Accenture

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance.

Compliance 150

Compliance Regulation Innovation Fintech 150

CB Insights

NOVEMBER 21, 2019

Finally, looking at Canadian “fintech” (financial technology) specifically, funding was up substantially in the first half of the year. Canadian fintech companies raised $251M through the end of H1’19, nearly double the $133M raised in H1’18. The 2019 Canadian fintech market map. Navigating the Canadian fintech market map.

Fintech 93

Fintech Marketing US Technology 93

PYMNTS

MARCH 19, 2019

While China’s central bank did not respond to Guo’s comments, it announced earlier this month that it is planning to develop a system of rules to regulate FinTech in the country. “We The situation of the industry shows that the one-size-fits-all rule will definitely curb innovative businesses.”.

Regulation 138

Regulation Regional Lending Compliance 138

PYMNTS

OCTOBER 7, 2016

His definition of RegTech is automating highly manual processes or high-cost centers to achieve a new level of scale, but this definition can mean different things depending on the business itself. It’s no question that compliance is now a massive line item on the balance sheet of bigger banks. . Raising The RegTech Bar.

Compliance 197

Compliance System Industry Regulation 197

PYMNTS

OCTOBER 17, 2017

Can big banks be nimble of foot when it comes to FinTech? is taking some definitive steps on that stage. Developers are seeking to instantly embed payments inside their organizations, and without the risk and compliance issues often associated with the standard model of payments acceptance. JPMorgan announced today (Oct.

Payments 217

Payments Software Fintech Compliance 217

PYMNTS

MAY 13, 2019

In part, these FinTech platforms have challenged accountants to remain relevant by acting as strategic advisors, and the technology has empowered accountants to do just that by automating tedious, time-consuming tasks and freeing up assets for accountants to take on that elevated role.

Data 153

Data Tools Software Compliance 153

CFPB Monitor

MAY 4, 2022

This language was likely drafted with Connecticut’s fintech and payment processing industries in mind. The CTDPA does exclude photos from the definition of biometrics but limits the exclusion to instances where the controller does not use attributes of photos to identify individuals.

Connecticut 148

Connecticut Utah Colorado California 148

PYMNTS

DECEMBER 12, 2018

Bitwala has rolled out digital currency banking services in Germany through a partnership with a regulated FinTech firm that has a banking license, CoinDesk reported. Google Trends found that the top search definition in both the United States and the United Kingdom, according to a Bloomberg report, was “what is bitcoin?”

Bitcoin 139

Bitcoin Google United States Analysis 139

PYMNTS

NOVEMBER 1, 2017

A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. 12 of this year, a small business owner sued Kabbage, Inc.

Massachusetts 128

Massachusetts Utah National Regulation 128

CFPB Monitor

MARCH 8, 2019

Requiring periodic reports submitted to the boards of directors to ensure compliance. The amendments are also designed to ensure that non-bank financial technology entities, fintechs, are subject to cybersecurity standards similar to those that banks are subject to under the FFIEC interagency guidelines.

Cyber Security 68

Cyber Security Guidelines Security Compliance 68

PYMNTS

MARCH 4, 2020

FinTech firms like Bottomline have invested in user experience (UX), user interface (UI), usability and, of course, data management. There is added pressure on banks to embrace advanced technology, observed DeLuca, in a competitive landscape that is increasingly populated by FinTechs — although the dynamic is changing there, too.

User Experience 203

User Experience Data Fintech System 203

Insights on Business

DECEMBER 12, 2018

This past year brought governance, risk and compliance (GRC) to the center stage. Organizations in financial services and other sectors witnessed an increase in “airtime” given to risk and compliance issues at the board level. Drive efficiency across risk & compliance processes. GRC Coming of Age in 2018.

Innovation 111

Innovation Compliance User Experience Regulation 111

PYMNTS

JANUARY 22, 2018

There are two key focuses for mid-market expense management tools, he said: infrastructure and regulatory compliance. ” Perhaps one of the biggest challenges for this space is that the exact definition of the middle market isn’t exactly clear. “We are more than welcoming them.”

Management 116

Management Compliance Taxes Marketing 116

Insights on Business

MARCH 20, 2019

Companies are trying to implement a more common or standard framework for various audits across finance, risk, operations, internal, suppliers, and compliance departments in order for them to achieve better audit efficiency, reinforce compliance and achieve operation excellence. Streamlining your audit with IBM OpenPages with Watson.

Compliance 79

Compliance Risk Management Management Policies 79

PYMNTS

OCTOBER 19, 2016

Here’s a preview: One of the biggest problems with the new rule is the broad definition of a prepaid account, Fauss said. We thought the definition of prepaid account was too broad in the proposed rule, and we were disappointed that it was not scaled back,” Fauss said. The updated regulations are slated to take effect Oct.

Regulation 100

Regulation Cards Digital Banking social media 100

PYMNTS

MARCH 17, 2017

If there was any industry that could be viewed as the definition of mundane and stuck in its ways, it would be insurance. PYMNTS: How is blockchain technology impacting the FinTech industry overall? And it’s not specific to FinTech. AS: DLTs can definitely provide a lot of value to the industry.

blockchain 127

blockchain Industry Bitcoin Innovation 127

PYMNTS

OCTOBER 18, 2017

The question applies to financial institutions of all sizes and is especially germane to smaller banks and credit unions, firms which do not have the deep pockets or the technology of larger banking compadres and FinTechs. explained there is wide variation in the definition of innovation. What of regulation?

Innovation 140

Innovation Compliance Community Bank Strategy 140

CB Insights

AUGUST 3, 2017

Latin America’s fintech scene is gaining momentum, with 80+ fintech deals closing for around $300M in 2016, and over 100 deals already closed in 2017. Track the LatAm fintech companies in this brief and many more on our platform. Track LatAm fintech companies. LatAm Fintech. Startupbootcamp FinTech.

Company 65

Company Fintech Comparison Marketing 65

CFPB Monitor

AUGUST 21, 2018

Treasury recommends that this section be interpreted so that “third parties properly authorized by consumers, including data aggregators and consumer fintech application providers, fall within the definition of ‘consumer’… for the purpose of obtaining access to financial account and transaction data.”.

Data 84

Data Report Regulation Security 84

PYMNTS

DECEMBER 6, 2017

Collaboration between FinTechs and banks. We are definitely seeing more innovation in the cross-border B2B space in the last two years than we have ever before,” he recently told PYMNTS. “We That’s where FinTech comes in. You will see a lot of complex products that will be offered by these challenger FinTechs,” he said.

Payments 183

Payments blockchain Innovation Fintech 183

PYMNTS

APRIL 26, 2018

Many of the larger EU-based firms have been preparing for GDPR for years and have processes in place that anticipate the formal debut of GDPR and its compliance mandates. Thus, the compliance side, at least in financial services, may override the privacy side of the equation.

Regulation 128

Regulation Data Compliance Examples 128

Insights on Business

JULY 20, 2017

I wasn’t particularly inspired by the Wikipedia definition , so I’ll give you mine. The emergence of financial technology (fintech) and the push of regulators for more competition are disaggregating and open this closed value chain. The fintech hub. Open banking is here, and it is far from being a compliance exercise.

Fintech 181

Fintech Mobile Examples Data 181

PYMNTS

MARCH 16, 2017

Althaus explained that, across industries and across company size, businesses essentially experience the same pain points of international accounts receivable: visibility, speed, cost, complexity and compliance. Meanwhile, each particular geographic market has its own set of regulations, geopolitical and compliance demands.

Marketing 109

Marketing Payments Compliance Innovation 109

CFPB Monitor

JULY 21, 2022

Currently, and depending on the facts, the BSA often does not apply to payment processors, who often fit into an exemption under the BSA’s definition of a “money services business,” or MSBs, subject to AML requirements. in a manner that the Secretary determines appropriate to assess compliance” with the amendment. The New Gatekeepers.

United States 78

United States Taxes Regulation Compliance 78

CFPB Monitor

MARCH 9, 2020

A new FAQ states “[w]hile screen-scraping activities typically do not meet the definition of [a] business arrangement, banks should engage in appropriate risk management for this activity. Risk management practices for third parties (such as a start-ups and fintechs) with limited ability to provide due diligence-related information.

Risk Management 78

Risk Management Data Management Compliance 78

PYMNTS

AUGUST 29, 2018

And readers also know that when it comes to Latin America, in the switch to banking done in ones and zeroes, transforming the way B2B is done may be best served through partnerships between financial institutions and FinTechs. The banks have to understand what questions to ask of their clients.

America 100

America Fintech Operations Payments 100

Insights on Business

SEPTEMBER 18, 2016

Some forward-looking banks, – and even more third-party providers (TPPs) and financial services technology companies (FinTechs) are embracing the directive as an opportunity to gain a competitive edge, retaining and gaining customers through value-added services. Value-Added Services = Profits for Banks. See my previous API blogs.)

Marketing 70

Marketing Payments Compliance Security 70

PYMNTS

AUGUST 10, 2017

PM: As a CEO, just as important as the time you devote to business strategy, is the time spent on compliance and risk management. When you transfer money across borders, AML compliance becomes very important. The emergence of FinTech operators has definitely thrown a fair amount of challenge to players like us.

How To 136

How To Risk Management Technology US 136

PYMNTS

JULY 11, 2016

“They definitely see the writing on the wall that the world is moving in this direction.” ” Compliance is another issue that may likely land on the laps of financial institutions when it comes to adopting blockchain-based solutions. That’s already a struggle for banks today, research says.

blockchain 100

blockchain Compliance Security Technology 100

Gonzobanker

JULY 6, 2021

Transformation strategy success is measured by customer-facing key performance indicators (KPIs) such as five-minute-or-less account opening across digital, call center and branch channels; efficiency KPIs such as a 50% reduction in ACH exception processing times; and risk management KPIs such as 95% compliance on the FI’s check hold policy.

Strategy 158

Strategy System Risk Management Technology 158

CFPB Monitor

FEBRUARY 2, 2021

The DFPI indicated in its announcement that it believes the MOUs “to be the first agreements of their kind between the fintechs and a state regulator.”. which received an approval order for its EWA program from the CFPB through the CFPB’s Compliance Assistance Sandbox Policy. One of the companies entering into an MOU is Payactiv, Inc.,

CA 60

CA Company Innovation Regulation 60

NCR

DECEMBER 12, 2017

Will Beeson, head of operations and innovation at the SME-focused CivilisedBank, said the new rules provide some “much-needed rigor and definition around the ownership of data” He pointed out that, in the past, businesses have acquired data on individuals and used it for their own gain, sometimes to the detriment of the customer. .

Data 56

Data Regulation Compliance Management 56

Insights on Business

JANUARY 21, 2020

Unfortunately for compliance, sanctions and AML departments, there is no easy way to identify a shell company. Anyone who claims they can definitively identify a shell company has either a) lied, b) memorized the Panama and Paradise Papers or c) created the company themselves. Why they are hard to spot.

Company 103

Company Taxes Data Management 103

PYMNTS

NOVEMBER 26, 2019

PYMNTS’ Credit Union Innovation Index found that CU members may not prioritize the latest technologies as much as bank and FinTech customers do, but they still value easy-to-use mobile apps and online capabilities. Meeting customers’ expectations and desires is a key goal for all enterprises, and credit unions (CUs) are no exception.

Marketing 131

Marketing Sacramento Data Mobile 131

Insights on Business

JANUARY 21, 2020

Unfortunately for compliance, sanctions and AML departments, there is no easy way to identify a shell company. Anyone who claims they can definitively identify a shell company has either a) lied, b) memorized the Panama and Paradise Papers or c) created the company themselves. Why they are hard to spot.

Company 91

Company Taxes Data Management 91

PYMNTS

FEBRUARY 28, 2020

Credit unions’ emphasis on member relationships is one of the main factors that distinguishes them from large banks and FinTechs. Larger banks and well-funded FinTechs can create dedicated security operation centers staffed by experts, but CUs often do not have the budgets to offer round-the-clock active protection.

Data 131

Data California Security Pennsylvania 131

PYMNTS

JULY 27, 2018

The definition of a really good day: Raise $100 million led by a company that not only has obviously deep pockets, but a deep presence in a vital part of the world for payments and the digital economy. The company also has deep pockets and a devotion to FinTech. That really good day was enjoyed by Flywire yesterday (July 26).

Capital 102

Capital United States Payments Groups 102