The Bank of England (BoE) is opening up access to settlement accounts in its real-time gross settlement (RTGS) system with the goal to promote fintech innovation and competition. The bank says it’s extending access to non-bank payment service providers (PSPs), offering direct access to the UK’s sterling payment systems. The UK’s Financial Conduct Authority (FCA), […]
The U.K.’s HM Treasury is banning surcharges on credit and debit card payments. For prepaid card providers, the new rules put significant fee income related to card-loading at risk, according to Polymath Consulting.
You’ve come to the right section for cash injection. Today’s fintech funding round-up features Contego, Privitar, Form3 and Barclays. Maven Capital Partners, a UK private equity house, has led the £3.5 million investment in Contego Fraud Solutions to support its growth plans. Maven is putting in £1.8 million, NVM Private Equity is investing £1.5 million, […]
The Australian Government is developing its own anti-encryption legislation, modelled on the UK’s Snoopers Charter, a set of rules deemed unfit by the European Court of Justice, reports Telecoms.com (Banking Technology’s sister publication). The move, which was announced by Prime Minister Malcolm Turnbull, has been built on anti-terrorism messages, as yet another government uses the element […]
From a mystery to a European duet. Our latest blockchain and Bitcoin round-up features the secretive SafeToken, China’s Asset Collection Chain, Swissquote and Bitstamp. A former (and anonymous) Goldman Sachs employee has launched the first “anti-bubble” derivative for Bitcoin. They didn’t reveal their name in their email or on the website. A search around hasn’t […]
It didn’t take long for Congressional Republicans to pounce on the CFPB’s final rule on arbitration agreements, which the agency released on July 10. House Financial Services Committee Chairman Jeb Hensarling said he would support use of the Congressional Review Act to dismantle the rule, while Sen. Tom Cotton (Ark.) already has drafted a CRA resolution and is working with Senate Banking Committee Chairman Mike Crapo (Idaho) to introduce it “soon.”
The UK’s Payment Systems Regulator (PSR) has got approval from the Competition and Markets Authority (CMA) for its plan for the consolidation of the operators of three payment systems. As first reported in May, the PSR aimed to get Bacs Payment Schemes (BPSL), Cheque and Credit Clearing Company (C&CCC) and the Faster Payments Scheme (FPSL) […]
The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have signed a fintech co-operation agreement and updated an existing memorandum of understanding (MoU) on banking supervision. The agreement aims to help develop a “richer financial ecosystem” in Thailand and Singapore as well as in ASEAN. The pair will share information on emerging […]
The OCC’s latest risk report for banks highlights competitive pressure from fintech companies, loosening of credit underwriting standards, operational risks associated with third-party service providers, and compliance risks around Bank Secrecy Act (BSA) and AML monitoring.
The Bank of England’s (BoE) fintech accelerator has kept good speed and completed the third round of various proofs of concept (PoCs). As reported last year, BoE launched its own accelerator to harness innovation for central banking. The latest PoCs covered four areas of the bank’s work: analysing large-scale supervisory data sets; executing high-value payments […]
It’s difficult to say just yet who the ultimate victors will be in the battle over arbitration—trial lawyers, consumers, the financial services industry, Congressional Republicans or the CFPB—but the bureau fired the latest salvo by issuing its final rule on arbitration agreements on July 10. The move comes despite warnings from House Financial Services Committee Chairman Jeb Hensarling (R-Texas) that doing so could result in contempt proceedings.
If President Trump wants to make America great again, there are a few important ways he could bolster the fintech industry and help consumers—from supporting more uniform MSB licensing to reining in UDAAP.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
By calling on the spirit of the 19th century Corn Laws repeal, the UK’s Financial Conduct Authority (FCA) believes it can weather the post-Brexit era with a new age of free trade. In a long speech delivered today (6 July), “Why free trade and open markets in financial services matter”, Andrew Bailey, chief executive of […]
The European Banking Authority (EBA) recently opened a consultation on its draft recommendations for financial institutions outsourcing to cloud service providers across all cloud-related domains including infrastructure, platform and software as a service.
Set sail for fintech! The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Open Banking, the implementation entity set up by the UK’s Competition and Markets Authority (CMA), has released its accounts and transaction information and payments initiation API specifications. The payments initiation API will enable third parties to set up secure payments on behalf of customers and, once authorised by the customer, submit the payment for processing. […]
This year’s Banking Technology Awards are taking place on 13 December in London and there are plenty of reasons why you and your team should be a part of this prestigious event. Besides having a good chance at winning, entering the Awards also allows you to: Make global headlines in the industry if your entry […]
The Monetary Authority of Singapore (MAS) is calling for a second reading of a Bill that it says will ensure a sound and resilient financial system for the city-state. MAS is pushing for “The Monetary Authority of Singapore (Amendment) Bill 2017″ because it says it needs to update its laws and regulations that deal with […]
There is far more to regtech than regulatory technology, or at least there can and should be. Regtech, as it is coming to be understood, must be something qualitatively different from what it’s replacing and not just a faster and better version of the same thing.
The UK’s Competition and Markets Authority (CMA) is ramping up its efforts for open banking within the nation’s retail banking scene. As reported in February, the CMA published its 766-page final report on the retail banking market and its open banking goals. At that time, it said it will offer overdraft users the opportunity to […]
A U.K. citizen living in New York is facing fraud charges brought by the U.S. Securities and Exchange Commission in relation to two bogus investment schemes. Renwick Haddow allegedly reaped millions of dollars from investors in his supposed bitcoin platform Bitcoin Store Inc. and in Bar Works Inc., which offers office space in renovated restaurants and bars.
A handy round-up of who’s investing in what in the fintech space. Featuring Revolut, Tango Card and ClauseMatch.
Tax evasion and tax fraud have been affecting governments finances all over the world over the decades. It occurs within a country and across countries. Thus, a single country cannot solve the problem on its own. Countries need to work more together and internationally to combat the problem home and abroad.
Following the ruling of the UK’s Competitions and Markets Authority (CMA), Diebold Nixdorf has shed some of its business. Diebold UK & Ireland has been sold to Cennox.
UK-based high street bank NatWest is trialling Recordsure’s regtech recording and analysis solution “to improve and monitor the quality of information and advice provided during regulated customer conversations”.
The shift from analogues to digital – according to Michael Meyer, Middlegame Ventures, during a regtech discussion at Money20/20 Europe – a major European bank he spoke with files over 50,000 pages as part of its quarterley regulatory reporting.
The CFPB receives more than 20,000 complaints every month, according to Director Richard Cordray, and the bureau’s latest installment of its Monthly Complaint Report highlights consumer complaints at the state level. As of June 1, the CFPB has received more than 1.2 million complaints across the country since it began accepting them in 2011. The top three states with the most complaints are California, Florida and Texas with 159,158, 111,559 and 93,472 complaints, respectively.
Banking Technology is on the lookout for all the best FinTech projects of the year! Recognising excellence, innovation and the use of IT in banking and financial services, the Banking Technology Awards will be taking place on 13 December in London. Think your achievements deserve a special recognition? Or know projects that do? Nominate today […]
The CFPB on June 27 filed two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for “misleading consumers and charging illegal fees.”
On June 26, artificial intelligence captured the imagination of some at Money20/20 in Copenhagen. But during the June 27 sessions on the second day, it was like I had stepped back in time to November 2016, reported Deputy Editor Antony Peyton. Last year, at the Payments International conference in London, PSD2 left some in the payments industry confused as to where the risks and opportunities lie.
The second Payment Services Directive (PSD2) is creating more questions and issues than the answers it ultimately should offer.
Having been a fixture on the regulatory agenda for years, the go-live date for MiFID II is now rapidly approaching. On 3 January 2018, the second iteration of Europe’s Market in Financial Instruments Directive and Regulation will bring in sweeping changes to the financial markets on topics such as product governance and suitability, transaction reporting, commodities position limits and transparency.
The U.K. needs more competition in its retail payments infrastructure. That’s the conclusion of a new report from the country’s Payment Systems Regulator.
The Financial Services Agency of Japan (JFSA) and Australian Securities and Investments Commission (ASIC) will work together to promote innovation in financial services in Japan and Australia. Both have completed a framework and they will share information and support the entry of fintech firms into each other’s markets. ASIC says this framework will “help open […]
Banco de Mexico, the country’s central bank, is replacing its legacy risk management software with Finastra’s Fusionrisk.
The NBPCA’s Power of Prepaid Conference kicked off in Washington, D.C., on June 22, with discussion of the prepaid industry’s most pressing challenge, regulatory uncertainty. One of the highlights of the morning sessions, however, was the presentation of the third annual Terrence P. Maher Prepaid Influencer Award to Walt Henderson, director of EFT strategy division at the U.S. Department of Treasury. Henderson has managed the Treasury’s benefits disbursement prepaid program from its inception, overseeing substantial growth and consistently high customer satisfaction.
Less than half a year from now, PSD2 will revolutionise consumers’ access to their own financial information. In fintech hubs across Europe, bright young people are planning a consumer revolution. Their financial apps and tools are helping customers manage their money far more easily than they have before. Here are five important ways in which they are changing the face of banking.
The UK’s Serious Fraud Office (SFO) has charged Barclays and four of its former workers with conspiracy to commit fraud over capital raising arrangements with Qatar Holding and Challenger Universal. The charge also includes the provision of unlawful financial assistance contrary to the Companies Act 1985. The charges relate to events in June and October […]
Like a bird of paradise, the UK’s Financial Conduct Authority (FCA) is calling again – and this time for views and evidence concerning consumers’ access to insurance. This FCA’s paper looks more broadly at access issues related to insurance but specifically (and a non-fintech point) seeks views on “how consumers with cancer or those in […]
