It’s been more than a year since the New York Department of Labor first proposed payroll card regulations, but the agency is expected to follow up with a new payroll card rulemaking in the New York State Register this week. What’s uncertain is whether the regulations will be final or if the state will be following up its controversial proposal with a revised proposed rulemaking for which it will accept additional comments.
Wolters Kluwer’s regulatory reporting platform, OneSumX, will be used by the Chinese branch of Taiwan Business Bank. With the need for enhanced regulatory reporting to the China Banking Regulatory Commission (CBRC), the bank required “scalable solution to meet the new standards”, the vendor says. These include the CBRC’s requirements for Basel III & Foreign Asset […]
FIX Trading Community, the non-profit standards body for the global financial trading industry, has unveiled the FIX Protocol for use for transmitting MiFID II Transaction Reports to Approved Reporting Mechanisms (ARMs). Under MiFID II, all investment firms (including certain buy-side institutions) executing transactions in financial instruments are required to report details of their transactions to […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Goldman Sachs to underpin new digital bank with Infosys tech It’ll be the e-Finacle digital banking platform, Banking Technology understands. Infographics: The Euro 2016 guide to e-commerce In the spirit of that football tournament that starts today, we’ve got an e-commerce […]
A less powerful CFPB and looser caps on card interchange fees: Those are among the potential features of a bill that Chairman of the House Financial Services Committee Jeb Hensarling (R-Texas) plans to introduce later this month that would overturn major provisions of the Dodd-Frank act.
Chase faces a class-action suit filed in federal court this week that alleges the bank’s debit card program for prisoners locks them in a cycle of fees upon their release.
As our society moves to a world propelled by automation, where technology has given way to artificial intelligence, machine learning, driverless cars and delivery drones, it’s not leap of faith for technologists to consider how technological advances can play a role in banking. In fact, given the proliferation of risks and controls that banks and […]
As we enter a new era in global tax reporting with increasing regulations around tax transparency, Banking Technology and Thomson Reuters have gathered industry views from across the globe to piece together a full picture on the financial market’s readiness for the Common Reporting Standard (CRS) and continued approach to the Foreign Account Tax Compliance […]
National restaurant chain O’Charley’s announced it suffered a security breach that may have exposed diners’ payment card information during a three-week period starting in mid-March.
With the CFPB’s recently announced NPRM on small-dollar loans expected to have significant effects on the industry, QCash Financial released a white paper to quell concerns credit unions might have about entering the space.
London Stock Exchange (LSE) and Boat Services have launched Tradecho, a combination of the two companies’ existing and “complimentary” trade reporting services. LSE says by early Q1 2017, Tradecho will provide a single trade reporting venue and “complement” its T+1 MiFID (Markets in Financial Instruments Directive) and EMIR (European Market Infrastructure Regulation) transaction reporting services, […]
Members of the financial services industry have launched a media campaign in support of a bill they say would provide better protection of consumer data, bring retailer accountability for data breaches in line with the financial sector and supersede myriad state laws pertaining to breach-notification regulations.
The theft earlier this year of $81 million from the Bangladesh central bank account at the New York Federal Reserve has caught the attention of more Congressional investigators. The chairman of the House Committee on Science, Space and Technology, Lamar Smith (R-Texas), has given New York Federal Reserve officials until June 14 to turn over documents related to the incident.
UK-based regulatory reporting and risk management software vendor, AxiomSL, has signed the local operations of Union Bank of India for its flagship product, XBRL. XBRL will automate regulatory reporting to the UK’s regulator, Financial Conduct Authority (FCA), at Union Bank of India (UK). AxiomSL says the project comes as part of the bank’s compliance with […]
The U.S. Postal Service (USPS), striving to overcome inefficiencies and profitability that’s historically been much more often in the red than in the black, is exploring the use of blockchain technology to improve current services, provide new services and improve operations.
US-based Friess Associates, which manages around $1 billion for institutional and private investors, is automating its ops with Linedata Longview. The new investment management platform will support portfolio management, trading and compliance at Friess Associates. Linedata highlights asset-specific workflows of its offering, an interface that can be tailored to the various roles of disparate users, […]
Experian, the information services company, has launched its CrossCore platform for fraud and identity services. CrossCore has “plug-and-play” capability and lets companies connect any new or existing tools and systems in one place, whether they are Experian, internal or third-party partner solutions. Steve Platt, global EVP, fraud and identity, Experian, says: “New fraud threats, updates […]
OakNorth says it has become the “first cloud-based bank” in the UK, eight months after launching. The bank, which provides loans of between £1 million to £15 million to “entrepreneurs and fast-growth” businesses, has been working with Amazon Web Services (AWS) and the UK’s Financial Conduct Authority (FCA) for six months on policies related to […]
We are now in a new era of global tax reporting, with more regulations around tax transparency than ever before. To pull together a full picture on the market’s readiness for the Common Reporting Standards (CRS) and approach to the Foreign Account Tax Compliance Act (FATCA), Thomson Reuters has gathered industry views from a global […]
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
A settlement agreement has been reached from a 2014 data breach between Kmart and several banks.
The 2013 Target data breach settlement has been finalized.
Poland-based subsidiary of the BNP Paribas group, Bank BGŻ BNP Paribas, is automating its risk management ops with Wolters Kluwer’s OneSumX solution. OneSumX will support asset and liability management (ALM), liquidity risk management and funds transfer pricing (FTP) at Bank BGŻ BNP Paribas. The parties already have a long-standing relationship – BNP Paribas has been […]
Data provisions for access to accounts in the PSD2 likely will spark the launch of new payment and fintech firms to handle the new data demands from consumers and to create new products, according to presenters.
Advanced Payment Solutions (trading as APS Financial) has secured a credit licence from the UK’s Financial Conduct Authority (FCA). This development allows APS to carry out consumer credit lending (including high-cost short-term credit lending) to its customer base of micro SMEs, sole traders and consumers. Rich Wagner, CEO and founder, APS Financial, says: “This credit […]
Anadolubank Nederland, a subsidiary of Anadolubank Turkey, has chosen AxiomSL’s XBRL solution to submit a range of regulatory reports to country’s central bank, De Nederlandsche Bank (DNB). The project follows the DNB’s decision to align with other European central banks by mandating the use of XBRL for European Banking Authority (EBA) regulatory submissions. Anadolubank Nederland […]
Changes to regulatory reporting requirements and their impact on investment management companies have made the implementation of regulatory enterprise risk management (RegERM) systems crucial. Mark Weir, head of data management at Maples Fund Services, explores the issue. A RegERM system should be established within a company to provide accurate and timely compliance and regulatory reporting, with the […]
The prepaid industry will be playing the waiting game a while longer. The CFPB’s final rule for prepaid accounts has been pushed back to a summer release, according to the agency’s latest rulemaking agenda.
US investment management firm Pimco has selected Kyc.com and Markit for its due diligence and onboarding requirements. Pimco has opted for Counterparty Manager, Tax Utility, kyc.com and the “entire regulatory and compliance ecosystem”. Kyc.com and Markit say their “ecosystem” provides buy- and sell-side firms, and corporates with a solution for onboarding, KYC (Know Your Customer), […]
ICAP, a UK-based financial services firm, has revealed profit and revenue loss for the year ended 31 March 2016; and a new name following the sale of its global hybrid voice broking and information business. Revenue, trading operating profit, trading profit before tax and profit before tax were all down for year ended 31 March […]
More than seven months after last October’s EMV liability shift in the U.S., customers “are forced to continue using fraud-prone magnetic stripe technology” because chip-reading payment terminals remain idle, charged U.S. Sen. Dick Durbin in a letter to Federal Trade Commission Chair Edith Ramirez.
Bloomberg has applied to the Global Legal Entity Identifier Foundation (GLEIF) to become a local operating unit (LOU) of the Global LEI System (GLEIS). By submitting this application, Bloomberg moves to the candidate stage of the LOU accreditation process and joins an existing network of LOU’s monitored by GLEIF. Peter Warms, senior manager of fixed […]
The European Banking Federation (EBF), the Global Financial Markets Association (GFMA) and the International Swaps and Derivatives Association (ISDA) are planning global policy measures on cybersecurity, data and technology through a new set of common principles. In its paper, “International Cybersecurity, Data and Technology Principles”, the organisations want to create a “starting point for dialogue […]
Coventry Building Society is working with a credit risk analytics firm, Jaywing, to meet the International Financial Reporting Standards (IFRS) 9 modelling requirements. The UK-based building society has recruited Jaywing ahead of the 1 January 2018 deadline to meet the new guidelines. Initial work is already underway, says Jaywing, and a prototype model for one […]
The CFPB today released a proposed rule that would place restrictions on arbitration clauses in financial services contracts.
Sapient Global Markets, a technology and consulting services firm, has launched RegRecon for reconciliation and regulatory reporting accuracy. RegRecon offers automated trade matching and reconciliation, break management and resolution workflow. It is available as a standalone solution and managed service, or within Sapient’s CMRS (compliance management reporting system) platform. Arun Karur, vice-president at Sapient, says […]
A U.S. Congressman from Arizona is the latest lawmaker to set his sights on prepaid cards in a bid to combat the growth of tax refund fraud. Rep. Matt Salmon (R-Ariz.) recently introduced a bill that would ban tax refunds from being loaded onto a prepaid card unless the identity of the accountholder has been “verified by an office or employee of the Department of the Treasury.”
The Federal Reserve Board seeks input on a proposed rule that could limit incentive-based executive compensation based on risk-taking behavior by banks. The move stems from the Dodd-Frank Act and comments are due July 22.
AxiomSL is implementing its flagship regulatory reporting platform at US-based PNC Financial Services. PNC, one of the largest banks in the US, will use the solution for its reg reporting needs in the domestic market, plus Canada and the Bahamas. Alex Tsigutkin, CEO at AxiomSL, says the vendor is “proud to have been chosen by […]
With MiFID II now confirmed and MAR just around the corner, Dave Tolladay of Alerts4 Financial Markets examines the key questions facing financial institutions having to increase trade surveillance monitoring spend while reducing costs. Between €500 and €700 million – that’s the estimated one-off compliance cost to be imposed on financial firms carrying out a […]
