Tech Talk: OCC innovation pilots, blockchain tech, cross-border payments, and more!
- OCC innovation pilots
- Treasury tech notice
- Boston Fed on blockchain
- Blockchain for digital ID verification
- U.S. payments system progress report
- Cross-border payments partnerships
- A regulatory intelligence solution
- Open banking platform for banks
- KYC (know your card) shops
- Spam, Scams & Breaches
- Updates, Patches & Alerts
- and on the lighter side...
OCC innovation pilots
To encourage innovation in the financial sector that promotes safe and sound bank operations, treats customers fairly, and provides fair access to financial services, the Office of the Comptroller of the Currency (OCC) is soliciting feedback on an innovation pilot program. The program would offer a sandbox-style safe place for running small-scale, short-term tests on new products and business models proposed by financial institutions. Comments on the proposed program will be accepted until June 14. Finextra has the details.
Treasury tech notice
The U.S. Treasury Department has released an important Technical Notice for financial institutions (or third-party providers) who download the OFAC sanctions lists. The agency is initiating a renewal of the public certificate securing the Treasury's website, including OFAC's sanctions lists downloads. Details of the planned certificate renewal are in the technical notice at Treasury.gov.
Boston Fed on blockchain
Financial institutions across the globe are actively exploring the applications and benefits of blockchain's distributed ledger technology, and this growing trend has not gone unnoticed by regulators. The Federal Reserve Bank of Boston has issued a whitepaper that explores the potential need for regulators to place "supervisory nodes" within distributed, decentralized networks to properly monitor the industry's use of blockchain-based networks. Finextra has the details and a link to the Fed's paper.
Blockchain for digital ID verification
Five banks in Canada are leveraging the power of blockchain technology to provide customers with the ability to digitally verify their identity when accessing their financial accounts. The banks are integrating identity and authentication provider SecureKey Technologies' digital ID system, Verified.Me, in their mobile apps, reports PYMNTS.com.
U.S. payments system progress report
Rapid advances in technology have changed the nature of commerce and payment services. With an increasing number of individuals and businesses routinely transferring funds across borders, the Federal Reserve and payment stakeholders are collaborating to make the U.S. payments system faster, more secure, and more efficient. The Federal Reserve has released its Spring 2019 Progress Report with updates on the latest efforts toward the desired outcomes, next steps, and ongoing work in the payments improvement journey. FRB has the highlights and a link to the full report.
Cross-border payments partnerships
To meet the growing demand and overcome numerous challenges businesses face to conduct cross-border payments, banks are partnering with payment providers to offer B2B payment solutions. BMO Bank of Montreal teamed up with global card provider Mastercard to provide faster cross-border payments for its Canadian-based business and commercial banking clients via Mastercard Send, reports ATM Marketplace. Visa has entered into an agreement with Fidelity National Information Services (FIS) to provide commercial financial institution clients of FIS access to Visa's B2B Connect distributed ledger platform for cross-border payments. ATM Marketplace has the details.
A regulatory intelligence solution
Faced with ongoing regulatory changes, financial institution risk and compliance professionals get bogged down with manual, time-consuming processes for sifting through information and prioritizing alerts based on applicability and impact. Thompson Reuters, one of the oldest institutions to provide data to the financial industry, has teamed up with IBM on a cloud-based regtech solution that combines artificial intelligence and real time regulatory insights to provide banks with a holistic view of risk and regulatory responsibilities. Finextra has the details.
Open banking platform for banks
Many banks are joining the open banking movement to leverage opportunities to innovate and compete in today's evolving financial landscape. To help financial institutions take advantage of the benefits provided by open banking and provide customers with a secure, omnichannel banking experience, global IT firm Unisys has launched a new version of its Unisys Elevate omnichannel banking software platform, reports ATM Marketplace.
KYC (know your card) shops
Providing criminals with easy access to stolen payment card data, underground card shops are key drivers of fraud and cybercrime. Just as banks must comply with Know Your Customer (KYC) regulations to verify the identity of their clients and assess any potential risks, knowing how these card shops operate can provide valuable insight into combatting cybercrime and mitigating the risks of card fraud. Security Week has the details.
Spams, Scams and Breaches
- PYMNTS: Vendors presenting significant cyber risk
- ZDNet: Financial data of major companies leaked by hackers
- Krebs on Security: Pilfered e-commerce data is a hot commodity
- Sophos: Thieves using hacked Microsoft email accounts to steal cryptocurrency
- Sophos: Personal data on 80 million U.S. households exposed in mystery database
- Security Week: Popular encrypted email clients are vulnerable to signature spoofing
Updates, Patches and Alerts...
- US-CERT: Current Activity
- Sophos: Microsoft drops password expiration from Windows 10 security
- Security Week: Microsoft expands security and compliance features for 365 customers
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...
Apple's digital assistant Siri has come a long way since it was first introduced on the iPhone 4S in 2011. The voice assistant can provide directions, set alarms and reminders, and even help control your smart home. As more and more people have interacted with it, Siri has developed a sense of humor.