Wells Fargo and data aggregation provider Finicity have signed a deal that provides an API-based method for sharing Wells Fargo customer information with the financial apps and services that Finicity supports.
An overview of the current fintech regulation in the US by the prudential regulators: the OCC, the FDIC, and the Federal Reserve.
Iroquois Federal Savings & Loan Association, a $580 million entity in the US state of Illinois, is modernising its front-to-back office technology with Fiserv.
Valley National Bank, a $23 billion financial institution in New Jersey, is implementing nCino’s Bank Operating System for commercial lending.
Wells Fargo will pay $110 million to settle a class action lawsuit brought by US consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the bank, which has received a dim evaluation from a federal regulator.
US-based tech provider FLEX has moved eight credit unions to its core processing software over the last year and made inroads “into the warmer climes of Hawaii”.
Wisconsin-based mutual savings bank PyraMax has chosen Fiserv to modernise its retail banking operations. The bank will move to the DNA account processing platform and add integrated mobile, online and branch banking solutions, including palm-vein biometric authentication. The software will be supplied on an outsourced basis, from a Fiserv data centre. Richard Hurd, CEO and president, […]
Data Centre Inc (DCI), a Kansas-based banking software developer, signed five new takers for its flagship iCore360 core banking system in Q1 this year.
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, presents his latest “Automation in Banking” report (#31!), which looks at the US core banking and ancillary software market.
Accenture will acquire First Annapolis, a privately held payments consulting and advisory firm. Alan McIntyre, senior managing director, and head of Accenture’s Banking practice, says the acquisition “will enhance our capabilities in the payments sector”. Terms of the transaction were not disclosed. The acquisition, which is subject to customary closing conditions, is expected to close […]
The US Securities and Exchange Commission (SEC) has dashed the hopes of internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss, who were hoping to create an exchange-traded fund (ETF) for the virtual currency Bitcoin.
The District of Columbia (DC) can claim bragging rights as it has been deemed the most innovative part of the US, according to a study by personal finance website WalletHub. WalletHub says innovation is a principal driver of US economic growth. In 2016, the country spent an estimated $514 billion on R&D – “more than […]
The US Securities and Exchange Commission (SEC) is being vigorously back slapped and group hugged by the finserv industry for finalising rule changes to help achieve a two-day settlement cycle (T+2). With an avalanche of acronyms, the Depository Trust & Clearing Corporation (DTCC), Investment Company Institute (ICI) and Securities Industry and Financial Markets Association (SIFMA), […]
The Illinois Department of Financial and Professional Regulation (IDFPR) has become the first US regulatory agency to join the R3 Consortium, a global partnership of banks and other parties working to develop distributed ledger-based applications for financial services.
Deutsche Bank has opened an innovation lab in New York, its fourth globally. The lab is part of its five-year plan for €1 billion investment in digital initiatives. It is sited in Lower Manhattan’s Fulton Center and will explore new technologies focused on several areas, including artificial intelligence, cloud technology and cybersecurity. Elly Hardwick, head […]
VA Desert Pacific Federal Credit Union and East Idaho Credit Union have entrusted their core processing operations to Symitar Ease, supplied by Jack Henry’s subsidiary Symitar.
The last couple of months have been relatively quiet for the major cloud players, though it looks like the lurking pricing war is just beginning to heat up, reports telecoms.com (Banking Technology‘s sister publication). Speaking at IBM InterConnect in Las Vegas, the team announced a horde of new offerings, as well as a number of […]
The top Democrat on the US House Financial Services Committee wants to interview executives from Wells Fargo over a scandal about fake accounts its employees set up for customers.
CapEd Credit Union in Idaho, and two Californian credit unions, Pacific Marine and Camino Federal, have converted to new core processing software, Keystone, supplied by Corelation.
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, presents his latest “Automation in Banking” report (#31!), which looks at the US core banking and ancillary software market.
McDonald’s has made its first step towards the internet of things (IoT) with the introduction of a mobile ordering app as a means of streamlining the in-store customer experience. Banking Technology‘s sister publication telecoms.com reports that using apps to deliver services in this segment is hardly a new idea, though experiences to date have been […]
An Australian start-up has been revealed as the key technology partner of Visa’s new contactless payment sunglasses which were launched at the South by Southwest (SXSW) Festival. Visa unveiled the WaveShades sunglasses at the festival in Austin, Texas. Behind the scenes, the bright idea came from FinTech Australia member Inamo who came up with the […]
Putnam-Greene Financial Corporation, a $510 million holding company of four banks in Georgia, US, is modernising its front-to-back office software with Fiserv.
Accenture has opened innovation centres in New York and Singapore for finance and risk, and software application development cycles respectively. The New York hub focuses on developing solutions for finance and risk data management, data engineering, analytics, artificial intelligence (AI) and reporting. It will offer consulting, development and operations services, and Accenture says it already […]
Jack Henry & Associates, one of the “big four” banking technology vendors in the US, has joined forces with personal financial management (PFM) firm Geezeo to help consumers manage their finances.
Google has revealed that Android payments can now be made within the Gmail app. Whether it is “splitting a dinner bill or planning a group trip”, it offers a “fee-free way” to work out the details and settle up without leaving the Gmail app on Android. Users can exchange money with “anyone” – and are […]
Banking Technology puts the banking innovation in the US under the spotlight. The market is not short of digital offerings: Simple, Moven, Kabbage, Acorns, Earny, Debitize, MagnifyMoney and more – take your pick!
Payments firm Euronet has proposed to buy money transfer operator MoneyGram International for $15.20 per share – in turn becoming a pest to Ant Financial’s acquisition plans. As Banking Technology reported in January, Alibaba’s affiliate Ant Financial planned to splash out $880 million for MoneyGram – its first acquisition of a US-listed company. Euronet says […]
California-based Next Insurance has unveiled its new insurance chatbot that will enable personal trainers to quote and buy insurance via Facebook Messenger. Next partnered with SmallTalk, a chatbot developer, to become the “first company to provide full service insurance via a social channel”. It also says it has developed a direct link with small business […]
Capital One is introducing virtual assistant Eno, a chatbot that communicates with the bank’s customers via text messages.
The technology behind CurrentC, the QR-based mobile payment service created by MCX, a consortium of the largest merchants in the US, has been acquired by JPMorgan Chase. The bank says it will help expand Chase Pay, the mobile and digital wallet for Chase customers.
Wirecard AG has finalized its acquisition of Citi Prepaid Services.
Crédit Agricole Corporate and Investment Bank (CIB) is implementing AxiomSL’s regulatory reporting system at its New York branch.
Florida-based Flagship Community Bank has bought mobile-only BankMobile from Customers Bancorp for $175 million. As Banking Technology reported last month, BankMobile, which was launched by Customers Bancorp two years ago, was expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu. Customers Bancorp says after accounting for all expenses, the deal […]
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted US merchants.
Fintech is developing a distinctly British accent and the US is in danger of losing out, according to remarks made by Congressman Patrick McHenry, a member of the House Financial Services Committee, at the LendIt USA conference in New York.
Hoping to put a dent in a method of fraud that costs US companies $10 billion annually, PSCU, a credit union service organisation that serves 850+ credit unions, will use technology from Pindrop.
North American banking and payments tech vendor DH Corporation (D+H) is helping Corporate One Federal Credit Union move to real-time payments. Corporate One FCU is using D+H’s cloud-based testing environment to simulate connectivity to The Clearing House’s (TCH) real-time payments network.
Capping an approximately 18-month effort to pivot into a software-as-service platform for businesses, US payments firm Dwolla has repackaged some of its services into a pair of products and pricing structures. The company’s clients now can use Dwolla technology to enable same-day ACH capabilities or to move funds between bank accounts without having to do […]
A startling 46% of American adults would be unable to come up with $400 to meet an unexpected expense without borrowing or selling something. We are so used to thinking about financial exclusion in terms of the un- or under-served that we are overlooking the financial vulnerability of nearly half the US adult population.
