Technology: Page 54
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Ripple’s focused approach is paying off, CEO Garlinghouse tells conference
“I think one of the mistakes that some in the industry have made is they go super broad and not very deep,” the tech leader said. “Ripple has done the opposite.”
By Anna Hrushka • Oct. 24, 2019 -
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AI bias question hinges on trust, fintech panelists say
“One hundred definitions” of fairness can make algorithms difficult “onions to unpeel.”
By Dan Ennis • Oct. 24, 2019 -
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 -
Banks must innovate or become ‘footnotes,’ McKinsey report warns
Fintechs spend double the percentage of their IT budgets compared with banks and are changing customer behavior, the consulting firm’s annual review says.
By Dan Ennis • Oct. 23, 2019 -
FDIC’s regulatory framework ‘ripe for revisiting,’ chair McWilliams says
“If we have rules and regulations that we have not touched internally for 10 years or more, open them up to procurement,” she recalled telling the FDIC in taking the role.
By Anna Hrushka • Oct. 23, 2019 -
Affirm launches mobile app for payment installments
The payment platform is targeting credit card-averse millennials and Gen Z shoppers ahead of the holiday season.
By Tatiana Walk-Morris • Oct. 18, 2019 -
Libra will have 100 backers before launch, exec predicts
Despite the exits of Visa, Mastercard, Stripe and PayPal, banks and financial institutions have expressed interest in joining the Facebook-led crypto project, said Libra’s COO, Bertrand Perez.
By Anna Hrushka • Oct. 18, 2019 -
Chime outage keeps customers from accessing cash
Galileo, the platform that powers Chime, told Banking Dive it is working to restore Chime’s mobile app, “which is currently unavailable or slow to respond.” Chime’s card services have since been restored.
By Anna Hrushka • Oct. 17, 2019 -
Bank of America prioritized internal cloud. Now it’s evaluating third-party providers
“We don’t need to own the hardware, we just need to find out who can provide the right way,” said CEO Brian Moynihan.
By Naomi Eide • Oct. 17, 2019 -
JPMorgan Chase jumps to record revenue on consumer banking gains
Profit for the bank’s consumer unit, which includes home loans, auto loans and consumer credit cards, rose 5% to $4.27 billion.
By Anna Hrushka • Oct. 15, 2019 -
Most Americans still have reservations on going cashless, survey finds
Emergencies were the No. 1 reason respondents said they carry cash (60%), followed by small purchases (50%), tips (42%) and to manage their finances (20%), the J.D. Power report found.
By Anna Hrushka • Oct. 14, 2019 -
SEC can’t force Telegram to reveal its bank records, judge rules
The encrypted messaging app won’t have to reveal how it spent $1.7 billion, but it must prove by Thursday that it complies with foreign data privacy laws.
By Robert Freedman • Updated Jan. 8, 2020 -
EBay, Stripe, Mastercard, Visa drop out of Facebook’s Libra crypto project
The departures leave a dearth of payment companies backing the currency. Representatives of the 21 remaining firms signed the Libra Association’s charter in Geneva.
By Anna Hrushka • Updated Oct. 14, 2019 -
Courtesy of Comerica
Crypto firm hired actors to pose as Comerica, Mastercard execs, bank says
Comerica said its legal team is aggressively pursuing the takedown of web pages linking the bank with the Asian firm VRB.
By Dan Ennis • Oct. 10, 2019 -
Senators warn Visa, Mastercard and Stripe of risks with Facebook’s Libra
The social media giant “has not provided a clear plan for how it will prevent Libra from facilitating criminal and terrorist financing” or “destabilizing the global financial system,” the lawmakers wrote.
By Dan Ennis • Oct. 10, 2019 -
Robinhood launches high-yield cash management account after failed attempt last year
The company’s first cash account endeavor was halted after it neglected to notify regulators ahead of the launch.
By Anna Hrushka • Oct. 9, 2019 -
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OpinionCommunity banks must use personal connection to partner with small businesses
A trusted, local banker might come to the same decision as a more impersonal lender, but he or she will at least sit down with you and discuss options before doing so, writes Patrick Sobers, executive vice president at NBH Bank.
By Patrick Sobers • Oct. 9, 2019 -
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Tether, Bitfinex sued in alleged pop of $265B crypto market bubble
The companies anticipated “mercenary” legal action based on a paper they say used “flawed assumptions, incomplete and cherry-picked data, and faulty methodology.”
By Dan Ennis • Oct. 8, 2019 -
Fotolia
Brex streamlines business payments across credit card, ACH, wire services
The fintech unicorn looks to equip businesses to pay invoices and bill customers in one system while earning rewards points redeemable for cash back, travel and air miles.
By Jane Thier and Dan Ennis • Oct. 7, 2019 -
Square opens digital payments platform to more CBD businesses
The San Francisco-based payment processor’s move comes more than four months after it rolled out an invite-only pilot program.
By Anna Hrushka • Oct. 4, 2019 -
Tech to take over 200K banking jobs in next decade, Wells Fargo says
Back office, branch, call center and corporate employees can expect a 20% to 33% workforce reduction, with lesser impact on tech, sales, advising and consulting jobs, the bank’s analysts wrote.
By Dan Ennis and Naomi Eide • Oct. 4, 2019 -
House lawmakers urge Fed to launch digital dollar pilot
The central bank would harm the government’s ability to enforce anti-money laundering rules if private companies continue to lead the charge on digital currency development, two congressmen wrote.
By Dan Ennis • Oct. 3, 2019 -
PayPal withdraws from Facebook’s Libra crypto project
Lawmakers may seek additional congressional hearings to press the company for details on why it walked away, research firm Cowen said.
By Dan Ennis • Updated Oct. 8, 2019 -
Community banks won’t survive without tech innovation, FDIC chair says
The agency’s Tech Lab aims to collaborate with smaller financial institutions on how to deploy technology to better serve customers.
By Anna Hrushka • Oct. 2, 2019 -
Fintech Revolut leans in to Visa, away from Mastercard in market expansion
The U.K.-based digital bank is using the Visa deal to expand into 24 new markets. But it’s launching in the U.S. this year with Mastercard.
By Dan Ennis • Oct. 1, 2019 -
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Opinion
AI in anti-money laundering isn’t just compliance, it’s good business
A reduction in automated false positive alerts means anti-money laundering investigators can spend more time working to catch criminals.
By Tim Mueller • Oct. 1, 2019
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