Fintech News

MAY 7, 2024

billion, marking the lowest quarterly level since 2017. The startup said it would use the proceeds to continue its international expansion to Southeast Asia, the Middle East, and Africa, and strengthen its global footprint. The total funding amounted to US$7.3 In Q1 2024, the average deal size stood at US$11.1

Payment APIs and Integration 122

Payment APIs and Integration Non-Bank Finance FinTech 122

Fintech Finance

JANUARY 18, 2024

Neal takes the helm from Jon Prideaux, who announced his intention to retire in July 2023, and will remain on the Board as a Non-Executive Director. Boku CEO Stuart Neal brings more than 20 years of payments, banking and innovation leadership experience to Boku, combined with a deep understanding of the Boku business.

Non-Bank 52

Non-Bank Payment Solutions Returns Accounts 52

PYMNTS

NOVEMBER 18, 2020

Americans paid off $10 billion in credit card debt in the third quarter (Q3) of 2020, but borrowed more for car and housing loans, according to a report in the Wall Street Journal (WSJ) citing the Federal Reserve Bank of New York. Non-housing balances — credit cards, auto loans, student debt — are up $15 billion. percent compared to 5.39

Credit Cards 124

Credit Cards Consumer Federal Reserve Fed 124

Fintech News

DECEMBER 7, 2023

Enhancing coverage The MAS suggests broadening the scheme to include mandatory third-party liability insurance for specific mobility devices like bicycles and motorised wheelchairs under the Active Mobility Act 2017. To make the scheme more transparent, MAS plans to list covered and non-covered benefits in specified personal line insurance.

Consulting 103

Consulting Non-Bank Authorization Settlement 103

The Fintech Times

OCTOBER 5, 2024

In early October, the FCA , the UK regulator, announced that it had fined UK challenger bank , Starling Bank , £28,959,426 for financial crime failings related to its financial sanctions screening. Starling’s growth has been meteoric from 43,000 customers in 2017 to 3.6 million in 2023.

Financial Crimes 83

Financial Crimes Crime Compliance Money Laundering 83

Fintech Finance

JANUARY 24, 2024

The partnership continues Mastercard’s role as the exclusive instant payments software provider for TCH’s RTP network, enabling both companies to integrate new instant payment use cases across a range of payment flows. Instant payments became a reality in the U.S. for the RTP network and around the world.

Real Time Payments 52

Real Time Payments RTP Visa Instant Payments 52

PYMNTS

JANUARY 25, 2021

In his eight years at the startup, he helped grow market capitalization to 11 billion euros from 2010 to 2017. Backed by billionaires Peter Thiel and Li Ka-Shing, N26 launched its first products in 2015 and is among Europe’s most valuable non-listed FinTechs. Its most recent valuation was $3.5 Following the U.K.’s

FinTech 101

FinTech Non-Bank Product Transactions 101

Finovate

OCTOBER 4, 2024

Netherlands-based digital banking platform Plumery secured $3.3 Founded in 2022, Plumery offers a digital banking platform that enables businesses to rapidly customize and deploy their banking operations. This week’s edition of Finovate Global features recent fintech news and headlines from the Netherlands.

AI 64

AI Innovation Payment APIs and Integration Online and Mobile Banking 64

FICO

DECEMBER 21, 2016

That means 2017 should be a risky year from a compliance standpoint. Many banks get so many alerts today about suspicious activity that they can’t prioritize their efforts. Today, it’s really only Tier 1 banks that use analytics in AML, KYC and tax compliance areas. Laundered funds will finance more terrorist attacks.

Compliance 45

Compliance Financial Crimes Crime Money Laundering 45

The Fintech Times

JULY 27, 2024

After the Competition and Markets Authority (CMA), the UK competition regulator, revealed four UK high-street banks have failed to comply with banking rules designed to keep customers safe, we ask if tougher penalties or consequences are required. Meanwhile, AIB and Lloyds were found non-compliant with high standards for open banking.

Rules 58

Rules Breach Regulations Non-Bank 58

PYMNTS

SEPTEMBER 27, 2018

Alibaba Group announced Thursday (September 27) that it signed up with Banking Circle to use its infrastructure and global network for digital payments. We are delighted to partner with Banking Circle. Payments are simply payments,” said Anders la Cour, co-founder, and chief executive of Banking Circle, in the same press release.

Cross-Border Payments 73

Cross-Border Payments Cross-Border Non-Bank Payments 73

Global Fintech & Digital Assets

DECEMBER 11, 2023

On November 1, 2023, the DFS announced the Amendments to its regulations that were initially published in 2017 (23 NYCRR part 500). Requirements related to business continuity and disaster recovery have also been included for the first time.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

PYMNTS

MARCH 9, 2020

million households were underbanked in 2017. At the same time, bank branch closures appear to be accelerating, with small towns across the country losing a combined 14 percent of their banks between 2012 and 2017. Regional Banks, Credit Unions Compete. The bad news, however, is that it still means 8.4

Credit Union 75

Credit Union Community Banks Small Business Online and Mobile Banking 75

PYMNTS

DECEMBER 29, 2016

There seems to be no shortage of action in the corporate banking space, whether it be scandals (like Royal Bank of Scotland’s Global Restructuring Group fiasco ), cyberattacks (such as the $81 million stolen from the central bank of Bangladesh) or anomalies like Brexit impacting top financial institutions across the globe.

FinTech 72

FinTech Security Cybersecurity Non-Bank 72

PYMNTS

MAY 5, 2020

The bank made a risky move in February as the coronavirus pandemic was reaching its apex in China, deciding to slash interest rates and open up the credit taps in a broad manner. MYbank is a part of the open banking strategy that could net Ant around 65 percent of its profits by the year 2021. percent by March. percent by March.

Non-Bank 59

Non-Bank Real Time Payments Economy Risk 59

PYMNTS

AUGUST 23, 2019

The World Bank announced it has raised $33 million from investors for its blockchain-based “Kangaroo” bond, Bond- i. It is issued in Australian dollars by non-Australian organizations, including governments, businesses, and financial institutions. This isn’t World Bank’s only blockchain project.

Blockchain 76

Blockchain Cross-Border Payments Cross-Border Non-Bank 76

PYMNTS

JULY 10, 2018

Saxo Bank has divested its global B2B payments solution Banking Circle , according to a Monday (July 9) press release. Investment firm EQT , through EQT VIII fund and EQT Ventures fund, reached an agreement with Saxo Payments Banking Circle founders to acquire the assets, the company said.

Cross-Border Payments 40

Cross-Border Payments Cross-Border Non-Bank B2B 40

PYMNTS

NOVEMBER 27, 2018

They’re also taking their toll on the non-bank mortgage lenders that proliferated in the good old days of zero or near-zero interest rates, compliments of the Federal Reserve. The Incredible Shrinking Non-Bank Mortgage Lending Market. Instead, they often rely on short-term bank loans – now also at a more expensive rate.

Non-Bank 46

Non-Bank Underwriting Federal Reserve Origination 46

The Payments Association

OCTOBER 11, 2024

The current safeguarding rules are based on the Payment Services Regulations 2017 (PSRs) and E-Money Regulations 2011 (EMRs). ” Regular communication between the audit firm and internal compliance teams will also help maintain alignment on regulatory expectations, reducing the risk of non-compliance.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Fintech News

MAY 23, 2024

Confronted by shifting factors such as tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations — the best banks must adapt their business and operating models in 2024, including in Asia. CHINA #1 China Merchants Bank China Merchants Bank Co.,

Online and Mobile Banking 129

Online and Mobile Banking Treasury Non-Bank Finance 129

Fintech News

APRIL 16, 2024

Fintech Thailand is poised for significant growth and development in areas including digital banking, open finance, and startup support. With cashless payment becoming ubiquitous, the Bank of Thailand (BOT) is now paving the way for open finance, aiming to enhance consumer access to financial services.

FinTech 114

FinTech Bots Central Bank Innovation 114

PYMNTS

JANUARY 31, 2019

NACHA recently released new figures on ACH network volume, revealing earlier this week that Same-Day ACH volume grew 46 percent between Q4 2017 and Q4 2018, surpassing 50 million transactions for the first time. banks, separate data revealed. demand for faster payment capabilities, too. . “As the U.S. trillion in the U.S.

Faster Payments 73

Faster Payments Money Laundering Same Day ACH AML 73

PYMNTS

OCTOBER 31, 2019

Yes Bank in India has received an offer from an unnamed investor in the amount of $1.2 billion for a stake in the bank, according to a report in the Financial Times. Although the bank did not name the investor, the investor made the offer through newly issued equity. He was replaced by Deutsche Bank executive Ravneet Gill.

Non-Bank 40

Non-Bank Regulations Breach Continuity 40

Fintech Labs Insights

JANUARY 12, 2017

What blockchain trends from 2016 are worth watching for follow-through in 2017? In a survey of 200 banks, IBM learned that 65% of respondents “plan to have projects in production” in the next three years. Photo via Good Free Photos. Here are five blockchain players to keep an eye on as the new year begins.

Blocks 21

Blocks Blockchain FinTech Bitcoin 21

PYMNTS

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. But the Spring 2017 report reveals news of threats that are just beginning to flare up. “The Shifts in Lending Practices.

OCC 46

OCC Office of the Comptroller of the Currency Money Laundering Non-Bank 46

PYMNTS

JULY 16, 2018

Continuing the recent string of earnings from big banks – a string that kicks off earnings season per tradition – Bank of America said loan growth and a boost in digital initiatives boosted results in the second quarter. As a result of those efforts, non-interest expense was off 5 percent from a year ago.

Zelle 42

Zelle Non-Bank Credit Cards Volume 42

PYMNTS

FEBRUARY 20, 2019

.’s Faster Payments Scheme after the Bank of England granted the firm settlement accounts. ’s central bank for settlement accounts, linking FairFX to the Faster Payments Scheme via the Bank of England’s New Access Model. In an announcement on Tuesday (Feb. and elsewhere. .” and elsewhere.

Faster Payments 46

Faster Payments Cross-Border Payments Cross-Border Settlement 46

PYMNTS

OCTOBER 8, 2019

Cyberattacks continue to rise, for example, with experts warning that small businesses are especially at-risk. Hiring continues to be a challenge as business owners not only struggle to find qualified workers in a tight labor market, but find professionals who will help that company achieve its goals. 76 percent of U.S.

Small Business 53

Small Business Non-Bank Debit Card Disputes 53

PYMNTS

DECEMBER 6, 2018

Treasury rates continued to slide last week, driven mainly by concerns over slowing global economic growth and U.S. In fact, non-bank mortgage lenders reported that their numbers fell by about 3.5 percent between the end of 2017 and the middle of 2018, while the number of mortgage loan originators declined by 7 percent.

NOV 45

NOV Adjustments Non-Bank Treasury 45

PYMNTS

DECEMBER 30, 2019

Small businesses continue to flock to online platforms to find much-needed financing, with banks still failing to fill the demand for small to medium-sized business (SMB) loans despite economic growth in the U.S. But recent reports in the Wall Street Journal Monday (Dec.

Federal Reserve 52

Federal Reserve Small Business Non-Bank PayPal 52

PYMNTS

JULY 13, 2018

Analysts are warning that rising competition among large lenders and shadow banks to issue junk bonds may cause a “race to the bottom” and uncover greater risks. trillion, and competition is rising as regulators slowly ease restrictions on banks’ corporate lending practices. Lenders collected $6.6

Risk 40

Risk Federal Reserve Regulations Non-Bank 40

PYMNTS

NOVEMBER 30, 2019

grew by 28 percent in 2017, per the NPD Group, a market research company – and global sales increased to $9.6 Still, it set a precedent for Monopoly add-ons, which continue to emerge to this day.”. The newest version of Monopoly is called “Monopoly Voice Banking.” Even science has weighed in favor of non-digital board games.

Non-Bank 84

Non-Bank Online and Mobile Banking Research Consumer 84

PYMNTS

OCTOBER 10, 2017

The 2017 report , released Monday (Oct. 9), found non-cash transactions are growing at a healthy rate — with volumes increasing 11.2 Further, while consumer payments are quickly embracing digitization, corporate transactions’ uptick of electronic payments are much slower, and cash continues to hold its ground.

B2B 49

B2B Cross-Border Non-Bank Payment APIs and Integration 49

PYMNTS

SEPTEMBER 26, 2018

25) criticized top banks in the country for what authorities called inadequate reporting of breaches of financial law. Reports in Reuters said the Australian Securities and Investments Commission (ASIC) announced the completion of its review into Australia’s top four banks and how they managed and remediated issues of non-compliance.

Breach 43

Breach Regs Non-Bank Regulations 43

FICO

SEPTEMBER 4, 2018

The result has been an origination process, infused with automation and self-service communication capabilities, that has enabled the bank to wildly outperform their most optimistic ROI projections. Businesses do their banking during non-traditional banking hours, so they need a digital presence. We have 1300 branches.

Origination 49

Origination Non-Bank Automation Underwriting 49

PYMNTS

AUGUST 7, 2019

FreshBooks aims to differentiate itself by creating easy-to-use accounting software that has a non-accountant user in mind while delivering “best-in-class” customer service, the company said in an announcement. In February of this year, FreshBooks announced the addition of bank reconciliation and double-entry accounting to its software.

Small Business 51

Small Business Non-Bank Reconciliation Accounts 51

PYMNTS

APRIL 21, 2017

Things are looking far different for Bank of America compared to a few years back. And while the prospect of more interest rate hikes and a recent decline in treasury yields might concern some, Bank of America’s CEO is reportedly confident in both his company and the current health of the U.S. The Charlotte, N.C.-based billion from $3.47

Economy 40

Economy Federal Reserve Treasury Non-Bank 40