PYMNTS

FEBRUARY 20, 2018

It doesn’t look like global banking regulators will be rushing to change their rules for FinTechs anytime soon. According to Reuters , traditional banks will feel the impact if FinTechs start offering services such as payments, crowdfunding, mobile banks and online trading.

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Regulation Fintech Training Innovation 101

Perficient

JULY 11, 2022

Here are critical facts to know about some of the most popular BNPL service platforms: Afterpay: Afterpay was founded in Australia in 2014 but was acquired by fintech Square earlier this year. When deciding whether to use a BNPL service for a purchase, it is essential to read the fine print. According to Kristen E.

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Fintech Trends South Dakota Apple 474

PYMNTS

JANUARY 18, 2018

Regulation has undoubtedly acted as a catalyst to major financial services trends in areas like small business (SMB) lending, faster payments and, most recently, open banking and collaboration with FinTechs. According to the results, banks argue that innovation, not just regulation, is behind the wheel of progress. Optimism Up.

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Regulation Innovation Fintech Marketing 156

PYMNTS

OCTOBER 27, 2020

Multinational investment bank UBS has launched the UBS Next platform in order to help invest in FinTechs and the "broader tech ecosystem," according to a press release. UBS Next will pursue direct investments in early stage FinTechs and other such companies.

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Fintech Groups Innovation Operations 175

CFPB Monitor

SEPTEMBER 8, 2022

Since the beginning of Michael Hsu’s tenure as Acting Comptroller of the Currency, bank/fintech partnerships have been a focus of OCC concern. Mr. Hsu also raised concerns about unknown risks or “nasty surprises” arising out of bank-fintech arrangements.

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Fintech Risk Management Conference Lending 146

PYMNTS

NOVEMBER 12, 2020

Built on the back of Regulation Crowdfunding under the Jumpstart Our Business Startups (JOBS) Act, Miventure operates as a funding portal to connect SMBs with unaccredited investors, a relatively new paradigm for SMBs used to turning to traditional banks or venture capitalists to back their companies.

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Regulation Capital Marketing Lending 232

PYMNTS

OCTOBER 8, 2020

Also seen in this week’s roundup of the latest in Bank-FinTech innovations was Alacriti teaming with The Clearing House on real-time payments (RTP), while Singapore Banking-as-a-Service (BaaS) startup RootAnt concluded a seed round with $1.46 In addition, Monese adopted Thought Machine’s cloud banking platform. Europe and South Africa.

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Innovation Technology Fintech Payments 301

Bank Innovation

MARCH 10, 2016

Is there a way to prevent regulators from derailing a bank’s fintech initiatives? In fact, the influential community banker has devised a distinct strategy for limiting the bank’s regulatory risk from fintech projects, Read More. Jill Castilla, president and CEO of Citizens Bank of Edmond, located in Edmond, Okla.,

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Regulation Fintech Community Strategy 150

Bank Innovation

FEBRUARY 23, 2017

With an anticipated wave of de-regulation, neither the U.S. wants to apply the old way of regulation to the fintech firms that are becoming the new norm for financial services. Fintech has started to permeate the [global] economy in one way or another—fintech Read More. nor the U.K. Could regtech be the solution?

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Fintech Regulation Operations America 268

PYMNTS

MARCH 18, 2020

The Federal Deposit Insurance Corporation ( FDIC ) is setting new regulations for FinTechs and industrial banks that will enhance transparency and establish record-keeping requirements, the agency said on Tuesday (March 17). In 1987, parent banks were allowed to bypass FDIC oversight and regulations. .

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FDIC Fintech Regulation Industry 142

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. billion — 91 percent — of those penalties, while European regulators demanded $1.7 imposed a full $23.52

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Fraud Fintech Compliance Regulation 189

Bank Innovation

APRIL 25, 2019

Fintechs are having trouble facing reality when it comes to obtaining bank charters, FDIC Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting said here at the FDIC’s Fintech and the Future of Banking conference on Wednesday. WASHINGTON, D.C.

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Fintech FDIC Washington Conference 186

PYMNTS

JANUARY 20, 2020

South African regulators also approved Goldman Sachs for a bank operation license as the firm strives for growth in the most liquid and sophisticated economy on the continent. Africa’s eCommerce volume is expected to reach $75 billion by 2025, and economic output in FinTech is anticipated to add $150 billion by 2022 to its GDP.

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Operations Capital Groups Apple 150

Perficient

DECEMBER 27, 2023

Navigating AML and OFAC Compliance Risks Regarding anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance risks, bank executives must navigate operational and compliance challenges tied to fintech relationships. Contracts should explicitly address potential default and termination.

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Compliance FDIC Regulation Fraud 221

PYMNTS

AUGUST 21, 2019

The Banking & Payments Federation Ireland said it had established a FinTech Foresight Group — further evidence of collaborations between traditional financial institutions and tech upstarts. That series will focus on global technology trends across financial services and how FinTechs and banks can work together across those efforts.

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Fintech Guidelines Policies Regulation 174

PYMNTS

NOVEMBER 27, 2019

Small businesses are a growing target for bank-FinTech collaborations and data integration initiatives as financial service providers explore new use cases for open banking. In this week’s roundup of the latest B2B applications of bank-FinTech collaboration and open banking initiatives, PYMNTS looks at new data integration models.

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Fintech blockchain Data National 227

PYMNTS

JUNE 25, 2020

In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. New York To Ease Cryptocurrency Regulations. plans to offer a Samsung Pay Card that will operate like a digital wall for customers. For the launch, Samsung is linking up with Mastercard and FinTech Curve.

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New York cryptocurrency Regulation Samsung 248

PYMNTS

AUGUST 3, 2018

Getting bogged down in a maze or taking unnecessary risks — the current climate for FinTech in the United States often leaves players with only those two stark choices, according to Bruce Parker, founder and CEO of Modo , which describes itself as a “cloud-based utility” that enables payment system interoperability. FinTech Improvements.

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Fintech United States Regulation Innovation 115

PYMNTS

SEPTEMBER 10, 2019

Businesses that fail to comply with anti-money laundering (AML) and know your customer (KYC) regulations risk major regulator fines and irreparable damage to customer relationships when something goes wrong. Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud. Not all solutions are easy to adopt, however.

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Security Fintech Fraud Compliance 185

PYMNTS

DECEMBER 11, 2019

10), Craig Moore, CEO of business financing platform Beehive , not only made the case for more P2P lending in the Middle East (the company is based in the United Arab Emirates), but also gave a larger view of the FinTech situation in that region as a new decade dawns. But in a new PYMNTS interview on Tuesday (Dec. More Focus on P2P Lending.

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Fintech Lending Regional Regulation 144

PYMNTS

JANUARY 16, 2020

The headline statement is that crypto firms have traditionally operated in a regulatory environment that might charitably be likened to the “Wild West.” In addition, any firms that carry out crypto asset related activity within the scope of the FCA’s regulations must register with the authority before conducting business.

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Regulation cryptocurrency User Experience Operations 132

PYMNTS

DECEMBER 8, 2019

Firms like Google, Alibaba and Facebook could be forced to share data with banks and FinTech firms. Banks are required to share customer data with rival FinTech firms, and “this may need to be the case with Big Tech, too,” the FSB said in the report. However, there could be risks to financial stability.

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Regulation Data Google Fintech 131

PYMNTS

SEPTEMBER 25, 2018

When it comes to FinTech firms and lending, might it be that what we don’t know could hurt us? Viewed from high levels, the activity itself (lending, that is), has taken off in some of the countries one might expect, marked by relatively higher incomes, and where financial regulation might be relatively less stringent.

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Fintech Lending United States Regulation 172

PYMNTS

APRIL 12, 2019

But FinTechs and financial institutions are increasingly crafting partnerships designed to help them both thrive in this global world of digital payment and commerce. It used to be — at least according to common perception — that FinTechs and financial institutions were viewed almost as cats and dogs, as natural, even eternal antagonists.

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Fintech Innovation Mobile Payments 168

PYMNTS

JANUARY 15, 2019

As FinTechs eye growth, and look to gain scale by providing more “mainstream” financial services, might those plans hit a speed bump when it comes to the infrastructure needed to bring products to the masses? As has been reported, the regulators include the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.,

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Fintech St. Louis System Regulation 148

Independent Banker

JANUARY 31, 2022

With consumer expectations seeming to evolve faster every year, community banks could consider partnering with a fintech to keep up with technological innovation. of bankers are either strongly interested in or already working with fintechs in digital account opening. The benefits of fintechs. By Elizabeth Judd. Quick Stat.

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Community Bank Community Fintech Risk Management 159

PYMNTS

AUGUST 29, 2019

The twist is, that gap in small business banking innovation led external FinTechs to step in and today, small business banking is a highly competitive, and highly innovative, area of financial services. In India, Visa recently announced a partnership with FinTech Open to introduce new small business banking services. Now, the U.S.

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Fintech Innovation Lending Digital Banking 173

American Banker

OCTOBER 19, 2023

Ripple, Coinbase and Circle all received licenses to operate under the nation's stablecoin regulations, which offer more clarity than American rules do.

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Fintech National Regulation Payments 87

PYMNTS

JANUARY 30, 2020

Banks and FinTechs continue to discover new opportunities in unlocking corporate clients’ financial data, with banks embracing data integration for their own product development initiatives, and FinTechs finding new ways to collaborate with each other. Mastercard Taps FinTech for Biz Card Boost. Bankin’ Steps Into Payments APIs.

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Data Fintech Cards Software 161

American Banker

OCTOBER 5, 2016

For regulators to develop a unified framework for fintech companies to operate in, they first have to come to a consensus.

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Regulation Fintech Operations Company 76

PYMNTS

OCTOBER 24, 2019

Lights out for the FinTech charter idea? The Office of the Comptroller of the Currency (OCC) debuted a special purpose charter in 2016 that would have given FinTechs a leg up on competing with traditional financial services companies. Regulation, Law and Going Forward. As reported , the U.S.

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Fintech FDIC New York National 101

CFPB Monitor

SEPTEMBER 14, 2021

Last week, the Federal Reserve Board published a paper on partnerships between community banks and fintech companies, “Community Bank Access to Innovation through Partnerships.” The Fed’s publication of the paper is another indication of the increased attention that regulators are paying to bank relationships with fintechs.

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PYMNTS

SEPTEMBER 6, 2018

The age of technology is, of course, well upon us, with Software-as-a-Service (SaaS) a key conduit to making sure that at least some business operations — once the province of spreadsheets and reams of paper — can be streamlined. For FinTech firms, doing the chasing all on their own is a losing proposition. Plugging In To Plugins.

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Compliance Fintech Regulation Knowledge Base 133

PYMNTS

AUGUST 20, 2020

million SMBs operate across the country and account for 64 percent of new jobs. Only 35 percent of such businesses make it past their first decade in operation. The 2008 recession resulted in government regulators tightening the standards for creditworthiness, increasing the amount of checks that lenders must undergo to approve loans.

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Fintech Fraud Lending Regulation 177

The Paypers

AUGUST 21, 2023

Anglo-Turkish fintech Colendi has received approval from the Banking Regulation and Supervision Agency (BRSA) to launch Turkey's inaugural digital deposit bank.

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Operations Digital Banking Regulation Fintech 36

PYMNTS

MAY 29, 2019

Reports in Reuters on Tuesday (May 28) said UBS expects its regulatory costs to remain high in the years ahead after a decade of more stringent regulations leading to heavier, more costly burdens on banks. “That has tied up enormous resources.” “Why is this so significant? “Why is this so significant?”

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Regulation Compliance Capital Resources 108

PYMNTS

FEBRUARY 6, 2018

Reuters reported news on Tuesday that banking regulators from seven states across the United States are working to, as the newswire reported, “streamline” the FinTech reporting process, with an eye on those tech firms having an easier road toward offering their products and services across the nation.

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Fintech US Tennessee Washington 118