Green Dot faces Fed’s proposed consent order
Payments Dive
FEBRUARY 29, 2024
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
Virtual Account Numbers Facilitate International Digital Banking
PYMNTS
DECEMBER 29, 2020
To serve eCommerce companies’ needs, as transactions continue to shift online, banking needs to go digital, too. Those numbers allow payments to be routed to regular bank accounts, but with platforms such as on offer by Monneo give online enterprises a single access point to obtain IBANs on offer from a collection of European banks.
Digital Banking 
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Fidor: How Cloud-Based Banking Helps With Compliance
PYMNTS
SEPTEMBER 22, 2020
Consumers moved to digital banking in droves during the early months of the COVID-19 pandemic — it appears they are not moving back. Consumers pivoting to online banking are also more concerned over the privacy and security of their data, especially as fraud volumes creep up —and financial regulators are taking notice.
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Discover to focus on integrated digital banking model in 2024
BankInovation
JANUARY 18, 2024
Discover Financial Services invested in its integrated digital banking model, risk management, analytics and compliance initiatives in 2023 and expects to continue those efforts this year.
Compliance In The Clouds: How The Pandemic Is Affecting Banks' Cloud-Native Futures
PYMNTS
SEPTEMBER 23, 2020
Banks in the EU have been racing to comply with the General Data Protection Regulation ( GDPR ) and the revised Payment Services Directive ( PSD2 ) since both measures were enacted in 2018. He explained that the cloud can help FIs swiftly respond to compliance and security challenges during the pandemic.
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Democratizing FinTech Development Without Compromising Compliance
PYMNTS
JULY 27, 2020
While FinTechs have proven their versatility, tackling an array of niche markets and customers with everything from personal mobile investing to corporate spend management, Pajkovic noted that all FinTechs face the same initial challenges when first building a product. Biggest Hurdles. ” Proliferating Market. .
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Acumatica Debuts Automated Spend Management Tools
PYMNTS
SEPTEMBER 16, 2020
Cloud enterprise resource planning (ERP) company Acumatica has rolled out its Acumatica Advanced Expense Management and Electronic Bank Feeds for its Acumatica Cloud ERP solution, which will increase automation and electronic banking, according to a press release.
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OCC targets BSA/AML compliance by Anchorage Digital Bank – only 15 months after granting bank charter to the crypto custodian
CFPB Monitor
APRIL 25, 2022
As we will discuss, the timing of the Consent Order indicates that even when regulators permit crypto activities by financial institutions, they remain cautious, particularly as to BSA/AML compliance. In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications. The Consent Order.
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AML Compliance Controls Can Be Costly
PYMNTS
OCTOBER 16, 2019
Money laundering has always troubled financial institutions, but today’s digital banking system creates additional complexities as fraudsters around the world take advantage of financial technologies. The Cost of Compliance. Challenges and Solutions.
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Fenergo Lands $80M To Grow Banking Compliance Business
PYMNTS
FEBRUARY 12, 2020
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. This round is reportedly one of the larger ones completed for an Irish FinTech.
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Customer Identity Management Is NOT the Same as Access Control
FICO
JANUARY 25, 2021
Customer identity management is a term that is subject to a number of definitions. The goal of CIM is to meet regulatory rules and legislation, prevent fraud and financial crime, and manage risk—all while making it simple for customers to transact. Customer identity management operates today in an unpredictable environment.
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Helping APAC Merchants Manage The Risk And Reward Of Mobile Wallet Acceptance
PYMNTS
SEPTEMBER 24, 2020
In the great digital shift , the mobile device is the point of sale — especially in Asia’s fast-growing markets. At a high level, beyond market-specific data points, said Donlea, there are a few notable trends tied to digital commerce that have been shaped by the pandemic. “If
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Finastra and Union of Arab Banks to accelerate digital banking together
Bobsguide
MARCH 21, 2022
Finastra and Union of Arab Banks to accelerate digital banking together. Partnership will see the development of a model digital bank, licensed to Union of Arab Banks members to help them transition into digital banking. However, resource management remains a central challenge.
The Bank-FinTech Collaboration Model Goes Global
PYMNTS
JANUARY 19, 2021
National Australia Bank Chooses Eedenbull. National Australia Bank (NAB) has chosen Eedenbull to integrate its payment and spend management technology for SMB customers. NAB will add Eedenbull’s Q Business platform to its offering to help SMBs track and manage spend, as well as to automate compliance controls.
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341 Anglo-Gulf Trade Bank Gets First Digital Banking License From Abu Dhabi Global Market
PYMNTS
SEPTEMBER 11, 2019
Anglo-Gulf Trade Bank (AGTB) was awarded the first digital banking license and Category 1 status from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), Islamic Business & Finance reported on Wednesday (Sept.
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Digital Banking: Integrate Your Data, Systems, and Processes
FICO
MAY 6, 2022
Following the highly successful The 11 Commandments of Digital Banking eBook , we are completing our series of 5 deeper dive blog posts that group the 11 Commandments below into common themes: Digital lift-and-shift is not a strategy! Read my post: 11 Commandments of Digital Banking: The Customer Journey.
Fixing Banks’ AML Achilles’ Heel — Before The Fraudsters Pounce
PYMNTS
JUNE 17, 2020
According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Westpac said it identified three drivers of compliance failures, ZDNet reported.
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Fintech Deals to Watch: Back to School
Gonzobanker
AUGUST 17, 2022
Digital Engagement Had Great Attendance and Extracurriculars. Digital banking provider Alkami acquired data analysis and marketing campaign management provider Segmint Digital banking and payments provider Bottomline was acquired by Thoma Bravo for $2.6B.
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AWS Financial Services Competency status serves as a guide for GFT’s clients
Bobsguide
MAY 8, 2022
This designation recognises GFT for the delivery of effective solutions to help its clients manage critical issues pertaining to the industry, such as risk management, core systems implementations, data management, navigating compliance requirements, and establishing governance models. “It
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In FinServ’s World Of Strict Rules, Data Management Flexibility Is Key
PYMNTS
JUNE 11, 2018
Far-reaching data protection regulations like PSD2 are both a consequence and catalyst of change in how financial service providers store, manage and use data. As banking services and products digitize, that means institutions have more data to handle – much, much more – impacting everything from compliance to customer relations.
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Workforce Spend Sector Gets Busy
PYMNTS
MARCH 6, 2020
The big action in corporate spend management is travel and entertainment (T&E), where the 800-pound gorilla has long been Software-as-a-Service (SaaS) goliath, SAP Concur. billion expense management pie), a group of competitors has merged into a new company to challenge SAP’s category dominance. A Reliance on Compliance.
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US Inches Toward Open Banking With CFPB Notice
PYMNTS
OCTOBER 29, 2020
The technology conglomerate announced this week a new cloud service to help smaller banks integrate anti-money (AML) laundering protections via its Financial Crime and Compliance Management Cloud Service. Plus, leveraging the cloud to deploy digital banking has allowed us to introduce updates more often and innovate faster.
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In Europe, Building The ‘Bridge’ Between eCommerce Merchants And Traditional Banks
PYMNTS
OCTOBER 6, 2020
In Europe, the great digital shift is spurring traditional banks to play a bit of catch-up. The company is a virtual International Bank Account Number (IBAN) provider, working in tandem with a network of Europe-based banks to provide eCommerce merchants with virtual IBANs. and FX Payments in 134 currencies.
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Building A Digital Bank — From Scratch
PYMNTS
JANUARY 24, 2017
“The core bank account, plus the lending, plus the AI,” said Walsh, “brings the best of all of those into a single app … with no branches, though we do have agents who are in a call center … but right now, [all functions are through] mobile devices.”. With AI … we can help them manage spending and build savings.”.
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Top 5 Surprises from FICO’s Fraud and Digital Banking Survey
FICO
DECEMBER 5, 2022
Top 5 Surprises from FICO’s Fraud and Digital Banking Survey. Financial Institutions, such as banks, have expended great effort to improve digital security, yet bad actors are multiplying and attacks have increased in scope and frequency. FICO Admin. Tue, 07/02/2019 - 02:45. by Sarah Rutherford. expand_less Back To Top.
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Recap of Money 20/20 USA 2023 and 10 Banking Thoughts
South State Correspondent
OCTOBER 26, 2023
As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. The discussions were healthier, more compliance-focused, and with little expectations that banks were going to offer crypto to their customers any time soon.
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Oracle Launches New Cybersecurity Apps To Help Small Banks
PYMNTS
OCTOBER 28, 2020
Enterprise IT solutions platform Oracle is introducing new cloud services to provide smaller banks with the ammunition to fight large-scale money laundering schemes, Oracle said in a statement on Wednesday (Oct. Last June, Oracle advanced its Retail Brand Compliance Management Cloud Service with the latest innovations.
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TRENDING: AI Tech That Doesn’t Break The Banking Experience
PYMNTS
JUNE 26, 2018
Digital banking offerings might not be new in countries like the U.S. Recent partnerships and product launches are bringing digital capabilities to financial institutions (FIs) and consumers in countries where access to financial tools was previously limited to brick-and-mortar branches. Around The Digital Banking World .
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Searching For A New Way To Safeguard Digital Banking
PYMNTS
NOVEMBER 29, 2017
According to the forthcoming digital bank-and-brokerage service combo’s co-founder and CEO, Stephane Lintner, the firm is launching a model that reimagines security in the digital age. Instead, the bank sends the lists to the user’s account, which then handles the analysis and identify verification itself.
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FinTechs Aid Banks In Their Own Open Banking Initiatives
PYMNTS
MAY 21, 2020
Open banking initiatives and bank-FinTech collaborations continue to expand in an effort to improve financial services offerings for small and medium-sized businesses (SMBs). Built on the bank-FinTech collaborative model, startup Treasury Prime recently announced a $9 million Series A funding round for its API technology.
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How ‘Computer Vision’ May Change Banking
Bank Innovation
MAY 9, 2018
Not according to Raghu Rajah, vice president of digital banking, engineering and product management at […]. By reading the expression on a customer's face, the way another human would. Seems unbelievable, right?
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FICO Digital Banking Study: Security and Authentication in a Digital World
FICO
MAY 8, 2020
Even though people use insecure methods to manage passwords such as limiting the number they use and writing them down, we found that they still struggle to use them. For more information and statistics, see the FICO Consumer Digital Banking Survey of 5,000 people across 10 countries including: Brazil. Philippines.
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From Cash Registers To Curbside, Innovation Continues To Drive NCR’s Digital-First Journey
PYMNTS
JANUARY 6, 2021
And according to Doug Brown, senior vice president and general manager of digital banking at NCR , simplicity and innovation have turned what could have been a disastrous year into a transformational pivot for the better.
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Fintech Deals to Watch: Fall Festivities
Gonzobanker
SEPTEMBER 21, 2023
Digital: Pigskin Pick-Ups Bankjoy , a digital banking provider, had a funding round led by the Curql Collective Credit Union Service Organization. Treasury management provider Dragonfly Financial Technologies launched independently from an ACI Worldwide sale. Jack Henry expanded its partnership with SMA Technologies.
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EU Corporate Banking Tech Lags Behind US: Report
PYMNTS
MAY 3, 2019
Researchers concluded a “large discrepancy in how multinational corporates rate the quality of their banks’ digital services in cash management and other banking functions,” with the majority of financial officers surveyed saying digital banking is a top priority when choosing a cash management provider.
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Content and the Race to Stay Relevant in a Socially Distant World
Gonzobanker
APRIL 8, 2020
In a recent poll, Cornerstone Advisors learned that most bank and credit union executives are not confident they are creating the kind of knowledgeable and actionable content today’s self-directed, mobile-first buyers demand. Content management – The content management system is the execution epicenter of a solid content strategy.
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Community Banks Accelerate FinTech Integrations
PYMNTS
JULY 7, 2020
The Peoples Community Bank is broadening its existing relationship with banking technology provider Finastra , the firms revealed this week in a press release , with the financial institution (FI) looking to accelerate its own innovation and product rollouts.
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CEO Davies Exits Revolut After One Year
PYMNTS
JULY 27, 2020
Banking veteran Richard Davies is leaving his role as CEO of banking at digital-banking shop Revolut , one year after coming aboard to bring his seasoned skills to the startup, the Financial Times reported. Davies’ exit comes just four days after the London-based operation announced $80 million in new funding.
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Credit Sesame Partners With Trulioo For ID Verification
PYMNTS
DECEMBER 2, 2020
Credit Sesame will be using Trulioo GlobalGateway in order to provide identity checks on users, helping to ensure legal and regulatory compliance, the release stated. Trulioo's tech helps to make sure Credit Sesame's work is "effective and compliant," according to the release. That program helps to boost customers' credit scores.
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140 HSBC Launches APIs, Developer Portal For PSD2
PYMNTS
MARCH 8, 2019
The developer sandbox also enables developers to access mock data from HSBC retail and corporate payment accounts in compliance with PSD2 , the company noted. ” The developer portal supports Open Banking Implementation Entity (OBIE) and STET standards for Europe, while HSBC is in the process of adding Berlin Group standards. .
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FICO Digital Banking Study: Customer Experience and Fraud Protection
FICO
MAY 8, 2020
To understand customers’ perceptions of what matters in digital banking including account openings, FICO recently commissioned an independent consumer survey of nearly 5,000 people across ten countries including: Brazil. Not Meeting Digital Banking Needs - Could Lead to Loss of New Business. Philippines.
How Digital-First Banking Gets SMBs On The Road To Recovery
PYMNTS
JUNE 15, 2020
” He added that Aion decided to include access to Isabel accounts , which address local and regional compliance requirements, as well as invoice and payment transfer messaging structures tailored to the Dutch market. And as Aion Bank looks to expand geographically, Czuba said there are some universal challenges SMBs struggle with today.
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245 StoneCastle’s Joshua Siegel Talks Cambr, Which Lets Non-Banks Play Bank
Bank Innovation
FEBRUARY 11, 2019
Cambr, a cloud-based platform powered by investment firm StoneCastle and digital banking software provider Q2 Holdings, is helping neo-banks and fintechs launch and scale up through a network of 850 community banks.
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Top 5 Fraud Manager Considerations During COVID-19
FICO
MAY 19, 2020
So, I thought I would outline my top 5 fraud manager considerations during COVID-19. Here are some of my thoughts on the matter: 1) Top 5 Fraud Manager Considerations During COVID-19: We owe our customers protection during these unusual times. Criminals also run their own businesses, and fear is an opportunity to exploit. Card Fraud.
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