OneSpan director: Banks need to implement AI’s full potential
Banks still have siloed data pools which can’t quite be pulled.
USA
US regulators sign up to Global Financial Innovation Network
The CFTC, FDIC, OCC and SEC are all on board.
US challenger Current raises $20m in Series B, surpasses half a million customers
The neobank began as a parent-controlled teen debit card in 2017.
SMB lender BlueVine launches banking service with Mastercard debit card
SMBs will see 1% interest on their balance and no monthly fees.
Video: Top fintech stories this week – 25 October 2019
FinTech Future’s weekly news round-up.
Goldman Sachs leads $35m Series B round in data storer Very Good Security
Andreessen Horowitz and Vertex Ventures also participated.
Core banking challenger Neocova launches in central USA
New firm on the block wants to change how community banks are served.
Click to Pay e-commerce solution launched by Amex, Mastercard, Visa
Card schemes aim to reduce online payments friction in US.
US fintech community dealt blow by federal court as charter is denied
The OCC will be appealing the decision by the US courts.
US Bank plans thousands of job cuts in staff restructure
Bank is blaming changing customer behaviour for the need to downsize.
Instabase raises $105m sent to unicorn status
The bank app has raised $132 million since it began in 2015.
Meeting the global B2B payments challenge
International businesses increasingly expect global access to finance in real-time.
Mastercard and Visa battle over Revolut deals
Revolut says 75% of its non-European cards will eventually be Visa branded.
Santander to launch online deposit platform in US
It is said to be a rival to Goldman Sachs’ Marcus offering.
Evolve Bank & Trust taps i2c for cloud-based core banking, card issuance
Payments processor upgrades its tech with i2c.
Mastercard trials Payment on Delivery with PNC Bank
New solutions aims to eliminate problems around cash and cheque usage.
US challenger bank Denizen shuts down
The expatriate bank failed to reach required scale.
PayPal subsidiary Venmo launches first credit card with Synchrony Bank
Venmo will now be able to compete with N26 and Chime in the US market
Nebraska’s Pathway Bank enters world of video banking with POPi/o
POPi/o also has partners in California, Idaho, Nevada and New York.
US challenger Chime goes down for millions of customers
Chime serves more than five million accounts across the US.
CNB Bank selects nCino to digitise retail lending processes
Pennsylvanian bank opts for firm’s Bank Operating System.
From stablecoins to central bank digital currencies
In the sCBDC model central banks would focus on their core function: providing trust and efficiency.
Calastone takes on ex-BNY Mellon exec Dan Kramer for US expansion
Kramer managed end-to-end customer experience at BNY Mellon.
FinovateFall 2019 in pictures
There was so much to take in over the three days!
UK cybersecurity firm Sophos bought by America’s Thoma Bravo for $3.8bn
Sophos houses more than 3,400 staff and a turnover of $710.6 million.
Libra’s woes continue as Booking Holdings departs
The association has now lost 25% of its membership.
US regulators remind FIs of AML obligations for digital assets
The CFTC, SEC and FinCEN point to AML/CFT requirements for digital assets.
Mastercard, Visa, eBay and Stripe follow PayPal’s suit and leave Facebook’s Libra
Facebook’s hopes of a global cryptocurrency are hanging in the balance.
Federal Reserve shelves tougher liquidity rules for foreign banks
Minimum level of liquid assets not required by US branches.
Branch launches free checking account and debit card for hourly workers
The fintech wants to increase financial stability in the US.
FinovateFall 2019: PFM is making a comeback
The energy in the room was palpable, and all aspects of the financial technology community were on display.
Credit Suisse mulls return to US private banking to serve LatAm’s wealthiest
The bank is looking to add $15 billion in assets to a new Miami base.
Amex admits to data breach from employee trying to commit fraud
Card numbers and social security numbers were compromised.
Pendleton Community Bank signs Teslar Software for automation
West Virginian bank needed new tech following merger.
Federal Reserve signs off on Volcker Rule simplification
“Volcker 2.0” to go live in January 2020.
Fintech lender StreetShares partners with America’s rural Farm Bureau Bank
The lendtech gives SMEs a decision in minutes and funding within 24 hours.
PayExpo 2019: Monzo COO not so sure it needed to be a bank for its success
His reasons boil down to expensive, slow and heavy hoops since its licence.
Takeaways from FinovateFall 2019: shiny objects vs problem solvers
Bankers and tech experts share their views on the recent Finovate event in NY.
UK fintech Kantox partners with Citi Bank for FX solution
Kantox will deliver a “customised solution” for the bank’s FX clients.
FinovateFall 2019: AI, ML, robotics and digital first
Three exciting days in New York witnessing the latest and greatest from over 70 fintechs.
