Features


New Cybersecurity Rules on the Way in New York

The New York State Department of Financial Services (NYDFS) has proposed new regulations designed to protect against the rising threat of cybercrime targeting financial systems and consumer data. New York Governor Andrew Cuomo unveiled the plan, which would require banks, insurance companies and other financial services providers regulated by the NYDFS to establish a cybersecurity plan that meets standards set by the agency.

Manhattan Judge Latest to Rule that Bitcoin Is Money

In a Sept. 19 ruling in a case over a cyberattacks against JPMorgan Chase and others, a federal judge became the latest to declare that bitcoin qualifies as legal tender. Manhattan District Court Judge Alison Nathan rejected an attempt by Anthony Murgio to dismiss charges that the bitcoin exchange he operated was an unlicensed money transmitting business.

Regulators Put Marketplace Lenders on Notice

Federal regulators are planning to tighten the screws on marketplace lenders over concerns about consumer protections and reckless lending. At a marketplace lending policy summit, U.S. Comptroller of the Currency Thomas Curry told lenders to expect a new regulatory framework this fall that would support “responsible innovation.”

Artificial intelligence set to transform regulatory compliance

Most people have heard of the headline-making achievements in artificial intelligence (AI); systems winning quiz shows and beating world champions in chess. These are the poster children of the discipline but there is a quieter revolution taking in shape in other areas, including regulatory compliance in financial services. Writing for Banking Technology, Mike MacDonagh, London-based […]

Opening up may be good for you: making PSD II access to accounts work in practice

A new open ecosystem – where banks can enable third parties to develop mobile banking apps and cash management solutions for them – has many advantages over the previous closed world, where everybody tried to do everything themselves. The key to successful “opening up” is to provide a standard interface, such as a smart phone to a bank account, that is accessible to third parties whilst retaining the necessary control.

Harmonising high-value payments

While it sounds like something for which you’d need to visit a doctor, Swift’s HVPS+ will likely be a talking point during the payments industry panels at this month’s Sibos. Announced in mid-August, the high-value payments system task force is an important component of Swift’s ISO 20022 harmonisation initiative. A number of central banks, market infrastructures and banks from around the world are members of the task force.

Mastercard Hit with U.K. Interchange Damage Claim

Mastercard faces a £14 billion claim ($18.6 billion) in the U.K. over interchange fees in a case filed with the country’s Competition Appeal Tribunal. The claim comes two years after the European Union labeled the interchange charged by the payment card network as unfair. European interchange caps went into effect in December of 2015.

FFEIC Updates its Information Security Guides

The Federal Financial Institutions Examination Council has revised the “Information Security” booklet of the agency’s FFIEC Information Technology Examination Handbook.

Dodd-Frank Overhaul Plan Goes before Financial Services Committee

The House Financial Services Committee will meet Sept. 13 to mark up a bill that would overturn major provisions of the Dodd-Frank Act. Initially proposed in June by Financial Services Committee Chairman Jeb Hensarling (R-Texas), the Financial CHOICE Act would strip significant authority away from the CFPB, renaming it the Consumer Financial Opportunity Commission and tasking the agency with the dual mission of protecting consumers and ensuring competitive markets.

Fintechs and banks, collaborate to succeed!

Banks and fintech companies need to collaborate to succeed, argue Saxo Bank’s global COO, Søren Kyhl, and Stig Tørnes, head of business management. And that requires a change of mindset on both sides, the sooner the better. Fintech has become the buzzword for a diverse group of companies whose ambition is to bring efficiency to financial […]

CFPB Levees Record $100 Million Fine on Wells Fargo

The CFPB on Sept. 8 announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine is the largest such penalty it has ever issued.

N.Y. DOL Issues Strongly Opposed Final Rule on Payroll Cards

A New York Department of Labor (DOL) rule that has been bitterly opposed by a major prepaid card association is being implemented anyway. The N.Y. DOL has issued its final rule regulating methods and payment of wages, including the use of payroll cards, in the state and includes no substantive changes from its second revised proposal in June.

Rash of Email Fraud Schemes Prompt FinCEN to Issue Advisory

A spate of email fraud schemes involving stolen consumer information and financial institutions being duped into conducting wire transfers has prompted the Financial Crimes Enforcement Network (FinCEN) to issue an advisory Sept. 6 in an effort to thwart the illegal activity.

Shadow data – robbing cloud’s silver lining

Welcome to the dark, scary world of “shadow data”, which can easily turn into a nightmare for enterprises from data governance, compliance, reputation and financial losses points of view… Are you sitting comfortably? Yamini Kona, principal consultant, financial services at Infosys, is going to tell a chilling tale. Imagine a scenario where an employee shares […]

Virtual bank accounts: forget what you thought you knew

Virtual bank accounts (VBAs) are a hot topic among the treasury community today. While you may have heard of VBAs before, their usage is rapidly evolving – and their benefits for treasurers continue to grow. Dick Oskam, global head of sales for transaction services at ING Bank, explains what VBAs are all about. In an increasingly […]

CFPB: Prepaid Complaints Continue Decline in July

Prepaid card-related complaints to the CFPB ticked down in July, the bureau announced in its latest monthly consumer complaint report. The month saw 211 complaints about prepaid products, down 5 percent from 223 prepaid complaints in June and slightly below the monthly average of 215 since the CFPB began tracking prepaid complaints in July 2014.

Apple, Aussie Bank Battle Heats Up Down Under

Apple is pushing back against a bid by a group of Australia’s major banks to be allowed to negotiate collectively with the U.S-based tech giant over contactless payments. In a filing with the Australian Competition and Consumer Commission (ACCC) released Aug. 30, Apple called upon the regulator to reject a request by the banks to collectively bargain with Apple in negotiations to offer Apple Pay to their customers.

U.S. Regulators Outline Steps Taken after SWIFT Heist

In the wake of the cyberattack that struck international financial messaging network SWIFT earlier this year, U.S. banking regulators say that they are assessing cybersecurity threats facing the country’s financial institutions and the controls in place to defend against attacks.

Thousands and thousand of times: a tale of an insider data breach

Eleonore Fournier-Tombs, RedOwl field data scientist, ponders the curious case of Galen Marsh, who stole masses of data from his former employee, Morgan Stanley, by using a very simple hack of the client data management system. In a climactic conclusion to an insider threat story that has been developing since 2015, Morgan Stanley agreed to […]

NBPCA Criticizes Arbitration Proposal from CFPB

The U.S. Consumer Financial Protection Bureau (CFPB)’s proposal prohibiting financial services firms from including class action waivers in arbitration agreements has another critic: The Network Branded Prepaid Card Association (NBPCA) has sent a letter to the federal agency about the “negative” impacts the rule would have on the prepaid industry.

Infographics: real-time payments – the odyssey

Banking Technology, ACI Worldwide and Nets have joined forces to survey the global market about the highs and lows of its current journey towards real-time payments. From individual institutions’ readiness to key market drivers, obstacles and fraud concerns, and everything in between – survey participants from across the globe share their views.

Digital games banks got to play – part 2

Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already […]

SWIFT Knew About Security Issues, Did Little about Them

SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, has been aware of flaws in the way smaller banks used SWIFT’s messaging terminals, thus compromising the security of the system, but the organization did little to address the matter. Those are the assertions of more than a dozen current and former high-ranking Swift officials, according to a Reuters report on Aug. 17.

Digital games banks got to play – part 1

Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already ahead in […]

Office Depot Sues Delaware over Unclaimed Gift Card Law

Office Depot and an associated gift card program manager are suing Delaware officials in federal court, challenging the state’s unclaimed property law. The Florida-based retail chain and Virginia-based North American Card and Coupon Services LLC, Office Depot’s gift card operator, said Delaware’s escheat law violates the U.S. Constitution’s Fourth Amendment, which guards against unreasonable search and seizures.

Midnight Deal to Buy Bitcoin Goes Bad

A Florida man should have gotten his bitcoin through a reputable virtual currency exchange instead of some guys meeting in a Boston Market restaurant parking lot in the middle of the night. Likely surprising no one, a deal to exchange $28,000 for the equivalent in bitcoin went bad, leading to one arrest.

China: where the digital payments action is

Earlier this year a couple of surveys were released indicating that the real action in digital payments is in China. This shouldn’t be surprising: China’s economy continues to grow (despite doomsayers predicting a coming “crash” for at least a decade) and the Chinese government is investing billions into science and technology. The fruits of this […]

Challenger banks: kick-starting survival mode

It has been a couple of weeks of important announcements in the challenger banking space, with some interesting long-term trends emerging in the sector. Two new challenger banks have received their banking licences in the past week. Berlin-based Number26 renamed itself N26 and received its full banking licence from the European Central Bank and German […]

Mainstream fintech in India: a bird’s eye view

Soumik Roy, Banking Technology’s editorial contributor based in India, explores India’s digital banking landscape, examines innovative players like DBS digibank, and ponders what’s next for the nation’s fast-paced fintech sector. Electronic banking and payments are rapidly picking up pace in India; citizens love the convenience, the government hopes it will drive transparency and reduce the […]

Opinion: fintech taking business banking back to the good old days

John Davies, CEO of The Just Loans Group, an alternative lender to UK businesses, argues that rather than being disruptive, fintech is enabling a return to how business banking used to be: a business would have a dedicated account manager who was genuinely interested in a customer’s business and had the time to give it guidance. Clever […]

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