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Tech Talk: RegTech legislation, cloud-based messaging, mobile banking for SMBs, and more!

  • Proposed RegTech bill
  • Fintech driving regulatory reform
  • SWIFT cloud-based messaging
  • Ratting out fraudsters
  • RT account-to-account transfers
  • Jumping on JPMorgan's blockchain bandwagon
  • Mobile-only bank for SMBs
  • New one-top mortgage platform
  • The ATM Win 10 upgrade debate
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Proposed RegTech bill
To make financial data more transparent and easily available, members of the House Financial Services Committee have reintroduced the first U.S. RegTech legislation. Introduced by Congresswoman Carolyn B. Maloney (D-NY) and Congressman Patrick McHenry (R-NC), the Financial Transparency Act, if passed, would require all eight of the U.S. financial regulatory agencies to adopt uniform data standards for the information they collect from regulated entities and establish dispersion standards for the data they collect, including the adoption of electronic forms and making data accessible in an open source format. Data Coalition has the details.

Fintech driving regulatory reform
The financial technology boom has had a major impact on traditional banking and the industry's regulatory landscape. Innovative technologies provide myriad opportunities for financial services. They also bring inherent risks, leaving regulators with the formidable task of figuring out how to apply old laws to these new technologies. With fintech innovation and disruption changing the perimeter of financial services regulation, banks must ensure that their risk and compliance programs are efficient and effective to meet applicable laws, regulations and supervisory expectations. BizTech has the details.

SWIFT cloud-based messaging
Taking their financial messaging service to the cloud, SWIFT is enhancing the speed, consistency and security of transaction processing for the 11,000 financial institutions it serves. In partnership with Microsoft and Bank of New York Mellon, the global messaging provider has finalized the trial run of its new Cloud Connect payments solution that enables payment transfers via Microsoft Azure and negates the need for financial institutions to have on-site installations of SWIFT technology. PYMNTS.com has the details.

Ratting out fraudsters
The popular adage "fight fire with fire" refers to responding to those who attack or threaten you by using similar methods to the ones that they are using. Fighting fire with fire, the industry is increasingly using technology to combat cybercrime. Crime management software firm Verafin has secured $515 million in funding to boost fraud detection services for banks, reports Financial Post. One of Britain's "Big Four," Lloyds Bank, has deployed the latest technology to launch a fraud prevention system that leverages behavioral analytics to rat out fraudsters and stop them in their tracks. Finextra has the details.

RT account-to-account transfers
Once widely known as the go-to provider for exchanging telegrams until it ceased telegram and commercial messaging operations in 2006, Western Union went on to become one of the world's most reliable and efficient money transfer service providers. Continuing their innovative growth track, the global financial services and communications company has expanded its real-time global payments capabilities to include real-time account-to-account transfers to an account or a mobile wallet for select banks or digital wallet providers in 17 countries, reports PYMNTS.com.

Jumping on JPMorgan's blockchain bandwagon
Since the launch of its peer-to-peer blockchain-powered Interbank Information Network (IIN) in 2017, JPMorgan and other financial institutions and payments companies have played an instrumental role in the move to speed up cross-border payments. In recent weeks, several large banks have joined the IIN blockchain network, pushing the number to more than 340 banks that are fueling the network's growth toward a robust ecosystem and facilitating global cross-border payments in every major market, reports Banking Dive.

Mobile-only bank for SMBs
One of the biggest challenges that small businesses face when launching a new company is access to banking services, including opening a business bank account. One of the largest banking groups in the Middle East is helping UAE entrepreneurs and business customers overcome that challenge and more effectively manage their finances. Dubai government-owned Emirates NBD is launching a mobile-only bank for small businesses. The bank's digital E20. will enable start-ups and SMBs to open a bank account via a mobile app and provide customers with a suite of digital tools, business checks and a debit card. Finextra has the details.

New one-tap mortgage platform
To help banks compete with alternate lenders and fintech players who have leveraged technology to significantly reduce the amount of time it takes borrowers to apply for mortgages, digital mortgage tech provider Blend has launched a new platform that will enable banks to offer "one-tap" mortgage pre-approvals. Following testing of the new digital mortgage product by select U.S. banks, the platform is expected to rollout in phases to additional lenders by the end of this year. Banking Dive has the details.

The ATM Win 10 upgrade debate
According to a recent survey conducted by ATM software provider KAL, operating system migration is the driving force behind financial institutions' ATM hardware upgrades. In an attempt to stop the never-ending cycle of innovation in ATM operating systems, there have been some attempts by the ATM industry to cut ties with Windows. As we enter the final quarter of the year and approach the end of Microsoft's support for Windows 7 in January, banks and ATM deployers are faced with the Win 10 upgrade dilemma, reports ATM Marketplace.

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...

When Apple announces its annual product launches, they are carefully planned and choreographed (and sometimes boring). Comedy YouTube channel Bad Lip Reading created a parody that reimagines Tim Cook announcing some crazy products in a unique style.

First published on 09/27/2019

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