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Tech Talk: CRA oversight, AI for AML, payments market disruption, and more!

  • A call for more CRA oversight
  • Russia's SWIFT alternative
  • A digital sales platform for banks
  • Detecting AML with AI and ML
  • Digital personal lending platform
  • Chase offers checkless accounts
  • Citi enters consumer payments market
  • Apple's foray into the credit card market
  • Cryptocurrency storage solutions
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

A call for more CRA oversight
In the wake of the massive Equifax breach and other high profile data mishaps, the spotlight has been on providing greater protection for consumers and their personal information. In a new report, the Government Accountability Office (GAO) is calling for increased oversight of Credit Reporting Agencies (CRAs) and more stringent consumer protections. The GAO recommends giving the Federal Trade Commission (FTC) more authority to enforce data protection laws and impose greater civil penalties against firms who fail to adequately protect consumer data. The agency also recommends that the Consumer Financial Protection Bureau improve its oversight and supervision of CRAs. Think Advisor has the details.

Russia's SWIFT alternative
In the wake of global financial messaging network SWIFT's sanctions imposed against Moscow in 2014,Russia began developing an alternative financial messaging system to mitigate the risk of sanctions. Russian lawmakers are backing the alternative system and reaching out to their international partners to use their new messaging system as an alternative to SWIFT. More than 400 companies, most of which are Russian, are already set to move from SWIFT to Russia's new payment network. Finextra has the details.

A digital sales platform for banks
To meet the growing demands of today's digitally-driven consumers, marketing departments are deploying a new strategy with a catchy buzzword – phygital (physical plus digital). The marketing term refers to blending digital experiences with physical ones. Banks are exploring the advantages of a phygital strategy to enhance the customer experience. Fintech firm SigFig has launched a financial advice and software-guided sales platform for retail banks. Providing support for branches, online and contact center channels, the SigFig Atlas digital assessment platform facilitates the identification of customers' financial needs and connects them to the products and services that are the best fit, reports Benzinga.

Detecting AML with AI and ML
Spurred by the federal regulators' joint statement in December that gave banks a green light to take more innovative approaches to detect money laundering and other illicit financing, financial services firms are exploring new ways of applying machine learning (ML) and artificial intelligence (AI) to better detect fraudulent transactions. Using artificial intelligence to mine four years' worth of transaction data belonging to two major global banks for instances of money laundering, consulting firm Navigant and machine intelligence software company Ayasdi saw a significant reduction in false positives, a rise in the number of alerts chosen for further review, and identified new escalating areas of risk. Roll Call has the details.

TD's Digital personal lending platform
One of America's biggest banks, TD Bank, made its move in the personal lending market last year with the launch of its TD Fit Loan to help consumers consolidate higher-interest debt. The bank has announced its partnership with fintech provider Amount to power the new digital and mobile personal lending platform. The customized platform provides a seamless digital and mobile end-to-end lending process for users and is outfitted with individual tools for fraud prevention and account verification. PR Newswire has the details.

Chase offering checkless accounts
In an effort to extend their reach to unbanked consumers who are not accessing traditional financial services, JPMorgan Chase has launched low-cash checkless accounts. The accounts offer full access to all mobile banking features as well as in-branch banking, a debit card, and fee-free ATM access, but does not include paper checks or overdraft protection. ATM Marketplace has the details.

Citi enters consumer payments market
In a competitive move to outpace fintech startups and tech giants, Citi is developing a digital consumer payments platform. Using Mastercard's Payment Gateway, the new service will give institutions access to Citi's payment network through a single platform and allow consumers to make digital payments to institutions using a wide range of payment methods including cards, e-wallets and innovative bank transfers. Business Wire has the details.

Apple's foray into the credit card market
Tech giant Apple has teamed up with Goldman Sachs and Mastercard to offer a branded credit card that will integrate with its widely popular Apple wallet app. The titanium Apple Card will have a simple application process, no fees, financial management tools, and Apple's high-tech security and privacy features, reports Finextra. This dynamic partnership pushes Apple into the competitive credit card space and could be a game changer for the credit card and digital payments markets. Mobile Payments Today has more details.

Cryptocurrency storage solutions
The cryptocurrency market is experiencing accelerated growth. One of the inherent risks associated with crypto products is storing them in online exchanges or third-party wallets. GDET (GD Entertainment And Technology) has acquired DreamCard and will relaunch the metal credit card as a "cold storage card" for securely storing cryptocurrency offline, reports PR Newswire. Fintech firm Trustology has also launched a cryptocurrency storage solution, TrustVault, which they claim is secure enough for financial institutions. Coin Desk has the details.

Spams, Scams and Breaches

Updates, Patches and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

And on the lighter side...

Baseball fever has swept across the nation as the MLB kicked off their 2019 season of America's favorite pastime. While baseball fans take their beloved sport very seriously, sometimes things don't always go as planned and bloopers happen .

First published on 03/29/2019

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