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Bump On The Road To National FinTech Charters?

PYMNTS

The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. The national licenses would let FinTechs lend money and paychecks to consumers. lakh (roughly $1.6 In the U.K.,

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APIs Raising Tough Questions About FinServ Innovation, Competition And Data Privacy

PYMNTS

And as traditional financial institutions (FI) begin to recognize the value of collaborating with FinTechs, these banks can similarly shake their reputation for being innovation laggards and promote B2B payments progress while they’re at it. . How can banks stay competitive while still cooperating with FinTechs?

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Digital IDs Help Open Banking Reach Its Fullest Potential

PYMNTS

Open banking comes in several flavors, yet its rise requires robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, Zac Cohen , chief operating officer at identity verification firm Trulioo told Karen Webster in a recent interview. In recent years, we’ve seen the heavily regulated version of open banking in the E.U.,”

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How to maximize the chances of success in fintech collaboration

NCR

Of the various trends and changes driving the financial services industry at the moment, one that has prompted a lot of discussion is the growing importance of collaboration between established financial institutions (FIs) and smaller, emerging service providers, most notably fintechs. Image: Rawpixel via iStock.

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APIs Raising Tough Questions About FinServ Innovation, Competition And Data Privacy

PYMNTS

And as traditional financial institutions (FI) begin to view the value of collaborating with FinTechs, these banks can similarly shake their reputation for being innovation laggards and promote B2B payments progress while they’re at it. . How can banks stay competitive while still cooperating with FinTechs? It loves modern technology.

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NY federal district court deals blow to OCC fintech charter

CFPB Monitor

The key passage of the opinion reads: As one instance of the consequential effects of issuing SPNB charters to non-depository fintech companies, the Court notes that such action would entail federal preemption of the state banking regulatory scheme nationwide as it relates to such fintech entities.

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The Future Of Compliance: Using Data Better

PYMNTS

Financial services is often a learning process for FinTech operators who may come in with a lot more inspiration than knowledge, Meier noted. Part of that effort means realizing that AML/KYC is not a one-and-done exercise. Coming in the Door Prepared.