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.

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.

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 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.

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with dedicated tax teams, he said, the explosion of eCommerce seen in the last year or so has made that idea fairly outdated.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

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

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?

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 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.

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

Compliance officers are e-commerce's first line of defense

Payments Source

Financial services firms, from traditional banks to fintech payment processors to data companies working in this space need to beef up their compliance teams, raise standards and improve education to ensure teams are ready to tackle the latest types of financial fraud, says ACAMS' Rick McDonell.

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 180

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.

Is CRA Compliance Enough for Community Banks?

Banking Exchange

Due to the ongoing pandemic, small businesses are struggling Community Banking Feature3 Feature Compliance People Compliance Management Compliance/Regulatory PPP Covid19.

E-Complish Teams With Plaid On ACH Compliance

PYMNTS

The E-Complish-Plaid Account Verification Solution allows for compliance with the new ACH WEB Rule put into place by Nacha regarding digital ACH transaction verification, the announcement stated.

Compliance is the cornerstone of bank/fintech partnerships

Payments Source

Compliance can't be a bolt-on solution. Banking Fintech Compliance Digital paymentsIt's critical to build it in from the start, across your people, technology and partnerships, says Hummingbird's Joe Robinson.

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

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 .

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.

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.

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.

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

Compliance And Innovation Make Profitable Bedfellows For Banks

PYMNTS

As the world becomes increasingly digitized and more consumers embrace the speed and convenience of contactless purchases, Jim McCarthy , president of payment technology and innovation firm i2c , said banks have been left behind and should focus on what they do best — compliance.

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

Report: Crypto Exchanges Thread The Needle Between Compliance And Privacy

PYMNTS

One success story in cryptocurrency AML/KYC compliance comes from exchange BitMEX , which recently announced in January that 100 percent of its users’ identities have been authenticated.

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.

Spreedly Offers Payment Orchestration For 3DS2 Compliance

PYMNTS

3DS2) compliance. Spreedly announced Tuesday (Dec. 8) in a blog post that clients can now harness the company’s payments orchestration platform as a single way to handle their Strong Customer Authentication (SCA) requirements amid the approaching end-of-the-year deadline for 3D Secure 2.0

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.

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

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.

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.

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

How banks can balance speed and compliance

BankInovation

Compliance & Regulation SponsoredAs consumers increasingly desire faster banking, more convenient access to their accounts and quicker decisions on their loan requests, financial institutions are hamstrung by a rising wave of financial regulations.