Technology: Page 5
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6 ways the CFPB wants to keep its eyes on fintech middlemen
Clearer guidance around “rent-a-bank,” open banking and buy now, pay later will ensure more consumers benefit, Director Rohit Chopra said in remarks last week.
By Suman Bhattacharyya • July 17, 2024 -
Lynne Marek/Banking Dive
FedNow zooms past RTP participation in inaugural year
The Federal Reserve’s nascent instant payments system has collected hundreds of bank participants across the country in its first year of operations, although a few major banks are holdouts.
By Lynne Marek • July 17, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
Chip Somodevilla / Staff via Getty Images
Citi leans on tech modernization to fix data quality management failings
Days after federal regulators hit the bank with more than $135 million in fines, CEO Jane Fraser said Citi's transformation efforts addressed "decades of underinvestment."
By Matt Ashare • July 15, 2024 -
Permission granted by Avenga
Sponsored by AvengaIs data the enemy of efficient marketing?
Discover how proper data utilization can transform your marketing strategies and drive remarkable results.
By Matthew Baker, Consulting Director at Avenga • July 15, 2024 -
Permission granted by HTC
Sponsored by HTC VIVEExtended reality promises a solution to banks’ woes. Can it deliver?
XR technology is revolutionizing employee training and customer experiences for banks. What makes it impactful?
July 15, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: It was Citi’s week and, arguably, everybody won
The bank shook off fresh penalties by reporting skyrocketing revenue in its banking unit. It’s no wonder Citi granted $41 million to its banking chief. But a rival for that job may be glad he left.
By Dan Ennis • July 12, 2024 -
Leon Neal / Staff via Getty Images
Former FTX execs Wang, Singh to be sentenced this fall
Both cooperated with the prosecution and testified against their former colleague, Sam Bankman-Fried. This will "very likely" reflect in their sentences, one attorney told Banking Dive.
By Gabrielle Saulsbery • July 10, 2024 -
Joe Raedle / Staff via Getty Images
Capital One leans on its cloud maturity to support AI adoption
“It's difficult to imagine doing AI at scale without a solid foundation of experience using and scaling applications in cloud,” said Aparna Sinha, the bank’s senior vice president and head of AI product.
By Matt Ashare • July 10, 2024 -
Anna Hrushka/Banking Dive
FDIC downgrades Forbright Bank’s CRA score
The demerit stems from a relationship the bank had with a third party that ended more than two years ago, a source familiar with the evaluation said.
By Gabrielle Saulsbery • July 9, 2024 -
Chris McGrath via Getty Images
Crypto theft doubles to $1.38B in 2024’s first half
The May theft of more than $300 million in Bitcoin from Japanese crypto exchange DMM Bitcoin is the largest digital currency heist so far this year.
By Alexei Alexis • July 8, 2024 -
Spencer Platt / Staff via Getty Images
Q&AHow banks are thinking about genAI
As more banks turn generative AI ideation into implementation, the technology’s biggest impact may come in translating legacy code, said Accenture’s global banking lead.
By Caitlin Mullen • July 3, 2024 -
matt_benoit via Getty Images
Silvergate pays $63M to settle with SEC, Fed, California regulator
The company and two of its executives settled allegations against them. Silvergate’s former CFO, however, did not, and eyes a civil trial.
By Gabrielle Saulsbery • July 2, 2024 -
Dan Kitwood / Staff via Getty Images
Crypto firm Abra settles with 25 states for operating without a license
Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.
By Gabrielle Saulsbery • June 27, 2024 -
Avosb via Getty Images
Evolve data breach adds to woes of Synapse partner
Customer data was released to the dark web, the bank said, two weeks after the Fed handed Evolve an enforcement action regarding its partnerships.
By Dan Ennis • June 26, 2024 -
Spencer Platt / Staff via Getty Images
Bank of America zeroes in on innovation with business banking app
The team behind the bank’s CashPro app aims to stay a step ahead of rivals, in part by working closely with clients on improvements, said Jennifer Sanctis, the app’s product head.
By Caitlin Mullen • June 24, 2024 -
Shutterstock.com / Michael Rosebrock
Sponsored by Form3Outdated payment systems risk falling behind in the digital age
Banks must modernize payment systems to compete in a digital age dominated by real-time transactions. Legacy tech hinders innovation and customer satisfaction.
June 24, 2024 -
Spencer Platt / Staff via Getty Images
Citi fined $13.9M by Germany’s BaFin over 2022 flash crash error
The penalty, announced Thursday, came two days after two British regulators fined the bank £61.6 million ($78.4 million) for the same instance.
By Rajashree Chakravarty • June 21, 2024 -
Courtesy of BNY Mellon newsroom
BNY hires BP exec as its next CIO
Leigh-Ann Russell joins the bank Sept. 15. That means Bridget Engle will leave BNY later this year “after supporting a successful transition of her responsibilities,” a spokesperson for the bank said.
By Dan Ennis • June 20, 2024 -
Pablo Blazquez Dominguez via Getty Images
Santander warns US employees bank account info stolen in third-party database hack
The bank in May confirmed a major breach involving customer data in multiple countries.
By David Jones • June 20, 2024 -
Mario Tama via Getty Images
Citi leans on services business amid turnaround
At an investor event Tuesday, bank executives said the services business, which helps about 19,000 clients around the world manage and move money, is at the heart of Citi’s strategy.
By Caitlin Mullen • June 18, 2024 -
Chris McGrath via Getty Images
Paxos cuts 65 employees, narrows focus to tokenization
With the layoffs, which encompass 20% of the crypto firm's headcount, Paxos will phase out its settlement services in commodities and securities, a source told Bloomberg.
By Dan Ennis • June 17, 2024 -
Denis Tangney Jr. via Getty Images
Gemini to settle with NY AG for $50M
The $50 million in digital assets will go directly to investors of its defunct Gemini Earn program, who will be made whole, according to the settlement.
By Gabrielle Saulsbery • June 17, 2024 -
Michael M. Santiago via Getty Images
Wells Fargo fires employees over faked productivity
Employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to FINRA disclosures.
By Gabrielle Saulsbery • June 14, 2024 -
Just_Super via Getty Images
Terraform Labs, Do Kwon to settle with SEC for $4.47B
Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.
By Gabrielle Saulsbery • June 13, 2024 -
Courtesy of FDIC
Synapse trustee McWilliams finds $85M gap in frozen funds
Partner banks of the bankrupt fintech middleman hold roughly $180 million in demand deposit and for-benefit-of accounts associated with end users. But those users are owed $265 million, a court filing shows.
By Dan Ennis • June 12, 2024
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