Fed, FDIC, OCC update guidance on third-party risk management
Payments Dive
JUNE 8, 2023
The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.
Compliance Fintech Operations Risk Management 
Stearns Bank and Sardine's operating system augment fintech compliance
The Paypers
MAY 19, 2023
US-based Stearns Bank has partnered with risk management solutions provider Sardine to augment the former’s fintech programme and address regulatory and compliance requirements.
Compliance 
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OCC keeps focus on bank/fintech partnerships
CFPB Monitor
SEPTEMBER 8, 2022
Since the beginning of Michael Hsu’s tenure as Acting Comptroller of the Currency, bank/fintech partnerships have been a focus of OCC concern. Mr. Hsu also raised concerns about unknown risks or “nasty surprises” arising out of bank-fintech arrangements.
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Marketplace Lenders Navigate The Choppy Waters Of Compliance
PYMNTS
SEPTEMBER 25, 2019
An explosion of FinTechs looking to fill the gaps left across under-banked and under-financed populations, including, in many markets, small businesses, has watchdogs exploring how to promote financial inclusion and access to capital while maintaining borrower protection. In the U.S.,
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Maintaining Compliance In A Market Of Bank-FinTech Tie-Ups
PYMNTS
JULY 5, 2018
The vast majority of traditional financial institutions (FIs) plan to increase their collaborative efforts with the FinTech world, according to a PwC report published last year. The two-sided benefits of a bank-FinTech collaboration are certainly beneficial to FinTech firms like additiv.
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The top lending & credit risk blogs of the year
Abrigo
DECEMBER 22, 2023
Why banking technology makes sense – recession or not Seventy percent of leaders from banks, credit unions, and fintechs in late 2022 planned to increase their tech spending in 2023, according to a survey by American Banker parent Arizent. Reduce operating cost while ensuring loan policy consistency.
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BaaS Banks Are in Time Out, and Here’s Why It’s a Big Deal
Gonzobanker
JUNE 14, 2023
To realize the rewards of the BaaS industry, banks and fintechs are going to have to learn to play by some non-negotiable rules – together. It has more than 80 fintech partnerships including Coinbase, Upgrade, Affirm, Best Egg, Divvy, Rocket Loans and Stripe. But fear not, compliance-conscious compadres. If only it were so easy.
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Banking Third Party Risk Management Requirements are a Big and Expensive Ask
Celent Banking
DECEMBER 13, 2016
But the slew of banking regulatory requirements for third party risk management is proving to be complex, all-consuming and expensive for both institutions and the third parties involved. In a nutshell, institutions are liable for risk events of their third and extended parties and ecosystems.
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Why Banks Need FinTech To Address Their Own Complicated Treasuries
PYMNTS
SEPTEMBER 29, 2017
Banks are finding it more difficult than ever to ignore potential FinTech partnerships that could better serve their corporate customers. When it comes to corporate treasury, business clients demand robust solutions and services from their banks, and FinTech players are stepping in to help.
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Celent Model Bank Awards: Fraud, Risk Management, Process Automation and Flub-Free
Celent Banking
MARCH 4, 2017
It is my privilege to be part of the judging panel for Celent Model Bank Awards for 2017 for the following three categories: Fraud Management and Cybersecurity – for the most creative and effective approach to fraud management or cybersecurity.
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OCC calls for “responsible innovation” amid fintech wave
Abrigo
APRIL 19, 2016
In the paper, the OCC defined responsible innovation as: The use of new or improved financial products, services, and processes to meet the evolving needs of consumers, businesses, and communities in a manner that is consistent with sound risk management and is aligned with the bank’s overall business strategy.
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Four Surprising Trends Sighted by Compliance Management System Experts
ABA Community Banking
JANUARY 7, 2019
Continuity recently shared its perspective on surprises in 2018 and what lies in store for 2019 Financial Research Feature Financial Trends Compliance Risk Management Compliance Management Operational Risk Compliance/Regulatory Consumer Compliance Mortgage Compliance Feature3 Fintech.
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Geolocation Puts A Pin In Anti-Fraud Solutions
PYMNTS
DECEMBER 29, 2020
With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. Certainly, the use and availability of cryptocurrencies is another emerging area that is contending with its own unique set of compliance issues, but it is also one Wingert said appears to be closing gaps in regulation.
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Fostering FinTech-FI Trust With Data-Driven Security
PYMNTS
JUNE 5, 2020
Providing robust services via mobile channels is especially important now, as the COVID-19 pandemic has caused businesses to operate remotely and consumers to stay at home as much as possible. We need to manage risk appropriately, but open banking is a good thing,” Davies said. Why AML Checks Are Never Over.
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Opportunities in Partnership: Community Banks Can Benefit from Today’s FinTechs
Independent Banker
DECEMBER 1, 2021
However, data from PwC shows that community banks are finding complementary partnerships that evolve their operations and the service they provide customers. Over the next 3-5 years, 82% of financial institutions expect to increase their partnerships with FinTechs, with an average return on investment of 20%.
Banks Urge Vigilance Amid Rise in Pandemic Scam Emails
Banking Exchange
APRIL 8, 2020
Fraudsters are posing as health officials or charity workers in order to cheat people into handing over money Risk Management Technology Customers People Mobile Online Cards Security Operational Risk Cyberfraud/ID Theft Compliance/Regulatory Feature3 Fintech Feature Financial Trends.
IBM OpenPages with Watson named one of 2019 Gartner Peer Insights Customers’ Choice
Insights on Business
OCTOBER 23, 2019
IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We have been named as a Leader in the 2019 Gartner Magic Quadrant for Integrated Risk Management Solutions as well as a Leader in the 2019 Gartner Magic Quadrant for IT Risk Management.**.
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125 Meeting the Threat in 2019: Cybersecurity for Financial Services
ABA Community Banking
FEBRUARY 11, 2019
Envisioning a Future of Prevention Feature Technology Risk Management AML & Fraud Tech Management Security Operational Risk Cyberfraud/ID Theft Feature3 Fintech Compliance Compliance Management.
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Fighting the War Against Financial Crime: Without Proven Weapons, the Repercussions Can Be Severe
Banking Exchange
JULY 29, 2019
Bad actors only need to identify, infiltrate and take advantage of the weakest link in the financial services chain Compliance Risk Management Compliance Management Operational Risk BSA/AML Compliance/Regulatory Cyberfraud/ID Theft Feature3 Feature Duties AML & Fraud Fintech Payments Security.
Survey shows that tools with strong user experience are key to better risk management across the enterprise
Insights on Business
JULY 17, 2019
Today, risk-awareness and risk averse behavior is the responsibility of everyone in the firm, so staff need to be able to engage in the common goal of regulatory compliance. Continued change can create lag in the organization between existing compliance capabilities and latest regulatory demands.
SIFMA Fintech Conference 2018
Insights on Business
JUNE 18, 2018
At the SIFMA Fintech Conference this week these powerful technologies will be on display in the Big Apple. Another great session, this one surrounding blockchain, will be hosted by Saket Sinha , IBM Vice President & Partner, Global Banking & Financial Markets for the Blockchain Consortium Governance and Operating Model session.
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70 Mastercard and Visa Latest Companies To Step Back From Cryptocurrency
Banking Exchange
OCTOBER 14, 2019
Banks should not learn the wrong lessons, however Payments Technology Risk Management Financial Trends Cards Online Mobile Security Checks/Remote Deposit Capture Tech Management Operational Risk Compliance/Regulatory Cyberfraud/ID Theft Blockchain Fintech Feature Feature3.
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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Mazooma, Plaid Team Up To Advance Payments For iGaming, Sports Betting
PYMNTS
NOVEMBER 10, 2020
Gaming FinTech Mazooma has formed a partnership with FinTech data network Plaid to bring an instant transfer solution to the iGaming and sports betting industry, according to a Tuesday (Nov. bank connections are an ideal complement to Mazooma's ACH processing platform, risk management features and compliance protocols," he added.
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Fintechs Face Heightened Hurdles to Gain and Retain Fed Access
CFPB Monitor
MAY 18, 2021
Access to Fed services is sought by fintechs and other non-traditional financial services companies because a Fed account, and direct access to Fed financial services, would dispense with the need for the non-bank to use a traditional bank as an intermediary with the Fed. payments, deposit-taking, and lending).
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Data Sharing, XaaS Target SMB Financing Efficiencies
PYMNTS
APRIL 16, 2020
Accelerated data sharing has become a focal point for small business lenders and FinTechs looking to speed up the time it takes for SMBs to apply for and receive much-needed funding. This week’s look at the latest in bank-FinTech collaborations and open banking initiatives finds a focus on small business lending: In the U.K.,
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Get rid of the noise by streamlining your audit with IBM OpenPages
Insights on Business
MARCH 20, 2019
Internal audit provides independent, objective assurance over an organization’s risk management, internal control, governance and the processes in place for ensuring effectiveness, efficiency and economy. It has proven to be a valuable tool for effectively managing business risk and improving organizational performance.
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79 IBM OpenPages with Watson named one of 2019 Gartner Peer Insights Customers’ Choice
Insights on Business
OCTOBER 23, 2019
IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We have been named as a “Leader” for both the: 2019 Gartner Magic Quadrant for Integrated Risk Management Solutions. 2019 Gartner Magic Quadrant for IT Risk Management.**.
OCC issues updated FAQs to supplement bulletin on third-party relationships
CFPB Monitor
MARCH 9, 2020
On March 5, 2020, the OCC issued a revised set of FAQs designed to supplement OCC Bulletin 2013-29 (Third-Party Relationships: Risk Management Guidance) issued on October 30, 2013. The OCC appears to place risk management responsibilities upon banks for such activities conducted by third-party data aggregators.
OCC report highlights risks arising from innovation and nonbank competition
CFPB Monitor
MAY 24, 2019
The OCC’s Semiannual Risk Perspective report focuses on key issues that pose threats to bank safety and soundness and legal compliance. Among such issues discussed in the Spring 2019 report , which generally reflects bank data as of December 31, 2018, are risks arising from financial innovation and new technologies.
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Innovating in a regulated environment
ABA Community Banking
OCTOBER 25, 2017
Making the most of a fintech-banking relationship Technology Compliance Risk Management Compliance Management Operational Risk Fintech.
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Glimpse of Fed on fintech
ABA Community Banking
APRIL 5, 2016
SF Fed official discusses potential rewards versus risks, activity to understand them Management Risk Management CSuite Compliance Management Operational Risk.
Capital Float On The Path To Video-Based KYC Implementation
PYMNTS
DECEMBER 9, 2020
billion in funding as of April, although the virus’s spread was greatly impacting India’s FinTech space. For a BFSI business to derive the full benefits that the digital realm offers, it is important to design a flow that keeps the customer at the center while solving for risk management and compliance,” Prasad said.
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The Great Credit Card Program Outsourcing Debate
PYMNTS
NOVEMBER 19, 2019
Among the biggest debates is how to construct and operate the best card program possible – a decision that served as the foundation for a new PYMNTS interview with Jim Geeslin, head of strategy for Elan Financial Services , an agent credit card issuer. They differ in terms of assumed risk and FIs’ control over their card programs.
Cards 140
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Real Time Heats Up In B2B, While Blockchain Gains Traction
PYMNTS
NOVEMBER 19, 2020
The partnership supports Payment Canada's need for RTR to enable ISO 20022 messaging standards and remain in compliance with the Bank of Canada 's risk management standards for payment systems, an announcement revealed. In an announcement , FinTech-as-a-Service company Rapyd rolled out its Rapyd Protect solution.
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Shedding Light On FX And Supply Chain Risks Amid Cross-Border Payments
PYMNTS
SEPTEMBER 13, 2018
As FinTechs step into the cross-border payments and foreign exchange (FX) management space, there are more solutions available than ever before for corporates seeking to gain speed and security in payments – and manage risk along the way.
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Reimagining the first line of defense with next-gen GRC
Insights on Business
FEBRUARY 13, 2019
The global financial crisis of 2008 and 2009 brought a renewed focus on the governance, risk and compliance (GRC) processes within the financial institutions, who, not very long ago, viewed GRC as little more than a necessary evil – cost of doing business, which added little value. IBM OpenPages with Watson 8.0
IBM Algo FIRST becomes IBM FIRST Risk Case Studies
Insights on Business
OCTOBER 31, 2019
In the continued evolution of the IBM Governance Risk and Compliance (GRC) product line, I am pleased to announce that effective today, Algo FIRST (FIRST) is rebranded to IBM FIRST Risk Case Studies. Provide support for Operational Risk Capital Modelling by providing tail event information to extrapolate trends or curves.
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79 IBM Algo FIRST becomes IBM FIRST Risk Case Studies
Insights on Business
OCTOBER 31, 2019
In the continued evolution of the IBM Governance Risk and Compliance (GRC) product line, I am pleased to announce that effective today, Algo FIRST (FIRST) is rebranded to IBM FIRST Risk Case Studies. Provide support for Operational Risk Capital Modelling by providing tail event information to extrapolate trends or curves.
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70 ICC Says Regulation Limits Trade Finance
PYMNTS
MAY 29, 2019
“We’ve had 10 years of enormous regulation,” UBS Group Chief Compliance and Governance Officer Markus Ronner said, according to the report. “That has tied up enormous resources.” “Why is this so significant?”
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As regulations and risk grow, IBM Watson expands further into RegTech
Insights on Business
JUNE 20, 2018
In today’s global marketplace, financial services firms must grapple with competition, increasing regulation and market volatility while also maintaining profitability and growth in a world disrupted by emerging technologies and fintechs. One significant challenge lies in how firms manage risk. OpenPages 8.0 Financial Crimes.
Regulation 70
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How To Live Forever In The Financial Services Space
PYMNTS
AUGUST 10, 2017
From user interface technology to security and risk management, the only constant in the financial space is that nothing stays the same for long. PM: As a CEO, just as important as the time you devote to business strategy, is the time spent on compliance and risk management. FinTech operators are very nimble.
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When Open Source Opens The Door For Cybersecurity Risks
PYMNTS
APRIL 21, 2017
Open source technology has become critical to companies that need solutions that fit right into their own operations. The possibilities for open source applications to impact corporate and B2B operations across eProcurement, financial management, payments and beyond are boundless. Take Oro, for instance.
Analysis 108
108 B2B Startup Investors Go After The Niche Markets
PYMNTS
JUNE 21, 2019
While there were no mega-deals in the B2B startup funding realm this week, it was still a busy time for companies and investors, with many funders targeting companies operating in less common markets. The debt funding marks the largest provided to an Indian startup in about two years, reports in VCCircle said. Growth Street.
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