US national banks granted authority to hold crypto for customers
US banks and federal savings associations can offer cryptocurrency custodial services.
Regulation
CCAF, World Bank and World Economic Forum call on industry to take part in COVID-19 fintech study
Working in fintech? Take part in the survey and share your views!
Accuity partners with Encompass to automate client KYC
Encompass technology implemented into Accuity’s Bankers Almanac solution.
Money manager for freelancers Flow lands Dutch PSD2 licence
The idea for Flow originated on an alpaca farm in Drenthe.
Latvian regulator fines Signet Bank €906k for AML issues
FCMC fines Latvian private bank after on-site inspections.
FCA confirms post-Brexit cooperation deals with EU regulators
UK watchdog says agreements remain “relevant and appropriate”.
From open banking to open finance
It’s only in 2020 that we see the quality, reliability, and range of APIs connecting to accounts that realise the regulators’ vision.
Report: Shareholder Rights Directive (SHRD) – the impact on securities processing
Creating an attractive environment for shareholders of exchange-listed companies in the EU and improving their corporate governance.
Hummingbird raises $8.2m led by Flourish Ventures
Flourish Ventures led the round, with new support from Stripe alumni Lachy Groom and Jon Zieger.
COVID-19 analytics: the lesson for those involved in policy management
Modern data-enabled systems and processes are the key to staying competitive.
OCBC Bank connects to Singapore Government’s identity platform
SingPass enables users to connect to a wide range of platforms and government services.
The LIBOR transition: why financial organisations need to work smarter and not harder
This LIBOR solution replaces an army of paralegals with technology able to extract information from a 200-page document and over 140 various data points.
Currencycloud nabs e-money licence from Dutch central bank
The London-headquartered firm secures post-Brexit future.
Major Dutch banks launch AML joint venture
Rabobank, ING, ABN Amro, Triodos Bank, and de Volksbank make AML move.
SoFi files banking charter application with OCC
The $4.3 billion fintech wants to take another crack at banking.
Five ways it pays to go beyond ID-only verification
Identity verification serves many benefits to organisations seeking to build trust in their online channels.
Why remote onboarding is going to make or break banks
A number of onboarding steps can be automated, streamlined and simplified to deliver a better customer experience.
Banking Technology July/August 2020 issue out now
Unlocking the benefits of open banking.
Ardent Financial picks SteelEye for MiFID II and MAR compliance
Newly-launched securities firm aims for automation.
How financial institutions can capitalise on open banking benefits
The median open banking spending lies between €50-€100 million according to Tink.
Deutsche Bank faces $150m fine for Jeffrey Epstein ties
“The bank’s failure to recognise this risk constitutes a major compliance failure.”
Belgian cooperative NewB picks Wolters Kluwer’s OneSumX
The new Belgian bank wants OneSumX to manage its ALM ops.
Commerzbank plans 10,000 job cuts as CEO and chairman step down
Shareholder pressure saw Martin Zielke and Stefan Schmittmann depart earlier this week.
LIBOR transition: everything you need to know
How NIIT Technologies is supporting businesses grappling with LIBOR transition.
Commerzbank fined €650k by Cypriot regulator
German bank sanctioned in relation to dealings with now-defunct Laika
Introducing CRUX Digital Days – getting the crux of the tech matter
What’s shaping the financial services technology industry of today and what awaits it tomorrow?
Union Investment Group picks BearingPoint for tax reporting
BearingPoint also expects to win East-West United Bank in Luxembourg.
The Philippines launches government-owned OFBank for overseas citizens
Filipinos will be able to sign up to the new service with a selfie.
TransferWise lands licence from FCA to offer investment products
The move marks its second side-step from cross-border payments.
FCA lifts restrictions on Wirecard Card Solutions
UK watchdog allows payments to restart.
IDnow hopes to bring video authentication to UK banks’ onboarding
Customers include Commerzbank, solarisBank, N26, and UniCredit.
SEB fined $107m by regulator for Baltic AML failures
The Swedish bank failed to identify risk among its subsidiaries.
US regulators relax Volcker Rule restrictions
Major US banks allowed to unlock wider range of investment options.
Report: Five success factors for an ideal ISO 20022 migration
ISO 20022 represents an opportunity for banks to reinvent the way they operate.
Adverse media screening: a key pillar of financial crimes compliance
Can we leverage AI to enhance the effectiveness and efficiency of adverse media screening?
Video: Top fintech stories this week – 26 June 2020
FinTech Futures’ weekly news round-up.
FCA suspends Wirecard’s UK subsidiary
This has prompted a handful of fintechs to issue warnings to their customers on Friday.
Wirecard files for insolvency amid accounting scandal
The paytech owes creditors almost $4 billion after disclosing a gaping hole in its books.
New York regulator plans to ease cryptocurrency rules
DFS announces batch of changes amid MOU with New York university.
Five ways to streamline your online checkout process
The commercial case for streamlining the online payments process is clear.
