PYMNTS

NOVEMBER 16, 2020

The European Central Bank (ECB) has plans to independently investigate an incident that affected its TARGET2 real-time gross settlement system on Oct. 23 this year, which resulted in a near 10-hour outage, according to a press release. TARGET2 is the top European platform for processing larger platforms, the release stated.

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System Payments Operations Software 217

PYMNTS

SEPTEMBER 25, 2019

Innovation can be a blanket term in the banking world. Is artificial intelligence (AI) for anti-money laundering (AML) compliance innovation? The latest Innovation Readiness Playbook surveyed more than 200 bank executives to reveal the role that core processing and IT infrastructure play in innovation performance and strategy.

Innovation 171

Innovation System Compliance Payments 171

Chris Skinner

MARCH 23, 2017

They manage the Fintech Istanbul program, and are the powerhouse behind many of the innovations we’ve seen in Turkey from mobile wallets to contactless payments. We may describe Turkish banking sector as strong, innovative, modern and well-regulated. Could you please tell us a bit about banking sector in Turkey?

Innovation 196

Innovation Cards Trends System 196

PYMNTS

OCTOBER 29, 2018

As a result of the passage and adoption of open banking regulations, like PSD2 in Europe, banks and other financial firms are sharing data more freely than ever before. While these initiatives are spurring more focused financial services innovations, they also come with challenges. Adapting To Open Banking .

Security 192

Security Fraud Tools Data 192

PYMNTS

NOVEMBER 10, 2020

Phixius provides interoperability between various participants connecting to the platform, enabling better security in moving data as opposed to storing it in a central repository like the cloud. According to Throckmorton, Phixius fixes issues with the old system by using congruent regulations and leveraging blockchain technology.

Security 181

Security Fraud Customer Experience blockchain 181

PYMNTS

APRIL 22, 2020

Global concern over the coronavirus spreading on contaminated surfaces in public places is unleashing rapid development of innovative biometric products that could assist a touchless society. The system can scan up to five people for fevers in real time as they pass through the entrance, and it sends measured temperatures to staff.

Innovation 209

Innovation New York City System Tools 209

PYMNTS

SEPTEMBER 30, 2020

It would instead offer payment companies a national servicing platform to replace the regime of state regulations such firms would be subject to under existing laws. Commercial companies accessing a payments charter would avoid oversight and regulations that protect the financial system and consumers,” the bank industry leaders wrote.

Regulation 349

Regulation National System Industry 349

PYMNTS

JANUARY 14, 2021

Bitcoin is about to get even more scrutiny by regulators, on a global stage. As reported by Reuters this week, Lagarde said at a conference sponsored by the newswire that bitcoin should be regulated — worldwide. She went on to say that “there has to be regulation. She pointed to the crypto’s use in criminal activity.

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Bitcoin Regulation Tools cryptocurrency 152

PYMNTS

SEPTEMBER 24, 2019

The bumpy road cryptos face under scrutiny from regulators (we’re looking at you, Libra ) was a springboard into a larger discussion between Zac Cohen, general manager at Trulioo , and Karen Webster on the challenges FIs and others face when deploying new technologies. Identities, in turn, must be secured, verified and reusable.

Innovation 182

Innovation Fraud Technology Security 182

PYMNTS

AUGUST 2, 2019

banking system. The Feds focused on Amazon’s resiliency and backup systems, some of the people said, describing the visit as the first of what is expected to be ongoing oversight of the tech giant. Regulators’ influence over non-banks is limited, and banks are left to vet their own vendors.

Regulation 144

Regulation Virginia Google Capital 144

Abrigo

AUGUST 6, 2019

The Financial Crimes Enforcement Network (FinCEN) is tasked with protecting the financial system both within the United States and internationally. Financial criminals are working hard, using technology and innovation to their advantage, to stay one step ahead of FinCEN and financial institutions.

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System Las Vegas San Antonio San Diego 264

PYMNTS

AUGUST 5, 2019

The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972. That stipulation is very important for the creation of the FedNow system.

System 212

System Payments Kansas Online 212

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. AML and the problem of innovation. financial regulations work. Bad actors also tend to use the U.S.

Strategy 109

Strategy Fraud Innovation Regulation 109

PYMNTS

MAY 23, 2017

Innovation is happening at the speed of payments — which, as it turns out, can be pretty fast these days. I travel three weeks out of four to meet our stakeholders in the markets they are in — customers, agents, regulators and employees. PYMNTS: What does a day in your life look like? I try to keep this to a minimum.

Innovation 190

Innovation Payments Compliance Risk Management 190

Perficient

FEBRUARY 29, 2024

Going forward, banks should: Implement AI-driven systems to streamline credit decision processes, reducing decision times, and enabling faster responses to loan applications. Explore and integrate alternative data sources and innovative scoring models to offer fairer assessments of creditworthiness.

Trends 221

Trends Industry Analytics Compliance 221

PYMNTS

APRIL 22, 2020

The surge in gig workers and independent contractors has professionals, service providers and regulators engaged in new debates about what it means to be an employee or a small business. ACH Innovation Breaks The Mold. One of the biggest barriers to payroll innovation in recent decades has been the process’s reliance on ACH.

Innovation 155

Innovation Payments Fintech System 155

PYMNTS

DECEMBER 31, 2020

In our crazy banking system, you don’t actually have to prove who somebody is to put their name on a piece of paper and stick it in the mail,” he noted. One is regulatory trends, where regulators are looking to increase competition in this field and drive innovation. "One The other is technological innovation.

Innovation 289

Innovation Payments Trends Regulation 289

PYMNTS

NOVEMBER 7, 2016

Federal Reserve is turning heads for its attention to faster payments, but the Fed has recently announced yet another initiative in the payments innovation space. Last week, the Fed’s Secure Payments Task Force called for comment from industry stakeholders about what challenges they face when it comes to payments security.

Security 193

Security Payments Survey Innovation 193

PYMNTS

MARCH 21, 2019

Not an entirely surprising fact, given that it is the collision of two highly specialized and extremely regulated worlds. Large providers, drug manufacturers and insurance firms have big innovations that are moving them away from checks. The Foundation For Innovation. The way the whole industry has evolved, it is very layered.

Innovation 152

Innovation Payments Regulation System 152

PYMNTS

FEBRUARY 5, 2018

Last month, Canada’s Competition Bureau released its final study on tech-led innovation in FinTech, offering regulators some thoughts on competition in the payments sphere, along with suggestions on where the competitive landscape could be improved. PYMNTS asked which countries might be a model and a template for innovation for Canada.

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Regulation Bitcoin Innovation Study 103

PYMNTS

JUNE 20, 2019

Unlike social media … the terms of engagement for innovations such as Libra must be adopted in advance of any launch.”. One thing he wants to do right away is to enhance the coordination between financial regulators in the country. “To The Bank of England approaches Libra with an open mind but not an open door,” Carney said.

Regulation 116

Regulation social media cryptocurrency Capital 116

PYMNTS

FEBRUARY 4, 2020

Open Banking’s European success has kicked off interest in similar regulations worldwide, most notably in China, India and Singapore, where digital banking’s popularity among general consumers is rapidly rising. SCA Questions Stall Innovation. This fractured SCA’s ability to innovate, and challenges persist months after its deadline.

Fraud 144

Fraud Regulation Compliance Innovation 144

Cisco

NOVEMBER 15, 2022

Open banking allows third-party financial services companies to access consumer banking, transaction, and other financial data via the secure use of APIs. It is about opening up information to spur innovation of third-party providers to build new, added-value offerings. In the U.S. Cisco in the evolving ecosystem.

Innovation 160

Innovation Security Innovation Strategies Data 160

PYMNTS

DECEMBER 23, 2020

The road to mainstream acceptance of cryptocurrencies will still have its bumps, its potential roadblocks set in place from regulators. At the heart of it all might lie a jousting existential in nature — namely, between the companies that create and issue cryptos and the agencies that regulate them.

cryptocurrency 234

cryptocurrency Security Bitcoin Regulation 234

PYMNTS

MAY 24, 2019

The Financial Crimes Enforcement Network ( FinCEN ) is launching an initiative called the FinCEN Innovation Hours Program, as a call to private sector companies that have developed tech to fight money laundering and terrorist financing, the organization said in a release. FinCEN expects to hold events in the Washington, D.C.

Innovation 124

Innovation US Metro Washington 124

PYMNTS

SEPTEMBER 22, 2016

The goal is to keep FinTech companies and innovation stateside. The bill is a direct aim against losing financial innovation to the U.K.’s The U.K’s sandbox program allows firms to test new innovation, products and business ideas through a limited launch, sidestepping the full regulatory process. 22), his second of the summer.

Regulation 100

Regulation Fintech Innovation Bitcoin 100

PYMNTS

DECEMBER 4, 2017

According to McAfee, while companies are embracing innovations like machine learning to safeguard their systems, attackers, too, are using these same tools. In this week’s B2B Data Digest, PYMNTS dives into new research about small businesses’ data security and cybersecurity efforts.

Security 136

Security Data Survey Regulation 136

PYMNTS

JUNE 9, 2019

International Monetary Fund Managing Director Christine Lagarde issued a warning over the weekend about the impact artificial intelligence may have on the financial system across the globe. But it has also led to two firms controlling more than 90% of the mobile payments market.”

Industry 190

Industry Big Data Fintech Taxes 190

PYMNTS

SEPTEMBER 11, 2019

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. 11) about the importance of innovation and the regulation of non-banking financial institutions (NBFI), according to a release.

social media 116

social media Compliance Innovation Regulation 116

PYMNTS

DECEMBER 14, 2018

Banks and businesses handling personal information face a delicate balancing act as global systems embrace smarter payments. They must deliver services that customers and clients demand while securing their personal data. More Data, More Innovation. Other data-focused regulations also went into effect this year.

Payments 180

Payments Regulation Data Security 180

PYMNTS

SEPTEMBER 29, 2017

Through the EU’s passporting system, the new license enables PingPong to operate throughout the continent, thus better facilitating eCommerce transactions between China and Europe through PingPong’s cross-border eCommerce payments services. PingPong is yet another innovative FinTech player that chose Luxembourg as its EU hub.

Security 129

Security Payments Fintech United States 129

PYMNTS

MARCH 6, 2020

Digital payments sent internationally are expected to move past $1 trillion in 2025, but getting to that point will require support from payment providers, regulators and other such firms still building out the necessary infrastructure. The aim of creating this system was both to provide more speed and security to the country’s merchants.

Payments 304

Payments New York Metro New York City 304

PYMNTS

MARCH 21, 2019

Not an entirely surprising fact, given that it is the collision of two highly specialized and extremely regulated worlds. Large providers, drug manufacturers and insurance firms have big innovations that are moving them away from checks. The Foundation For Innovation. The way the whole industry has evolved, it is very layered.

Innovation 100

Innovation Payments Regulation System 100

PYMNTS

OCTOBER 26, 2020

Ma has criticized the financial and regulatory system in the past, saying they “stifle innovation,” according to Reuters. He wants to see a revamping of the system that would give small businesses more access to financial services, which is what Ant was based on.

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Groups New York City Report New York 213

PYMNTS

JUNE 8, 2016

In a payments landscape that is ever-changing and rapidly growing, having a focus on innovation that takes that same approach is significant. As Peter Read , President of Peoples Card Services , recently pointed out to PYMNTS, needs are never static, and neither should the payments innovation aimed at addressing them.

Innovation 100

Innovation Millennials Cards Fintech 100

Insights on Business

AUGUST 22, 2018

IBM RegTech Innovations. Regulatory change is growing in size and IBM’s innovative end-to-end GRC solution , powered by Watson, is enabling the financial services industry to meet this challenge. Given these issues, it is critical that governance, risk and compliance (GRC) systems are leveraged to enhance this process.

Compliance 79

Compliance Innovation Technology Policies 79

PYMNTS

NOVEMBER 27, 2019

Although facial recognition and biometrics offer security authentication and transaction speed, the measure also opens the door to data theft as cybercriminals seek ways to beat the system. Its goals include developing standards for safety and accuracy, as well as supervising the fast development of the technology.

Regulation 130

Regulation National Security Technology 130