FinTech Futures: Top five news stories of the week – 28 June 2024
Our pick of the top fintech news stories this week includes Klarna, iBusiness Funding, Norm Ai, Nubank and more.
Risk Management
June 2024: Top five movers and shakers stories of the month
FinTech Futures takes a look back at five of the top movers and shakers stories during June.
New start-up Fideo Intelligence launches offering data-driven fraud-fighting solutions
The start-up operates under identity resolution SaaS platform FullContact.
Verituity secures $18.8m round led by Forgepoint Capital and Sandbox Industries
Sandbox Industries’ chief Chris Zock is to join Verituity’s board of directors.
US Federal Reserve Board issues cease and desist order against Evolve Bank
The bank is alleged to have “engaged in unsafe and unsound banking practices”.
Merrick Bank partners Kompliant for digital merchant onboarding
The merchant acquirer is to utilise the vendor’s workflow automation tools.
Money20/20 Europe brings tokenisation, AI and digital transformation into focus
Day one’s proceedings took a specific focus on the topics of AI, tokenisation and digital modernisation journeys.
Comerica Bank & Trust reaches formal agreement with US OCC over enforcement action
The OCC has ordered the bank to create a compliance committee as part of the action.
Rich Data Co inks first US deal for AI decisioning platform with M&T Bank
North America’s sixth-largest commercial bank has tapped the platform to “detect more early warning signs” in lending.
Protecting against deepfakes in the era of LLMs
FinTech Futures speaks with FinVolution about how the financial sector can tackle the threat of deepfakes.
FinovateSpring 2024: GenAI and future fraud strategies in focus on day one
Industry leaders convened in San Francisco on Tuesday to kick off FinovateSpring 2024.
AI-powered regtech Cube acquires global regulatory intelligence enterprises from Thomson Reuters
Through this acquisition, Cube aims to “set a new bar for the industry in regulatory automation”.
What are the strengths, weaknesses and concerns around open banking?
The industry must ensure that open banking tech serves the strategic needs of consumers and institutions.
FINRA fines SoFi $1.1m after consumer identification flaws led to multi-million dollar heist
SoFi Money – the unit targeted by fraudsters – was ultimately closed by the fintech in June 2022.
Former Thomson Reuters exec David Larson named Feedzai’s new CFO
Larson previously spent over eight years at Canadian multinational information corporation Thomson Reuters.
Multi-cloud, multi-headaches?
While a multi-cloud strategy offers potential benefits for banks, it also introduces significant challenges.
EPAA forms working group with IBM, HSBC, AP+, and PayPal to explore quantum-safe cryptography
The WG-QSC intends to publish its initial findings ahead of Sibos in October 2024.
Risk orchestration: addressing the misconceptions – hub platform vs true orchestration performance
There’s a genuine bottom-line benefit to be realised through effective risk orchestration of your compliance processes.
UK regtech ComplyAdvantage snaps up Golden to strengthen financial crime intelligence offering
The deal will also see VC firm Andreessen Horowitz become a shareholder in ComplyAdvantage.
The essential buyer’s guide for risk orchestration software
Crucial insights for fintechs seeking risk orchestration platform vendors to streamline their customer lifecycle and regulatory screening.
Wells Fargo to integrate AI into trade finance operations with TradeSun
The San Francisco-based bank will utilise the fintech’s TradeSun Intelligence V4 solution.
UK fintech Gresham Technologies to be acquired by STG Partners for £147m
The acquisition is expected to close by the third quarter of 2024.
CFPB publishes new report highlighting risks related to financial transactions in video games
Americans spent nearly $57bn on gaming hardware, software, and in-game transactions in 2023.
Former Goldman Sachs director Swati Bhatia joins Santander Bank as head of retail banking and transformation
Bhatia counts the likes of Stripe, PayPal and Capital One among her previous employers.
Risk management specialist Abrigo snaps up TPG Software for investment accounting tech
The acquisition will boost the growth of Abrigo’s existing suite of technical accounting solutions.
Video: AtData at Fintech Meetup 2024 – Fraud detection and prevention
At Fintech Meetup, we sat down with AtData to discuss how companies can strengthen their fraud detection strategies.
What the FinTech? | S.5 Episode 4 | The future of digital identity
In this episode of the podcast, we’re joined by Pinar Alpay, Chief Product and Marketing Officer at Signicat.
Stax Payments founders launch business credit decisioning platform Worth AI
Sal Rehmetullah and Suneera Madhani will act as co-CEOs of the start-up, which is set to launch this month.
JP Morgan Chase hit with $348m in fines related to its trade surveillance programme
The fines were issued by the the Office of the Comptroller of the Currency and the US Federal Reserve.
Video: Taktikal at FinovateEurope 2024 – Onboarding amid ever-changing compliance requirements
We sat down with Tinna Hallbergsdóttir of Taktikal to discuss the firm’s innovative approach to onboarding.
Video: Kern AI at FinovateEurope 2024 – The importance of data-centric RAG
At FinovateEurope 2024, we spoke with Johannes Hötter, CEO and co-founder of Kern AI.
Video: Intrepid Fox at FinovateEurope 2024 – When KYB meets GenAI
We sat down with Roman Zilber of Intrepid Fox to discuss the intersection between KYB and GenAI.
What the FinTech? | S.5 Episode 3 | Quantum computing in financial services
In this episode of the podcast, we’re joined by Dr Philip Intallura, Head of Quantum Technologies at HSBC.
Green Dot receives proposed consent order from US Federal Reserve
Green Dot says the consent order relates “principally to various aspects of compliance risk management”.
FinovateEurope 2024: Digital transformation, shifting customer expectations and Africa’s fintech growth
Influential figures from across the financial industry assembled in London for the final day of FinovateEurope.
ICYMI fintech funding round-up: Zūm Rails, Pulsate, Monite, Spektr and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Demystify Podcast: Modelling climate change risk with Lukky Ahmed of Climate X
In this latest podcast episode, Dharmesh and Dave talk with Lukky Ahmed, co-founder and CEO of Climate X.
Digital business bank Grasshopper partners Greenlite for AI-powered due diligence tech
Greenlite’s tech will enable the bank to streamline manual data aggregation and client risk assessments.
2024 Document Fraud Report
From first-party fraud to fraudulent templates available online, here are the most critical risks teams who fight fraud should be aware of.
Bank of America customers impacted by data breach through Infosys McCamish Systems hack
It’s thought that 57,028 of Bank of America’s customers have been impacted.
