Wells Fargo wholesale banking unit probed for fraud
US Justice Department checking out bank employees and management pressure.
Know Your Customer/KYC
IdentityMind unveils regtech webstore
Will let companies integrate compliance and regulatory technologies into their solutions.
EasyMoney hooks up with HooYu for identity verification
Since the integration of P2P lending, EasyMoney needs to up its KYC and AML game.
IdentityMind helps ZED Network with KYC compliance
Payments platform will deploy newly-released version 2.0.
CLS and IBM furnish fintech with hosted blockchain service
Duo unveils services hosted on DLT platform LedgerConnect.
Socure unveils digital identity bot Aida
Named after the world’s first computer scientist, Ada Lovelace.
Flinks finds a fintech friend in ASAPP Online Solutions
Canadian start-ups team up for account and lending origination.
Accuity safely acquires Safe Banking Systems
With SBS it gets KYC and AML solutions.
Three ways health insurers can win over millennial small business owners
Sally Poblete, CEO of Wellthie, explores three key strategies.
PaySend adds KYC and risk management tech from 4Stop
Moving money with international money transfer platform PaySend just got a lot more secure.
Convergence of RPA and AI: the changing landscape in banking compliance
Robotic process automation and artificial intelligence are transforming the regulatory compliance landscape in banks.
HooYu brings KYC tech to gold-as-currency enabler Glint
The appeal of gold as an investment remains strong.
NICE Actimize brings AI tech to financial crime investigation
NICE Actimize has launched an artificial intelligence (AI) enabled investigation management system.
Eastern Caribbean Central Bank to pilot blockchain tech with Bitt
A fintech pilot using blockchain tech to be carried out in the ECCB eight member countries.
Onfido to provide digital ID verification tech to Bitstamp
Onfido has been selected by Bitcoin exchange Bitstamp to provide its ID verification during onboarding.
Fenergo and Arachnys forge strategic partnership
Client lifecycle management tech specialist Fenergo has formed a strategic partnership with regtech provider Arachnys.
White paper: The bank executive’s guide to building a better business customer onboarding experience
Understand how to build an optimized online business customer onboarding experience and get it to market fast.
Meed leverages ID verification tech from Jumio to serve the underbanked
Identity verification tech provider Jumio has teamed up with California-based fintech Meed.
Online security and user experience: finding the balance
Recent hacks and data breaches have shown that cybercriminals are tenacious, smart and well resourced.
Blockchain and Bitcoin round-up: 21 November 2017
From major crimes to KYC times. Our latest blockchain and Bitcoin round-up features Tether, Metal, Deutsche Bank and IBM. Digital currency firm Tether is feeling under the weather as it has reported that “funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker”. The amount is a rather large […]
The changing face of financial crime compliance
Paul Taylor of Swift’s Financial Crime Compliance Services Division discusses the evolving compliance landscape and the critical role of technology in helping the industry come together as a whole to combat financial crime.
Correspondent banking: it takes two to tango
The global correspondent banking network is under pressure in several countries as some financial institutions close relationships. While financial inclusion continues to climb the agenda of regulatory authorities and financial institutions pledge their support, the de-risking taking place in correspondent banking threatens to scupper inclusion.
Sibos 2017: treasurers look to tech to untangle knots
Untangling the “knots” at global treasuries, especially with regard to bank maintenance issues around know your customer (KYC) and other compliance activities, was the theme of a corporate treasury session yesterday (18 October) at Sibos.
De-risking in trade finance: time to act
As financial authorities express concern about de-risking in correspondent banking, a similar phenomenon is emerging in trade finance, driven by the high costs of KYC compliance.
KYC Registry aligns with Wolfsberg DDQ
Swift is aligning its KYC Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for correspondent banks. First issued in 2004, the DDQ was updated in response to regulatory pressure.
Regtech to the rescue
Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?
Synechron teams with R3 for KYC project on blockchain
Financial services IT consultancy Synechron is working with enterprise software firm R3 on a distributed ledger technology (DLT) collaboration to develop a know your customer (KYC) solution. The solution will be built on R3’s Corda platform – that “operates in strict privacy in an open, global network”. The project aims to improve data collection, data […]
Regtech Supplier Performance Report: ignorance is no longer bliss, it’s now criminal offence
The second edition of Regtech Supplier Performance Report, featuring some 50 regtech suppliers, published by Market Fintech Limited and supported by Banking Technology, says that with over 50,000 regulatory documents published across the G20 since 2009, and an average of 45 new documents every week, we must assume that the future of banking will be driven by technological developments.
Socure raises $14m in new funding
In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding. The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.
Hello Soda’s new platform has a pop at dark web fraud
Big data and text analytics firm Hello Soda has launched Fraud Web, a new software solution built to combat identity fraud committed through the untraceable internet. The company says Fraud Web identifies the risk of consumer data being available for sale on the dark web and issues high, medium and low risk alerts so that […]
New in regtech: digital ID verification
It’s no secret that increased regulations are a significant pain point for commercial and community banks. According to Thomson Reuters Global Cost of Compliance 2016 Survey, more than one-third of participating financial institutions reported spending at least an entire day each week keeping track of regulatory changes. The good news? Regtech, or regulatory technology, is […]
People on the Move: W2 Global Data
U.K.-based W2 Global Data, a provider of regulatory, KYC/AML and fraud prevention solutions, has welcomed three new hires, including Alex Lafferty, Richard Evans and Kerry Cleary.
Will robotic process automation herald a new digital era in regulatory compliance in banks?
Exploring how the robotic process automation (RPA) powered digital workforce looks to disrupt the manual effort intensive regulatory compliance landscape in BFS, what edge it has over its human counterpart, the roadmap towards RPA driven compliance, challenges in this digitisation journey and success mantras, and innovations that are underway towards building intelligent RPA to replicate human decision-making.
Proposed M-Wallet Rules Don’t Hinder Samsung Pay Launch
While the Indian government works toward a digital economy, the Reserve Bank of India is soliciting feedback through March 31 on guidelines for prepaid payment instruments that could adversely affect issuers of prepaid products, including mobile wallets.
DTCC sells Clarient Global and Avox to Thomson Reuters
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
R3 and ten member banks develop KYC service proof-of-concept
The R3 consortium and ten of its member banks have developed a proof-of-concept (PoC) for a know your customer (KYC) registry “that addresses the challenges associated with satisfying KYC requirements and allows identities to be managed by their owners”.
Dassault Systemes unveils seven finalists for KYC/AML start-up challenge
French software firm Dassault Systemes has named the seven finalists for its “3D FinTech Challenge” 2016 to address anti-money laundering (AML) and Know Your Customer (KYC) issues. This is its fourth annual accelerator programme in collaboration with senior finance executives, regulators and “influencers”. As Banking Technology reported in August, Dassault Systemes invited start-ups to apply. […]
IBM Watson learns compliance in Promontory purchase
IBM plans to acquire Promontory Financial Group, a risk management and regulatory compliance consulting firm, to boost IBM Watson’s cognitive technology. Upon close of the deal, Promontory’s employees will train Watson, which will learn by “continuously ingesting regulatory information as it is created and through interaction in real-world applications”. Bridget van Kralingen, senior vice-president, IBM […]
Dassault Systemes launches KYC/AML challenge for start-ups
French software firm Dassault Systemes is inviting start-ups to apply to its “3D Fintech Challenge” to address anti-money laundering (AML) and Know Your Customer (KYC) issues. As part of its overall 3DExperience Lab initiative, the seven-week programme will identify and help nurture six start-ups that can provide systemic warnings and a 360-degree view of customer/support […]
Kyc.com and Dow Jones team up for compliance drive
Kyc.com is partnering with Dow Jones, Exiger and Regulatory DataCorp (RDC) to drive standardisation and compliance for Know Your Customer (KYC) processes. The alliance plans to deliver an end-to-end KYC process integrating compliance, onboarding, sanctions, screening, negative media searches and client risk assessment across regulatory regimes and multiple jurisdictions. Joel Lange, managing director of Dow […]
