App security an issue when banks partner with fintechs
Payments Dive
OCTOBER 15, 2019
As banks strive to offer customers good online experiences, they often partner with a variety of fintechs. But how do they ensure that their apps are secure?
Fostering FinTech-FI Trust With Data-Driven Security
PYMNTS
JUNE 5, 2020
Financial Institutions (FIs) that adopt open banking allow third parties like FinTechs to integrate with their application programming interfaces (APIs) to provide personalized financial management and payment apps that draw on bank customers’ data. We need to manage risk appropriately, but open banking is a good thing,” Davies said.
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Young B2B FinTechs Secure Their Seed Rounds
PYMNTS
JANUARY 22, 2021
Young B2B FinTechs secured some of their first investments in areas that include small business accounting, alternative lending and financial management. Volopay is building out its FinTech platform designed to streamline financial control for businesses. The company recently announced $6.5 TripActions.
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How FinTech Apps Can Ace Security
PYMNTS
SEPTEMBER 10, 2019
The September AML/KYC Tracker examines the latest fraud challenges and efforts to ensure tight security and compliance. . How Mobile Financial Startups Can Bridge the Security Gap. Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud. Around the AML/KYC Worl d. To read the full story, download the Tracker.
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Fintech Security Startup Tender Armor Raises Millions in Series A Funding
Bank Innovation
JANUARY 25, 2018
EXCLUSIVE – Fintech security company Tender Armor today raised a Series A funding from private investors. The amount was undisclosed, but company CEO Madeline Aufseeser told Bank Innovation the multi-million-dollar amount was above the industry average for the amount invested and the company valuation.
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Profitability over growth key for fintechs to secure investment
Bobsguide
JUNE 10, 2020
Fintechs must show that they have a solid business model focused on achieving profitability, not just rapid growth if they are to secure investment, according to venture capitalist firm, Anthemis Group. The coronavirus crisis may have already cost UK fintechs as much as £1.9bn, according to.
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5 data and security fintechs to watch
BankInovation
MAY 26, 2023
Open banking and authentication fintechs caught the eye of attendees at Finovate Spring 2023 this week, with several voted Best of Show by the audience. Forty-four fintech startups demonstrated their technologies and how they fit in the financial services industry. 9Spokes A dashboard […]
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Young Consumers Love to “Buy Now, Pay Later” – Here’s What to Know About the Explosive Fintech Trend
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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JPMorgan Ups Security By Blocking FinTechs From Passwords
PYMNTS
JANUARY 2, 2020
The downside of data sharing has come full circle as JPMorgan Chase strives for enhanced protection by blocking FinTech apps from accessing customers’ passwords, The Financial Times (FT) reported on Tuesday (Jan. Account aggregators Yodlee and Plaid were among the first FinTechs to sign on to using tokens for Chase transactions. .
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Fintech Funding: Capital on Tap secures a $237M credit line
BankInovation
AUGUST 26, 2022
Capital on Tap announced Thursday that it has secured a $237 million credit line from $3.8 based fintech provides fast funding to small businesses in an all-in-one business credit card and spend management platform. trillion JPMorgan and investment firm Triple Point.
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Fintechs, lacking guidance, pivot to SBA loans
Bank Innovation
APRIL 3, 2020
Treasury Secretary Steve Mnuchin last weekend confirmed “any fintech lender” will be authorized to make small business loans as part of the Coronavirus Aid, Relieve and Economic Security (CARES) Act.
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The Security Threat Of Bank-FinTech Collaboration
PYMNTS
DECEMBER 5, 2018
This is particularly true as open banking initiatives encourage bank collaboration with third-party FinTech firms and facilitate the movement of data between platforms. With the threat of third-party cyber risks rising, the financial services (FinServ) industry is especially prone to hacks that can ripple through supply chains.
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Traditional FIs Drive Modernization Through FinTech Pairings
PYMNTS
DECEMBER 29, 2020
In this week's roundup of bank-FinTech collaboration and open banking initiatives, Citi embraces the unlocking of account data to third-party FinTechs, while WEX weighs in on opportunity for banks to take advantage of partnerships. Plus, one FinTech offers a new spin on the open banking model to drive financial inclusion.
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The Bank-FinTech Collaboration Model Goes Global
PYMNTS
JANUARY 19, 2021
With more financial institutions (FIs) turning to external third-party FinTechs to strengthen their small- to medium-sized business (SMB) and corporate offerings, the collaboration model is proliferating across national borders. BNL Goes Live With Tink. ní banka Taps Temenos. The Czech Republic’s Komer?ní
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Visa Unveils FinTech Partnership Program In Europe
PYMNTS
NOVEMBER 11, 2020
Fintech Partner Connect will “support new ways for businesses and consumers to seamlessly and securely pay, get paid, send money and more,” a spokesperson for the credit card and financial services giant said in an email announcing the new program on Visa on Wednesday (Nov.
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FinTech Dave Reports Data Breach Involving 7.5M Users
PYMNTS
JULY 27, 2020
The FinTech on Saturday (July 25) confirmed the data breach after reports emerged that details involving as many as 7.5 According to the FinTech, the “malicious party” gained access to user passwords “stored in hashed form using bcrypt , an industry-recognized hashing algorithm.”.
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Fintech Deals to Watch: Fall Festivities
Gonzobanker
SEPTEMBER 21, 2023
Fiserv partnered with Central Payments LLC , a BAAS provider for fintech, and sold its Frontier Reconciliation and Accurate Reconciliation solutions to Trintech. Core10 secured a Series B funding round led by Patriot Financial Partners with JAM FINTOP and the ICBA. Finastra partnered with Glia for digital customer service.
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FinTech and the Parent-Child relationship
Chris Skinner
NOVEMBER 26, 2018
Another theme that I talk about regularly, and that came up last week, is the FinTech relationship being like a parent and child.
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Grasshopper Bank secures fintech client using Treasury Prime’s OneKey
BankInovation
APRIL 3, 2023
Grasshopper Bank has secured a new fintech client thanks to Treasury Prime’s OneKey platform, which allows fintechs greater visibility of their accounts across multiple banks. The $606 million bank began beta testing OneKey in March 2022.
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Entersekt, Netcetera Team Up On eCommerce Payment Security
PYMNTS
JANUARY 22, 2020
FinTech solution company Entersekt has upgraded its authentication technology in the DACH region of Europe, according to a release. The company recently announced that the software company Netcetera implemented the authentication system for Bank-Verlag, a company that makes and provides secure services for Germany’s banks.
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The Bank-FinTech Tie-Up Evolves
PYMNTS
AUGUST 6, 2020
As bank-FinTech collaborations evolve, more traditional financial institutions (FIs) are not only implementing services and technologies developed by FinTech partners, but they’re also lending their own expertise to augment FinTech solutions. In another bank-FinTech tie-up, J.P. Tyfone Connects FIs To Payrailz.
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Fintech Finastra Hit By Suspected Ransomware Attack
PYMNTS
MARCH 20, 2020
Banking technology FinTech Finastra was hit with a security breach on Friday (March 20), and was forced to shutter key systems and send employees home, according to a report by KrebsonSecurity. We wish to inform our valued customers that we are investigating a potential security breach. At 3:00 a.m.
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Fintech Deals to Watch: Growing in the Digital World
Gonzobanker
DECEMBER 8, 2021
Hot embers continue to glow in the fintech market that GonzoBanker mothership Cornerstone Advisors serves. According to CB Insights, US fintechs raised $14.6B Some perspective on how fast this fintech market is moving: Fintech Labs tracks 269 $1B+ valued fintech unicorns that have been founded in just the past two decades.
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214 Banks Need FinTech To Stay Competitive – And Secure
PYMNTS
DECEMBER 29, 2016
FinTech Continues Its Disruption. Traditional banks have continued their sloth-like pace in FinTech adoption, added Galarza, which has led corporates to seek innovative services from non-bank players. “In So, what can corporates expect from their banks in 2017? It’s not difficult to imagine removal of that arbitrary barrier.”.
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Southeast Asia B2B FinTech Keeps VC Wheels Turning
PYMNTS
APRIL 24, 2020
Yet demand for contactless payments and digital, automated financial solutions means FinTech funding may not take as hard of a hit as other startup segments. however, funding for FinTechs actually increased to $3.7 B2B FinTech investments appear to be relatively strong, too. In the U.S., billion, compared to $3.6 KarbonCard.
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SMB Banking-as-a-Service Ushers In Bank-FinTech Collaboration
PYMNTS
NOVEMBER 5, 2020
Small business Banking-as-a-Service rises to the top in this week's roundup of the latest bank-FinTech collaborations and open banking initiatives. Two SMB BaaS companies secured new funding, while FinTech Wise says it is ushering in a new definition of open banking with its embedded banking functionality. StreetShares.
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Banks, FinTechs Find New Models To Mesh Their Strengths
PYMNTS
JULY 28, 2020
The bank-FinTech collaboration model is often about wielding digital-native FinTech solutions to fit within bank offerings. Yet this week’s look at the latest tie-ups reveals new models of collaboration, including FinTechs expanding their footprint within banking, and wielding banks to fit within their own tech solutions.
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Fintech Funding: Arc secures $20M series A
BankInovation
AUGUST 19, 2022
Fintech Arc announced Wednesday that it has secured $20 million in a series A funding round. The San Francisco-based startup’s platform gives software-as-a-service startups access to upfront capital and provides a cash management account to store and spend funds.
Fintech Deals to Watch: Back to School
Gonzobanker
AUGUST 17, 2022
Most fintech companies are fine, but they’ve stopped blowing off econ class for mimosa brunches. Especially in fintech, which had the roughest semester last spring. Fintech is still alive and well, Gonzobankers, and fintech deals are still happening. Banks Bought More Fintechs (Until Sum mer Break Started!).
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Community Banks Accelerate FinTech Integrations
PYMNTS
JULY 7, 2020
This week’s look at the latest bank-FinTech tie-ups shows Banking-as-a-Service and other FinTech players embracing smaller regional and community banks to elevate small- to medium-sized business (SMBs) and corporate banking offerings. Build, buy or partner? Finastra Chosen by Community FI. payment schemes. Faster Payments scheme.
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Fintech Funding: Treasury Prime secures $40M
BankInovation
FEBRUARY 2, 2023
Total fintech funding and number of deals fell last year amid rising inflation and interest rates following a digitally transformative 2021 in the wake of the COVID-19 pandemic. In 2022, fintech funding fell 46% year over year to $75.2 billion, according to CB Insights’ “2022 State of Fintech Report.” In the U.S.,
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Fintech funding: Citi’s 2024 investment outlook
BankInovation
JANUARY 5, 2024
Citi plans to invest in payments, liquidity, trade finance and security services fintechs in 2024 despite ongoing changing macroeconomic conditions, Bis Chatterjee, head of partnerships and innovation at Citi Treasury and Trade Solutions, told Bank Automation News.
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Security Demands Spur Virtual Debit Card Adoption
PYMNTS
NOVEMBER 27, 2020
Businesses are also examining virtual card options that can allow employees to make company payments securely and conveniently during the pandemic. Firms are also prioritizing security as they transact online more heavily as well. based FinTech Jassby. Virtual Cards To Bring Greater Security To Transactions.
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How FinTechs View Emerging B2B Payment Innovations In 2020
PYMNTS
FEBRUARY 5, 2020
FinTechs are keeping an eye on emerging technologies at the beginning of the year — and predicting how they will impact business-to-business (B2B) payments in 2020. AvidXchange’s goal is to have 100 percent ePayment adoption with “payments delivered on time, securely and with discrete data.” FinTech and Bank Collaborations.
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Fintech on Fire: Deals to Watch
Gonzobanker
JULY 9, 2021
The fintech market is smokin’ hot right now. Fintech is no different. Q1 2021 was the largest funding quarter on record, according to CB Insights , with fintechs raising $22.8 Banks and fintechs are in a heated mashup and seeking niches. Fifth Third Bank is acquiring healthcare fintech Provide.
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Fintech Funding: QuadFi secures $100M for alternative digital lending
BankInovation
APRIL 22, 2022
Canadian digital lender QuadFi has raised $100 million in debt financing, the fintech announced Wednesday. QuadFi, founded in 2015, uses artificial intelligence (AI), machine learning, and data analytics to provide lending solutions to customers with thin or non-existent credit.
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Tighten up your community bank’s security
Independent Banker
AUGUST 31, 2022
ICBA’s Bank Security Institute offers critical incident response strategies to keep your physical branch location safe. However, it’s important not to let your community bank’s physical security protocols lapse. In August, ICBA hosted the Bank Security Institute. Look out for the next Bank Security Institute, coming soon.
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How FinTech Startups Tackle Cyber Threats With Agile Development
PYMNTS
OCTOBER 29, 2018
Privacy is not an afterthought with the “privacy by design” mindset, and FinTech startups may take a similar approach with data security. In that sense, they may incorporate data security every time they make an enhancement or a release. But how does a FinTech startup decide what to focus on for updates and enhancements?
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Upgrade says its secured card has trifecta of differentiators
American Banker
DECEMBER 13, 2023
The fintech is the second in two months to launch a secured credit card. Upgrade's version will offer up to 3% cash back and elevate users to the unsecured version over time.
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How PSD2 And Open Banking Impact Security
PYMNTS
OCTOBER 29, 2018
The greater availability of data gives financial institutions (FIs) and FinTech firms alike insight into customers’ behaviors, habits and preferences, allowing them to develop more effective tools, products and features. While these initiatives are spurring more focused financial services innovations, they also come with challenges.
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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. He advised banks to closely monitor risk and compliance in these partnerships.
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Lull Hits B2B FinTech Venture Capital Funding
PYMNTS
MARCH 6, 2020
A lull in venture capital funding has only a few B2B FinTechs this week securing new investment rounds. Just this week, RTP Global announced a a fund, with the venture capital firm planning to deploy that cash for early-stage technology companies in areas like FinTech and Software-as-a-Service (SaaS). At the same time, the U.S.
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