Home Depot has scored a victory in the legal fight that followed the retail chain’s 2014 data breach. The retailer’s investors cannot sue its board of directors via a shareholder derivative suit, ruled a federal judge in Georgia, the home state of the chain.
At last week’s RegTech Futures summit in Amsterdam, organised by FinTech Futures and supported by Banking Technology, the potential of regtech innovators to re-imagine compliance – reducing the cost, creating more robust systems and creating new opportunities for deeper digitisation – was discussed in depth.
The European Banking Authority working with the European Central Bank has released a consultation paper on guidelines for payment service providers to follow in the event of security breaches. Among the suggested mandates is notifying authorities of an incident within two hours from the moment the breach is detected—that’s significantly faster than the breach notification requirements set to go into force next year, which mandate notice within 72 hours and applies to some U.S. companies.
Swedish Export Credit Corporation (SEK) is implementing Wolters Kluwer’s OneSumX regulatory reporting software for International Financial Reporting Standards (IFRS) 9 reporting.
The U.K.’s Payments Systems Regulator (PSR) plans a sea change to the U.K. payments system after determining an inability for new payments infrastructure projects to compete as alternatives to the three interbank payment systems, Bacs, Faster Payments Service (FPS) and LINK.
Cybercriminals have stolen about $31 million from Russian Central Bank accounts, according to a Reuters report. The hackers broke into bank accounts after faking a client’s credentials, a bank spokesman said at a briefing, disclosing few other details. In a separate instance, Russia had recently warned about a plot by foreign countries to wage cyberattacks on its financial institutions.
UK-based core banking and anti-money laundering (AML) software vendor International Financial Systems (iFinancial) is implementing its AMLtrac solution at Global Fidelity Bank.
Fintech companies seeking charters would have to fulfill multiple requirements under the proposal, including performing core banking services.
The Office of the Comptroller of the Currency (OCC) in the US intends to grant federal bank charters to fintechs.
Société Générale is partnering with Smartkarma, a curated online platform, for investment insight focused on the Asian markets. Under this global agreement, Société Générale will provide its institutional clients access to a “new form” of equity research based on “demand driven and customised content”. Société Générale says it is the first global investment bank to […]
Royal Bank of Scotland (RBS) has failed a Bank of England (BoE) stress test on how it would cope with another financial crisis. Two other banks – Barclays and Standard Chartered – also failed on some measures but do not have to submit revised capital raising plans. The tests were put in place by BoE […]
Incentives that banks offer employees to increase sales can pose “significant” risks to consumers, the CFPB warned this week in a new bulletin following record fines assessed to Wells Fargo for opening millions of unauthorized consumer accounts.
Apple has scored a big win in Australia for the company’s mobile wallet. That country’s competition regulator has denied a request by big local banks to collectively negotiate over the introduction of Apple Pay there.
Payments Strategy Forum, the first industry-wide initiative of its kind in the UK, has unveiled a new strategy for the country’s payments industry. The Forum was created by the UK’s Payment Systems Regulator (PSR) in March 2015 and is tasked with planning the future of the payments sector. Last year, the current UK payment systems […]
The European Banking Authority in January is set to release its online transaction rules in response to the revised Payment Services Directive, or PSD2, which calls for “strong customer authentication” for online payments. Visa also opposes the measure.
The UK’s Financial Conduct Authority (FCA) is calling for the second group of applicants to its regulatory sandbox. As Banking Technology reported last year, the sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”. The move is part of the FCA’s Project Innovate, which aims to boost competition […]
Risk management software vendor Wolters Kluwer says its OneSumX system won Bank of Jordan’s tender. OneSumX will support the bank’s liquidity risk and asset and liability management (ALM) operations.
Startupbootcamp FinTech London will host its Demo Day on 1 December for the third year with ten firms lined up for action. The ten companies taking the stage will showcase their fintech, ranging from SME banking, regtech, chatbots, artificial intelligence (AI) and blockchain. Francisco Lorca, MD of Startupbootcamp FinTech London, says the variety of the […]
IBM has completed the acquisition of Promontory Financial Group, a risk management and regulatory compliance consulting firm. As Banking Technology reported in September, IBM planned the purchase to boost IBM Watson’s cognitive technology. IBM adds that the acquisition complements its industry platforms business. These platforms will integrate IBM Cloud, Watson and capabilities from across “digital […]
Dinosaur Merchant Bank, a UK-based investment management, brokerage and advisory firm, has deployed Ancoa’s surveillance platform to monitor its equity trading activity for instances of market abuse and to meet their obligations under Market Abuse Regulation (MAR).
The U.S. Supreme Court on Nov. 17 ruled in favor of allowing an antitrust class-action lawsuit against Mastercard, Visa and their bank partners proceed after a lower court ruled that the consumer plaintiffs had no standing, according to a Reuters report.
In her new column for Banking Technology, Devie Mohan, a fintech market strategist, looks at how Singapore has created a fintech ecosystem that is a major threat to the ones in London and Berlin.
The UK’s Financial Conduct Authority (FCA) says there is weak price competition in a number of areas of the asset management industry. The FCA launched the market study in November 2015 to assess whether competition is working effectively. The UK’s asset management industry is the second largest in the world, managing almost £7 trillion of […]
Republican legislators and business associations, emboldened by Donald Trump’s successful presidential bid, have set their sights on the CFPB, an agency that’s been in Republicans’ crosshairs since the day it was created as part of the Dodd-Frank Act. Meanwhile, retailers are calling on Congress to steer clear of introducing legislation that would repeal financial services reforms they say are critical to U.S. businesses and consumers.
The size of the financially underserved market in the U.S. increased by nearly 6 percent in 2015, reaching an estimated $140.7 billion, according to a just-released study from the Center for Financial Services Innovation (CFSI) and Core Innovation Capital.
With a growing number of products and services available to help consumers manage their finances electronically, being able to do so means sharing their digital financial records.
Now that Visa’s EMV debit card routing has come under Federal Trade Commission investigation, eight U.S. retail trade groups are pressing the payments network to say how it will fix the problem.
ClauseMatch and JWG have teamed up at the recent TechSprint event organised by the Financial Conduct Authority (FCA) to develop a new regulatory reporting solution.
Where is India with the adoption of the eXtensible Business Reporting Language (XBRL) so far, and what is the outlook for the future?
IBM has unveiled a blockchain-powered Know Your Customer (KYC) project with Singapore start-up KYCK! to help financial services providers onboard customers quicker and cheaper. Using the open source Hyperledger Project Fabric, IBM says immutability, traceability and privacy of the information is provided on a permissioned distributed ledger which is “critical” in a highly regulated environment. […]
The Federal Trade Commission has charged NetSpend with deceiving cardholders and denying or delaying their access to funds, but the prepaid provider says any delays stem from federal regulations and that consumers are not being deceived.
We take a look at the new EU reporting requirements for managing exposure to shadow banking. There are plenty of challenges ahead, not least for the systems that will need to be updated to ensure that firms are able to adequately cope with the new guidelines.
Your bank faces more competitive pressures than ever before. Regulations nowadays regularly cost financial institutions billions. You know this. What may be unclear is how IT can help, not hinder, your competitive position. As data becomes the roadblock for compliance, so too it can become your competitive advantage. The latest techniques for handling compliance processes […]
Electronic payments providers in India are celebrating the Indian government’s abolition of the Rs 500 ($7.46) and Rs 1,000 ($14.92) currency notes, which went into effect Nov. 8, because it’s driving transactions to their platforms.
Wolters Kluwer has implemented its flagship OneSumX solution at Mizuho Bank’s subsidiary in the Netherlands. The solution supports risk calculations and multi-country regulatory reporting.
Tesco Bank has refunded £2.5 million to 9,000 customers who had money stolen from their accounts by fraudsters over the weekend. It has also resumed “normal services” following the temporary suspension of online transactions from current accounts .
With a victory that took the pollsters by surprise, Trump’s win sent the markets plummeting overnight. Although reports suggest markets are steadying, what’s in store for the U.S. payments and financial services industry in the wake of this election?
Prison cards are under fire again, this time in Arizona. Bank of America has been named in a proposed class action lawsuit over claims the bank charged excessive fees on prepaid cards issued to former prison inmates in the state.
Redmayne-Bentley, a private client investment management firm in the UK, is implementing new client reporting software, supplied by specialist vendor Vermilion Software.
The UK’s regulator, Financial Conduct Authority (FCA), will focus on “unlocking regulatory reporting” in its second TechSprint event. Over 100 developers and 30 organisations are expected to participate and “experts from the Bank of England will be observing”, says the FCA.
