, and get you to market much sooner by also allowing for payment optimization. They’ll share how to grow your business faster and minimize costs for both security and compliance

Laundering Rules are Getting Tougher, But Also Easier to Follow

Payments Source

Banking Compliance Payment fraud AML

Fraud 93

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.

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. Contactless, Meet Compliance.

How Gemini Balances User Privacy With AML/KYC Compliance

PYMNTS

The June AML/KYC Tracker® explores the latest in AML and KYC developments, including consumers’ evolving demands regarding online privacy, the harmful data breaches that drive this fear and how companies can silo data access to maintain compliance while protecting users’ privacy.

Crypto Exchanges Renew Emphasis On Regulatory Compliance

PYMNTS

They will either figure out how to make AML/KYC compliance happen, or they will be fined heavily and face increasingly stringent action to stop their activity. Exchange Compliance. Compliance is critical, Merghart said.

Tax Compliance Complicates Software Subscription Business

PYMNTS

Tax compliance has never been a simple issue for businesses. While we tend to assume that international tax compliance is the arena of massive businesses with dedicated tax teams, he said, the explosion of eCommerce seen in the last year or so has made that idea fairly outdated. So tax compliance is really everybody's concern now.”. Subscriptions compliance FastSpring Featured News News SaaS software subscriptions taxes

Stripe Launches Global Tax Compliance Service

PYMNTS

Stripe launched its own tax compliance service for businesses in more than 30 countries around the world Thursday (June 10), the FinTech announced in a press release emailed to PYMNTS.

Taxes 188

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?

Citi hires Fincen’s Blanco as financial crimes compliance chief

Payments Source

Compliance Financial crimes Citigroup Recruiting

Tax Compliance Software Firm Avalara Acquires INPOSIA

PYMNTS

Avalara , a tax compliance software firm with a focus on the business sector, said on Tuesday (Dec. E-invoicing is becoming a mandatory global requirement for transactional tax compliance,” said Jayme Fishman , EVP of corporate development at Avalara, in a press release.

Taxes 236

Lender Compliance Technologies brings automation to auto lenders’ regulatory practices

BankInovation

One of the latest fintechs to enter the auto finance scene is Lender Compliance Technologies (LCT), which specializes in compliance solutions for auto and powersports lenders. Compliance & Regulation auto finance Auto Finance News lending Premium

Security And Compliance Shift From Barriers To Competitive Advantages

PYMNTS

Several years ago, liabilities around compliance and data security were a chief suppressor of potential market entrants and product development. With this approach, companies can decouple the business value of sensitive data from the related security and compliance liabilities and risks.

Debit's on a Roll. Are Small Merchants Getting Rocked?

Payments Source

Compliance Debit cards DoJ VisaThe Justice Department's probe of Visa highlights whether merchants are properly equipped to adapt to the cost of debit spending as more commerce goes digital. ]].

Bloomberg Tax & Accounting Updates NOL Compliance

PYMNTS

Bloomberg Tax & Accounting has debuted enhancements to the State NOL (net operating loss) Manager, which will serve as a comprehensive compliance, provision and planning application for companies with multistate businesses, a press release said on Wednesday (May 19).

Taxes 194

Beyond T&E, New Corporate Card Tracks Utilization, Compliance Of SaaS and Cloud Subscription Spend

PYMNTS

It goes even further by tracking employee utilization, multi-tier pricing, and other risk and compliance updates that are constantly being updated. .

Big Tech Compliance Tracker: Amazon Antitrust Complaint Expands; Epic Games Pays Apple $6M for Breach on Fortnite

PYMNTS

Regulation Amazon Antitrust Apple Big Tech compliance Epic Games News regulationsHere’s the latest news from the technology industry, which is coming under increasing global scrutiny. Georgetown Privacy Professor Bedoya Is Biden’s FTC Commissioner Nominee.

Finding Flexibility And Compliance In Cannabis B2B Payments

PYMNTS

The crux of this challenge, of course, is compliance. While traditional banks can service businesses in this market, the burden of compliance checks continues to hold back financial service providers' ability to offer seamless B2B payment solutions to the industry. A Maze Of Compliance.

FSS, Okay partner to deliver SCA compliance in Europe

Payments Source

Compliance European UnionFinancial Software and Systems Technologies is advancing its payments footprint in Europe through a partnership with Strong Customer Authentication platform provider Okay.

Stripe To Acquire TaxJar To Streamline eCommerce Sales Tax Compliance

PYMNTS

And what that means is making the complicated work of sales tax compliance as straightforward as possible. We know that to grow the GDP of the internet, compliance is critical,” he said. . Acquiring acquisitions compliance ecommerce FinTech M&A News Stripe taxes TaxJar What's Hot

Taxes 191

CFBP Extends QM Compliance Deadline

New York's State of Mind

The increasingly drawn out fate of regulations creating a new definition of what qualifies as a Qualified Mortgage took another turn this week when the CFPB announced that it was extending the deadline for compliance from July 1,, 2021 until October 1, 2022.

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 […].

Keeping Compliance At The Forefront Of Accounts Receivable

PYMNTS

The cloud supports the need for changes in compliance requirements, said Kaul, without forcing businesses to spend time or resources on updating heavyweight, on-premise systems. Although imperative, compliance isn’t the only priority for organizations’ AR workflows.

Encore Bank partners with fintech to embed compliance in treasury agreements

BankInovation

Encore Bank is working with fintech Compliance Systems to develop electronic treasury agreements that will embed compliance into bank documents. Compliance Systems documents […]. Treasury Management business loans Commercial Banking compliance Premium

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.