Regulators across the globe appear divided on the question of whether tighter control of algorithmic trading is necessary: the Australians are pretty laid back about it, the Germans are ahead of the game, while political debate rages in the US …
BLE is getting a lot of buzz because of its potential to complement other technologies like NFC for marketing and consumer engagement, but certain questions remain about its purpose and future.
Canada’s Vancity Credit Union could be an inspiration for U.S. lenders as it explores new territory, working with the CFSI to devise an affordable small-dollar loan product with an unsecured credit line suitable for underbanked consumers.
Setting up a bank in the UK is costly, time-consuming, heavily regulated and not easy. As a result, the dynamic, start-up culture that drives innovation in many other sectors is less prevalent within banking and financial services.
The rise of new technologies is drastically redefining both the responsibilities of chief financial officers and the way they work, providing the ability tomake better organisational decisions with faster, accurate and more reliable data.
As the implementation of T2S approaches, there is still a gap between the readiness levels of different types of market participant, new Celent research finds. But a ‘wait and see’ approach can only take some firms so far, argues Isabelle Olivier, head of clearing and settlement EMEA at Swift
With passwords continuing to attract widespread derision from consumers it seems that businesses are starting to listen to their customers and in recent weeks voice biometrics has been hitting the headlines, as the technology is set to replace the bane of so many people’s lives.
Banks should not be blind-sided by sustaining innovation: a large part of their digital initiatives look at delivering existing services cheaper, faster and (sometimes) better – but true disruption occurs when addressing customer needs better, faster and maybe, cheaper.
In a landmark ruling, the US Supreme Court has ruled that the intermediated settlement of financial exchanges is an abstract idea and therefore not patent-eligible. David Puth, chief executive of CLS, which won the case in question. discusses the implications of the ruling.
The Supreme Court ruled today to throw out President Obama’s recess appointments to the National Labor Relations Board (NLRB) as unconstitutional. CFPB Director Richard Cordray was appointed the same day but has since been confirmed by the Senate, suggesting the ruling will have little or no effect on the CFPB.
With the advancement of smartphone technology and social media, we’re witnessing a cascade of innovation around loyalty and incentive products. But driving steady deal redemptions requires smooth connections to payment network rails.
Growth in prepaid GPR and payroll cards today exceeds that of all other noncash forms of payment, but stickiness remains a problem for issuers and program managers. Adding mobile access and other financial tools to the mix—such as check deposits with instant good funds and expedited bill pay–makes prepaid a compelling proposition for consumers and providers alike.
A lesson learned from the global financial crises was how critical free cash flow can be for corporates, their customers, and their suppliers. As businesses seek to unlock cash flow from day-to-day operations, savvy treasurers have discovered vendor payments as a means to extend payment terms while improving vendor health, writes Chris Bozek, Managing Director, Head of Global Trade and Supply Chain Products Bank of America Merrill Lynch.
A consortium of merchant groups has been given more time to decide if it will try to take a long-running lawsuit against the Federal Reserve Board of Governors to the U.S. Supreme Court.
While digital currency has received a frosty reception from many national governments, it has been greeted a bit more warmly in Canada.
Depending on who you speak to, the definition of a data scientist seems to mean different things to different people. Some see it as a glorified number crunching role, others believe the position requires someone more inquisitive to spot and respond to key trends.
CFPB Director Richard Cordray headed to the House yesterday to present his bureau’s semi-annual report to the House Financial Services Committee, headed by Jeb Hensarling (R-Texas).
The FDIC has issued another consent order for a company with significant prepaid business and again the focus is on Bank Secrecy Act (BSA) compliance.
In April, US post-trade utility the DTCC called for the US settlement cycle to be moved to T+2, to bring it into line with what’s happening in the rest of the world, which is converging on T+2 settlement cycles – at different speeds.
Could the establishment of an enhanced outsourcing oversight capability do more for asset managers than simply satisfy the FCA? A more mature set of oversight metrics could be used to provide foresight into how the outsourcer might perform in the future.
The Bancorp Bank, a wholly owned subsidiary of The Bancorp Inc., this week revealed in an 8K filing with the SEC that it’s stepping up its Bank Secrecy Act (BSA) compliance efforts in accordance with an FDIC consent order that went into effect June 5.
Rather than spending time debating which option is worse for consumers—overdraft or payday loans—or focusing solely on reining in overdraft, we ought to shift our energies to creating new credit products that meet consumers’ needs transparently and affordably.
While asking a customer for multiple pieces of information and presenting him with various questions satisfies federal guidelines and other legal compliance, it can throw a major wrench in the prepaid card activation model. Out-of-wallet authentication must be accomplished in real time—and that means mobile.
The Consumer Financial Protection Bureau (CFPB) has bumped plans to release its proposed rule on prepaid cards to “the end of the summer,” according to Richard Cordray, the agency’s director.
Banking Technology first appeared 30 years ago this month. David Bannister, the current editor, looks back at that first year of coverage …
Shifting settlement cycles, the rise of big data, global regulation and increasing demand for post-trade services are creating both challenges and opportunities that global exchanges would do well to face wisely, according to Lars Ottersgard, head of market technology and Eva Saidac, head of business development market technology at Nasdaq OMX.
The past month has been a busy one for G-SIBs – global systemically important banks – as they confront the challenges of “what full compliance looks like” in the context of the Basel Committee on Banking Supervision and its Principles for Effective Risk Data Aggregation and Risk Reporting.
Reporting on the management of intraday liquidity risk will start on a monthly basis from 1 January 2015 to coincide with the implementation of the liquidity coverage ratio reporting requirements. Christian Goerlach of Deutsche Bank, takes a closer look at some of the issues facing global banks.
An question that continues to be asked is will the increased adoption of ISO 20022 facilitate the consolidation of payments clearing utilities and see the introduction of new services for customers? This suggests that despite the fact that ISO 20022 has been around for more than decade, confusion still exists over what it is.
More than six months into his new gig, CashStar’s CEO explains why the biggest potential for digital gift cards may lie in promotions, loyalty and customer service.
We have the opportunity to make a difference, to be part of the process and to influence the outcome of prepaid regulations.
Across the financial services sector, the question is now less about where cloud technology is being used, and more about where it isn’t used. Where do financial institutions draw the line when it comes to deciding whether to keep a process or IT-related service in-house or outsource it to specialists such as Amazon Web Services, SAP and many others?
The speed at which the mobile market evolves is staggering. Just as we started to look at mobile first, where banks need to align their services and strategies to cater for mobile before desktop or other traditional channels, the notion of mobile-only is now creeping to the fore.
The benefits of changing a payments portfolio over to a service provider with a modern and flexible platform are inherent and far outweigh the downside of staying with a provider whose solution is a poor fit.
Year one as the head of prepaid for Discover has led to some interesting lessons, including the importance of thinking beyond practical boundaries to create unique, workable solutions.
EMV chip card technology that helps block counterfeit card fraud at the POS is coming to the U.S., and last week I was one of the first on my block to experience it.
Given that bank customers are unlikely to increase significantly their usage of ATMs and now that opportunities to deploy large numbers of additional dispensers are limited, what does the future hold for the ATM and where does its next phase of growth lie?
If proposed changes to simplified due diligence go through as drafted, it will drive out a whole section of the prepaid market from Europe.
In a post-2008 crisis landscape dominated by regulatory reform, compliance is only part of the issue. If firms can address how they manage multiple data sets and deploy a truly enterprise-wide model, they can capitalise on the real opportunity – achieving a competitive advantage.
For the banking sector, which by definition at least is as much economic activity as it is social utility, the relevance of gamification is no longer debatable. Yet recent research shows that just 9% of banks globally have made forays into gamification
