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. Both are alumni of our FinTech Innovation Lab. There are hidden costs too.

Compliance 150

Compliance Regulation Innovation Fintech 150

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. Both are alumni of our FinTech Innovation Lab. There are hidden costs too.

Compliance 150

Compliance Regulation Innovation Fintech 150

PYMNTS

OCTOBER 23, 2018

Open Banking regulations have gotten FinTech innovators’ brains churning over how to take advantage of the troves of data that traditional banks have typically kept locked away. With regulations like PSD2 and Open Banking emerging as ways to boost financial services competition, the bank-FinTech relationship has taken center stage.

Data 177

Data System Regulation Security 177

PYMNTS

SEPTEMBER 28, 2020

Another alternative, noted James, is to rely on predatory lenders to access quick cash to cover the costs of operating. This can come with a whole host of other problems, although some regulators have taken steps to broaden the scope of borrower protections to include SMBs. It's a juggling act.".

social media 215

social media Capital Fintech Operations 215

PYMNTS

JANUARY 25, 2021

Last week marked the third anniversary of PSD2 , the regulation that launched open banking in the U.K. It is definitely getting very cluttered. and Europe. And those three years have given rise to a slew of new companies capitalizing on that initiative all over the world, as well as established companies making their mark.

Online 300

Online Meeting Payments Cards 300

PYMNTS

AUGUST 14, 2019

In the world of small business financial services, entrepreneurs’ frustrations with banking have been loudly vocalized : firms are often considered too small to be profitable for banks’ corporate services units and are therefore pushed into an FI’s consumer banking operations.

Lending 122

Lending Cards FDIC Capital 122

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

PYMNTS

FEBRUARY 21, 2018

The latest news from the country comes from its government: Chief FinTech Officer of the Monetary Authority of Singapore, Sopnendu Mohanty, said the central bank is about two years out from being able to assess the impact of its current blockchain project, Ubin.

blockchain 130

blockchain Los Angeles Regulation Oregon 130

PYMNTS

JULY 25, 2019

Challengers see fraud protection as especially important, particularly as they attempt to ween customers away from legacy FIs and their own nimbler FinTech competitors. is definitely helpful in terms of information sharing and in discovering things as quickly and as in-real-time as possible.”. operations.

Fraud 164

Fraud Marketing US Resources 164

PYMNTS

JULY 8, 2019

Financial services is often a learning process for FinTech operators who may come in with a lot more inspiration than knowledge, Meier noted. That means FinTechs need systems that are primed to continuously scan their customer lists against those watchlists, and ensure that any new hits are investigated.

Compliance 202

Compliance Data System Fintech 202

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.”. The CCFPL authorizes the DFPI to prescribe regulations requiring any covered person to register with the DFPI.

CA 60

CA Company Innovation Regulation 60

PYMNTS

JANUARY 3, 2020

FinTechs led this charge and fueled much of the innovation. It’s been definitively shown that businesses and individuals will pay reasonable fees or percentages to receive their funds instantly. Between operational savings and new fees on crowd-pleasing new services like instant, the path to instant profitability starts to emerge.

Payments 151

Payments Fraud Fintech Security 151

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

Insights on Business

JULY 20, 2017

I wasn’t particularly inspired by the Wikipedia definition , so I’ll give you mine. Regulations, such as Payment Services Directive (PSD2), are forcing banks to “open up”, enabling customers to easily share data with third parties. It also creates its own products and has its own back-office operations. The fintech hub.

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Fintech Mobile Examples Data 181

PYMNTS

OCTOBER 26, 2017

It was the (initially) small FinTech startups that delivered a collective shakeup to the small business (SMB) lending industry. view and from a global view, the banks are going to come back in full force, including Barclays and others, and then, on top of that, you’re going to have definite presence of Amazon players,” said Mills.

Lending 109

Lending Google Fintech Industry 109

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

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. FinCEN, however, does not actually conduct BSA/AML examinations of regulated businesses.

United States 78

United States Taxes Regulation Compliance 78

PYMNTS

JANUARY 22, 2018

” Perhaps one of the biggest challenges for this space is that the exact definition of the middle market isn’t exactly clear. There are others who will state that the definition of mid-market can hinge on the segment of business that is being discussed.” “We are more than welcoming them.”

Management 116

Management Compliance Taxes Marketing 116

NCR

DECEMBER 12, 2017

The General Data Protection Regulation (GDPR) was developed with the intention of strengthening and unifying data protection for all people within the EU. Three industry executives discussed this subject during a recent Marketforce webinar exploring the ‘regulation revolution’ in financial services.

Data 56

Data Regulation Compliance Management 56

Insights on Business

JUNE 28, 2018

Banks operating on legacy architecture will find it increasingly difficult to compete in an API-driven business environment, says Hans Tesselaar, executive director at BIAN. These objectives will be achieved by facilitating market entry for regulated non-bank players and driving increased transparency and customer protection.

System 130

System Innovation Industry Technology 130

PYMNTS

OCTOBER 19, 2017

While banks and rival FinTech companies are often able to more quickly adopt and release new technological solutions to their customers, one of the areas in which credit unions have managed to be highly competitive with their financial rivals is customer service. But, some credit unions (CUs) say, what’s wrong with that?

Innovation 108

Innovation Tennessee Resources Regulation 108

CFPB Monitor

JUNE 11, 2019

This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona , which enacted sandbox legislation in March 2018, and Wyoming , which enacted sandbox legislation in February of this year. Notably, Utah’s definition expressly includes blockchain technology. Utah Governor Gary Herbert signed H.B.

Utah 60

Utah Arizona Regulation Innovation 60

NCR

APRIL 24, 2017

The Canadian provider focuses on delivering the front-end technology and services required to achieve the customer experience it is looking for, leaving traditional bank functions such as card issuing and money holding to Canada’s OSFI-regulated Peoples Trust. million (US$970,000) in transactions. appeared first on Banking.com.

Retail 75

Retail Customer Experience CA Innovation 75

CFPB Monitor

MARCH 24, 2020

The proposal is a significant development for fintech companies and other commercial companies seeking to establish ILCs. At its sole discretion, in addition to denying approval for any of the above actions, the FDIC could impose restrictions on the activities or operations of an ILC that is controlled by a Covered Company.

FDIC 60

FDIC Taxes Industry Policies 60

PYMNTS

FEBRUARY 8, 2018

B2B payments are an instrumental component of global trade and of setting the stage for currencies to operate as global instruments of cross-border trade. Three unnamed sources told Reuters that Chinese officials are opening up its large-value payment system to operate 21 hours a day, with the ability to process payments overnight.

Innovation 111

Innovation Payments blockchain Analysis 111

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. Screen-scraping can pose operational and reputation risks.

Risk Management 78

Risk Management Data Management Compliance 78

CFPB Monitor

DECEMBER 28, 2020

Along with the FDIC’s final rule regarding brokered deposits , the adoption of the final rule represents a significant development for fintech companies and other commercial companies seeking to establish ILCs. an ILC charter can be a viable alternative to the OCC’s fintech charter, which has been stalled by litigation.

FDIC 78

FDIC Industry Policies Company 78

FICO

NOVEMBER 30, 2017

Fraud managers have to look beyond losses and loss prevention and consider consumers’ need for a frictionless experience, regulators’ stipulations and the competitive pressures of fintech disruptors. Managing fraud is a balancing act that starts with knowing your fraud risk appetite. The Fraud and Risk Continuum.

Fraud 82

Fraud Analytics Compliance Management 82

CB Insights

MAY 8, 2018

Even as the media storm around the sector has calmed, regulators are acting more aggressively and decisively, issuing subpoenas to bad actors and providing guidance to good ones. See how venture firms, corporates, regulators, and builders are shaping the future of blockchain technology. So far it looks like US regulators do not agree.

blockchain 75

blockchain Trends Technology cryptocurrency 75

Lex Sokolin

DECEMBER 25, 2019

There’s a lot to say about the overlap of Fintech and blockchain, but let’s find the very edge of the frontier and focus right there. See Staking Rewards and the chart below, and Coinbase for an example of a large Fintech providing the service. all Fintech unicorns?—?that It’s like watching Mint.com emerge in 2007.

blockchain 52

blockchain Bitcoin Software Lending 52

PYMNTS

APRIL 10, 2017

So when large financial conglomerates ramp up operations in a single region, like Mastercard has recently done across Asia-Pacific (APAC), their approach will probably look a bit different than it would in another part of the world. “Banks are generally seen as secure because of the regulations they are subject to,” he said.

Fintech 101

Fintech Regional Technology Marketing 101

Abrigo

SEPTEMBER 14, 2022

Takeaway 3 Financial institutions should consider the impact of this rule and prepare for changes to their business operations. Online lenders, platform lenders, and fintechs should also consider sending feedback to the CFPB and considering the ways their operations might be affected. Those implementing regulations were coming.

Lending 195

Lending Data Regulation Community 195

CB Insights

DECEMBER 4, 2019

In parallel, Amazon has made several fintech investments, mostly focused on international markets (India and Mexico, among others) where partners can help serve Amazon’s core strategic goal. This report is a collection of everything we know about Amazon’s foray into banking, financial services, and fintech.

Cards 101

Cards Lending Strategy US 101

FICO

FEBRUARY 12, 2023

Simplify Complex Loan Pricing Problems Outpricing the competition means directly tackling the complexity of the loan pricing problems financial services face in today’s crowded, dynamic, and highly regulated markets. You need to establish a learning culture where you can rethink the way your organization operates.

Digital Banking 52

Digital Banking eBook Analytics Customer Experience 52

Insights on Business

DECEMBER 17, 2018

The reexamining of GRC has resulted in the evolving the definition to one that is more comprehensive and inclusive in its scope. Those in risk and compliance in the second line of defense face the challenges that come from siloed loosely connected operations, the absence of coordination, and limited data and transparency.

Compliance 121

Compliance Resources System Risk Management 121

BankUnderground

AUGUST 9, 2022

While there is no set definition of the metaverse, it can be thought of as an immersive next generation of the internet, where people can interact to socialise, learn, play and work in a persistent computer-generated environment. Third, cryptocurrencies are critical to the operation of the blockchains that the open-metaverse is built upon.

System 126

System blockchain cryptocurrency Lending 126

PYMNTS

DECEMBER 1, 2016

FinTech is gaining momentum in the city, with a 40 percent rise in card transactions being recognized since capital controls were imposed back in July 2015. The startup and tech community in Greece faces many challenges, including political uncertainty, tax increases and heavy regulations.

Fintech 100

Fintech Community Capital Innovation 100