PYMNTS

JULY 8, 2019

To that end, Andrea Enria, the European Central Bank supervisor, said this past week that the European banking system is operating with excess capacity, and that efficiency might be spurred by mergers and acquisitions. The IT error was connected to the integration of old and new IT systems. As many as 1.6 30, 2014 to Dec.

System 108

System Regulation Capital Report 108

PYMNTS

JANUARY 6, 2020

Regionally operated payment systems in Jamaica will consequently be regulated more closely. The bank explicated that FMIs are crucial to Jamaica’s financial system and the country’s broader economy, contributing to overall financial growth.

System 131

System Payments Regulation Security 131

PYMNTS

JULY 19, 2020

Equity crowdfunding program Equifund CFP is launching a Regulation Crowfunding offering to help cannabis tech company Drop Delivery raise money for its all-in-one delivery system for cannabis products, according to a press release.

System 218

System Capital Payments Regulation 218

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers.

Compliance 221

Compliance New York Regulation Analysis 221

CFPB Monitor

AUGUST 12, 2022

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Cyber Security Regulations. The Amendments, if adopted, would further regulatory trends and impose important new requirements on covered entities. The Amendments contain three significant changes relating to ransomware.

Regulation 147

Regulation Cyber Security New York Trends 147

Cisco

OCTOBER 4, 2022

It is an update to the 2004 Operations book, and links the different processes of Architecture, Infrastructure, and Operations (AIO) into a cohesive framework for auditors to assess. In this booklet the FFIEC discusses the principles and practices for IT and operations, as well as processes for addressing risk respective to IT systems.

Operations 118

Operations Software Risk Management Management 118

BankUnderground

NOVEMBER 2, 2022

Operational risk is rapidly becoming one of the most important threats to the financial system but is also one of the least well understood. But they are only one part of operational risk, which includes losses from any kind of business disruption or human error, including power outages or natural disasters.

Operations 87

Operations Policies System Regulation 87

CFPB Monitor

NOVEMBER 9, 2022

On November 9, 2022, New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris announced that the NYDFS formally proposed an updated cybersecurity regulation. The proposed regulations would create three different tiers of companies based on their size, operations, and nature of their businesses.

Regulation 78

Regulation Compliance New York Training 78

Perficient

OCTOBER 27, 2022

In addition, the regulators are trying to keep as many resolution options as possible open for the FDIC to resolve a firm in a way that minimizes the long-term risk to the Deposit Insurance Fund (DIF). GSIBs maintain enough loss-absorbing capacity to fully recapitalize material subsidiaries quickly for continuous operation.

Capital 275

Capital Regulation FDIC Regional 275

PYMNTS

OCTOBER 12, 2020

Facebook's proposed global digital currency Libra is expected to get pushback from G7 leaders who are anticipated to publicly oppose the project due to a lack of regulations, according to a Reuters report on Monday (Oct. The draft will be presented on Tuesday (Oct. 13) during a meeting of finance ministers and central bankers from the U.S.,

Regulation 200

Regulation Meeting System Security 200

PYMNTS

AUGUST 11, 2020

Merchant cash advance companies avoid much of the regulation banks face by claiming that rather than giving loans to businesses, they’re paying the business cash now in return for a cut of future revenue. One business owners said he felt as if he were dealing with an entity almost like “a gangster operation.”.

Lending 237

Lending Regulation Philadelphia New York 237

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. It is owned and operated by the Eurosystem and allows bank submissions from central banks and commercial banks.

System 217

System Payments Operations Software 217

PYMNTS

AUGUST 6, 2020

These payment options consist of cloud-based software systems that connect international payment protocols via application programming interfaces (APIs), with revenues typically coming from subscription fees or per-transaction surcharges. The payments-as-a-service (PaaS) industry is projected to reach $16.7 About The Tracker.

Regulation 245

Regulation Payments Innovation Fintech 245

Payments Source

SEPTEMBER 13, 2017

s Payment Systems Regulator and the Bank of England have officially formed the New Payments Systems Operator (NPSO), a regulatory body that will soon replace three existing payment systems.

Operations 60

Operations System Payments Regulation 60

Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies. Personalization of Customer Services.

Regulation 309

Regulation Industry Risk Management Analysis 309

PYMNTS

DECEMBER 4, 2020

4), Dutch antitrust regulators have been looking at the company – specifically into Apple’s Pay’s near-field communications (NFC) operability. Per the Dutch regulators: They’ll seek to investigate “whether limiting the payment apps’ access to NFC communication reduces the users’ freedom of choice.”

Regulation 150

Regulation Apple Google Software 150

PYMNTS

OCTOBER 30, 2020

Slow compliance checks and sluggish processing times are commonplace, especially on the legacy systems still used by many banks around the world. The following Deep Dive explores the various hurdles that payments face as well as how automation and cloud-based systems can help FIs overcome them. consumer purchases made with cash.

Operations 228

Operations Payments Compliance System 228

PYMNTS

JUNE 20, 2019

On Wednesday (June 20), Fed chairman Jerome Powell said that the country’s central bank has “significant input into the payments system,” which is the eCommerce system that Libra will affect. Libra won’t, he said, displace the current currency system, or complicate monetary policy. “I It’s something we’re looking at,” he said.

Regulation 168

Regulation cryptocurrency System Bitcoin 168

Accenture

OCTOBER 5, 2021

Core banking systems have sat at the heart of banks’ operations for decades. But with the banking landscape changing faster than ever – thanks to new digital innovations, regulations, and consumer expectations – many of these legacy platforms now struggle to keep pace. The result?

Regulation 312

Regulation Innovation System Operations 312

PYMNTS

JULY 16, 2019

France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters. Because digital currency is so new, regulations vary around the world.

Regulation 143

Regulation Company cryptocurrency Taxes 143

TheGuardian

MAY 12, 2021

Regulator to review mechanism that allowed now collapsed bank to operate in UK without a licence The head of the UK financial regulator has promised to consider imposing restrictions on a system that allowed the now collapsed bank Greensill Capital to operate in the UK without a licence. Continue reading.

System 81

System Regulation Operations Capital 81

PYMNTS

FEBRUARY 25, 2019

As regulators overseeing non-banks, our goals are clear: Ensure the safety and soundness of the financial system, protect consumers and streamline the multistate experience,” said Mark Quandahl, chairman of the CSBS Emerging Payments & Innovation Task Force, in a statement. “As

Regulation 147

Regulation Fintech Community Bank Community 147

PYMNTS

DECEMBER 12, 2017

Airbnb , the short-term, home-sharing site, has removed a payment system in France that was deemed controversial. Hotel operators in France contend Airbnb is creating unfair competition. The company told the newswire that less than 1 percent of hosts in the country of France use the system.

System 100

System Regulation Payments Taxes 100

PYMNTS

SEPTEMBER 14, 2017

The Payment Systems Regulator (PSR) and Bank of England (BoE) announced Wednesday (Sept. 13) that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to meet a mandate handed down by regulators. s financial system.

System 134

System Payments Regulation Groups 134

Perficient

FEBRUARY 29, 2024

Banking institutions are responding by integrating advanced technologies, particularly artificial intelligence and data analytics, into their lending operations to enhance efficiency and adaptability. The emergence of modern alternatives to traditional credit scoring signifies a broader movement toward financial inclusion.

Trends 221

Trends Industry Analytics Compliance 221

Accenture

OCTOBER 5, 2021

Core banking systems have sat at the heart of banks’ operations for decades. But with the banking landscape changing faster than ever – thanks to new digital innovations, regulations, and consumer expectations – many of these legacy platforms now struggle to keep pace. The result?

System 221

System Regulation Innovation Operations 221

Perficient

JUNE 1, 2022

So far in our 6-part blog series explaining the intricacies of TRACE, we have defined TRACE reporting, detailed the prep work to be done in order to effectively report TRACE transactions , and reviewed considerations for alternative trading systems. by programming systems to delay reporting until the end of the reporting period.

Report 294

Report Security Regulation System 294

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

FEBRUARY 3, 2019

NoteMachine , one of the biggest ATM operators in the U.K., According to a report in The Financial Times , NoteMachine contends Link ran afoul of competition rules by making changes to its payment system. is threatening to sue Link , the U.K. body that oversees the network of cash machines in the country.

ATM 109

ATM Operations Regulation Report 109

PYMNTS

DECEMBER 16, 2020

Gojek Debuts POS System for Indonesian Merchants That Accepts Cashless Payments. Southeast Asian super-app operator Gojek is launching its new GoBiz Plus point-of-sale (POS) technology for all-in-one-purposes for micro in addition to small to medium-sized businesses (SMBs) in Indonesia. “The

Technology 240

Technology System social media Payments 240

PYMNTS

JULY 5, 2019

The Bank of Japan ( BOJ ), Japan’s central bank, has joined in with other regulators and officials around the world in its worry over Facebook’s proposed cryptocurrency Libra , according to reports. . The bank is worried that the currency will be difficult to regulate and that it could potentially harm the existing financial system. “It

Regulation 102

Regulation cryptocurrency United States Policies 102

Cisco

JULY 12, 2022

Regulatory requirements are a key operational concern that we hear about from our financial customers. As a key provider of technology for mission-critical financial system infrastructures across the globe, Cisco is held to the highest levels of scrutiny in the financial services regulatory audit chain. Infrastructure Management.

Regulation 71

Regulation FDIC System Software 71

Perficient

SEPTEMBER 16, 2022

Concerned that crypto-asset-related activities pose risks related to safety and soundness, consumer protection, and financial stability, the Supervisory Letter also emphasized that FRB member banks and affiliates must have adequate systems and controls in place to conduct crypto-asset-related activities. Determining Legality.

Compliance 275

Compliance Risk Management System Regulation 275

CFPB Monitor

DECEMBER 2, 2021

The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic. Covered banking organizations are required to provide notice to their relevant regulator in the event that a “Notification Incident” occurs. It places new reporting requirements on both U.S.

Regulation 78

Regulation Report FDIC Security 78

Abrigo

JULY 27, 2023

Of course, banks and credit unions are highly regulated industries, and this is increasing. They must not only comply with regulations aimed at protecting the safety of the FI but also those protecting the customers/members.

Technology 195

Technology Fraud Compliance Regulation 195

Abrigo

JULY 27, 2023

Of course, banks and credit unions are highly regulated industries, and this is increasing. They must not only comply with regulations aimed at protecting the safety of the FI but also those protecting the customers/members.

Technology 195

Technology Fraud Compliance Regulation 195

Bobsguide

JULY 3, 2022

Leading fintech company, AutoRek, is delighted to have been recognised at the Systems in the City Financial Technology Awards 2022 in both the ‘Best CASS Solution’ and ‘Best Wealth Management Solution’ categories and are excited to have achieved the accolade ‘Best CASS Solution’ for the third consecutive year.

System 78

System Fintech Financial Technology Regulation 78