US fintech regulation: a divided picture at the federal level
Addressing the views of the Department of Treasury, the CFPB, and the SEC on the regulation of the fintech industry in the US.
USA
Corelation’s Keystone core banking system gets two new live sites
Two federal credit unions in the US, People First in Pennsylvania and Greater Alliance in New Jersey, have converted to new core processing software. Both are now live on the Keystone platform supplied by domestic vendor Corelation.
North State Bank goes live on nCino Bank Operating System
North Carolina-based North State Bank has gone live with nCino’s Bank Operating System to centralise and automate its commercial loan process. nCino’s cloud-based solution is built on Salesforce.com. The vendor says it combines customer relationship management, loan origination, workflow, enterprise content management, business process management and instant reporting on a single platform. Last month, Valley […]
Silicon Valley Bank and First Data launch fintech accelerator
US-based Silicon Valley Bank (SVB) and First Data are calling on US start-ups to apply for their latest Commerce.Innovated accelerator programme. The four-month virtual programme provides participants with operational mentorship from the pair’s respective networks. Reetika Grewal, head of SVB’s payments strategy and solutions group, says its “small class size allows us to work closely […]
Cachet, Rebar and Central Bank of Kansas City bring mobile prepaid programmes to community banks
Cachet Financial Solutions is working with Central Bank of Kansas City (CBKC) to bring mobile-optimised prepaid programmes to community banks. The two companies have also teamed with Rebar Interactive to provide Select Mobile Money-Express, a platform that includes a Mastercard-branded prepaid card.
Finicity first to ink data exchange deal with Wells Fargo
Wells Fargo and data aggregation provider Finicity have signed a deal that provides an API-based method for sharing Wells Fargo customer information with the financial apps and services that Finicity supports.
Fintech in the US: the state of the union is questionable
An overview of the current fintech regulation in the US by the prudential regulators: the OCC, the FDIC, and the Federal Reserve.
Fiserv makes some noise in Illinois with core banking tech revamp
Iroquois Federal Savings & Loan Association, a $580 million entity in the US state of Illinois, is modernising its front-to-back office technology with Fiserv.
Valley National Bank takes commercial lending to the cloud
Valley National Bank, a $23 billion financial institution in New Jersey, is implementing nCino’s Bank Operating System for commercial lending.
Wells Fargo settles account-scandal claims but runs afoul of federal regulator
Wells Fargo will pay $110 million to settle a class action lawsuit brought by US consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the bank, which has received a dim evaluation from a federal regulator.
FLEX converts eight credit unions to its core processing tech
US-based tech provider FLEX has moved eight credit unions to its core processing software over the last year and made inroads “into the warmer climes of Hawaii”.
Fiserv brings the max to PyraMax tech overhaul
Wisconsin-based mutual savings bank PyraMax has chosen Fiserv to modernise its retail banking operations. The bank will move to the DNA account processing platform and add integrated mobile, online and branch banking solutions, including palm-vein biometric authentication. The software will be supplied on an outsourced basis, from a Fiserv data centre. Richard Hurd, CEO and president, […]
DCI closes Q1 with five new core banking software sales
Data Centre Inc (DCI), a Kansas-based banking software developer, signed five new takers for its flagship iCore360 core banking system in Q1 this year.
Automation in US banking – part 2
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, presents his latest “Automation in Banking” report (#31!), which looks at the US core banking and ancillary software market.
Accenture to acquire payments consulting firm First Annapolis
Accenture will acquire First Annapolis, a privately held payments consulting and advisory firm. Alan McIntyre, senior managing director, and head of Accenture’s Banking practice, says the acquisition “will enhance our capabilities in the payments sector”. Terms of the transaction were not disclosed. The acquisition, which is subject to customary closing conditions, is expected to close […]
SEC says “no” to Winklevoss Bitcoin exchange-traded fund
The US Securities and Exchange Commission (SEC) has dashed the hopes of internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss, who were hoping to create an exchange-traded fund (ETF) for the virtual currency Bitcoin.
District of Columbia takes top US tech innovation spot
The District of Columbia (DC) can claim bragging rights as it has been deemed the most innovative part of the US, according to a study by personal finance website WalletHub. WalletHub says innovation is a principal driver of US economic growth. In 2016, the country spent an estimated $514 billion on R&D – “more than […]
United States of happiness for two-day settlement rule
The US Securities and Exchange Commission (SEC) is being vigorously back slapped and group hugged by the finserv industry for finalising rule changes to help achieve a two-day settlement cycle (T+2). With an avalanche of acronyms, the Depository Trust & Clearing Corporation (DTCC), Investment Company Institute (ICI) and Securities Industry and Financial Markets Association (SIFMA), […]
Illinois regulator joins global distributed ledger consortium R3
The Illinois Department of Financial and Professional Regulation (IDFPR) has become the first US regulatory agency to join the R3 Consortium, a global partnership of banks and other parties working to develop distributed ledger-based applications for financial services.
Deutsche Bank opens innovation lab in New York
Deutsche Bank has opened an innovation lab in New York, its fourth globally. The lab is part of its five-year plan for €1 billion investment in digital initiatives. It is sited in Lower Manhattan’s Fulton Center and will explore new technologies focused on several areas, including artificial intelligence, cloud technology and cybersecurity. Elly Hardwick, head […]
Symitar Ease hosted core platform gains two new takers
VA Desert Pacific Federal Credit Union and East Idaho Credit Union have entrusted their core processing operations to Symitar Ease, supplied by Jack Henry’s subsidiary Symitar.
IBM turns up heat in cloud pricing war
The last couple of months have been relatively quiet for the major cloud players, though it looks like the lurking pricing war is just beginning to heat up, reports telecoms.com (Banking Technology‘s sister publication). Speaking at IBM InterConnect in Las Vegas, the team announced a horde of new offerings, as well as a number of […]
Wells Fargo faces new pressure over fake accounts
The top Democrat on the US House Financial Services Committee wants to interview executives from Wells Fargo over a scandal about fake accounts its employees set up for customers.
CapEd, Pacific Marine and Camino Federal credit unions live with new core software
CapEd Credit Union in Idaho, and two Californian credit unions, Pacific Marine and Camino Federal, have converted to new core processing software, Keystone, supplied by Corelation.
Automation in US banking – part 1
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, presents his latest “Automation in Banking” report (#31!), which looks at the US core banking and ancillary software market.
Introducing the internet of McThings
McDonald’s has made its first step towards the internet of things (IoT) with the introduction of a mobile ordering app as a means of streamlining the in-store customer experience. Banking Technology‘s sister publication telecoms.com reports that using apps to deliver services in this segment is hardly a new idea, though experiences to date have been […]
Shrewd surfer dude behind Visa’s contactless payment sunglasses move
An Australian start-up has been revealed as the key technology partner of Visa’s new contactless payment sunglasses which were launched at the South by Southwest (SXSW) Festival. Visa unveiled the WaveShades sunglasses at the festival in Austin, Texas. Behind the scenes, the bright idea came from FinTech Australia member Inamo who came up with the […]
Putnam-Greene Financial Corporation in tech modernisation with Fiserv
Putnam-Greene Financial Corporation, a $510 million holding company of four banks in Georgia, US, is modernising its front-to-back office software with Fiserv.
Double delight for Accenture innovation in US and Singapore
Accenture has opened innovation centres in New York and Singapore for finance and risk, and software application development cycles respectively. The New York hub focuses on developing solutions for finance and risk data management, data engineering, analytics, artificial intelligence (AI) and reporting. It will offer consulting, development and operations services, and Accenture says it already […]
Jack Henry turns to Geezeo for personal finance management tools
Jack Henry & Associates, one of the “big four” banking technology vendors in the US, has joined forces with personal financial management (PFM) firm Geezeo to help consumers manage their finances.
Do collect $200 on Android, don’t get out of Gmail
Google has revealed that Android payments can now be made within the Gmail app. Whether it is “splitting a dinner bill or planning a group trip”, it offers a “fee-free way” to work out the details and settle up without leaving the Gmail app on Android. Users can exchange money with “anyone” – and are […]
Analysis: banking innovation in the US
Banking Technology puts the banking innovation in the US under the spotlight. The market is not short of digital offerings: Simple, Moven, Kabbage, Acorns, Earny, Debitize, MagnifyMoney and more – take your pick!
Euronet bugs Ant Financial with MoneyGram move
Payments firm Euronet has proposed to buy money transfer operator MoneyGram International for $15.20 per share – in turn becoming a pest to Ant Financial’s acquisition plans. As Banking Technology reported in January, Alibaba’s affiliate Ant Financial planned to splash out $880 million for MoneyGram – its first acquisition of a US-listed company. Euronet says […]
Next Insurance launches chatbot on Facebook Messenger
California-based Next Insurance has unveiled its new insurance chatbot that will enable personal trainers to quote and buy insurance via Facebook Messenger. Next partnered with SmallTalk, a chatbot developer, to become the “first company to provide full service insurance via a social channel”. It also says it has developed a direct link with small business […]
Capital One launches SMS chatbot, Eno
Capital One is introducing virtual assistant Eno, a chatbot that communicates with the bank’s customers via text messages.
JPMorgan Chase acquires MCX payments technology
The technology behind CurrentC, the QR-based mobile payment service created by MCX, a consortium of the largest merchants in the US, has been acquired by JPMorgan Chase. The bank says it will help expand Chase Pay, the mobile and digital wallet for Chase customers.
Wirecard completes Citi Prepaid acquisition
Wirecard AG has finalized its acquisition of Citi Prepaid Services.
Crédit Agricole CIB automates US reg reporting with AxiomSL
Crédit Agricole Corporate and Investment Bank (CIB) is implementing AxiomSL’s regulatory reporting system at its New York branch.
Flagship Community Bank buys BankMobile for $175m
Florida-based Flagship Community Bank has bought mobile-only BankMobile from Customers Bancorp for $175 million. As Banking Technology reported last month, BankMobile, which was launched by Customers Bancorp two years ago, was expected to be sold this quarter, according to Customers’ president and CEO, Jay Sidhu. Customers Bancorp says after accounting for all expenses, the deal […]
Verifone investigates breach that targeted US merchants
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted US merchants.
