The CFPB’s final prepaid rule is turning out to be unpopular with the current U.S. Congress: A U.S. representative has followed the lead of a Senate colleague and filed a joint resolution to repeal the rule, which has attracted criticism from industry groups since the agency released it last year. But consumer groups, who lobbied for the rules, are attacking the effort, arguing that it would put consumers at risk.
Efforts by three different parties to defend the CFPB were thwarted Feb. 2 when a federal appeals court denied the motions to submit briefs on behalf of the CFPB in PHH Corp., et al.v. Consumer Financial Protection Bureau.
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
United Nations, together with 19 banks and investors worldwide, have launched “a global framework aimed at channelling the money they manage towards clean, low carbon and inclusive projects”. The framework – The Principles for Positive Impact Finance – is a first of its kind set of criteria for investments to be considered sustainable, says the UN.
Game-changing innovations, paradigm shift and synergy… Buzzwords no more! The Rainmaking Summit tapped a frustration with the kind of language that obfuscates more than it clarifies, initiatives that pay lip service to innovation while skirting around the edges, and the cultural, organisational, and technological blockers to change that define many large corporates.
Turkey’s banking group, Ziraat, is to modernise core banking software at its London branch, Banking Technology understands. The new solution will be supplied by Misys.
Barclays is embarking on a major back office operations overhaul, with the creation of a standalone company, Barclays Services.
Synergy Research has released its latest findings for the global cloud computing market, painting a worrying picture for any challengers looking to cash in on the craze.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Swiss online bank Swissquote has developed a virtual reality (VR) trading application that enables users make trades with a glance. The VR headset creates a 360° trading wall for users to monitor the markets.
For those disappointed that President Trump’s regulatory relief executive orders wouldn’t extend to prepaid providers—and others covered under the CFPB’s final prepaid accounts rule—Sen. David Perdue (R-Ga.) may be coming to the rescue. On Feb. 1, Sen. Perdue, along with six co-sponsors, introduced joint resolution 19 that provides “congressional disapproval” for the rule, and which says that “such rule shall have no force or effect.”
The CFPB is “putting the prepaid industry on notice that companies will face the consequences if consumers are denied access to their money or to the services they pay for and on which they have the right to depend.” In its first enforcement action against prepaid providers, the bureau on Feb. 1 announced that UniRush and Mastercard will pay a combined $13 million for a 2015 service disruption that left cardholders without access to their funds.
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through the Pay by Bank app. The app, created by VocaLink’s payment innovation team Zapp, will enable shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details, according to Paybefore sister publication Banking Technology.
Irish Funds is working with Deloitte and others to develop a blockchain proof of concept (PoC) for regulatory reporting. The project will focus on the Resident Investment Fund Returns (Money Market and Investment Funds Returns Reporting – MMIF) regulation and will use blockchain and smart contract technology to create a platform for regulatory reporting accessible […]
Barclaycard is partnering with VocaLink to enable its merchants to accept mobile payments through Pay by Bank app. Pay by Bank app, created by VocaLink’s payment innovation team Zapp, will allow shoppers to pay for goods and services on a mobile device, without the need to enter credit or debit card details. Rajiv Garodia, managing […]
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
The world moves fast, so you need a fast read. A round-up of key events to save you time. PayCommerce, an open cross-border payments network, has completed its real-time, cross-border payment, clearing and settlement testing. It is the first phase of its multi-country global roll out strategy and was done between the US and India. […]
California based technology companies Varo Money and Envestnet | Yodlee have teamed up to drive fintech innovation. Varo Money, a mobile-only banking start-up hopes to leverage Envestnet | Yodlee’s data analytics and aggregation platform to provide customers with a more customised mobile banking experience, and better insights into their financial well-being.
The FDIC has appointed 30-year veteran Kathy Moe regional director for the San Francisco region.
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
It’s official: Green Dot will spend at least $167 million to buy UniRush.
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
The U.K.’s Financial Conduct Authority has fined Deutsche Bank £163 million (US$204.7 million) for failing to maintain adequate anti-money laundering controls between Jan. 1, 2012, and Dec. 31, 2015, according to Paybefore sister publication Banking Technology.
Tech consultancy firm Capgemini is calling for start-up applicants for its InnovatorsRace50 competition – with the chance to win equity-free funding of $50,000. To celebrate 50 years since its launch, Capgemini’s InnovatorsRace50 wants entrepreneurs and “disruptive early-stage start-ups” to apply. The top five businesses, one from each theme, will win equity-free funding of $50,000 each. […]
Mastercard saw faster growth than Visa in the Americas in 2015 but, with 43%, Visa still has significantly the largest market share, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021 study, the number of Mastercard cards grew by 6% in the Americas in 2015, […]
Green Dot reportedly wants to buy competitor UniRush—a deal that would unite two of the biggest companies in the GPR space and give Green Dot a “foothold” in the payroll card business. The deal, if it comes to fruition, could suggest that the industry, which has been contracting through consolidation for the past several years, isn’t done yet.
Ant Financial Services Group, the online and mobile financial services affiliate of Chinese e-commerce giant Alibaba Group, has just become a competitive juggernaut in the remittance business with the acquisition of MoneyGram, the second-largest provider of money transfer services based in the U.S. The transaction of approximately $880 million for all of MoneyGram’s common and preferred shares announced Jan. 26, not only helps MoneyGram compete with Western Union, it helps the combined company compete with startups that have been trying to shake up the market for years.
The rise of the chat bots continues as Cleo, a virtual money assistant described by its creators as the “Siri of personal finance,” has launched on Facebook Messenger for users in the U.K. Developed by the London-based fintech startup of the same name, Cleo is an artificial-intelligence-powered chat bot the companies say will help users manage their finances.
A 2-year-old Federal Reserve plan to improve the speed, efficiency and security of the U.S. payments system has made significant strides toward those goals, but there’s more work to do, according to the Fed’s latest progress report on the initiative. First announced in a January 2015 document titled Strategies for Improving the U.S. Payment System, the plan includes several strategies to enhance the U.S. payment system to “meet the changing demands of American consumers and businesses.”
Powered by the Bill and Melinda Gates Foundation, the Digital Financial Services (DFS) Innovation Lab has launched a new high-intensity fintech bootcamp for companies in Sub-Saharan Africa and and South Asia.
Bank Central Asia (BCA), an Indonesian bank with over 1,100 branches and 17,000 ATMs, has established a venture capital company, Central Capital Ventura (CCV). CCV has a paid-up capital of IDR 200 billion ($15 million).
India’s IT giant Wipro has teamed with and invested in supply chain finance platform Tradeshift to offer a cloud-based source-to-pay (S2P) business-process-as-a-service (BPaaS) solution. The partnership will provide digitalisation and automation in procurement, finance and accounting functions; and combines Tradeshift’s platform with Wipro’s integrated S2P services. Along with the partnership Wipro Ventures, the strategic investment […]
BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.
Fintech zeitgeist! Welcome to the third in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week we welcome the views of guest writer Soumik Roy. Last week, […]
Skipton International, an offshore bank based in Guernsey (Channel Islands), has made a decision to modernise its core tech with Temenos’ T24.
Amsterdam Trade Bank (ATB) has signed for CargoDocs DocPrep+ from specialist trade finance solutions provider essDOCS.
US-based internet security firm Cyren has discovered an outbreak of malware which is stealing passwords as well as Bitcoin from cryptocurrency wallets on PCs. Avi Turiel, director of threat research at Cyren, says in a blog post this “versatile” keylogger malware is being delivered as an attachment to phony bank transfer emails, which inform the […]
Investment management software firm Linedata has acquired Gravitas Technology Services, a provider of middle office and technology services to the asset management industry. Gravitas is based mainly in New York and Mumbai, and the deal is part of Linedata’s ambitions in North America. It follows last year’s purchase of fellow investment management software provider, Derivation. […]
There was an interesting discussion at the recent Finance Disrupted event in London, organised by The Economist, that highlighted the opportunity for regtech to support financial inclusion.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
