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OCC’s New Office of Financial Technology Portends Increased Supervisory Activity

CFPB Monitor

The OCC’s announcement that it will establish an Office of Financial Technology to “bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape” should come as no surprise to those who have been following recent pronouncements of Acting Comptroller Michael J.

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Core Unicorn Deals Rattling the Future of Financial Technology

Gonzobanker

Bank executives should take these new deals’ valuations as a sign that the free market sees the future of finance as unbundled from the traditional industry structure. These levels of revenue and EBITDA multiples have never been seen in the history of core banking platforms. Enter Finxact. outsourcer variety.

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Revolut Brings Open Banking To Germany In Deal With TrueLayer

PYMNTS

Earlier this year, the European digital bank had taken on Ireland, France and Italy. In a press release, Revolut said the latest expansion would bring open banking to its users in Germany. Revolut said its new open banking offer was developed with TrueLayer , a London-based financial technology (FinTech) company.

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SMB Funding Embraces The Open Banking Way

PYMNTS

The Financial Stability Board this month issued a warning for financial institutions (FIs) that outsource key technologies and functions, warning of " systemic risk " associated with too much reliance on a third-party partner. ThinCats Links Up With Open Banking FinTech Salt Edge. In the U.K.,

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Fintech Deals to Watch: Back to School

Gonzobanker

Keep an eye on the initial banks working on these projects. 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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Why FinTech start-ups think they can beat the banks

Chris Skinner

The pedestrian replies: “oh, if you want to get there, I wouldn’t start from here”, and this is exactly how banks feel today. They want to get to the nirvana of new technologies, but are stuck in a spaghetti of old systems. It is almost like banking in an apps store. Not bad for a six-year-old start-up.

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Synchrony Acquiring Allegro To Grow Health Financing

PYMNTS

“Because the online environment continues to evolve at a fast pace, our AML strategies need to be fluid to keep up with the increased functionality and continual evolution of technology our customers expect and deserve.”. Banks are scrambling to match cybercriminals' pace, and some are adapting quicker than others.