Tips for Tech

Tech Talk: The Open Banking movement, retail cash security, mitigating threats, and more!

U.S. digital bank open for business
Open PayPal banking
A master open banking suite
Single API solution for TPPs
Building a bank of the future
A step up and a step down
Innovative retail cash security
Mitigating malicious threats
The future of authentication
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

U.S. digital bank open for business
A new U.S.-based challenger bank has opened its digital doors for business in New York following the OCC's approval of their national charter. Currently providing commercial banking products and services to a select group of entrepreneurs and investors, powered by Temenos T24 Transact core banking system, Grasshopper Bank plans a broader rollout of its services aimed at the innovation economy in the coming months, reports Banking Technology.

Open PayPal banking
Open banking is quickly becoming a global phenomenon that empowers both banks and fintech firms to offer products and services with speed and agility to satisfy customer demands. Global online payments giant PayPal is jumping on the open banking train with a strategic investment in European open banking platform Tink. In return, PayPal will leverage Tink's account aggregation technology to improve product experiences for PayPal customers. TechCrunch has the details.

A master open banking suite
As open banking moves full steam ahead, global payment card network Mastercard has rolled out a suite of open banking applications and services designed to help financial institutions and third-party providers (TPPs) board the open banking train. Mastercard’s Open Banking Solutions™ is designed to help banks and TPPs navigate the opportunities and challenges in four areas of Open Banking: connectivity, security and compliance, dispute resolution, and consulting services. PYMNTS.com has the details.

Single API solution for TPPs
For TPPs who want to benefit from the Open Banking revolution sans the technical challenges linking to hundreds or thousands of banks presents, London fintech startup Yapily has raised $5.4 million for its Open Banking-based API platform. The platform enables service providers to connect to multiple banks via one API to retrieve financial data and initiate payments. TechCrunch has the details.

Building a bank of the future
Leveraging AI (artificial intelligence) and the latest innovative technology, a UAE bank is on its way to creating a bank of the future. In partnership with IT giant Amazon Web Services, Emirates NBD is deploying machine learning, data analytics, IoT (internet of things), natural language processing, and machine learning to better understand and serve its customers. Computer Weekly has the details.

A Step up and a step down
In the absence of financial literacy education in the U.S., a new startup has raised $22.5 million in funding led by Stripe to target the demographics who need help managing money and who are tied to their smartphones. Digital banking startup Step is launching no-fee, basic mobile banking services for teenagers, reports TechCrunch. Just a year after the launch of its mobile banking app designed to appeal to young Americans, JPMorgan is shutting down its Finn mobile banking app. CNBC has the details.

Innovative retail cash security
Technology is affording retailers with next-generation cash handling solutions to save time and enhance security and operations. Smart safes provide retailers with an internet-enabled lockbox that links to their bank with biometric access and real-time content-monitoring capabilities. Cash deposits are immediately tallied, recorded, and credited to the retailer's account, providing funds availability before the physical cash is even transported to the bank. ATM Marketplace has the details.

Mitigating malicious threats
Decoys – something that serves as a distraction to conceal what an individual or a group might be looking for – have been used for centuries, most notably in game hunting. An effective cyber application of this practice can be applied to network security by installing a decoy network that runs on existing infrastructure (not accessed by internal staff members) and provides anomalous activity that signals a potential outside intruder or malicious insider, reports Security Week. According to panel experts at Infosecurity Europe this week, the one aspect of insider threats that threat detection tools can't account for is human emotion. Threatpost has the details and a new approach for combating insider threats.

The future of authentication
In a sophisticated new phishing campaign, attackers are automating phishing expeditions using two effective tools – one operating as a clever cyber bank robber and the other as the getaway driver – that form the perfect crime duo to bypass two-factor authentication, reports CIO Dive. To combat evolving risks targeting consumers and enterprises, the future of authentication will require layered security to identify users and protect networks. Security Week 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...

Sunday, June 9 is International Children's Day. To celebrate children aross the world, Access Bank questioned some kids about their knowledge of banking.

First published on 06/07/2019

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Tech Talk

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