White paper: demystifying PSD2
This free white paper discusses the implications of PSD2 from an end-user standpoint.
This free white paper discusses the implications of PSD2 from an end-user standpoint.
Communications compliance and analytics company Actiance has made its exit this week. The California-based company has been acquired by K1 Investment Management, an investment firm focused on acquisition-based growth opportunities, reports Julie Muhn at Finovate (Banking Technology’s sister company). K1 will join Actiance with its rival, Smarsh, which specialises on archiving compliance. The combined company will reach […]
Coming straight after yesterday’s (15 November) action, here’s our latest blockchain and Bitcoin round-up. Features Mastercard in a patent place, ING Bank opening up, and another warning from the UK’s Financial Conduct Authority. Let’s start with yet another patent. Mastercard has jumped on the blockchain payments bandwagon by filing “Method and System for Instantaneous Payment […]
While the fintech industry is no stranger to initial coin offerings (ICO) as a method of sourcing capital for start-ups, a firm is offering a novel way to make money via cryptocurrency trading.
Gibraltar Savings Bank has gone live on International Financial Systems’ (iFinancial) Bankware core system – the first phase of a three-phase implementation plan to replace its in-house legacy system.
When crime comes calling OCBC Bank won’t be bawling as it has turned to artificial intelligence (AI) and machine learning (ML) for the big fight. The Singapore-based bank says: “On any one typical work day, an OCBC Bank anti-money laundering (AML) compliance analyst would log into the bank’s transaction monitoring system and find up to […]
Watching the recent of smartphone launches, I am taken aback by just how much smartphone manufacturers have led to the normalisation and acceptance of biometrics by consumers.
UK-based regtech vendor Lombard Risk Management is supplying its regulatory reporting platform, AgileReporter, to OneSavings Bank.
Paul Taylor of Swift’s Financial Crime Compliance Services Division discusses the evolving compliance landscape and the critical role of technology in helping the industry come together as a whole to combat financial crime.
Customers trust financial firms with their details, so to protect the highly-sensitive information organisations must adhere to security and compliance standards. However, this can be challenging for employees as the processes can interfere with day-to-day operations.
The accounting standard Current Expected Credit Loss (CECL), which requires banks to calculate expected credit losses and incorporate resulting provisions into its P&L statements, necessitates a flexible, adaptable technology solution that will enable closer collaboration among finance, risk and reporting functions.
The global correspondent banking network is under pressure in several countries as some financial institutions close relationships. While financial inclusion continues to climb the agenda of regulatory authorities and financial institutions pledge their support, the de-risking taking place in correspondent banking threatens to scupper inclusion.
Turbocharge high-frequency trading, fraud prevention and real-time regulatory compliance with in-memory computing.
Untangling the “knots” at global treasuries, especially with regard to bank maintenance issues around know your customer (KYC) and other compliance activities, was the theme of a corporate treasury session yesterday (18 October) at Sibos.
Financial authorities globally are promoting open banking. While it represents a shift in the mindset of traditional banks, Heather McKenzie, editor of Daily News at Sibos, finds they may be up to the challenge.
Ensuring security on Swift’s network doesn’t have to be rocket science. Getting the basics right will help individual institutions and Swift’s community.
As financial authorities express concern about de-risking in correspondent banking, a similar phenomenon is emerging in trade finance, driven by the high costs of KYC compliance.
The Banking Industry Architecture Network (BIAN), a not-for-profit fintech industry body, has launched its latest release of its service landscape. Termed SL 6.0, the framework is designed to provide a “globally standardised and simplified” banking architecture structure, using a service-based architecture.
Swift is aligning its KYC Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for correspondent banks. First issued in 2004, the DDQ was updated in response to regulatory pressure.
Financial technology has the potential to radically transform the securities industry. The fast pace of change could lead to disintermediation, according to an Iosco study.
Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?
Cybersecurity has become a significant issue as attacks are increasing. In the new payments ecosystem, where third-party developers can directly interact with banks’ customers, data privacy and security become paramount, according to the World Payments Report 2017.
The European Central Bank (ECB) has published a guide to assessments of fintech credit institution licence applications.
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA related global tax transparency regulations.
Luxembourg-headquartered start-up Peer Mountain has unveiled a peer-to-peer self-sovereign identity, compliance and commerce delivery solution as it seeks to exploit the Equifax data breach episode. The firm says it gives users control of their data across blockchain. Consumers can choose who can access the data without the need for third party involvement. Peer Mountain says […]
It’s been over a year since I first blogged on the subject of open banking and it is fair to say, mainly driven through the regulatory pressures of PSD2 and the UK Competition and Markets Authority (CMA) led UK Open Banking initiative, that across Europe, much progress has been made in moving the banking industry to adopt APIs.
Singapore-based DBS is deploying Aguais and Associates’ (AAA) Z-Risk Engine (ZRE) to generate future credit losses on the bank’s wholesale credit portfolio, as it complies with imminent IFRS 9 requirements. According to AAA, the new financial regulations, effective from 1 January 2018, call for banks and other lenders to deliver a regular, predictive point-in-time (PIT) […]
After five years and more than a million comments on its proposed rulemaking, the CFPB has finalised its payday lending rules with the ability-to-repay test intact for many loan types.
Following the recent appointment of CEO Paul Horlock, the UK’s new payment system operator has named its first five board members.
Through the last decades of the twentieth century and into the twenty-first, data was largely a medium for bottom-line accounting: making sure that the books were balanced, the rules were followed, and the right numbers could be rolled up for executive decision-making. Attitudes toward data have changed radically in the past decade, as new people, […]
OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), has become the “first consortium” in South East Asia to complete a proof of concept for a know your customer (KYC) blockchain. The parties say the development “raises the possibility” of using blockchain to make KYC “more efficient […]
More than 40 percent of U.S. adults struggle to make ends meet, according to new data from the CFPB. While not great news on its own, the findings could help financial services providers design products directed at improving financial well-being.
The UK’s Financial Conduct Authority (FCA) is setting up an asset management authorisation hub to support start-ups entering the lively market. In a speech at the “FT Investment Management Summit Europe 2017”, Megan Butler, executive director of supervision – investment, wholesale and specialist, FCA, says the hub will help start-ups as they move between pre-authorisation […]
What will make or break bank risk management? Victoria Chatterton, strategic director of RiskMinds, gives the lowdown.
Deutsche Börse Group has signed for the SmartStream Reference Data Utility (RDU), to use its managed service and tools for Deutsche Börse’s upcoming Regulatory Reporting Hub.
Cardtronics’ $460-million purchase of rival ATM provider DirectCash Payments (DCP) has finally been approved by the UK’s Competition and Markets Authority (CMA). Back in May 2017, Cardtronics had to offer undertakings due to competition concerns, and initially didn’t. The CMA said at the time: “As Cardtronics has not offered these undertakings, the CMA will now […]
Could Australia give the UK a run for its money? Wayne Johnson, co-founder and CEO of Encompass Corporation, explores.
Webhelp, a Paris-based customer experience and business process outsourcing (BPO) firm, has acquired fellow French tech company GreenPoint.
Corlytics appoints Thomson Reuters’ head of regulatory intelligence, Stacey English, to its UK board.
The fallout from Equifax’s data breach, which compromised personal data of 143 million US consumers, continues with an investigation by the US Federal Trade Commission (FTC) and Mastercard and Visa warning issuers that more than 200 million cards are at risk.