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Tech Talk: Digital asset charters, open banking, cybercrime prevention and compliance, and more!

  • Digital asset charters
  • Open banking: props and cons
  • Blockchain-based data sharing solution
  • Cyber testing for financial firms
  • Fraud prevention for online banking
  • Financial crime compliance tools
  • RT payments for corporate clients
  • Universal real-time payments
  • Bank-fintech checks and balances
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Digital asset charters
As the national fintech charter debate between federal and state financial services regulators continues, New York's Department of Financial Services (NYDFS) is granting digital asset charters to companies engaged in virtual currency business activities. NYDFS has given the green light to Fidelity Investments to provide a virtual currency custody and execution platform that enables investors and individuals to securely store, purchase, sell, and transfer Bitcoin. Finextra has the details.

Open banking: pros and cons
Open banking has the potential to improve the way consumers and businesses manage their finances. Through open banking and APIs (application programming interfaces) financial services firms can enhance their service offerings, improve customer engagement, and build new digital revenue channels. While the technology affords a plethora of opportunities for banks and consumers, it also presents some challenges and risks in the areas of regulatory oversight, cybersecurity and changing business models. The Basel Committee on Banking Supervision has released a report highlighting open banking frameworks and related challenges for banks and bank supervisors, reports Finextra.

Blockchain-based data sharing solution
While open banking and APIs are hot topics in the financial industry, there is some controversy surrounding third-party financial data aggregators and the risk of data exposure and data misuse they present. In response to the growing concerns about data privacy and protection, global card payment network Visa is developing a blockchain system dubbed LucidiTEE that would allow banks and fintech applications to share data without relying on intermediary data aggregators. FXStreet has the details.

Cyber testing for financial firms
The military puts its servicemembers through regular, rigorous training to ensure that they are combat ready and prepared for any unforeseen threat. In today's technological battlefield, there is no greater threat to global financial stability than a large-scale cyber incident. Earlier this month, SIFMA (Securities Industry and Financial Markets Association) conducted its biannual cybersecurity exercise, Quantum Dawn, that included more than 180 financial institutions and government agencies from more than 12 countries, including the U.S. It was the first time the simulation was conducted internationally. CNBC has the details.

Fraud prevention for online banking
Financial institutions across the globe are experiencing an increase in losses attributed to online and mobile fraud, highlighting the need for more stringent fraud prevention measures for both banks and consumers. Digital banking solutions provider Apiture has teamed up with electronic payments fraud detection provider ACH Alert to offer its online banking platform customers ACH Alert's Fraud Prevention HQ platform. The fraud prevention platform provides a fully integrated dashboard for accountholders that enables them to customize actionable alerts and accept or reject suspicious ACH, check and wire transactions in real-time, even before funds are removed from their account. Business Wire has the details.

Financial crime compliance tools
Earlier this month Australia's Westpac Banking Corp was charged with allegedly breaching money laundering laws more than 23 million times and is facing a record fine for its compliance failures. Global consulting and tech services firm Accenture is offering financial institutions a new compliance-as-a-service (CaaS) solution to combat financial crime and comply with complex and ever-changing regulations. The CaaS leverages SynOps – an innovative human-machine operating "engine" that blends AI and analytics with a human element – to deliver KYC, AML, privacy and compliance tools. Business Wire has the details.

RT payments for corporate clients
Consumer demand and technological innovation are driving the widespread adoption of faster payments in the U.S., but real-time payments (RTP) are far from ubiquitous in the B2B landscape. To meet the growing demand from businesses who want to take advantage of real-time payments to run their businesses more efficiently, Wells Fargo has enabled its corporate clients to send real-time payments over The Clearing House RTP network via an API, reports Banking Dive. HSBC is also getting in on the corporate RTP action. Having enabled their corporate clients to receive real-time payments earlier this year, the bank is now allowing those business clients to make payments via the RTP network. PYMNTS.com has the details.

Universal real-time payments
The U.S. may soon have an all-in-one real-time payments and gross settlement solution that serves both corporate and retail customers’ needs with a single, universal solution. Global real-time electronic payment and banking solutions provider ACI Worldwide has joined the U.S. Faster Payments Council (FPC) to facilitate the implementation and adoption of faster payments in the U.S. with its UP (universal payments) Real-Time Payments solution. PaymentsJournal has the details.

Bank-fintech checks and balances
Weighing in on the rapidly changing fintech landscape, The Clearing House and Bank Policy Institute held their annual conference this week in New York City. One of the topics discussed during a panel at the TCH + BPI Annual Conference was the dynamics of bank and fintech partnerships. The panelists pointed out that establishing clear boundaries in those partnerships can help foster innovation, determine regulatory responsibility and provide clarity to customers and businesses. Banking Dive 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...

Thanksgiving Day conjures up visions of a Turkey feast...and televised football games. For those who are "sight challenged," Santander has unveiled a device that enables blind people to experience football matches through their fingertips.

First published on 11/22/2019

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