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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Profile Software Unveils FX Risk Management Tool
PYMNTS
JUNE 19, 2020
The bank said it was teaming with FX technology company Kantox through an arrangement that would let BNP Paribas provide Kantox’s Dynamic Hedging software to business clients.
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3 Tips to Head Off a Digital Banking Conversion Nightmare
Gonzobanker
APRIL 11, 2023
It’s one of a banker’s worst nightmares: the digital banking conversion that was designed to improve the customer experience fails – locking users out of their accounts, not showing balances, making wire transfer features inaccessible… It recently happened to a $25 billion bank in the Midwest. And to all … a good night.
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Procurement, Digital Banking See VC Funding Rounds
PYMNTS
FEBRUARY 14, 2020
Starling Bank. digital bank Starling Bank said it raised £60 million (more than $ 78 million USD) in funding. The company provides digital wallet services for these small businesses, and various payment methods — spanning Visa, Mastercard and Alipay, among others — can be linked to EasyEuro accounts. In the U.K.,
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Bottomline Results Show 17 Pct Digital Banking Subscription Growth
PYMNTS
NOVEMBER 8, 2019
Bottomline Technologies reported fiscal first-quarter results that showed continued traction in areas of digital banking and accounts payable (AP) technologies. Management also noted that digital banking subscription revenue growth slightly outpaced the top line at 17 percent, where subscription revenues were $18.4
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Bitcoin Daily: OCC Grants Crypto Firm Anchorage Conditional Digital Banking License; Crypto Exchange RG Coins Owner Arrested For Money Laundering
PYMNTS
JANUARY 13, 2021
The Office of the Comptroller of the Currency (OCC) granted digital asset platform Anchorage Trust Company a digital banking license, according to a press release Wednesday (Jan. With the national trust bank charter, South Dakota-based Anchorage will become Anchorage Digital Bank , National Association.
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Jack Ma’s Digital Bank Offers Three-Minute Loans To SMBs
PYMNTS
JULY 28, 2019
The 4-year-old bank uses real-time payments data and a risk-management system that analyzes more than 3,000 variables to allow borrowers to apply for a loan on a smartphone and receive cash almost instantly if approved. Jack Ma ’s MYbank is aiming to change the way China lends to small businesses.
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CompatibL Wins at the 2022 Fintech Breakthrough Awards
Bobsguide
MAY 18, 2022
CompatibL, a leading provider of risk management solutions and professional services for the financial industry, has been named the winner of the Best Risk Management Platform Award in the sixth annual FinTech Breakthrough Awards program for its innovative CompatibL Cloud Platform.
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Digital Banking: Humanizing the Customer Experience
FICO
FEBRUARY 2, 2022
Following the highly successful The 11 Commandments of Digital Banking eBook , we are kicking off a series of 5 deeper dive blog posts that group the 11 commandments below into common themes. Digital lift-and-shift is not a strategy! Banks must find ways to be personable in these impersonal channels. Respect the data.
Turning To AI To Reduce Digital Banking Risks
PYMNTS
AUGUST 16, 2018
According to a survey conducted last year by the Global Association of Risk Professionals (GARP), 88 percent of bank executives believe AI and ML adoption could provide “a foundational change” for risk management. contact-form-7]. . About The Tracker.
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Lenvi partners with Acquired.com for payment solutions
The Paypers
DECEMBER 20, 2023
Lenvi , a fintech provider of lending software, servicing, and risk management solutions has partnered with payments specialist Acquired.com offering tailored payment processing and digital banking solutions.
Interview with CRO of Atom Bank: how a digital bank deals with modern risks
Bobsguide
NOVEMBER 30, 2017
Chris Sparks, Chief Risk Officer at Atom Bank, spoke to bobsguide to discuss nightmare risks, the burgeoning technological revolution in risk management and how a digital challenger bank is approaching PSD2 and GDPR. Chris started out in risk management with a grounding in computational.
Top 5 Customer Development Posts of 2022: Digital Banking and Pricing Opti
FICO
FEBRUARY 12, 2023
Home Blog FICO Top 5 Customer Development Posts of 2022: Digital Banking and Pricing Opti The most popular posts in our Customer Development category dealt with digital banking, optimizing credit line increases, loan pricing and machine learning for credit risk models. Read the full customer development post 4.
Why community banks should partner with fintechs
Independent Banker
JANUARY 31, 2022
A recent report by Cornerstone Advisors found that bankers are either strongly interested in or already working with fintechs in three main areas: digital account opening (71%), mobile wallets (41%) and fraud/risk management (47%). Digital account opening. Fraud and risk management.
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DCI partners DataVisor to help banks fight fraud
The Paypers
MAY 12, 2023
Core processing, digital banking, and fintech processing solutions developer DCI has partnered with fraud and risk management company DataVisor to help banks fight fraud.
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Embedded Financing Helps Asia’s SMBs Weather Cash Flow Challenges
PYMNTS
OCTOBER 7, 2020
“With the embedded finance model, including financial services like deposits and payments, the digital-only banks are able to be as a role to provide Banking-as-a-Service for non-financial companies, especially those who are the anchor in an ecosystem,” he told PYMNTS. Risk Management.
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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 an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other things, capital and liquidity requirements and the OCC’s risk management expectations. In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications.
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PSCU Unveils Enhanced Fraud Services To Help Protect Credit
PYMNTS
NOVEMBER 10, 2020
PSCU works with 1,500 credit unions to provide such services as payment processing, risk management, loyalty programs, digital banking and marketing.
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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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Banking Apps Spread In Brazil As Critics Note Potential For Shakeout
PYMNTS
DECEMBER 17, 2019
The rise in payment accounts from nonbanks challenges online banks to learn risk management from the beginning. At the Brazil Investment Forum in Sao Paulo, the digital bank said that it has 15 million clients, according to founder and CEO David Vélez.
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FFIEC issues updated guidance on authentication and access
CFPB Monitor
AUGUST 12, 2021
The Guidance is intended to provide financial institutions with examples of effective risk management principles and practices for access and authentication.
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.
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Today In Digital-First Banking: Zelle Exceeds 1B P2P Payments; China’s Digital Yuan Tests Process 4M+ Transactions
PYMNTS
NOVEMBER 3, 2020
Credit Benchmark Co-founder Mark Faulkner said in a release that the tie-up with Bloomberg "offers a welcome opportunity to provide much-needed credit transparency in areas such as securities finance, client onboarding and supply chain risk management.". Everlink, FINTAINIUM Team up to Offer Real-Time B2B, B2C Payments.
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How To Keep Fraudsters From Scamming Banks Across Every Nook And Channel
PYMNTS
MAY 27, 2020
Bad actors may dial into call centers and pretend to be legitimate customers to trick staff into revealing details about the individuals, which could then be used to figure out the victims’ digital banking logins. Otherwise, the fraud could continue unnoticed.
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The Bank-FinTech Tie-Up Streamlines Access To Finance, Data
PYMNTS
OCTOBER 1, 2020
Nexi’s partner banks will have the capacity to offer the complete suite of Ebury services to customers, which encompass foreign exchange (FX) risk management, import/export financing and global cash management.
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Digital Payment Company Nexi Agrees To Buy SIA For $5.4B
PYMNTS
OCTOBER 5, 2020
Under the agreement, Nexi's partner banks will be able to offer their clients the full suite of Ebury services, including international cash management, FX risk management and import/export lending.
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The BaaS Gold Rush is On
Gonzobanker
FEBRUARY 23, 2022
To do this, banks can leverage their competencies in payments, lending, operations, and risk management while using the earnings generated from BaaS to transform their core business. The winners in BaaS will be outstanding risk managers – not risk eliminators.
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USAA's OCC fine, Citi mum on risk rehab, no digital bank for PNC: Top stories of the week
American Banker
OCTOBER 16, 2020
USAA's regulatory troubles now include OCC fine, CRA downgrade; Citi CEO Michael Corbat and CFO Mark Mason dodged questions on cost of risk overhaul; PNC unlikely to buy a digital bank, CEO Demchak says; and more from this week's most-read stories.
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. Between $800 billion and $2 trillion USD is laundered each year, according to the United Nations Office on Drugs and Crime.
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123 PSCU Expects To Issue More Than 3M Contactless Cards In 2020
PYMNTS
NOVEMBER 20, 2019
billion transactions annually offering payment processing, risk management, digital banking and more. According to Visa , 95 percent of terminals have contactless-enabled capabilities and 80 percent of the top 10 merchants are accepting NFC payments as of October 2019.
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Feedzai Reports 44 Pct Increase In First Half Of 2020
PYMNTS
OCTOBER 8, 2020
Risk management platform Feedzai announced a 44 percent increase in growth for the first half of the fiscal year for 2020, which a press release says was one of the company’s most successful so far. Comparing it favorably to the first half of 2019, Feedzai says it closed deals in the U.S., EMEA, Asia and the Pacific and Latin America.
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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. This includes using methods such as Value at Risk (VAR), Potential Future Exposure, Valuation, and Delta to work out potential losses or exposures. Finastra adds Lozenge Analytics complex calculation capabilities to Fusion KTP for treasury customers.
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How PNC Is Adapting To The Rise Of AI
PYMNTS
JUNE 27, 2018
There is still a wide variety of use cases that have yet to be fully explored, he noted, and they can all be given an AI and ML boost — like onboarding clients, underwriting and risk management processes for lending, and providing product recommendations for existing clients. About the Tracker.
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Finovate Fall 2019 Recap – Fintech Trends, “Best of Show” and the Inaugural Finovate Awards
William Mills
SEPTEMBER 27, 2019
Over half of the demos were new company or product debuts featuring business intelligence, chatbots, digital banking, employee benefits, financial planning, insurance, lending, payments, risk management, security, wealth management, and more. Here are a few key trends and event highlights stood out to us.
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PSCU Partners With Lean Industries For Dispute Management
PYMNTS
NOVEMBER 4, 2019
The company, founded by credit unions more than 40 years ago, offers payment processing, risk management, data and analytics, loyalty programs, digital banking and mobile platforms. “We PSCU supports 1,500 credit unions representing more than 3.8 billion transactions annually.
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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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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. 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.
Trust: Once Again the Most Precious Currency in Banking
Gonzobanker
MARCH 22, 2023
Customer Experience – With customers jumpy and nervous, banks cannot afford to allow service lapses or information mistakes that could set off another wave of panic. Digital banking uptime, the speed and accuracy of moving money, and the ability to talk to informed bankers are vital right now.
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Bank CIOs Must Break Through The Tactical Barrier
Gonzobanker
JULY 8, 2022
The operational world of cash, checks, deposit slips, passbooks, and teller terminals used to dominate bank tech budgets. Those were the days of green screen cores and server-based ancillary applications, and digital banking was a Star Trek thing of the future.
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B2B APIs Underscore The Need For Speed
PYMNTS
DECEMBER 12, 2019
Risk-averse treasurers may shudder when they picture a half-dozen programs conversing and transacting with their digital banking platform. But achieving fast payments ubiquity means that FIs have to rethink a traditionally overcautious posture and evaluate open-source banking based on today’s demands.
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Bank Of England Hires Accenture To Revamp Payments System With Eye On Digital Currency
PYMNTS
JULY 30, 2020
The aim of the overhaul, for which Accenture will be paid $195 million, according to Reuters , will be to increase resilience and access, “offer wider interoperability, improve user functionality and strengthen the end-to-end risk management of the U.K. high-value payment system,” the central bank said in a press statement.
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