Western Union refunds $153m for scam victims
Western Union agreed to pay $586 million in monetary relief following a 2017 scandal.
Banking
CFPB files account fraud lawsuit against Fifth Third Bank
US regulator claims bank opened credit accounts without customers’ permission.
Do not fail fast, learn fast instead
Being advised to fail and do so at speed, as if that, somehow, was not a relative thing anyway.
Report on cloud transformation in banking: The 2020 state of play
Investigating how a new year and a new decade have impacted the drive towards a cloud-based future for banking.
FirstBank picks Finxact to replace 35 year-old core banking system
Colorado-based bank is among early takers of Finxact’s core banking system.
Challenger bank Copper latest to tap America’s teens
Copper is yet to reveal its launch date but has opened a waiting list to teens.
Banking Technology March 2020 issue out now
Keep calm and carry on: Where does COVID-19 leave the Chinese fintech market?
Can fintech eliminate credit discrimination?
Even the strictest laws can’t eliminate the inherent impression the credit manager forms.
Banks test disaster recovery sites and send staff home amid coronavirus
Senior bank execs are concerned about broadband capacity at their employees’ homes.
Ikano Bank builds on Nets partnership to power new lending platform
Ikano plans to launch products on the new service later this year.
White paper: Temenos recognised as a leader in the Forrester Wave™ for digital banking engagement platforms
Convincingly broad off-the-shelf capabilities for supporting channel-specific retail, business and corporate banking.
Financial regulators address the economic & operational effects of COVID-19
Regulators across the globe issue statements addressing coronavirus precautionary measures.
Fiserv acquires long-standing partner MerchantPro Express
The two firms have held a partnership since 2009.
The closet of shame
Everything that goes wrong in a bank, big or small, gets put neatly away in the closet of shame.
Thought Machine completes $83m Series B funding round
Core banking vendor plans to use the capital to expand into new markets.
Canadian challenger Neo Financial plans 2020 launch
Neo plans a credit card and rewards-based savings.
Dissecting banking technology trends in 2020
This year will be one of continued disruption and evolution in banking technology.
Standard Chartered joins Cobalt post-trade network
Multinational bank seeks to diversify its services to emerging markets.
The witches are coming
Our togetherness is our greatest legacy to a world that can and should do better for the next generation of humans.
Banks rely on big bang system replacements to cope with real-time demand
An evolving customer base demands accelerated time-to-market, says Oracle’s Vikram Gupta.
Credit card start-up Tribal Credit secures $5.5m in seed funding
New firm aims to help start-ups in emerging markets.
How APIs overcome the challenges of digital transformation
No transformation is pain-free.
Video: Top fintech stories this week – 21 February 2020
FinTech Futures’ weekly news round-up.
The trade in human beings: How financial institutions and tech can have an impact
Banks in particular can do a lot to curb sex trafficking.
US banks debut cloud-based Finastra Phoenix platform
Commerce National Bank & Trust and Commencement Bank deploy Phoenix on public cloud.
Santander Corporate & Investment Banking picks Bloomberg DLIB
Bank plans to use DLIB to provide structured investment products.
Metro Bank hires new director of technology and engineering
Sailesh Panchal joins the challenger from Orwell Group.
Report: The digital drive to replace the passport in financial services
FinTech Futures publishes its latest industry report, on digital identity and fraud.
Video: Top fintech stories this week – 14 February 2020
FinTech Future’s weekly news round-up.
Hampshire Trust Bank taps Ping Identity to improve customer experience
HTB aims to improve its monitoring, optimisation and alerting systems.
TransPecos Bank signs up Nymbus for core banking transformation
Texan bank already deploys Nymbus at its digital subsidiary.
FinovateEurope: Nasdaq’s behavioral sciences head says AI can be “nonsense”
“People talk about AI as if it can solve anything, but it isn’t the only answer.”
Varo Money enters final stage of becoming nationwide bank
Mobile banking firm Varo Money has gained approval from the Federal Deposit Insurance Corporation (FDIC).
Banks’ compliance heads trapped between regulations and cutbacks
Governor Software CEO says investment in compliance technology is crucial.
Digital bank Stori raises $10m in Series A2 funding
Mexican challenger bank has also launched its credit card.
Where do Gen Zs draw the line on data?
Gen Zs draw the line on data according to convenience and the ‘fear of being left out’.
Video: Top fintech stories this week – 03 February 2020
FinTech Future’s weekly news round-up.
From data to decisions: The rise of AI in retail banking
But first, banks need to de-silo their data and create a single data universe.
Fintech M&A: Prioritising growth and resilience
There is still runway for further consolidation.
British & European fintechs set sail for the US
A wave of British and European fintechs are seeking a foothold in the US finserv market.
