Abrigo

SEPTEMBER 11, 2023

Takeaway 2 AI can lead to more accurate and consistent outputs or predictions, better risk management, and improved customer experiences. DOWNLOAD Takeaway 1 With generative AI technology improving by the day, the question is not if the banking industry will utilize it, but when.

Risk Management 195

Risk Management Data Technology Fintech 195

PYMNTS

NOVEMBER 4, 2020

regulators have taken a more hands-off approach by issuing non-binding guidelines, thus allowing industry stakeholders to pave the way forward. regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”. And that is not all.

US 171

US Boston Regulation Data 171

Abrigo

JANUARY 3, 2024

Takeaway 2 A December 2023 final rule establishes guidelines for who may access BOI and for what purposes. Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a new regulation on the requirements, including how AML staff will access the information through a new federal beneficial ownership information (BOI) registry.

Fraud 221

Fraud Regulation Report Compliance 221

PYMNTS

OCTOBER 18, 2018

At the time, Heinz Tännler, finance director of the canton of Zug in Switzerland, told reporters that the nation would clarify financial regulations on providing banking services to crypto businesses by the end of the year. “Time is pressing,” he said.

Guidelines 213

Guidelines cryptocurrency blockchain National 213

Cisco

FEBRUARY 10, 2022

Throughout the pandemic, financial services firms have been prioritizing health and safety of their employees by implementing hybrid work while abiding by guidelines and regulations. SECURE – being secure by design, private by default. MANAGED – delivering modern infrastructure, frictionless administration.

Security 149

Security Operations Guidelines User Experience 149

Perficient

AUGUST 3, 2023

Generative AI ingests data and understands guidelines incredibly well; therefore, businesses across industries are jumping to take advantage of all the possible ways the tool can help save them money and create elevated, uber-personalized customer experiences.

Industry 83

Industry Risk Management Customer Experience Fraud 83

Abrigo

FEBRUARY 25, 2022

Codified risk-based approach The AMLA codified the risk-based approach for the first time, and a thorough risk assessment is necessary to justify businesses to your regulators. ?As As regulators get up to speed with new FFIEC Exam Manual updates, you may need to remind them that not all groups of customers present the same risk.

Regulation 195

Regulation Policies Compliance Washington 195

PYMNTS

SEPTEMBER 28, 2020

Banks, businesses and consumers fundamentally altered how they interacted with each other in the early months of the COVID-19 pandemic — and regulators tasked with making sure their data and payments are kept safe took notice. Regulators in countries like Egypt have only recently rolled out their data protection rules.

Online 151

Online Report Payments Regulation 151

PYMNTS

NOVEMBER 30, 2017

Europe’s Revised Payment Service Directive (PSD2) has yet to come into effect, and some of its guidelines remain in consultation. The EU is also gearing up for additional, overlapping regulations that could confuse financial services players regarding how (and when) to become PSD2-compliant. It won’t be easy, though.

Guidelines 109

Guidelines Regulation Compliance Data 109

Abrigo

SEPTEMBER 5, 2023

Portfolio segments should be monitored and managed, not get buried in exception counts. This is particularly true of credit exceptions related to account management (e.g., Management may conclude that specific sections of the written policy are no longer relevant. It just stays on forever. and property tax payments.

Policies 195

Policies Lending Risk Management Examples 195

PYMNTS

OCTOBER 14, 2019

Part of the problem is that money laundering controls are easier for fraudsters to anticipate than security measures for other cybercrimes. security standards from those in markets like Europe. financial regulations work. Bad actors also tend to use the U.S.

Strategy 109

Strategy Fraud Innovation Regulation 109

FICO

SEPTEMBER 29, 2020

Here’s what participants said about managing debt collection in the pandemic this year — and what they see for the future. Across all markets, regulation moved quickly around payment holidays and moratoriums for both the consumers and SMEs. Topic 1: What blind spots do you have in your customer risk and treatment profiling?

Management 87

Management Analytics Data System 87

PYMNTS

MARCH 27, 2019

While regulators had transparency and financial security in mind when introducing more stringent requirements for banks following the global financial crisis, financial institutions faced a sudden surge in the burden compliance. There is a silver lining, however, if financial institutions are willing to recognize it.

Compliance 116

Compliance Data Regulation Analytics 116

PYMNTS

MARCH 27, 2020

Under PSD2 regulations, Payment Initiation processes enable an end-user to initiate payment to a seller directly from their bank account rather than relying on a third-party payment provider to facilitate the payment. Each one of these factors provides tangible benefits to businesses.”. Opening The Door To QR Codes. A B2B Opportunity.

Payments 151

Payments Innovation Security Guidelines 151

PYMNTS

NOVEMBER 5, 2018

The latest changes proposed by the Fed come on the heels of the May 2018 passage of the Economic Growth, Regulatory Relief and Consumer Protection Act, which in turn scaled back a number of financial regulations introduced a decade ago in the aftermath of the 2008 Financial Crisis.

Regulation 128

Regulation Guidelines New York Groups 128

PYMNTS

APRIL 16, 2020

That firm recently secured funding from Visa, which is also in the process of acquiring Plaid as part of its own wide-ranging open banking initiatives. Open banking startup Railsbank, founded by Currencycloud Founder Nigel Verdon, secured some high-profile funding with the recent investment by Visa, according to recent reports.

Data 167

Data Lending Regional Fintech 167

CFPB Monitor

APRIL 4, 2019

noted in the Letter, the Interagency Guidelines Establishing Information Security Standards , which were promulgated pursuant to the Gramm-Leach-Bliley Act and incorporated into the FDIC’s Rules and Regulations as Appendix B to Part 364, establish standards for safeguarding customer information.

FDIC 68

FDIC Technology Guidelines Security 68

PYMNTS

AUGUST 8, 2019

When Reuters asked Apple about the Russian investigation, the tech giant referred to a statement it made on April 28 stating that it removed several parental control apps because they “put users’ privacy and security at risk.”. Kaspersky said Apple’s requirements created unfair competition for third-party developers.

Apple 108

Apple Guidelines Policies System 108

PYMNTS

JUNE 6, 2019

When new regulations take effect, especially sweeping ones that impact eCommerce, at least some firms take a “wait-and-see” approach. As McLain noted, when it comes to privacy and GDPR for merchants, “at the end of the day, it’s about allowing consumers to exercise their rights under that regulation.” Call it the chain of doubt.

Fraud 180

Fraud Exercises Regulation Study 180

FICO

NOVEMBER 1, 2016

Look no further than the US presidential debates , where our two candidates have highlighted the need to address hackers, security breaches and even foreign nations that may be using sophisticated cyber tactics to influence the outcome of the upcoming November elections. These days, cybersecurity is a hot-button issue in policy circles.

New York 40

New York Regulation Policies National 40

PYMNTS

JUNE 12, 2018

In an update to its developer guidelines, Apple has banned mining. The idea, according to Jan Denecke, CEO of WENN Digital, is to pay “photographers fairly and [give] them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”

Apple 129

Apple Bitcoin cryptocurrency Guidelines 129

PYMNTS

SEPTEMBER 25, 2020

Mastercard has grown its Digital-First Card Program in North America as demand rises for digitally-driven money management offerings. Money transfer organizations have to remain in compliance with regulations or they will encounter sizable penalties or let crime spread. HSBC To Staff: Stay Off Bank’s Social Media Accounts .

Maine 153

Maine social media Atlanta Massachusetts 153

PYMNTS

JANUARY 10, 2018

is planning to launch its own cryptocurrency, Kodakcoin, described as “a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management.”. The blockchain hype certainly hasn’t risen without catching the attention of regulators. Regulatory Moves.

blockchain 101

blockchain Nebraska Bitcoin cryptocurrency 101

CFPB Monitor

SEPTEMBER 23, 2019

The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt collection, furnishing, and mortgage originations. Credit card account management. The CFPB has released the Summer 2019 edition of its Supervisory Highlights.

Cards 60

Cards Report Policies Regulation 60

PYMNTS

MARCH 19, 2018

The European General Data Protection Regulation ( GDPR ) framework looms, with a deadline of May 25, 2018. In an interview with PYMNTS’ Karen Webster, Felix Marx, the CEO of Truata, said the trust is structured to be independent of customers and other stakeholders in the way personal data is managed.

Analytics 124

Analytics Data Compliance Tools 124

PYMNTS

SEPTEMBER 11, 2019

According to the new Simplifying Cross-Border Payments Playbook , there are five key criteria that an ideal cross-border payment solution should meet: speed, security, compliance, transparency and ubiquity. Currently, there are 57 real-time payments rails operating in more than 72 countries, with even more under construction.

Payments 190

Payments Regional Operations Guidelines 190

CFPB Monitor

OCTOBER 31, 2022

The CFPB has taken a significant step towards issuing regulations to implement Section 1033 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business review panel (Panel).

Data 78

Data Compliance Regulation Policies 78

PYMNTS

MAY 31, 2018

It’s still early — hardly minute one — in the unfolding history of the General Data Protection Regulation , but a winner is emerging that is both familiar and big: Google. It hardly needs to be explained, but the GDPR is the European Union’s new privacy law. That’s not to say those large firms are immune to post-GDPR flak. .”

Google 116

Google Regulation Online Data 116

BankBazaar

APRIL 27, 2020

Opening a bank account is nothing short of an ordeal-from running around gathering documents that date to your school to ensuring that they meet the individual bank’s guidelines in terms of the order, signatures etc.–it Enter the security code displayed. –it can be quite long drawn-out and frustrating!

Guidelines 127

Guidelines Regulation Management Data 127

PYMNTS

MAY 30, 2018

Banks, he noted, have to be compliant with a host of extremely stringent regulations, and often across multiple jurisdictions – all with different rules. Throw into the mix consumer protection guidelines, active anti-money laundering checks and capital requirements, and things get difficult, Oosthuizen noted.

Fintech 160

Fintech Regulation Compliance Innovation 160

CFPB Monitor

AUGUST 7, 2020

The guidance notes that the principles outlined in the joint statement apply to both commercial and retail loan accommodations and are consistent with the Interagency Guidelines Establishing Standards for Safety and Soundness.

Risk Management 78

Risk Management Management Guidelines Report 78

PYMNTS

JANUARY 15, 2018

In an interview with PYMNTS, Jordi Gascon, with EMEA Security at CA Technologies, noted the challenges for banks across the EU, right out of the gate: “PSD2 compliance is a must, and they need to cope with the intrinsic risks of opening their infrastructure to third parties.” Regulation News Closer to Home: The CFPB.

CA 112

CA Bitcoin Data Security 112

PYMNTS

JUNE 27, 2016

As a result, he says, regulators are on “high alert” and can impose harsh penalties when financial institutions don’t follow proper risk management strategies. The regulations were vague, and were more like guidelines. But, there was an issue with that initiative, he points out.

Regulation 101

Regulation Guidelines Risk Management Operations 101

CFPB Monitor

JULY 6, 2021

Not complying with the FCRA 3-business day requirement for placing a security freeze on a consumer’s credit report after receiving the consumer’s freeze request. Financial institutions were found to have violated Regulation E by: Failing to comply with provisional credit requirements for disputed transactions. Mortgage origination.

Lending 78

Lending Report Regulation Analysis 78

Insights on Business

OCTOBER 11, 2018

Banks moving core applications to the cloud need to follow certain guidelines and standards for the migration/transformation and overall banking ecosystem to work successfully. Some of these standards are getting established by regulatory bodies, such as the PSD2 regulation in Europe, which covers payment initiation and account access.

Meeting 111

Meeting Customer Experience System Guidelines 111

PYMNTS

JULY 15, 2016

That puts these products under the rubric of Regulation Z, which Fauss says was never meant to handle deposit accounts. Regulation Z governs credit products, forcing full credit underwriting when credit is extended. Who Uses Prepaid Anyway? Fauss notes that is not a regulatory hurdle regular DDA accounts must clear.

Cards 100

Cards Millennials Regulation Cyber Security 100

NCR

AUGUST 31, 2016

Yet banks need one important yet not easily attainable ingredient to do mortgages right in an era of ever-increasing rules and regulations—quality. Some banks choose to overcome the quality hurdle—which is demanded by both regulators, GSEs and investors—by hiring their own QC staff. Mortgage compliance does not come cheap.

Community Bank 49

Community Bank Community Guidelines Compliance 49