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. It’s a new revenue opportunity and a source of competitive advantage that can be captured by making the right power plays in the application programming interface (API) economy. But what exactly is the API economy? Gartner describes it as “an enabler for turning….

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.

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.

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 […].

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 158

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.

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.

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

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.

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

AML/KYC Compliance Just Got Harder

PYMNTS

Customer security and rigorous AML/KYC compliance are shaping up to be an amalgam of better systems, stricter procedures and a multi-layered safety approach to payments. The European Union’s Fifth Anti-Money Laundering Directive ( 5AMLD ) went into force on Jan.

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.

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

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

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

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

GDPR Compliance Stalls EMEA Acquisition Activity

PYMNTS

A new survey shows that an increasing number of mergers and acquisitions (M&As) are not going through because of concerns over General Data Protection Regulation (GDPR) compliance.

Bringing Compliance Along on the Digital Journey

Gonzobanker

Compliance plays an important role in a financial institution’s relationship with its customers. As banks evolve to a digital-centric operating model, one of the laments Cornerstone often hears from our clients is, “Compliance won’t let us do that.” Give Compliance a Seat at the Table – Early. Whether an institution is evaluating technology solutions or internal processes, the compliance department should not be at the head of the table.

Supply Chain Compliance In The Amazon Era

PYMNTS

In the world of supply chain compliance, complex regulatory requirements like Know Your Customer (KYC) and anti-money laundering (AML) probably come to mind. There are also the challenges of supplier management, tax legislation, cross-border compliance, worker protection and more. However, in the Amazon age, where it’s now easier than ever to get a product out onto the eCommerce stage, supply chain compliance can take on a whole new meaning.

How B2B Payments Balances Compliance With A Better User Experience

PYMNTS

Courtneidge discussed those challenges in a recent interview with PYMNTS, noting that as FinTech innovation continues to solve the biggest B2B payments friction points, service providers are tasked with simultaneously prioritizing compliance — two goals that don’t always go hand in hand.

Cost of Compliance Expected to Hit $181bn

Banking Exchange

Complex regulations and required manpower are pushing costs higher, but fraud attempts are rising Compliance Feature3 Feature BSA/AML Compliance Management Operational Risk Compliance/Regulatory Cyberfraud/ID Theft Security AML & Fraud.

Flowhub Lands $23M To Automate Cannabis Compliance

PYMNTS

Flowhub , a cannabis retail management software vendor, has raised $23 million in its bid to automate cannabis compliance. As Flowhub’s chief executive officer Kyle Sherman explained, the company’s suite of dispensary management services provides information about compliance concerns, while the software integrates with companies like Dutchie for online ordering, and LeafBuyer and Leafly to keep potential retailers informed.

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.

Does Your Compliance Program Fit Within the OFAC Framework for Sanctions Compliance?

Abrigo

Department of the Treasury recently published A Framework for OFAC Compliance Commitments to provide financial institutions and other organizations with OFAC’s perspective on the essential components of a sanctions program. Gacki, Director of the Office of Foreign Assets Control, stated that “OFAC developed this framework in our continuing effort to strengthen sanctions compliance practices across the board.” The U.S.

COVID Or No, Data Demands Compliance

PYMNTS

Consumer data privacy laws were making compliance difficult before a pandemic brought the world to a halt. While governments bring the big players — Facebook, Google, Apple — to heel for privacy missteps, state-level bad actors and hacker groups are conducting successful mass data raids and not, it seems, worrying about compliance or lawmakers or even fines. businesses haven’t been trying, expending an estimated $82 million on compliance solutions in just the past 12 months.

OCC: Banks Face Higher Compliance Risks Due To Pandemic

PYMNTS

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). Compliance risk is increasing due to new assistance programs for consumers and small businesses, resulting in high call volumes and reassigned staff implementing new practices and procedures.”. The pandemic has heightened risks for pretty much everyone, including U.S. banks.

Compliance Execs Forge Closer Ties With Corporate Buyers

PYMNTS

With third-party due diligence and supply chain security as increasingly critical components of organizations’ procurement operations, compliance executives are finding important positions in their firms’ purchasing processes. procurement professionals identifying supplier due diligence, internal compliance training, social governance efforts and continued vendor monitoring as the biggest concerns.

How FinTechs Help Merchants With GDPR Compliance

PYMNTS

FinTech firms are keeping a pulse on the latest regulations and helping their clients comply with them. The European Union’s General Data Protection Regulation (GDPR), for instance, went into effect last May, and penalties are just starting to be enforced. The regulation is top of mind, especially for European Union companies, and FinTechs are stepping up to the plate to help their customers comply with its components from a product perspective.

Fenergo Lands $80M To Grow Banking Compliance Business

PYMNTS

Fenergo , a Dublin-based FinTech startup that helps other banking organizations deal with regulatory compliance, onboarding and “lifecycle management,” has raised $80 million and has a valuation of $800 million, according to a report.

Businesses To Spend $55B On CA Privacy Law Compliance

PYMNTS

Bart Willemsen, an analyst at Gartner who advises clients on compliance, said there are at least 200 companies right now that want to help companies be able to deal with the law, but also, none of them have a completely comprehensive solution.

CA 164

Synechron’s RegTech Program Aims to Help Banks Reduce Compliance Costs

Bank Innovation

EXCLUSIVE - Technology services provider Synechron launched a regtech program focused on helping its financial services clients on regulatory compliance issues. Compliance Cryptocurrency Exclusive Insurance Lending Mobile Open Fintech Operations Premium Retail Risk Security AML BlockChain know your customer robo advisers synechron

Quantifind, Oracle Team To Offer AI Automation For AML Compliance

PYMNTS

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release. Quantifind takes aim at the largest challenges of AML compliance in an increasingly online and cloud-based digital world.