How can the use of technology in the banking sector motivate and drive employees (and lead to improved business performance)? Dennis Fois, CEO of Rant & Rave, explores. Over the last few years we have seen challenger banks like Atom, Tandem and Starling embark on their venture to steal market share and customers from established […]
The CFPB has announced three leadership changes within the agency.
The U.S. Court of Appeals for the District of Columbia Oct. 11 deemed the structure of the Consumer Financial Protection Bureau (CFPB) unconstitutional because of it being led by a single director, calling the bureau a “gross departure from settled historical practice” in which independent agencies are led by commissioners or board members, according to the court’s decision.
The CFPB has fined Navy Federal Credit Union $28.5 million for improper debt collection action. That breaks down to $23 million going to victims and a $5.5 million civil penalty, the federal consumer agency said.
Blockchain has the potential to greatly benefit the entire capital markets ecosystem. But the industry should learn to walk – when it comes this emerging technology – before it can run.
With regulators placing ever greater demands on institutions in the area of sanctions, it is essential that institutions screen their customers and transactions against relevant sanctions lists. Regulators are showing less tolerance for errors than in the past. Not only have fines have been imposed on banks but also on payments companies and casinos. Specifically, […]
The CFPB might have taken two years to release its final rules on prepaid accounts, but it took little time for payments industry players and observers to weigh in on them. Within a day of the rules’ release, which go into effect Oct. 1, 2017, prepaid services giant Green Dot Corp., the Independent Community Bankers of America (ICBA), the Consumers Union and the Network Branded Prepaid Card Association (NBPCA) all had issued official comments, covering the spectrum of support for the new mandates.
A shareholder of ID verification startup Jumio Inc. has sued company officials over alleged mismanagement and misrepresentation of the firm, which filed for bankruptcy in March 2016. In a lawsuit filed in Delaware, Bloso Investments Ltd., alleges that Jumio directors, including Facebook co-founder Eduardo Saverin, made deliberately misleading statements about the company’s prospects, duping Bloso into investing $5 million in Jumio.
Niamh de Niese, a new director and head of BNY Mellon’s EMEA Innovation Centre, shares her views on diversity in fintech, Ada Lovelace (often regarded as the world’s first computer programmer) and how to encourage more women into the science, technology, engineering and mathematics (STEM) professions.
The global payments industry faces more challenges than ever before – fiercer competition, more regulations, an increasing threat from cybercrime and new demands from customers. Thierry Chilosi, head of markets & initiatives, EMEA at Swift, talks to Daily News at Sibos about the steps market participants can take to future proof their payments infrastructure.
Correspondent banking enables banks to access products and services which might otherwise be unavailable. By enabling cross-border transactions and access to overseas products, correspondent banking plays an important role in the global payments landscape, states Swift.
A consensus is building along the payment frontier: Banks can serve as platforms though which a plethora of third-party services and customers are able to connect through an API.
With some $25 billion at stake, personalization and going digital will help ensure returns for the all important fourth quarter.
Many retailers still insist on treating payments as merely a functional step of the purchase process. But connected consumers desire payment experiences. Here’s how to offer them.
Cost savings are not the only thing to consider when relocating your business. Applications, systems, hardware and people are all being moved and a seamless transition is essential to ensure there is no downtime and no risk to your reputation or finances. Most people see international relocation as a cost-saving initiative but if that is […]
The U.S. Consumer Financial Protection Bureau (CFPB) on Oct. 5 released its final rule on prepaid accounts, and the agency’s requirements, which go into effect Oct. 1, 2017, go well beyond plastic.
The U.S. Consumer Financial Protection Bureau (CFPB) on Oct. 5 released its final rule on prepaid accounts, a move that sharply expands the definition of prepaid—to the distinct displeasure of prepaid industry players. The new rules, which take effect Oct. 1, 2017, are quite similar to what CFPB had initially proposed, with provisions tweaked in the final rule, rather than major additions or deletions.
A federal judge has ruled that a lawsuit alleging payment networks colluded over fraud liability can go forward, denying the networks’ motion to dismiss the lawsuit. Filed in March 2016 in U.S. District Court for the Northern District of California by two Florida retailers, the lawsuit accuses American Express, Discover, Mastercard and Visa of engaging in “a conspiracy” when shifting liability for transaction fraud to merchants that failed to upgrade their POS systems to accept EMV chip technology by Oct. 1, 2015.
A bipartisan group of federal lawmakers has asked the CFPB to reconsider some of the agency’s proposed restrictions on short-term lenders, arguing that such loans provide much-needed access to credit for those who have few other alternatives.
Pokémon Go has taken the globe by storm, capturing the hearts and minds of adults and children alike in their endeavours to “catch ‘em all” in the latest version of the popular computer game, which builds cutting edge augmented reality (AR) technology into its original gameplay. What can banks learn from it?
The U.S. Supreme Court on Sept. 29 agreed to hear arguments from a group of New York merchants who want the right to impose surcharges on purchases made with credit cards. The outcome of the case could have an effect on laws in 10 states that restrict such surcharges.
Within a two-day span, the CFPB ordered two companies in separate cases to pay a total of more than $12.6 million in civil penalties and refunds.
Online hacks are rapidly replacing the bank heists of old. With banks increasingly at risk, early threat detection is imperative. Eleonore Fournier-Tombs* explains how banks can protect themselves. In a climactic conclusion to an insider threat story that has been developing since 2015, Morgan Stanley agreed to pay a fine of $1 million to the […]
Financial regulators globally are putting pressure on financial institutions to move to real-time solutions in both retail and wholesale banking. Advances in technology and a desire by regulators to reduce risks in the financial system are driving the trend. Discussions about real time technology and solutions span the banking world at this year’s Sibos. While […]
There has been a huge amount of hype at this year’s Sibos about financial technology and its role in financial services. Devie Mohan* looks at the technologies that will help financial institutions cross the next frontier of innovation. The world of financial technology has seen a clear and significant shift in the past year – […]
The single euro payments area is up and running and has proved to be a catalyst for change in the payments industry. We look at the story so far.
Artificial intelligence (AI) isn’t new but the rise of mobile and cloud computing, combined with big data and cheap computing power, is driving a resurgence. Convergent technologies mean AI is finding new uses in financial services.
In the aftermath of the financial crisis, transaction banking was considered a reliable source of income for global banking groups. But nearly a decade on, multiple factors are putting pressure on transaction banks’ revenues. This year’s World Payments Report suggests banks increase their investments in digital solutions to offer more compelling propositions to their corporate treasury clients.
In early June, Reuters disclosed that the US Federal Reserve had detected more that 50 cyber security breaches from 2011 through 2015. It should be noted that this may only represent a small fraction of the Fed’s total exposure during this period. It turns out that, unlike the Washington-based Board of Governors, the 12 privately […]
t’s been a bad month for the payments industry in the state of New York. Gov. Andrew Cuomo signed a law Sept. 26 imposing restrictions on gift cards and gift certificates sold in the state. The new law comes just weeks after the New York Department of Labor (DOL) issued a final rule regulating the use of payroll cards. The gift card law goes into effect Dec. 25, 2016, as that is 90 days from the governor’s signing.
American Express scored a major legal victory on Sept. 26 when a federal appeals court ruled that Amex had the right to restrict retailers. Specifically, Amex had wanted to prevent Amex-accepting merchants from offering shoppers financial incentives to use other card brands. In its ruling, the U.S Court of Appeals for the Second Circuit New York tossed out a lower court’s decision that said language barring such “steering” in American Express’ contracts with its merchant clients violated anti-trust laws.
Canada is one of many countries around the world striving to make payments fast, frictionless and data rich. The country’s approach to payments system modernisation is rooted in collaboration and research, with an eye to the international experience and a deep dive into the needs and capabilities of the Canadian market, including an investigation into blockchain and cryptocurrencies.
The nitty-gritty work has been done with IS0 20022, but new technology and regulations mean that institutions will have to standardise their workflows as well.
Blockchain technology is far from mature and there is a danger that regulation could crush innovation and competition. Professor Michael Mainelli and Simon Mills argue that a more measured approach to the technology would be to develop voluntary standards.
Reports of the death of correspondent banking are highly exaggerated. But the business model is changing and Swift hopes its Global Payments Innovation Initiative will improve cross-border payments. Swift is often accused of moving slowly, yet the Global Payments Innovation Initiative (GPII) gives lie to that. First discussed at Sibos 2015 in Singapore, Swift will […]
Digital innovation has the potential to radically transform the payments arena, through solutions that enhance end-to-end speed, efficiency, transparency, security and cost effectiveness. Anthony Brady, global head of business strategy and market solutions, treasury services at BNY Mellon, discusses how banks are being spurred to drive forward new technology initiatives – with collaboration at their core – to deliver an enriched global real-time payments experience to clients.
The CFPB has filed a federal lawsuit against a credit repair company over what the consumer protection agency called “a series of illegal advance fees” and misrepresentations of the cost and effectiveness of the company’s services.
Momentum is building behind the T2S securities settlement system as it gains critical mass. While expected benefits and outcomes have not fully materialised, the unexpected benefits have captured the imagination of the post-trade industry.
Payments software vendor Dovetail is one of the very few independent fintech beacons in the industry, having not fallen into the hands of a large tech conglomerate. The company pioneered the concept of a “payment services hub” – before analysts coined the term – and has maintained double digit growth over the last decade. So what’s next? Banking Technology talks to Martin Coen, Dovetail’s CEO.
Regulation is likely to be a hot topic at Sibos, both inside and outside of conference sessions. We assesses the main regulatory themes for this year’s event.
