A digital bank in the Philippines is using smartphone data for underwriting

November 20, 2019 at 09:00PM CIMB Bank Philippines, a digital-only bank, is using data points from customers’ mobile phones, including the number of apps installed, calendar invites and the percentage of unread emails, to underwrite customers for personal loans. In a country where 77% of the population is underbanked, the personal loans are a move … Continue reading A digital bank in the Philippines is using smartphone data for underwriting

Envestnet Yodlee, Fintech Sandbox: Underserved customers still face obstacles

November 20, 2019 at 09:42PM As the number of digital finance platforms grow, the pool of consumers underserved by the financial system is cause for concern, industry practitioners said at a financial industry conference in New York this week. “There’s a whole host of reasons why we have 50 million Americans who still remain underserved … Continue reading Envestnet Yodlee, Fintech Sandbox: Underserved customers still face obstacles

WorldRemit opens Toronto office to help grow Canadian customer base

November 20, 2019 at 08:41PM U.K.-based digital money transfer company WorldRemit opened its Canadian headquarters in Toronto this week, a move that puts it in the midst of a growing market for cross-border payments solutions among immigrant populations. The company’s Canadian operations were based in Montreal since 2011, but Corey Myckan, Canada country director at … Continue reading WorldRemit opens Toronto office to help grow Canadian customer base

CFPB Updates Rulemaking Agenda for Fall 2019

November 20, 2019 at 08:39PM The Consumer Financial Protection Bureau today announced updates to its rulemaking agenda for 2019. Significantly, the bureau said that it is considering initiating a rulemaking or issuing guidance to address the interplay between Regulation Z and requirements under the Electronic Signatures in Global and National Commerce Act. The post CFPB … Continue reading CFPB Updates Rulemaking Agenda for Fall 2019

[Discussion] Can i regularly deposit large amounts into my account?

November 20, 2019 at 08:30PM So basically i have an opportunity to start a buisness relationship with a good friend who wants to send me around $2500-$3000 cash via western union. Afterwards i will buy products online and ship it to him and i will get to keep some of the cash for middle maning … Continue reading [Discussion] Can i regularly deposit large amounts into my account?

Slowing Global Growth, Trade Uncertainties Cited in FOMC Rate Cut Decision

November 20, 2019 at 08:32PM Concerns about a slowdown in global growth and trade uncertainties remained prominent factors in the Federal Open Market Committee’s decision to cut interest rates by 25 basis points at the last FOMC meeting, according to minutes released yesterday. The post Slowing Global Growth, Trade Uncertainties Cited in FOMC Rate Cut … Continue reading Slowing Global Growth, Trade Uncertainties Cited in FOMC Rate Cut Decision

[Discussion] Bank froze account due to ACH deposits not addressed to me. Added my friend as co-owner but no response from bank.

November 20, 2019 at 07:38PM Writing isn't my best skill so I hope I explain this correctly. Thank you for your help. **My friend was not trying to evade taxes. He was planning to report his 1099-MISC income and just needed a bank account to receive funds. I'll precursor this by saying that I realized … Continue reading [Discussion] Bank froze account due to ACH deposits not addressed to me. Added my friend as co-owner but no response from bank.

ABA Issues Recommendations to Promote Responsible Financial Data Sharing

November 20, 2019 at 06:04PM In a statement submitted for the record in tomorrow’s House Financial Services Committee fintech task force hearing, ABA highlighted the importance of protecting consumers when they choose to share their financial data with third parties. The post ABA Issues Recommendations to Promote Responsible Financial Data Sharing appeared first on ABA … Continue reading ABA Issues Recommendations to Promote Responsible Financial Data Sharing

Legal breaches allowed Westpac customers to pay for child sex undetected, Austrac alleges

November 20, 2019 at 05:00PM Agency alleges Westpac failed to monitor 12 customers who made transactions consistent with child exploitation typologiesWestpac’s failure to obey anti-money laundering and counter-terror finance laws allowed a customer to make payments to a person in the Philippines who was later arrested for child sex trafficking and livestreaming child sex shows, … Continue reading Legal breaches allowed Westpac customers to pay for child sex undetected, Austrac alleges

Podcast: Celebrating Bankers’ Community Commitment

November 20, 2019 at 05:01PM The latest episode of the ABA Banking Journal Podcast continues a pre-Thanksgiving tradition by interviewing the winners of ABA's 2019 Community Commitment Awards. These stories present the perfect inspiration as we prepare for the season of thanks and giving. The post Podcast: Celebrating Bankers’ Community Commitment appeared first on ABA … Continue reading Podcast: Celebrating Bankers’ Community Commitment

Fintech and blockchain: Where Silicon Alley meets hyperconverged infrastructure

November 20, 2019 at 04:53PM You may not have heard of the term “Silicon Alley,” but I am sure you are aware of the game-changing financial technology that is emanating from it. “Silicon Alley” was initially coined in the mid-1990s as a way to group media startups housed around the Flatiron neighborhood of Manhattan. I … Continue reading Fintech and blockchain: Where Silicon Alley meets hyperconverged infrastructure

Roundup

November 20, 2019 at 03:51PM Ag bankers consider 2019, look forward to 2020 By Alaina Webster Between trade tensions with China and natural disasters affecting virtually every part of the country, ag producers in the U.S. faced a challenging 2019. Will 2020 be any better? In speaking with a handful of bankers from the Southern … Continue reading Roundup

Otting Outlines Next Steps on CRA Modernization Effort

November 20, 2019 at 03:45PM Comptroller of the Currency Joseph Otting is moving forward with issuing a long-awaited notice of proposed rulemaking that would modernize how the agency evaluates banks’ Community Reinvestment Act performance, he said today. The post Otting Outlines Next Steps on CRA Modernization Effort appeared first on ABA Banking Journal. via ABA … Continue reading Otting Outlines Next Steps on CRA Modernization Effort

Robinhood plans free U.K. stock-trading launch in first quarter

November 20, 2019 at 02:28PM Robinhood Markets Inc. plans to offer its stock-trading service outside the U.S. for the first time, launching in the U.K. in the first quarter of 2020. The startup, valued at $7.6 billion in its most recent fundraising, received authorization from the Financial Conduct Authority to operate in the U.K. in August, has gained a … Continue reading Robinhood plans free U.K. stock-trading launch in first quarter

ABN Amro live with Temenos payments tech in Hong Kong

November 20, 2019 at 01:14PM ABN Amro in paytech project Temenos ABN Amro’s Hong Kong location has gone live with Temenos’ paytech offering, Temenos Payments, as part of the product’s global roll-out. Temenos Payments is already installed at ABN Amro’s subsidiaries in Germany, UK, Belgium and Australia, supporting the bank’s corporate banking business for high-value … Continue reading ABN Amro live with Temenos payments tech in Hong Kong

Retail Banking: A Future Powered by People

November 20, 2019 at 11:45AM To accommodate changing consumer preferences and technology, it’s necessary to shift the retail culture. And that requires a wholesale look at the entire organization—and the removal of barriers between business lines that have existed within banks forever. The post Retail Banking: A Future Powered by People appeared first on ABA … Continue reading Retail Banking: A Future Powered by People

OP Financial chooses Nordic API Gateway for open banking

November 20, 2019 at 11:18AM OP Financial Group has chosen Danish fintech Nordic API Gateway for its open banking platform. The start-up, created by Danish fintech Spiir, will implement OP’s account information services (AIS) and account-to-account payment integration (PIS). OP Financial Group SVP Masa Peura and Nordic API Gateway’s CEO and founder Rune Mai “With … Continue reading OP Financial chooses Nordic API Gateway for open banking

Tickr plans to raise capital in 2020 to aid its European expansion

November 20, 2019 at 11:07AM UK-based social impact investments platform Tickr is seeking more funding next year to facilitate its expansion plans, says its co-founder, Tom McGillycuddy. McGillycuddy told FinTech Futures that “next year, Tickr plans to expand into Europe and hire more talent in London and Liverpool to help us expand rapidly.” Tickr plans … Continue reading Tickr plans to raise capital in 2020 to aid its European expansion