Analysis

Apple to Testify in House Committee Hearing on Encryption

Apple will testify tomorrow before the House Judiciary Committee on encryption amid its fight with the FBI over creating software to hack an iPhone of one of the terrorists responsible for the December attacks in San Bernardino, Calif. Fellow tech companies, including Google, Facebook, Microsoft and Twitter, are expected to file amicus briefs in support of Apple’s decision not to comply with a court order demanding that Apple comply with the FBI’s request.

Germany: the sparkasse of innovation

As established banks migrate to a digital era, new entrants in the German market are threatening to seize the moment. “We see a change in society; in the way that smart phone adoption feeds back into the way we run our business,” says Andreas Vollmer, chief IT architect of Commerzbank. “It is not just about […]

From challenger to winner: how new entrant banks can succeed in the UK

Kevin Mountford, CEO of PBF Solutions, examines the key steps that new entrants to the UK banking sector need to take to attract customers and drive deposits. Challenging is one thing, but gaining a firm foothold in the UK banking sector is another, especially as the number of new entrants grows. From 2013 to mid-2015, the […]

Distributed ledger identity: misplaced trust

Distributed ledgers have a role to play in identity verifications, but there are potential pitfalls, state Professor Michael Mainelli and Vinay Gupta. They are increasingly touted as the answer to the identity problems plaguing finance and government. They may well be part of the answer, but more important is recognising they are only tools to help […]

Preparing for PSD II

The European Commission’s upcoming PSD II legislation will bring big changes to the payments landscape in Europe. Banking Technology talks to Jerry Norton, VP of financial services at CGI, to find out more. In October, the European Parliament gave its approval to the level one text of the Payment Services Directive II, which aims to further the […]

Retail banking: the power of the personal

In 2016, retail banks are facing up to their biggest challenge. A combination of new market disrupters, increased regulation and the continuing pace of technology change is set to transform the industry, shifting power firmly to the consumer. Natalie McLellan, director of financial services at consultancy firm Egremont, offers her insight. Many commentators argue that […]

U.K. Regulator Calls for More Bank Innovation, Competition

The Payment System Regulator (PSR), a government body created to oversee the payment systems industry in the U.K., is calling for the major banks to sell a part of their stakes in U.K.-based payments provider VocaLink, which it claims will create more fertile ground for innovation and competition.

Are cloud-based managed services set to take off in 2016?

Over the last few years, technology infrastructures have become increasingly complex and expensive to manage. At the same time, IT budgets have been cut, leading to companies finding it hard to provide and maintain IT infrastructures. Dana Brants, head of services at Swift, looks at what companies can do under the circumstances. Due to costs, […]

Achieving merchant acceptance – the key to successful digital financial services

Digital financial services (DFS) have the power to transform the lives of millions living in poverty. However, the lack of merchant acceptance presents a significant obstacle to its success. Sacha Polverini, chairman of the International Telecommunication Union’s (ITU) focus group on digital financial services and Carol Benson, managing partner at Glenbrook Partners, look at how […]

Viewpoint: A Bright Spot for Prepaid Card Issuers

The CFPB wants the nation’s top banks to offer consumers more lower-risk account choices. That could be good news for the prepaid card industry even as some might grumble about the agency meddling in their affairs.

Viewpoint: How Consumers Use Apple Pay

Consumers certainly know of Apple Pay. But recent survey results shed light on how shoppers are employing the mobile payment technology and suggest that challenges to further use remain.

FinCEN Stresses Importance of Cyberdata in SARs

With recent legislation calling for increased cooperation between companies and government agencies to combat potential cyberthreats, officials are asking financial institutions to include information such as IP and bitcoin wallet addresses in suspicious activity reports (SARs).

European Supervisor Wants to Tighten up EU-U.S. Agreement

Following a new privacy shield agreement, which upon approval will replace an expired Safe Harbor pact between the U.S. and the EU Commission, European Data Protection Supervisor Giovanni Buttarelli last week said he supported the agreement.

Innovators’ Spotlight: PaySwag

Retailers have long recognized the importance of customer engagement to drive sales and retain customers. But Reno, Nev.-based PaySwag is proving the power of engagement to improve results in a somewhat unexpected sector—bill payments.

U.K. Gov’t Group Calls for Open Banking Standard

A U.K. government panel is calling for the development of an open banking standard that will enable banking data to be shared and used securely, giving consumers access to tailored financial solutions and an easier way to compare products and services.

Russian Lawmakers Want to Ban Bitcoin

Bitcoin continues to encounter hurdles as its supporters try to facilitate the digital currency’s mainstream acceptance. Though certain states and countries are welcoming bitcoin, or permitting it with certain provisos, Russia is considering a ban.

Q&A with Emily Baum, Prepaid International Forum

The Prepaid International Forum (PIF) is celebrating its 10-year anniversary in 2016. Emily Baum, a non-executive board member of the forum and business development director of PrePay Solutions, tells Paybefore more about PIF, where the 23-member group is headed and how the industry is responding to calls for increased prepaid regulation following the Paris terrorist attacks.

Clearing contradictions in derivatives regulation

There’s one challenge that regulators seem unable to address, and that is regulation itself. Today’s evolving regulatory environment seems to be beset by a range of internal contradictions. One such contradiction is the banks’ decision to act as clearing providers for derivatives businesses.

Innovators’ Spotlight: Poynt

Electronic payment options for consumers are proliferating, and shoppers expect merchants to accept the full gamut of form factors. But for retailers—especially small and midsize enterprises (SMEs)—it can be tough to keep up. That’s where Poynt comes in.

Memory muscle

An in-memory DBMS with its roots in embedded systems for the defence and aerospace sectors is setting records for manipulating financial data. Chief executive Steve Graves told Banking Technology how it works.

CFPB Takes Aim at Lack of Checking Account Options for Consumers

The CFPB announced today a three-prong approach to ensure consumers are receiving a fair shake regarding checking account access. But what may surprise many in the prepaid industry is that the agency also is providing information to consumers about the prepaid option.

Rob Binns to join Misys as chief financial officer

Financial software provider Misys has appointed Rob Binns as its chief financial officer. Binns joins Misys from HP where he was head of treasury and investor relations. He joined Hewlett-Packard in 2007 from Mercury Interactive and has held a number of senior finance positions in the company including VP Software Field Operations and VP Investor […]

Hassan named chief digital officer at Morgan Stanley Wealth Management

Morgan Stanley has appointed Naureen Hassan as chief digital officer for Wealth Management, a new position in which she will lead the strategy and marketing of digital tools and platforms serving the firm’s 16,000 financial advisors and 3.5 million clients. Naureen Hassan served most recently as executive vice president, Investment Services Segments and Platforms at […]

Trader voice – the last bastion of the old world

The largest vendors in the trader voice market are now in a similar position to IBM in the late 1990s: their solutions are proprietary, expensive to maintain, and lacking true open integration …

Viewpoint: Leaders, Learners and Laggards

I talk with a lot of banking leaders who describe their approach to innovation as being a “fast follower. My typical retort is that they are half-right—most of them are definitely followers, but there usually isn’t anything fast about their approach.

Viewpoint: Mobile Wallet Myth-Busting Starts Now

For those of us in prepaid, combating misrepresentation of our products in the media is nothing new. A recent news story claiming banks are leaving customers on the hook for fraud if they use a mobile wallet shows there’s plenty of work to do for new payment methods.

Report: Fraudsters’ Test Runs Surged in Q4 2015

Cybercriminals could be ramping up their attacks on financial services providers, according to a new study. The fourth quarter of 2015 saw a tenfold increase in “bot attacks”—essentially test attacks meant to gauge the security of targeted systems—according to the report by ThreatMatrix, a San Jose, Calif., cybersecurity company.

Money market statistical reporting: challenges for 2016 and beyond

Money Market Statistical Reporting presents a fair number of challenges. And firms are pressed for time to prepare for these requirements, according to an overview prepared by Wolters Kluwer Financial Services. Where they may have adopted tactical solutions in the past to meet transaction level reporting obligations, now is a good opportunity to think more strategically about investing in the right platform and infrastructure. This is especially true given that daily reporting obligations will soon be extended in 2018 to include securities and financial transactions

Why is it so hard to know who you’re doing business with?

Every bank wants to achieve a single view of a customer, but no-one has found an easy, cost-effective, scalable way to do it. The simple fact is that there is too much customer information, entering the bank from too many places, to align and maintain into a single view. An effective solution would reduce costs, allow the bank to generate revenue faster, facilitate KYC processes and meet regulatory requirements.

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