CFPB Monitor

AUGUST 10, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued proposed amendments to its regulations implementing the Pilot Program for Increased Access to Responsible Small Dollar Loans (Pilot Program). The Pilot Program operates under the California Financing Law (CFL) and is administered by the DFPI.

California 78

California Regulation CA Innovation 78

Perficient

FEBRUARY 29, 2024

Banking institutions are responding by integrating advanced technologies, particularly artificial intelligence and data analytics, into their lending operations to enhance efficiency and adaptability. Explore and integrate alternative data sources and innovative scoring models to offer fairer assessments of creditworthiness.

Trends 221

Trends Industry Analytics Compliance 221

Abrigo

JUNE 10, 2020

The former Chief Operational Risk Officer was fined for insufficient action on AML program deficiencies and staffing issues. Adequately staffed and risk-focused AML resources with good documentation are critical. The regulators don’t care what your budget is,” Luttrell says. Ensure good documentation.

Resources 195

Resources Regulation Compliance Policies 195

South State Correspondent

MAY 18, 2023

The Start of Our Generative AI Journey “Tate,” a contraction of SouthS tate, was a brainchild of our Spark Innovation group, a team of 35 employees from various sections of the Bank brainstormed a use case, created personas, outlined a user journey, and then developed an action plan. In these sessions, you can dream. That is an 11.6x

US 195

US Training Examples Data 195

PYMNTS

DECEMBER 8, 2020

. Traditional bank account opening methods have long involved visits to branches and face-to-face meetings with officials in which physical identification documents are presented. Jumio said the offering can reduce operational costs by as much as 90 percent, eliminate in-person visits and paper costs, and simplify archival processes.

Video 211

Video Report Meeting United States 211

PYMNTS

SEPTEMBER 6, 2019

Why Invisible Will Make 2020’s Payments Innovation Roar. Two hundred and seventy-four years later, those words are the perfect framework for understanding what will define the next decade of innovation in payments and any ecosystem that touches it. Regulators Taking Close Look At Payroll-Advance Apps. Trackers and Reports.

Innovation 116

Innovation Payments Apple United States 116

PYMNTS

DECEMBER 23, 2020

The road to mainstream acceptance of cryptocurrencies will still have its bumps, its potential roadblocks set in place from regulators. At the heart of it all might lie a jousting existential in nature — namely, between the companies that create and issue cryptos and the agencies that regulate them.

cryptocurrency 234

cryptocurrency Security Bitcoin Regulation 234

PYMNTS

JUNE 20, 2019

According to the new Credit Union Tracker , as of March 2019 there were an estimated 5,572 CUs in operation and in the same month 324,000 consumers joined CUs. Roughly one-third (35 percent) have made data analytics investments over the past three years, according to the Credit Union Innovation Playbook. In the study, 91.7

Innovation 100

Innovation Cards Analytics Video 100

PYMNTS

JUNE 27, 2017

He also offers advice for how to innovate in the field. Here is an excerpt of the conversation: PYMNTS: How would you define your company’s approach to innovation? PYMNTS: Where do you look for innovative ideas, and why? PYMNTS: What is the most innovative thing you’ve ever done? JB: Innovation often means taking a risk.

Innovation 145

Innovation System Mobile Trends 145

CFPB Monitor

FEBRUARY 9, 2021

The California Department of Financial Protection and Innovation (DFPI) announced last week that it has launched an investigation into whether student-loan debt-relief companies operating in California are engaging in illegal conduct under the California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA).

CA 78

CA Company Innovation California 78

PYMNTS

SEPTEMBER 10, 2018

Long before innovators began talking about the power of ecosystems to transform commerce, scientists spent centuries studying them under microscopes in their labs. Decomposer for innovator large or small, established or emerging. An Ecosystem By Any Other Name. Substitute producer for buyer or supplier. Consumer for the end user.

Innovation 146

Innovation Cards Payments San Francisco 146

CFPB Monitor

JUNE 15, 2022

The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations to implement provisions of the California Consumer Financial Protection Law (CCFPL) pertaining to consumer complaints and inquiries. Comments are due by July 5, 2022. Complaint Review Procedure.

California 78

California Regulation Report Policies 78

PYMNTS

DECEMBER 5, 2018

The funding will be used to hire staff, “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets,” said ErisX Chief Executive Officer Thomas Chippas, according to Reuters. A new document shows that the U.S.

blockchain 166

blockchain Bitcoin cryptocurrency Analysis 166

PYMNTS

NOVEMBER 16, 2020

According to the press release, LIKEZERO will help to boost a new, more intelligent level of insight, helping banks, financial institutions (FIs) and other regulated businesses to analyze and extract insight and data from clients' clients.

Data 169

Data Regulation Risk Management Training 169

PYMNTS

JULY 26, 2020

Avanti Financial Group said in a press release that it has received permission from the Wyoming Division of Banking to begin operating in the state as a bank as early as October and plans to offer a real-time settlement solution for corporate treasurers. SPDIs may focus on traditional assets as well.” ”

Wyoming 153

Wyoming cryptocurrency Regulation blockchain 153

PYMNTS

AUGUST 7, 2020

Growing numbers of FinTechs are also forcing banks to innovate or be left behind. And they have fewer rules and regulations to comply with, which keeps us on our toes.”. So, we were able to deploy digital signatures and digital documents where customers didn’t have to come and receive paper and transfer paper back to us.”.

Payments 301

Payments Fintech Innovation US 301

PYMNTS

SEPTEMBER 20, 2018

Regulations are driving the trucking and logistics industry to adopt cutting-edge technologies. Paper documents are far from a conducive strategy to get all players in the trucking, transport and logistics space on the same page.

Industry 158

Industry Tools Regulation Management 158

PYMNTS

JUNE 29, 2020

The document was filed on Friday (June 26), but only made available on Monday (June 29). The agreement is for WhatsApp to partner with Cielo, which is Brazil’s largest credit and debit card operator, along with Mastercard and Visa , in order to add a payments function to the popular messaging app.

Payments 141

Payments System Cards Regulation 141

Perficient

MARCH 3, 2023

Once the business outcomes and pain points have been documented and prioritized and technology has been assessed, Perficient recommends that the next step be to determine what the inventory visibility capability should be. Perhaps regulators will want/need access to satisfy their inquiries. Who/What/When? What about third parties?

blockchain 275

blockchain Management Regulation Resources 275

PYMNTS

JANUARY 20, 2021

Generally speaking, that data sharing paves the way for a streamlined banking experience, especially over online and mobile conduits, via regulated providers. As for open banking here in the states, as noted in this space late last year , regulators are refocusing on the space.

Data 188

Data Innovation Fintech Regulation 188

PYMNTS

JULY 31, 2017

The Tracker is a bimonthly report showcasing the most significant developments reshaping the credit union market, with attention paid to the biggest partnerships and acquisitions in the industry, notable tech innovations and the shifting regulations that could drastically change how these institutions operate.

Report 114

Report Innovation Regulation National 114

Insights on Business

APRIL 5, 2018

Those numbers also incorporate approximately 250,000 financial advisors, 300,000 retirement plans, 1,300 asset management firms, through 27 different plan providers, and over 50 global regulators to maintain compliance. Innovative strategies and value propositions. Greatly value speed of integration and delivery.

Operations 102

Operations Analytics Software Data 102

Accenture

SEPTEMBER 22, 2019

An obvious reason is the inroads they’re making into the market, both domestically and globally: recent Accenture research finds that digital-only banks operating in the UK could amass a total of 35 million customers globally within the next 12 months, up from 13 million today. Regulation. Profitability. in the year to February 2019.

Innovation 150

Innovation Metro Apple Marketing 150

PYMNTS

DECEMBER 11, 2019

When it comes to lending — to say nothing of the wider world of payments — innovation and disruption have been on the rise in recent years thanks to digital and mobile technology, along with online marketplace models. Regulators the world over are beginning to take a closer look at the alternative and marketplace lending business model.

Fintech 144

Fintech Lending Regional Regulation 144

PYMNTS

DECEMBER 20, 2017

The implementation occurred in partnership with CME Group and, according to Citi, the software “could materially reduce the cost of back-office operations and speed up margin funding times.”. Last week, PYMNTS noted Gibraltar’s plans to introduce blockchain regulation into its financial services space.

blockchain 135

blockchain Cyber Security Groups Regulation 135

PYMNTS

OCTOBER 26, 2018

“There is a different between sharing more information, and being able to securely share actual documents,” Armstrong told PYMNTS. But even as regulators like the Fed in the U.S., The ability to send KYC-related documents is essential to the KYC compliance process, like identity verification and purpose of payment.

Data 150

Data Compliance Payments Tools 150

PYMNTS

DECEMBER 23, 2019

In the construction space, a complex web of data and document exchange must occur before B2B payments can be approved and completed, and with so much occurring on paper, late payments are almost inevitable. Regulation Steps In. That fragmentation creates significant friction points and bottlenecks in the payments process. In the U.K.,

Payments 130

Payments Industry Tools Capital 130

PYMNTS

FEBRUARY 14, 2020

The challenges are illuminated in especially stark relief in developing economies where some of the most basic official documentation may be lacking. But, in an interview with Karen Webster, Zac Cohen, chief operating officer at Trulioo , cautioned against a “one-size-fits-all” approach to the digital identity space. The Micro Level.

How To 205

How To National Fraud Data 205

FICO

JUNE 21, 2021

With novel artificial intelligence (AI) applications multiplying like rabbits these days, it may seem like the current wave of AI innovation is all beer and skittles. Can Your AI Pass Muster with Regulators? This avoids haphazard, after-the-fact probing after model development is complete. Steps toward Building Auditable AI.

Data 116

Data Groups Regulation Analytics 116

Cisco

AUGUST 9, 2022

As these have attacks have evolved, regulatory bodies have updated their regulations to account for the increasing threat of cyber risk. This framework is especially relevant given the recent FFIEC Architecture and Operations update and the Executive Order on Cybersecurity from 2021. Delivery Channels. Organizational Characteristics.

Tools 114

Tools Leadership Handbook Security 114

PYMNTS

APRIL 30, 2019

We at PYMNTS come here not to bury biometrics, but to explore another way of bringing identification and age verification to the masses — a method that, in the view of Alain Meier, CEO of Cognito , could help eCommerce operators stay ahead of regulators and otherwise offer relatively friction-free authentication to consumers around the world.

Fraud 161

Fraud Illinois Regulation Online 161

PYMNTS

JULY 5, 2018

Trade Ledger operates an open banking platform for banks to assess lending risk to their corporate customers in real time. The firm is setting up its EU headquarters in London and brought on a new Chief Innovation Officer Roger Vincent to lead the company’s European expansion.

Lending 101

Lending Strategy Innovation US 101

PYMNTS

MARCH 26, 2018

The rise of RegTech is not by chance: There is an undeniable link between regulatory changes and technological innovation, and that link has a profound impact on FinTech and the financial services market. Europe is an epicenter for both regulatory shifts and FinTech innovation. Take the market’s VAT legislation, for example.

Taxes 102

Taxes Fraud Compliance Regulation 102

PYMNTS

NOVEMBER 22, 2019

Innovation in accounts payable (AP) is now largely being driven not only by challenges in the way businesses make payments, but also by friction in the way their vendors and business partners receive them. These companies operate with anywhere from 1,000 to 30,000 carriers, Forman explained. The hurdles don’t stop there, either.

Payments 108

Payments Operations Industry Regulation 108

Abrigo

MARCH 2, 2023

Takeaway 2 According to Forrester data, firms pursuing technology-driven innovation grow three to four times faster than industry averages. Impact of technology Banking industry lessons from Southwest Airlines According to Forrester data, firms pursuing technology-driven innovation grow three to four times faster than industry averages.

Technology 195

Technology Lending Community Software 195

PYMNTS

AUGUST 24, 2019

As new PYMNTS research documents, over the past year, 18 Major League Baseball (MLB), National Basketball Association (NBA), National Football League (NFL) and Major League Soccer (MLS) arenas have deployed biometric solutions by CLEAR. CenturyLink Field, home of the Seattle Seahawks , was the first NFL stadium to adopt the technology.

Payments 161

Payments social media Mobile Seattle 161

PYMNTS

JUNE 17, 2016

The government hardly enjoys a reputation as an innovative, forward-thinking entity, especially when it comes to technology. The two companies recently secured a collaboration to enable eSignLive’s digital signature capabilities within DocPoint’s digital document management tools. But the U.S.

Innovation 100

Innovation Compliance Course Management 100