Cennox acquires Diebold UK & Ireland business
Following the ruling of the UK’s Competitions and Markets Authority (CMA), Diebold Nixdorf has shed some of its business. Diebold UK & Ireland has been sold to Cennox.
Regulation
NatWest pilots AI compliance technology with Recordsure
UK-based high street bank NatWest is trialling Recordsure’s regtech recording and analysis solution “to improve and monitor the quality of information and advice provided during regulated customer conversations”.
Money20/20 Europe: regtech – from here to agility
The shift from analogues to digital – according to Michael Meyer, Middlegame Ventures, during a regtech discussion at Money20/20 Europe – a major European bank he spoke with files over 50,000 pages as part of its quarterley regulatory reporting.
CFPB Snapshot: California Leads Nation in Complaints to Agency
The CFPB receives more than 20,000 complaints every month, according to Director Richard Cordray, and the bureau’s latest installment of its Monthly Complaint Report highlights consumer complaints at the state level. As of June 1, the CFPB has received more than 1.2 million complaints across the country since it began accepting them in 2011. The top three states with the most complaints are California, Florida and Texas with 159,158, 111,559 and 93,472 complaints, respectively.
Nominate your projects for Banking Technology Award!
Banking Technology is on the lookout for all the best FinTech projects of the year! Recognising excellence, innovation and the use of IT in banking and financial services, the Banking Technology Awards will be taking place on 13 December in London. Think your achievements deserve a special recognition? Or know projects that do? Nominate today […]
CFPB Clamps down on Credit Repair Companies, Leadership
The CFPB on June 27 filed two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for “misleading consumers and charging illegal fees.”
Money20/20 Europe: PSD2 Creates More Questions than Answers
On June 26, artificial intelligence captured the imagination of some at Money20/20 in Copenhagen. But during the June 27 sessions on the second day, it was like I had stepped back in time to November 2016, reported Deputy Editor Antony Peyton. Last year, at the Payments International conference in London, PSD2 left some in the payments industry confused as to where the risks and opportunities lie.
Money20/20 Europe: PSD2 creates more questions than answers
The second Payment Services Directive (PSD2) is creating more questions and issues than the answers it ultimately should offer.
Analysis: MiFID II – the new transparency regime
Having been a fixture on the regulatory agenda for years, the go-live date for MiFID II is now rapidly approaching. On 3 January 2018, the second iteration of Europe’s Market in Financial Instruments Directive and Regulation will bring in sweeping changes to the financial markets on topics such as product governance and suitability, transaction reporting, commodities position limits and transparency.
U.K. Regulator Calls for More Competition in Payments
The U.K. needs more competition in its retail payments infrastructure. That’s the conclusion of a new report from the country’s Payment Systems Regulator.
Japan and Australia regulators to co-operate on fintech
The Financial Services Agency of Japan (JFSA) and Australian Securities and Investments Commission (ASIC) will work together to promote innovation in financial services in Japan and Australia. Both have completed a framework and they will share information and support the entry of fintech firms into each other’s markets. ASIC says this framework will “help open […]
Banco de Mexico revamps risk management tech with Finastra’s Fusionrisk
Banco de Mexico, the country’s central bank, is replacing its legacy risk management software with Finastra’s Fusionrisk.
Treasury’s Walt Henderson Wins Terrence P. Maher Award
The NBPCA’s Power of Prepaid Conference kicked off in Washington, D.C., on June 22, with discussion of the prepaid industry’s most pressing challenge, regulatory uncertainty. One of the highlights of the morning sessions, however, was the presentation of the third annual Terrence P. Maher Prepaid Influencer Award to Walt Henderson, director of EFT strategy division at the U.S. Department of Treasury. Henderson has managed the Treasury’s benefits disbursement prepaid program from its inception, overseeing substantial growth and consistently high customer satisfaction.
Bank to the future: five ways financial apps are changing banking
Less than half a year from now, PSD2 will revolutionise consumers’ access to their own financial information. In fintech hubs across Europe, bright young people are planning a consumer revolution. Their financial apps and tools are helping customers manage their money far more easily than they have before. Here are five important ways in which they are changing the face of banking.
Barclays hit with fraud charge over Qatar capital raising
The UK’s Serious Fraud Office (SFO) has charged Barclays and four of its former workers with conspiracy to commit fraud over capital raising arrangements with Qatar Holding and Challenger Universal. The charge also includes the provision of unlawful financial assistance contrary to the Companies Act 1985. The charges relate to events in June and October […]
UK regulator calls for feedback on consumer access to insurance
Like a bird of paradise, the UK’s Financial Conduct Authority (FCA) is calling again – and this time for views and evidence concerning consumers’ access to insurance. This FCA’s paper looks more broadly at access issues related to insurance but specifically (and a non-fintech point) seeks views on “how consumers with cancer or those in […]
Who is the greatest fintech leader of 2017?
This year’s Banking Technology Awards are taking place on 13 December in London and once again we will be recognising individuals for leading and playing an instrumental role in devising and/or delivering the technology strategy to support the key business objectives of an organisation. The Tech Leadership Award category is open to all industry participants worldwide – those […]
Screen scraping: in or out?
Amid last month’s extensive ransomware attack, made possible after cyber criminals stole hacking tools created by the US National Security Agency, the European Banking Federation (EBF) again urged the European Commission (EC) not to dismiss recommendations about screen scraping.
Tate Takes Reins at NBPCA
Brian Tate has been named president and CEO of the NBPCA, replacing Brad Fauss, who in May stepped down from his role at the helm of the prepaid industry association to join Wirecard North America. Tate has served with the NBPCA since 2013 as vice president of government affairs, helping lead the organization’s legislative and regulatory policy agenda, including managing the federal political strategy and building relationships with policymakers on the national and state levels.
Instant Payments Set to Displace Cards in Europe, Report Says
More than $809 billion is set to switch to the fledgling instant payments system in Europe by 2027, representing a significant threat to cards, according to a new report from Ovum, a London-based consultancy. Instant, or real-time, payments enable account-to-account bank transfers in seconds instead of days.
PSD2 meets ISO 20022
How will service providers and banks implement ISO 20022 in the APIs being created for PSD2?
Where top European banks are investing in fintech – CB Insights
European banks are placing strategic bets in areas ranging from wealth management, lending, payments, regulatory technology, software, and blockchain. Which banks were the most active and what did they invest in?
White paper: GDPR – banks, breaches and billion euro fines
The European Union’s new General Data Protection Regulation (GDPR) introduces 72-hour breach notification requirements along with severe regulatory fines and consumers and affected third parties now have the right to sue organisations responsible for data breaches.
Banking Technology Awards 2017 now open for entry!
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognistion this year? Nominate them for a Banking Technology Award!
UK regulator reveals second wave of sandbox start-ups
The UK’s Financial Conduct Authority (FCA) has unveiled the second wave of firms that have made it into its regulatory sandbox. As reported in 2015, the sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”. The move is part of the FCA’s Project Innovate, which aims to boost […]
CFPB Seeks Comment on Proposed Changes to Prepaid Rule
The CFPB has issued a request for comment on proposed changes to its final rule on prepaid accounts that would adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets.
Banks facing fines totalling €4.7bn under GDPR
Consult Hyperion is forecasting that European financial institutions could face fines totalling €4.7 billion in the first three years under the new General Data Protection Regulation (GDPR). The report, “GDPR: Banks, Breaches and Billion Euro Fines”, which was commissioned by security firm AllClear ID, is a “conservative” forecast and excludes compensation claims, costs associated with […]
Infographic: financial institutions optimistic for first UK CRS filing
An online survey carried out amongst our readers in the run up to the UK’s first Common Reporting Standard (CRS) submission has found respondents largely optimistic about how their first transmittal would go; were appreciative of the support given to them by their IT departments and thought that HMRC and OECD had done a good job in communicating with them. Their primary concerns were their ability to pull data from their internal systems and keeping up with compliance.
Why getting ready for real-time is a priority for Rabobank
When it comes to payments, the Netherlands, like its Scandinavian neighbours, is certainly one of the most advanced countries in the world. Banks and retailers have been working together for many years in an effort to decrease the amount of cash in circulation, working instead towards a “cleaner” and “safer” cashless environment.
European Banking Federation wants fintech at overclock speed
Responding to the European Union (EU) consultation on fintech, the European Banking Federation (EBF) wants the creation of an inclusive ecosystem and asks for people to get on with it. Earlier this year, the EC called for feedback and said it wanted to prise open national barriers as only 7% of consumers currently buy financial […]
Bahrain’s central bank creates sandbox for fintech start-ups
The Central Bank of Bahrain (CBB) has announced new regulations to create a regulatory sandbox for fintech start-ups and firms to test and experiment their banking ideas and solutions. The framework provides a “virtual space” and it is open to existing CBB licensees and other local and foreign firms. The testing duration is nine months, […]
Australia and Hong Kong get it on for fintech innovation
The Hong Kong Securities and Futures Commission (SFC) and Australian Securities and Investments Commission (ASIC) have signed a co-operation agreement for financial innovation. Both parties play up their “already close ties” and the Australia-Hong Kong trade and investment relationship “more broadly”. ASIC says Hong Kong is Australia’s seventh most important destination for services exports, valued […]
House Passes Dodd-Frank Reform Minus Interchange Reform
The Financial CHOICE Act of 2017 (HR 10), legislation to overhaul the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, was approved along party lines by the U.S. House of Representatives 233-186 on June 8. The legislation focuses on ending big-bank bailouts and supporters say it provides more accountability for Washington and Wall Street, while removing barriers to economic growth.
The Monday mindset: 12 June 2017
Fintech zeitgeist! 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, Antony Peyton, Banking Technology’s deputy editor, with the help of many “expert comments” (bless you for those), briefly mulls over the aftermath […]
Hong Kong regulator unveils private wealth management charter
Fair play is on its way as Hong Kong’s Private Wealth Management Association (PWMA) has adopted the “Treat Customers Fairly Charter for Private Wealth Management Industry”. Developed by the Hong Kong Monetary Authority (HKMA) and the PWMA, the charter has five “high-level principles” and examples of measures to guide PWMA members in their implementation. These […]
Compliance Titans: Craig James, Neopay
Craig James, founder and CEO of compliance consultancy Neopay, views compliance like a chess match—you have to know the board better than everyone else, so nothing surprises you.
Is the UK going to be ready for EU GDPR?
With just under 12 months to go until the European Union (EU) imposes new data protection regulations, there seems to be a growing sense of unpreparedness throughout the industry, reports Telecoms.com (Banking Technology‘s sister publication). Perhaps it’s because of the timeframes which were involved for the General Data Protection Regulation (GDPR), or a misunderstanding of […]
Singapore regulator gives and takes advice on robo-advice
The humans at the Monetary Authority of Singapore (MAS) have laid down some guidelines and want opinions on providing robo-advisory services. In a consultation paper released today (7 June), MAS says it seeks to support innovation in financial services by recognising the unique characteristics of digital platforms. MAS states that financial institutions (FIs) regulated under […]
Commcise and RBC team up for MiFID II research payment solution
With MiFID II in mind, Royal Bank of Canada (RBC) has teamed with Commcise for a service that lets research funds be held in a segregated research payment account (RPA) established in the name of a buy-side client. Commcise’s technology will provide a broker-neutral, independent and un-conflicted platform to help management of the research payment […]
Amex Faces State Pressure over Anti-Steering Case as DOJ Backs Off
The U.S. Justice Department may have dropped its antitrust suit against American Express, but 11 states want to press on in a case that started in 2010. At issue is the company’s push to prevent Amex-accepting merchants from offering shoppers financial incentives to use other card brands.
