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.
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.
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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age
Trending Sources
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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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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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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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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Arguing with a banker …
Chris Skinner
APRIL 18, 2017
The banker took exception to purely being a store of value, and felt that the risk management aspect of banking was a critical part of their function. I argued that the bank’s risk management function is being eaten by software. He scoffed, and said that my discussion was too far out.
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Finastra adds Lozenge Analytics complex calculation capabilities to Fusion KTP for treasury customer
Bobsguide
JUNE 14, 2022
Users will benefit from advanced treasury and risk management capabilities. Integrating the capabilities of Lozenge Analytics will allow Fusion KTP users to perform complex statistical risk calculations. Finastra adds Lozenge Analytics complex calculation capabilities to Fusion KTP for treasury customers.
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Recap of Money 20/20 USA 2023 and 10 Banking Thoughts
South State Correspondent
OCTOBER 26, 2023
The discussions were healthier, more compliance-focused, and with little expectations that banks were going to offer crypto to their customers any time soon. Sunday Programming: consisted of a federal lobbying track, AI Summit, Small Business, Fraud, running a fintech, cannabis banking, and modernizing the banking core system.
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How Banks Can Guide FinTechs Through Their First Economic Downturn
PYMNTS
MAY 22, 2020
Wirecard, meanwhile, will offer its Banking-as-a-Service offerings, which include prepaid card issuing, loan services, digital banking tools and more. Ultimately, economic recovery will likely uncover which business and risk models succeeded, and which failed. “A The current crisis makes it harder to raise that equity.”.
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Don't Use Risk Management as an Excuse to Stop Innovating
American Banker
JULY 11, 2016
Banks frequently blame "the rules" in shunning partnerships with fintech startups. However, compliance can be a positive force, not something that inhibits growth.
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. Risk or Reg Tech: Less Tricks, More Treats Digital identify provider Socure acquired document verification startup Berbix.
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How PNC Is Adapting To The Rise Of AI
PYMNTS
JUNE 27, 2018
I think it’s going to allow us to make faster decisions for customers, it’s going to help increase compliance, and I think it’s also going to create new revenue opportunities and client experiences that we just don’t have today.”. Download this month’s edition of the Digital Banking Tracker, by filling out the form below: [contact-form-7]. .
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How to Establish Quality Fintech Partnerships
Abrigo
DECEMBER 17, 2021
Digital Banking Report. For the employees resistant to change or feel that there is no reason to change their processes, management must explain the benefits of implementing new software. Lending & Credit Risk. Credit Risk Management. Lending & Credit Risk. Risk Ratings. Learn More.
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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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Commoditization, Optimization or Transformation: What’s in Your Core Wallet?
Gonzobanker
JULY 6, 2021
It’s reimagining the financial institution’s processes from a customer, efficiency, and risk management perspective without being constrained by dated technology or the old way of doing things.
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Stop Throwing Money at Cybersecurity
Celent Banking
OCTOBER 12, 2016
The report identifies and examines the steps required to achieve a risk-based approach to a sustainable and, ultimately, a measurable cyber risk management strategy: 1. Establish a long-term commitment to drive a top-down, risk-based approach to cybersecurity.
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The Co-operative Bank selects Finastra Kondor Cloud for modernized treasury infrastructure
Bobsguide
AUGUST 7, 2022
“Moving from an on-premises model to a cloud-based managed service is a big part of our operational strategy for treasury activity,” said Gary McDermott, Treasurer at The Co-operative Bank. The Co-operative Bank also uses Fusion Risk for treasury credit risk management and Finastra’s banking technology for payments services. “By
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How banks use bank-as-a-platform to modernize apps with cloud
Insights on Business
OCTOBER 11, 2018
This movement — core to cloud — is essential for banks seeking to modernize their legacy systems and become agile and flexible. This is especially true if they’re going to compete with new digital banks and platform companies that are unhindered by the legacy applications and infrastructure.
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111 Another step forward in banking AI
NCR
JANUARY 24, 2017
In an article for The Financial Brand , Jim Marous, publisher of the Digital Banking Report, said the use of AI in banking is about to “explode” However, he also pointed out that some banks are taking a cautious approach to this concept, partly because of concerns such as regulatory compliance and security.
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Another step forward in banking AI
NCR
JANUARY 24, 2017
In an article for The Financial Brand , Jim Marous, publisher of the Digital Banking Report, said the use of AI in banking is about to “explode” However, he also pointed out that some banks are taking a cautious approach to this concept, partly because of concerns such as regulatory compliance and security.
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40 Congratulations to Celent Model Bank 2016 Winners!
Celent Banking
APRIL 18, 2016
The award winners come from four continents and nine countries and range from credit unions and microfinance institutions to the world's largest banks. Celent Model Bank 2016 winners are: Model Bank 2016 Categories. Digital Banking Transformation. Citizens Bank, US. Garanti Bank, Turkey.
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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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Finovate Alumni News
Fintech Labs Insights
MARCH 13, 2017
Finovate Debuts: ICAR Builds a Digital Identify Profile for Client ID Verification. eWise partners with TSWG to drive digital banking innovation. OutsideIQ partners with SAP Ariba to help corporations quickly screen vendors for risk and regulatory compliance. Around the web.
Canadian Fintech Market Map
CB Insights
NOVEMBER 21, 2019
Digital banking and financial infrastructure. Companies in this subcategory provide (1) white-labeled technology infrastructure to banking players, or (2) leverage technology to provide financial infrastructure and banking software (e.g. Regulatory tech.
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Defending Your Fully Digital Wallet Against Fraud
FICO
MARCH 30, 2023
This is simply the natural evolution as people rely more and more on digital banking using their device of choice. Since then, TJ has held a variety of technical and management roles in the fields of analytics, fraud and risk management, and decision management at industry leading companies such as HNC Software and SAS.
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2021 GonzoBanker Awards
Gonzobanker
DECEMBER 17, 2021
GonzoBanker of the Year – Bank. There are lots of entrepreneurial leaders in the banking space today, but this year the nod goes to Randy Chesler at Glacier Bancorp.
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Growth, innovation and challenges in UAE banking
NCR
JANUARY 9, 2017
Suvo Sarkar, group head of retail banking and wealth management at the bank, said: “By optimizing our digital banking services across ATM and mobile, we are enabling customers to withdraw cash or send cash remotely in an instant to those who might not necessarily have a bank account or their cards accessible to them.”
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Tech Flex
Independent Banker
AUGUST 26, 2015
While many community banks are adept at budgeting for anticipated technology initiatives such as the move toward digital banking, they can be reticent to spend extra money when unforeseen projects come up during the year, some consultants say. It’s about spending your money wisely and managing change effectively.”.
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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You Heard It Here First: Best Of 2018’s Monday Conversations
PYMNTS
DECEMBER 24, 2018
Tide is a mobile-first digital banking service for small and medium-size businesses (SMBs) in the U.K. that offers both banking products and an easy connect point for third-party partners to tightly integrate and distribute administrative or financial services products to Tide members. It will involve making trade-offs.”.
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151 Fintech Fundings: 28 Companies Raise $330 Million Week Ending Jan 15
Fintech Labs Insights
JANUARY 18, 2016
million to its digital banking platform. Startup digital bank. Derivative risk management. Mobile banking app developer for financial institutions. Charity Bank. Digital bank serving non-profits. Tags: Enterprise, B2B2C, mobile banking, digital banking.
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Security, fraud, and risk Model Bank profiles: Alfa Bank and USAA
Celent Banking
MAY 20, 2016
Banks have worked hard to manage the different risks across their institutions. Celent profiles two award-winning banks who have modelled excellence in their use of risk management technologies across their banks. ALFA-BANK: SETS THE STANDARDS FOR BASEL COMPLIANCE IN RUSSIA.
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Proposed new cyber security regulations will be a huge undertaking for financial institutions
Celent Banking
NOVEMBER 11, 2015
New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase.
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Beware the privacy risks that come with a crypto venture
Payments Source
AUGUST 23, 2019
The Financial Action Task Force’s recent guidance on data privacy regulations should serve as a warning to companies planning to test virtual currencies.
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Application Fraud – Does Canada Need a New Approach?
FICO
NOVEMBER 1, 2022
FICO’s Fraud, Identity and Digital Banking Survey 2022 shows that customers in Canada want slick onboarding processes, where fraud controls work but don’t delay account opening. First-party fraud is a real risk (particularly given the stresses of the cost-of-living increases). Application Fraud – Does Canada Need a New Approach?
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Imagine … If Amazon Bought Your Bank
Gonzobanker
MAY 21, 2019
Unlike Amazon, Acme Bank’s culture is run primarily by “proxy” – i.e., internal processes that have somehow become ends in themselves. Most departments focus primarily on the budget process, and the bank’s CFO is very proud to report that she has “locked down every dollar of spend.”.
5 Steps to Stop Identity Fraud and Improve the Digital Experience
FICO
JANUARY 11, 2021
Meanwhile, the bank can deploy purpose-built artificial intelligence and machine learning solutions to match the customer’s selfie to their document, perform liveness detection to prove they are there in person, and execute data comparison and hologram detection to verify that the identity document is real and untampered with.
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52 Hacker Tracker: Sabre Investigating Breach, Card Testing On The Rise
PYMNTS
MAY 5, 2017
The compromised Sabre system reports offering seamless connectivity to over 120 property management, 7 revenue management, 7 CRM and 18 content management solutions according to the company’s website. Jeff Hill, Director of Product Management at third-party risk management solutions provider Prevalent, Inc.
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The 2023 GonzoBanker Awards
Gonzobanker
DECEMBER 14, 2023
A lover of picking bank stocks and playing piano who served our country in the U.S. which provides digital banking videos and user guides to help FIs increase their customers/members’ digital adoption. Paul wrote the “ Online Banking for Dummies ” book in the late ’80s. Paul Murphy, founder of Murphy & Co.
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194 The 2015 GonzoBanker Awards
Gonzobanker
DECEMBER 22, 2015
To those community bankers claiming their growing Compliance departments say no to everything. How about fighting harder with better examples and holding compliance officers as accountable as everybody else. Seriously, given what we see in origination process reviews, we almost understand this. Somebody-Call-the-Whaambulance Award.
Fintech Fundings: 20 Companies Raise $300 Million Week Ending July 17
Fintech Labs Insights
JULY 17, 2015
Regulatory compliance solutions for new account opening. Independent source of consensus credit risk. Mobile banking platform. Digital payments solutions. Tags: Payments, prepaid cards, digital banking, mobile, global payments. In total, 20 companies raised $294 million, all in equity (as far as we know).
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Finovate Spring 2018 – Day 2
William Mills
MAY 9, 2018
Our Actionable Intelligence Management solutions help banks and mortgage companies streamline and automate manual processes, seize new business opportunities and manage compliance, all while transforming the customer experience. 01:17 pm.
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Fintech Fundings: 21 Companies Raise $215 Million Week Ending Feb 19
Fintech Labs Insights
FEBRUARY 23, 2016
Digital bank. Risk management and compliance software. Compliance layer for value exchange. Tags: Consumer, bank, mobile, challenger, neo-bank. Latest round: $8.5 million Series B. Total raised: $16.2 HQ: Auckland, New Zealand. Source: FT Partners. Latest round: $7.25 Total raised: $10.4
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