Video: Top fintech stories this week – 16 October 2020
FinTech Futures’ weekly news round-up.
Banking
Morgan Stanley fined $60m for improper disposal of personal data
The OCC found examples in 2016 and 2019 of failure to oversee third party companies.
The end of apps
Is it time that we jumped from the app bandwagon?
JP Morgan Chase partners with Greenlight for kids account
The JPMorgan Chase app has around 39 million ‘active’ customers.
Why the focus on risk weighted asset optimisation is increasing
Many banks have started formulating an action plan and framework to drive this initiative within their organisation.
GPS fills out executive team with handful of new C-level hires
Richard Hodgson, Shaun Puckrin, and Jerome Gudgeon join the payments firm.
Central bank digital currencies – don’t get the popcorn
If the art of the possible is being explored, the art of the valuable remains elusive.
US rapper Killer Mike unveils Black and Latino-focused challenger bank Greenwood
Each month, the digital challenger promises to gift $10,000 to Black or Latinx businesses.
Ternio becomes Visa’s first crypto enablement partner for debit cards
“This shows Visa’s commitment to onboard other companies which develop crypto.”
The imperatives behind BFS
The current crisis highlights the urgent action required for businesses to upgrade to digital platforms.
Texan challenger Viva First to launch for Latinos before year end
The fintech is piggybacking off Texas-based Spur Security Bank.
Citi to pay $400m OCC fine for risk management failures
“The heavy lift will be the technology upgrade, which [the regulators] will micromanage.”
Breaking down walls
FinTech Futures took this somber moment to sit with Keisha Bell at DTCC.
Video: Top fintech stories this week – 09 October 2020
FinTech Futures’ weekly news round-up.
Sibos 2020: Citi’s CEO calls on banks to deliver social justice
“We have a larger obligation to deliver fairness.”
Bank of America teams up with Black-owned Unity bank
BoA has acquired approximately 5% of the bank’s common equity.
Grasping the opportunities of new digital customers
A flexible approach is needed to ensure newly digital customers aren’t frustrated.
Mastercard and Ethoca deliver greater transparency in digital banking applications
All merchants can upload their logos at logo.ethoca.com for inclusion in online banking and payment apps.
Banks must empower SME clients with more than a repackaged retail account
“Once you strip back a lot of the functionality in retail banking it’s more about experience than solving issues.”
Citi invests in markets software firm Genesis Global Technology
The undisclosed strategic injection sees Citi deploy some Genesis tech.
Banking Technology October 2020 issue out now
Educate, advocate, invest: It’s not enough for companies to pay lip service.
Sibos 2020: SmartStream advances AI solutions for data management
The new tech “enables non-IT staff to take multiple complex data sets and compare them within seconds”, says CIO.
Goldman Sachs to buy General Motors’ credit card portfolio
Goldman reportedly beats Barclays to nab consumer credit pool worth $8.5bn.
The value of 20/20 hindsight
Anders la Cour, co-founder and CEO of Banking Circle, examines the lessons of 2020.
Sibos 2020: Industry has widespread “dissatisfaction” with transaction monitoring
Costs, compliance and confusion need to be solved by new technology, says panel.
Daily News at Sibos 2020
Download your free copy of the Sibos supplement today!
Digitalisation Component Framework: an inside-out approach to digital transformation
Discover new areas where automation can be implemented & improve efficiencies without replacing existing systems.
Sibos 2020: JP Morgan CEO tells banks “don’t outsource your soul”
Jamie Dimon believes plenty of outsourcing firms “have no idea what they’re doing”.
Sibos 2020: Finastra steps out of big bank payments bubble with smaller bank offering
“In Europe, these [smaller] banks are the vast majority.”
Sibos 2020: Banking Circle launches POBO and COBO payments transparency solutions
The solutions are available globally through Swift, Faster Payments, CHAPS, SEPA and local clearing.
Temenos hires Roger Klantschi as EVP for Americas
Former Infosys veteran joins Temenos to build on US drive.
Video: Top fintech stories this week – 02 October 2020
FinTech Futures’ weekly news round-up.
US associations go after OCC’s payments charter in critical letter
The OCC is currently in the swings of introducing another special purpose national bank charter.
The cloud promises unprecedented agility, and the time to create a roadmap is now
To gain the agility to compete in the modern banking environment, build and invest with the cloud in mind.
Swift launches project for “brilliantly simple” SME cross-border payments
The messaging and infrastructure network makes next step in new strategy.
Personalised banking – delivering moments-based customer experience
Proven ways for banks to improve personalised experiences, withith insights from Forrester, PWC and Gartner.
Argentina’s money management app Ualá launches in Mexico
“It’s a much better product than we had in Argentina [upon launch],” says the CEO.
Alkami Technology closes $140m funding round
The cloud-based digital banking firm has raised $378 million to date.
Old dogs, new tricks and procurement
It’s time for the banks to work together to standardise their onboarding processes and documentation for fintechs.
JP Morgan-backed Greenlight joins unicorn club with $215m Series C
The start-up says the new funding will be used to push its customer growth further.
