Fed, FDIC, OCC update guidance on third-party risk management
Payments Dive
JUNE 8, 2023
The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.
Fintechs and Risk Management
Jack Henry
SEPTEMBER 18, 2019
Fintech providers play an important role in the financial services industry. Banks and credit unions rely heavily on fintechs to sustain compliant efficient operations, process payments and other data, protect information and deliver service to customers in a variety of ways.
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OCC keeps focus on bank/fintech partnerships
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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Profile Software Unveils FX Risk Management Tool
PYMNTS
JUNE 19, 2020
It can fully accommodate rapid business expansion and future needs for competitive Treasury management operations.”. The company said the Acumen net Treasury Management platform was strengthened with an offering focused on the client that assists treasurers and their customers handle risk and connect with current banking platforms.
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Why community banks should partner with fintechs
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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Want to Partner With Early-Stage Fintechs? OCC Is Watching
Bank Innovation
JUNE 9, 2017
As if the life wasn’t hard enough for fintech startups. The Office of the Comptroller of the Currency published an FAQ section on its website this week, in order to clarify several points from its “Third-Party Relationships: Risk Management Guidance” issued in 2013. Most notably, the OCC […].
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TS Imagine Expands its Operations in Montréal
Bobsguide
JULY 21, 2022
Montréal, July 19, 2022 – TS Imagine , a global leader in trading, portfolio, and risk management solutions for capital markets, is expanding its presence in Canada with new facilities in Montréal to boost its North American operations and drive its international growth.
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Banking Third Party Risk Management Requirements are a Big and Expensive Ask
Celent Banking
DECEMBER 13, 2016
But the slew of banking regulatory requirements for third party risk management is proving to be complex, all-consuming and expensive for both institutions and the third parties involved. In a nutshell, institutions are liable for risk events of their third and extended parties and ecosystems.
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Stearns Bank and Sardine's operating system augment fintech compliance
The Paypers
MAY 19, 2023
US-based Stearns Bank has partnered with risk management solutions provider Sardine to augment the former’s fintech programme and address regulatory and compliance requirements.
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Celent Model Bank Awards: Fraud, Risk Management, Process Automation and Flub-Free
Celent Banking
MARCH 4, 2017
It is my privilege to be part of the judging panel for Celent Model Bank Awards for 2017 for the following three categories: Fraud Management and Cybersecurity – for the most creative and effective approach to fraud management or cybersecurity.
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The top lending & credit risk blogs of the year
Abrigo
DECEMBER 22, 2023
Why banking technology makes sense – recession or not Seventy percent of leaders from banks, credit unions, and fintechs in late 2022 planned to increase their tech spending in 2023, according to a survey by American Banker parent Arizent. Reduce operating cost while ensuring loan policy consistency.
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The Anatomy of Account Takeover Attacks in Banking and Fintech
Banking Exchange
NOVEMBER 3, 2020
COVID-19 has already proved its substantial impact on online-based fraud Feature Feature3 Fintech Security Cyberfraud/ID Theft Operational Risk Risk Management Covid19.
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FinTech Startup Qupital Raises $15M For Chinese Expansion
PYMNTS
MARCH 28, 2019
FinTech startup Qupital announced that it has closed a $15 million Series A, led by CreditEase FinTech Investment Fund ( CEFIF ). We will be working with Qupital to further utilize the technologies to enhance risk management, user experience and operational efficiency”.
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Boost efficiency through operational innovation in financial services
Insights on Business
NOVEMBER 29, 2018
Operational innovation is vital in a highly competitive financial services sector, with a new community of digital banks and other firms vying for market share. Drivers for Operational Innovation. Ongoing conversations between IBM and CFOs over the years have identified key activities that can help progress operational efficiency.
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Okoora launches AI-powered platform for payments, banking, and risk management
The Paypers
JUNE 20, 2023
Fintech Okoora has introduced an integrated AI-powered platform, known as Automatic Business Currency (ABCM) to augment currency operations and provide global coverage.
A Bank Automation Summit Preview: Dissecting the Intersection of Real-time Payments and Automation
Perficient
FEBRUARY 27, 2023
During the Summit, we’ll seek to socialize and discuss how the adoption of real-time payments services like FedNow and RTP in the US will bring a new dimension of change for banks, fintechs, retailers, large corporations, and other stakeholders. Ultimately, change equals risk.
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Fed Casting Wary Eye On FinTech Firms’ Infrastructure Access?
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? I am concerned that FinTech will be the source of the next crisis.”. In Asia, Examining Cross-Border FinTech.
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148 Why Banks Need FinTech To Address Their Own Complicated Treasuries
PYMNTS
SEPTEMBER 29, 2017
Banks are finding it more difficult than ever to ignore potential FinTech partnerships that could better serve their corporate customers. When it comes to corporate treasury, business clients demand robust solutions and services from their banks, and FinTech players are stepping in to help.
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Fostering FinTech-FI Trust With Data-Driven Security
PYMNTS
JUNE 5, 2020
Providing robust services via mobile channels is especially important now, as the COVID-19 pandemic has caused businesses to operate remotely and consumers to stay at home as much as possible. We need to manage risk appropriately, but open banking is a good thing,” Davies said.
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Driving innovation in risk management: Financial risk APIs designed and engineered for the cloud
Insights on Business
NOVEMBER 28, 2018
IBM is pioneering the development of cloud-based micro services for financial risk. These APIs are designed as a set of decomposable services that provide the key building blocks of a financial risk management system. The financial risk APIs have been designed and engineered specifically for the IBM Cloud.
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OCC calls for “responsible innovation” amid fintech wave
Abrigo
APRIL 19, 2016
In the paper, the OCC defined responsible innovation as: The use of new or improved financial products, services, and processes to meet the evolving needs of consumers, businesses, and communities in a manner that is consistent with sound risk management and is aligned with the bank’s overall business strategy.
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The BaaS Gold Rush is On
Gonzobanker
FEBRUARY 23, 2022
However, if BaaS is ever going to enhance shareholder value, bankers need to ensure they have the strategic focus, operational savvy, and execution commitment to do it right. infrastructure and the capacity to manage a BaaS strategy to significantly complement the core business. Now is the time to create a BaaS strategy.
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B2B FinTech Firms Brace For Growth With New VC
PYMNTS
FEBRUARY 8, 2019
Growth of FinTech funding seems unstoppable, with the latest analysis from Hampleton Partners finding enterprise financial services and integration, online financial services, enterprise financial software and Software-as-a-Service (SaaS) risk management as some of the hottest spots for investors this year.
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Opportunities in Partnership: Community Banks Can Benefit from Today’s FinTechs
Independent Banker
DECEMBER 1, 2021
However, data from PwC shows that community banks are finding complementary partnerships that evolve their operations and the service they provide customers. Over the next 3-5 years, 82% of financial institutions expect to increase their partnerships with FinTechs, with an average return on investment of 20%.
Open Banking Expands Into SMB Lending, Smaller Banks
PYMNTS
MARCH 12, 2020
Open banking and bank-FinTech collaboration can be an effective way for financial institutions (FIs) to launch new digital products. Equiniti Eyes APIs for Risk Management. The collaboration reflects a growing interest among banks and other lenders to embrace data sharing via API for their small business financing operations.
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Flashy FinTech Not Always The Answer To Better Corporate Banking
PYMNTS
MARCH 17, 2017
Those market conditions present interesting obstacles and opportunities for everyone in the banking FinTech space. Reports last week said the merger aims to create a FinTech “powerhouse” as both Misys and D+H evolve their services to meet the more sophisticated demands of the industry. The company will merge with DH Corp.,
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Maintaining Compliance In A Market Of Bank-FinTech Tie-Ups
PYMNTS
JULY 5, 2018
The vast majority of traditional financial institutions (FIs) plan to increase their collaborative efforts with the FinTech world, according to a PwC report published last year. The two-sided benefits of a bank-FinTech collaboration are certainly beneficial to FinTech firms like additiv.
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Treasury Finds Itself At Home In FinTech
PYMNTS
MAY 18, 2017
The rise in B2B FinTech has complicated the picture of treasury management, forcing it to rethink its position in the enterprise. The more payment, cash management, cash flow forecasting, ERP and other digital platforms integrated, the more difficult it can be for a company to envision its own financial health across all of this data.
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Fintechs Face Heightened Hurdles to Gain and Retain Fed Access
CFPB Monitor
MAY 18, 2021
Access to Fed services is sought by fintechs and other non-traditional financial services companies because a Fed account, and direct access to Fed financial services, would dispense with the need for the non-bank to use a traditional bank as an intermediary with the Fed. payments, deposit-taking, and lending).
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BaaS Banks Are in Time Out, and Here’s Why It’s a Big Deal
Gonzobanker
JUNE 14, 2023
To realize the rewards of the BaaS industry, banks and fintechs are going to have to learn to play by some non-negotiable rules – together. It has more than 80 fintech partnerships including Coinbase, Upgrade, Affirm, Best Egg, Divvy, Rocket Loans and Stripe. Cross River is a household name in Banking-as-a-Service (BaaS).
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CompatibL Shortlisted for the FTF News Technology Innovation Awards 2022
Bobsguide
MARCH 21, 2022
Best Middle-Office Solution: CompatibL Risk Platform. FinTech Person of the Year: Alexander Sokol, CompatibL. Software Solution of the Year: CompatibL Risk Platform. CompatibL is proud to have been nominated in the following categories in this year’s FTF News Technology Innovation Awards: 5.Best
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Banks Urge Vigilance Amid Rise in Pandemic Scam Emails
Banking Exchange
APRIL 8, 2020
Fraudsters are posing as health officials or charity workers in order to cheat people into handing over money Risk Management Technology Customers People Mobile Online Cards Security Operational Risk Cyberfraud/ID Theft Compliance/Regulatory Feature3 Fintech Feature Financial Trends.
SIFMA Fintech Conference 2018
Insights on Business
JUNE 18, 2018
At the SIFMA Fintech Conference this week these powerful technologies will be on display in the Big Apple. Another great session, this one surrounding blockchain, will be hosted by Saket Sinha , IBM Vice President & Partner, Global Banking & Financial Markets for the Blockchain Consortium Governance and Operating Model session.
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Marketplace Lenders Navigate The Choppy Waters Of Compliance
PYMNTS
SEPTEMBER 25, 2019
An explosion of FinTechs looking to fill the gaps left across under-banked and under-financed populations, including, in many markets, small businesses, has watchdogs exploring how to promote financial inclusion and access to capital while maintaining borrower protection.
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Bitcoin Daily: Signal Messaging App Testing Crypto Payments; Gemini Adds 20 Tokens To Exchange; SIA, WizKey Partner For Credit Market Based On Blockchain
PYMNTS
JANUARY 26, 2021
In other news, European FinTech SIA is partnering with WizKey to create a platform to allow credit negotiations on blockchain for banks, financial operators and funds, according to a press release. Diokno, Philippines’ Central Bank (BSP) governor in the release.
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IBM OpenPages with Watson named one of 2019 Gartner Peer Insights Customers’ Choice
Insights on Business
OCTOBER 23, 2019
IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We have been named as a Leader in the 2019 Gartner Magic Quadrant for Integrated Risk Management Solutions as well as a Leader in the 2019 Gartner Magic Quadrant for IT Risk Management.**.
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Mazooma, Plaid Team Up To Advance Payments For iGaming, Sports Betting
PYMNTS
NOVEMBER 10, 2020
Gaming FinTech Mazooma has formed a partnership with FinTech data network Plaid to bring an instant transfer solution to the iGaming and sports betting industry, according to a Tuesday (Nov. bank connections are an ideal complement to Mazooma's ACH processing platform, risk management features and compliance protocols," he added.
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137 Mastercard and Visa Latest Companies To Step Back From Cryptocurrency
Banking Exchange
OCTOBER 14, 2019
Banks should not learn the wrong lessons, however Payments Technology Risk Management Financial Trends Cards Online Mobile Security Checks/Remote Deposit Capture Tech Management Operational Risk Compliance/Regulatory Cyberfraud/ID Theft Blockchain Fintech Feature Feature3.
Meeting the Threat in 2019: Cybersecurity for Financial Services
ABA Community Banking
FEBRUARY 11, 2019
Envisioning a Future of Prevention Feature Technology Risk Management AML & Fraud Tech Management Security Operational Risk Cyberfraud/ID Theft Feature3 Fintech Compliance Compliance Management.
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QIWI Buys Plati Potom For Undisclosed Sum
PYMNTS
OCTOBER 7, 2016
6) it has acquired a 100 percent ownership stake in FinTech startup Plati Potom. Plati Potom develops post-payment solutions for eCommerce and offline retailers, as well as data analysis and credit risk management tools. QIWI announced on Thursday (Oct.
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138 Survey shows that tools with strong user experience are key to better risk management across the enterprise
Insights on Business
JULY 17, 2019
In the current complex regulatory environment (see Figure 1), and with growing costs associated with reporting, Know Your Customer (KYC), sanctions and the like, it is important to have effective and user-friendly governance, risk and compliance (GRC) tools that staff will readily adopt and use.
Fighting the War Against Financial Crime: Without Proven Weapons, the Repercussions Can Be Severe
Banking Exchange
JULY 29, 2019
Bad actors only need to identify, infiltrate and take advantage of the weakest link in the financial services chain Compliance Risk Management Compliance Management Operational Risk BSA/AML Compliance/Regulatory Cyberfraud/ID Theft Feature3 Feature Duties AML & Fraud Fintech Payments Security.
Data Sharing, XaaS Target SMB Financing Efficiencies
PYMNTS
APRIL 16, 2020
Accelerated data sharing has become a focal point for small business lenders and FinTechs looking to speed up the time it takes for SMBs to apply for and receive much-needed funding. This week’s look at the latest in bank-FinTech collaborations and open banking initiatives finds a focus on small business lending: In the U.K.,
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The Top 250 Fintech Startups: Where Are They Now?
CB Insights
FEBRUARY 20, 2020
In 2018, companies from 31 countries and 19 categories — spanning payments, digital banking, insurance, and more — made it onto the CB Insights 2018 Fintech 250 list. Today, 22 of those companies have become unicorns, 17 have exited, and none have shuttered operations. GET THE 102-PAGE q4 2019 FINTECH TRENDS REPORT. First name.
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