Insurtech and the future of financial modelling

May 01, 2019 at 12:01AM Mark Brown, Willis Towers Watson: technology revolution or evolution? While there seems to be a series of insurtech revolutions happening across the industry, it would be fair to say that when it comes to the trio of financial, actuarial and management reporting, the pace of change seems to have been a lot slower. To date, nobody has stood up and said, “I’ve got a great new way to be an actuary” or “hey, I’ve found an app that replaces accountants”. But my contention is that this does not mean nothing has been happening or that … Continue reading Insurtech and the future of financial modelling

Seacoast chooses Talend’s data quality and compliance solution

April 30, 2019 at 11:34AM Florida’s Seacoast Bank has chosen Talend Data Fabric to ensure regulatory compliance, reduce costs with automation and speed up data analysis, reports Jane Connolly. “Responsible data caretakers who can rely on high-quality data to better know and serve our customers” To help streamline review processes and reduce manual tasks, Seacoast Bank built a 0-100 scale index to give an overall indication of data quality. Six factors are considered: accuracy, completeness, conformity, consistency, uniqueness and validity. The index, which can also track data quality over time as the bank evolves, uses Talend to make data quality … Continue reading Seacoast chooses Talend’s data quality and compliance solution

DIT pilots to support UK fintech international expansion

April 30, 2019 at 11:13AM The Department for International Trade (DIT) has announced two Fintech Bridge Pilot Programmes to connect UK businesses with Australia and Hong Kong, reports Jane Connolly. “DIT will continue to support fintech” In partnership with Her Majesty’s Treasury (HMT), the initiatives aim to give 20 high-achieving UK fintechs the chance to receive tailored support, mentoring and networking advice, and to tackle barriers to international expansion. The selected companies, ten in each programme, will visit Australia and Hong Kong during the ten-month duration, which ends in November 2019. Secretary of state for international trade and president of … Continue reading DIT pilots to support UK fintech international expansion

Citi launches NextGen AI compliance project

April 30, 2019 at 10:59AM Global bank Citi has launched an initiative with EY and SAS to use artificial intelligence (AI) to develop an advanced risk analytics scoring engine, reports Jane Connolly. “More efficiently detect transactions with potential compliance concerns up front” NextGen will draw on EY’s business, risk and consulting experience and SAS’ advanced analytics platform to streamline the process of reviewing high volumes of global trade transactions and ensuring regulatory compliance. Many organisations still rely on manual, paper-based processes that are very time-consuming. Citi processes nine million transactions annually – by expanding the use of digitisation, automation and … Continue reading Citi launches NextGen AI compliance project

UPDATE 1-Strong trading gains help SEB beat profit forecast

April 30, 2019 at 07:08AM STOCKHOLM, April 30- Swedish banking group SEB reported first-quarter operating profit above market expectations on Tuesday and called for joint initiatives between banks, regulators and authorities to combat money-laundering. SEB's operating profit in the quarter rose to 5.86 billion Swedish crowns, beating a mean forecast for 5.54 billion in a Reuters… via Banks https://cnb.cx/2GSvGUz Continue reading UPDATE 1-Strong trading gains help SEB beat profit forecast

Sberbank Croatia turns to Token for open banking move

April 29, 2019 at 11:50AM Sberbank Croatia has selected turnkey open banking platform provider, Token.io, to deliver PSD2 compliance and open banking capabilities. “Focused on achieving its strategic goals and growth through innovative new services” Sberbank Croatia, subsidiary of Sberbank, is integrating TokenOS into its banking infrastructure to establish PSD2 compliance and enable the system flexibility required for it to develop new services, such as bank direct payments and account aggregation. The news extends Token’s relationship with Sberbank, which began in 2018 when Token announced a partnership with Sberbank Slovenia, as Token sees increasing interest from the region. Csaba Soos, … Continue reading Sberbank Croatia turns to Token for open banking move

ALTO taps ACI for Indonesian alternative payments growth

April 29, 2019 at 11:03AM ALTO, an interbank switch in Indonesia, is expanding its payments capabilities with the next generation of ACI Worldwide’s UP Retail Payments solution. The company selected ACI to address new regulatory requirements, capture growth in alternative payments and respond to future developments of the national payment gateway within the Indonesian market. The Indonesian firm currently provides digital payment services to banks, payment gateways, billers, corporates and merchants. With this latest implementation, it aims to add new payment endpoints in its market, which is expected to see growth in digital commerce over the next five years. “As … Continue reading ALTO taps ACI for Indonesian alternative payments growth

FIS, Fiserv and Infosys compete for Robinhood’s core banking tech deal

April 29, 2019 at 12:33AM Robinhood plots a retail bank in the US FIS, Fiserv or Infosys will be providing core processing software to Robinhood Bank once it receives authorisation from the Office of the Comptroller of the Currency (OCC). Robinhood has applied for a national banking charter to launch a consumer-focused bank in the US. “Robinhood currently uses innovative technologies to deliver brokerage services to US retail consumers. It proposes to leverage those same and other innovative technologies to offer banking services in a safe and sound manner to US retail consumers,” it explains in its application to the OCC. … Continue reading FIS, Fiserv and Infosys compete for Robinhood’s core banking tech deal

[Discussion] Early Posting Direct Deposit

April 28, 2019 at 01:57PM How are some financial institutions able to offer earlier direct deposit postings? I know direct deposits are processed via ACH and that system is federally regulated, how can a bank or credit union rush the process? submitted by /u/brittann72 [link] [comments] via Savings, Checkings, CDs, oh my! http://bit.ly/2L6WoNu Continue reading [Discussion] Early Posting Direct Deposit

Unite Global now licensed to issue WOCU currency for banking

April 26, 2019 at 09:55AM EXCLUSIVE. Unite Global, operator of the Unite cross border payments hub, has received a licence to issue WOCU currency into the banking system. WOCU wakes up to a Unite Global partnership The WOCU is a global currency developed and distributed by WOCU, a London based fintech. The WOCU quotation is transparently based on a basket of GDP weighted, real-time exchange rates. Unite plans to issue WOCU currency from 2020, following the establishment of the Unite banking correspondent hub. The WOCU is not a cryptocurrency; it will be reserve backed, regulatory compliant and FX traded and … Continue reading Unite Global now licensed to issue WOCU currency for banking

Fintechs Face Difficult Regulatory Realities on Charters

April 25, 2019 at 06:28PM WASHINGTON, D.C. — Fintechs are having trouble facing reality when it comes to obtaining bank charters, FDIC Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting said here at the FDIC’s Fintech and the Future of Banking conference on Wednesday. Both regulators said proving the necessary capital and profitability have been particularly difficult for […] via Bank Innovation http://bit.ly/2XKMxi2 Continue reading Fintechs Face Difficult Regulatory Realities on Charters

China big banks hiked small business loans 17 pct in Q1, reduced interest rates -regulators

April 25, 2019 at 08:06AM BEIJING/ SINGAPORE, April 25- Chinese banks have extended more loans at lower interest rates to small firms in the first quarter, heeding Beijing's call to support the economy, banking regulators told a news briefing on Thursday. The amount of outstanding loans to small enterprises at China's five largest state lenders rose to 1.99 trillion yuan by the end of… via Banks https://cnb.cx/2W5gtoz Continue reading China big banks hiked small business loans 17 pct in Q1, reduced interest rates -regulators

FACTBOX-Who will succeed Carney to run Britain’s central bank?

April 24, 2019 at 05:55PM LONDON, April 24- Britain is searching for a new governor of the Bank of England to succeed Mark Carney in early 2020.. Bailey, 60, was deputy governor with a focus on banks before becoming chief executive of the Financial Conduct Authority, a markets regulator. While at the BoE, Bailey helped to steer Britain's banks through the global financial crisis. via Banks https://cnb.cx/2URu6uW Continue reading FACTBOX-Who will succeed Carney to run Britain’s central bank?

Policymakers Discuss Regulatory Role in Fintech, Innovation

April 24, 2019 at 05:34PM Comptroller of the Currency Joseph Otting today highlighted his agency’s efforts to foster responsible innovation, including through the creation of its special purpose fintech charter. The post Policymakers Discuss Regulatory Role in Fintech, Innovation appeared first on ABA Banking Journal. via ABA Banking Journal http://bit.ly/2Vt4CDs Continue reading Policymakers Discuss Regulatory Role in Fintech, Innovation

Judo becomes Australia’s first SME-focused challenger bank

April 24, 2019 at 12:56PM Judo Capital has become Judo Bank after being awarded its full banking licence from the Australian Prudential Regulation Authority (APRA), reports Jane Connolly. “Provides an opportunity for businesses to support business funding at competitive rates” Launched in early 2018 by former NAB bankers, David Hornery and Joseph Healy, the fintech focuses on serving SMEs with annual turnovers of up to $20 million. Last year Judo raised $140 million and secured a $350 million credit line from Credit Suisse, reports Which-50. Judo’s chairman, Peter Hodgson, states the bank will be launching deposit products, starting with term … Continue reading Judo becomes Australia’s first SME-focused challenger bank

How the UK fintech sector is set to fare this year

April 24, 2019 at 12:01AM Jon Dawson, haysmacintyre: fintech will maintain peaked interest from investors Recent reports suggest that investment in UK fintech reached record levels of £2.6 billion since February 2018. So what can we expect in 2019? Can this fast growth industry maintain these peaks in investment, or will investment trends change as the sector matures and more start-ups look to scale up their businesses? First, we need to look further into investment levels. Typically, investment is driven by the attitudes of those investing. When institutional, venture capitalist, high-net-worth and private equity investors see value in a sector, … Continue reading How the UK fintech sector is set to fare this year

Empowering Investment Bankers with Data Science

April 23, 2019 at 03:21PM The Investment Banking industry is driven by customer relationships, which are highly dependent on having a contextual understanding of market developments, the deal cycle, client intent, and any past interactions. While the incredible growth of data supports this understanding, relationship management has not become easier as information resides in disparate data sources. Technology advancements in the areas of Artificial Intelligence (AI), Data Science and cloud-based Customer Relationship Management (CRM) platforms are paving the way to help bankers not only to have information at their fingertips but also recommend next best actions based on predictions drawn … Continue reading Empowering Investment Bankers with Data Science

Stripe acquires Touchtech Payments for SCA compliance

April 23, 2019 at 01:27PM Payments company Stripe has acquired a Dublin-based tech company called Touchtech Payments, intending to address the Strong Customer Authentication (SCA) standards going live on 14 September 2019. “Easy, secure, and fully compliant with the latest regulations” Touchtech Payments provides advanced SCA-ready authentication technology for Europe’s fintechs and challenger banks, like N26, Transferwise, and many others. By providing advanced authentication technology for credit card issuers, Touchtech Payments helps them offer better payments experiences for their customers, without having to choose between security and user experience. More than 300 million European consumers will need to confirm their … Continue reading Stripe acquires Touchtech Payments for SCA compliance

Could graph technology reduce the risk of another economic collapse?

April 23, 2019 at 12:01AM Yu Xu, TigerGraph: exploring the potential of graph technology Ten years ago, the world was in the grips of the Great Recession. Foreclosures mounted, the Dow had lost more than half its value in 17 months, and the unemployment rate reached double digits for the first time since 1982. No one knows when the next recession will hit, but many experts are sounding alarms over extremely high private debt levels that could explode much the way the $8 trillion housing bubble burst a decade ago. The world is swimming in a near-record $244 trillion in … Continue reading Could graph technology reduce the risk of another economic collapse?

NCUA Planning More ‘Flexibility’ in Credit Union Executive Compensation Plans

April 22, 2019 at 05:40PM The National Credit Union Administration last week requested public feedback on ways it can change its regulations on loan-based compensation to “provide greater flexibility.” The post NCUA Planning More ‘Flexibility’ in Credit Union Executive Compensation Plans appeared first on ABA Banking Journal. via ABA Banking Journal http://bit.ly/2IORBgX Continue reading NCUA Planning More ‘Flexibility’ in Credit Union Executive Compensation Plans

Temenos Community Forum 2019: gone to the cloud

April 22, 2019 at 12:01AM Jean-Paul Mergeai, Temenos FinTech Futures’ correspondent spoke to Jean-Paul Mergeai, managing director Middle East and Africa for Temenos at the company’s recent Temenos Community Forum (TCF) in The Hague. I asked him about the growth of the cloud and services market in various geographies. “America is more mature on the cloud on the servicing model. That’s clear. But in terms of highlights in the last period, Europe has grown a lot over the last few years in the tier one space. To enable that growth we have added a lot in terms of investment and experienced staff,” he … Continue reading Temenos Community Forum 2019: gone to the cloud

Payfone raises $24m in round led by TransUnion

April 19, 2019 at 08:00AM Digital identity authentication provider Payfone has closed a $24 million funding round, reports Julie Muhn at Finovate. Credit reporting agency TransUnion led the round, while existing investors Synchrony, MassMutual Ventures, and Wellington Management also contributed. The investment brings the New York-based company’s total funding to $117.6 million. TransUnion’s investment comes in conjunction with a partnership between the two companies, which have been doing business together since 2017. The Chicago-based company will integrate Payfone’s Trust Platform and Trust Score into its “IDVision with iovation” suite of products. “Within this new strategic partnership, we anticipate supporting Payfone’s … Continue reading Payfone raises $24m in round led by TransUnion

[Discussion] Advice needed from expert – UK overdrafts

April 18, 2019 at 11:19PM Can anyone give me some serious advice – all I am hearing – from a 2 hour phone call is NO from the Halifax Bank UK. Unsure whether they are being entirely upfront with me. I have had an account for 20 years, often with a significant balance in it. I have worked for 18 of those 20 years – probably passed 250K through their hands at least. For those 20 years I have had a 3K 0verdraft – never been queried, and rarely ever used any of it at all. 18 months ago I … Continue reading [Discussion] Advice needed from expert – UK overdrafts

Agencies Seek Comment on Changes to Supplementary Leverage Ratio

April 18, 2019 at 08:46PM The Federal Reserve, FDIC and OCC are seeking comments on a joint proposal making changes to the supplementary leverage ratio calculation under the regulatory capital rule. The post Agencies Seek Comment on Changes to Supplementary Leverage Ratio appeared first on ABA Banking Journal. via ABA Banking Journal http://bit.ly/2IOdqgP Continue reading Agencies Seek Comment on Changes to Supplementary Leverage Ratio

U.S. regulators propose rule to ease leverage rule for custody banks

April 18, 2019 at 08:00PM WASHINGTON, April 18- U.S. banking regulators on Thursday proposed a rule that would allow custody banks to exclude deposits with central banks from a stringent capital requirement. The relief, prescribed by a bank deregulation bill passed by Congress in May, would apply to Bank of New York Mellon, Northern Trust and State Street, as firms "predominantly engaged… via Banks https://cnb.cx/2Gtjvxi Continue reading U.S. regulators propose rule to ease leverage rule for custody banks