NY governor pursues BNPL regulation
Payments Dive
JANUARY 3, 2024
Kathy Hochul is seeking to require buy now, pay later providers to obtain a license to operate in the state, in addition to other potential regulations for the industry. New York Gov.
6 Reasons Financial Institutions Are Embracing Risk and Regulation Tactics
Perficient
DECEMBER 18, 2023
Legal Obligations and Regulatory Frameworks It is well-known that financial institutions operate within a complex web of laws and regulations. Operational Efficiency and Effectiveness Adopting regulatory risk and compliance practices is not merely a box-ticking exercise. This ensures a seamless and compliant global operation.
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How ServiceNow Financial Services Operations (FSO) is Revolutionizing the Financial Industry
Perficient
FEBRUARY 16, 2023
What is ServiceNow Financial Services Operations (FSO): Financial Services Operations (FSO) is an out-of-box offering by ServiceNow utilizing its existing platform custom-tailored to the use cases for Financial Institutions providing a comprehensive solution for managing operations end-to-end.
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Digital regulators are a new norm in financial services
Accenture
JUNE 18, 2020
But they are also forcing central banks and regulators to rethink and restructure their approaches to becoming resilient, adopting new technologies, leveraging data and constructing an agile operating model, all while providing regulatory services. Hence, regulators need to step up to stay relevant in the digital economy.
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Big Tech Faces Regulation Reckoning As 2021 Dawns
PYMNTS
JANUARY 1, 2021
If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.
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AI Regulations for Financial Services: Japan
Perficient
NOVEMBER 19, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
Regulation 221
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U.S. Regulations to Consider When Managing a Cryptocurrency Fund
Perficient
MAY 27, 2022
For those wanting to start their own cryptocurrency fund, it’s important to be well informed about cryptocurrency regulations. Regulatory cryptocurrency regulations are most fluid at the state level. State Regulations. SEC Regulation. Central Bank Digital Currency (CBDC) ).
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Wirecard North America goes on market, while operations allowed to resume in UK
Payments Dive
JUNE 30, 2020
UK regulators reached agreement to let operations resume there. Wirecard North America officials said the company was looking for a new owner as the multi-billion accounting scandal at the German-based payments firm reverberated across the globe.
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AI Regulations for Financial Services: OCC
Perficient
OCTOBER 24, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
Regulation 221
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AI Regulations for Financial Services: FinCEN
Perficient
OCTOBER 30, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
Regulation 221
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AI Regulations for Financial Services: CFPB
Perficient
OCTOBER 28, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
Regulation 221
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AI Regulations for Financial Services: US Treasury Department
Perficient
NOVEMBER 1, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
Regulation 221
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AI Regulations for Financial Services: South Korea and the UK
Perficient
NOVEMBER 14, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
Regulation 221
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AI Regulations for Financial Services: SEC
Perficient
NOVEMBER 6, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
Regulation 221
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FAA OKs American Robotics Drones To Fly Without Human Operators
PYMNTS
JANUARY 17, 2021
The Federal Aviation Administration is letting commercial drone-maker American Robotics operate drones without on-site pilots — but with a number of caveats, according to a decision recently posted on the agency’s website. That regulation will apply to the testing for which American Robotics won approval. This is a game changer.".
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Virginia-based bank provides Bitcoin access at ATMs
Payments Dive
FEBRUARY 15, 2021
Virginia-based Blue Ridge Bank is partnering with ATM operator BluePoint ATM Solutions and Bitcoin ATM software provider LibertyX to facilitate access to the cryptocurrency. This announcement comes as banks and regulators appear to be warming to digital assets, and as Bitcoin continues to gain value and attention.
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AI Regulations for Financial Services: Hong Kong
Perficient
NOVEMBER 21, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
Regulation 221
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Bank Regulators Seeking Comments on the Use of AI and ML in the Industry
Perficient
APRIL 2, 2021
Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies. Personalization of Customer Services.
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AI Regulations for Financial Services: Federal Reserve
Perficient
NOVEMBER 8, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility. Impact assessment.
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Starbucks accelerates shift to mobile
Payments Dive
JUNE 12, 2020
Over the next 18 months, Starbucks will increase convenience-led formats in company-operated locations with drive-thru and curbside pickup options, as well as its Pickup locations, according to a filing with federal regulators.
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China Drafts Updates To Commercial Bank Regulations
PYMNTS
OCTOBER 16, 2020
They’ve been asked to support the economy at the expense of their own operational strength.” . “The banks have been asked to perform [a] national service,” CreditSights Research Analyst Jason Tan told Squawk Box Asia on (Aug.
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AI Regulations for Financial Services: CFTC and FDIC
Perficient
NOVEMBER 4, 2024
Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.
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Federal Banking Regulators Seek Comments for Additional Capital for Large Banks
Perficient
OCTOBER 27, 2022
In addition, the regulators are trying to keep as many resolution options as possible open for the FDIC to resolve a firm in a way that minimizes the long-term risk to the Deposit Insurance Fund (DIF). GSIBs maintain enough loss-absorbing capacity to fully recapitalize material subsidiaries quickly for continuous operation.
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Data Is the Foundation…for Everything in Insurance (Part 4 of 5)
Perficient
AUGUST 23, 2021
So, how does an insurance provider respond to this trend and the increasing number of regulations around data privacy (think GDPR or CCPA)? Analysts predict that there will be 175 zettabytes (that’s one trillion gigabytes!) by the middle of the 2020s.
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Accelerate bank transformations with cloud-native cores
Accenture
OCTOBER 5, 2021
Core banking systems have sat at the heart of banks’ operations for decades. But with the banking landscape changing faster than ever – thanks to new digital innovations, regulations, and consumer expectations – many of these legacy platforms now struggle to keep pace. The result?
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How Process Mining Accelerates Efficiency for Highly Regulated, Customer-obsessed Industries
Perficient
NOVEMBER 27, 2023
In the dynamic environment of highly regulated industries like healthcare and financial services, leaders often balance competing goals to delight customers while cutting costs. Diagnosing and Correcting Process Failures Despite the billions spent yearly to digitize processes, companies often are not operating at their maximum potential.
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Great expectations: Loan review system regulations and how to adhere to them
Abrigo
MAY 19, 2023
Introduction How regulators define successful loan reviews Mark Twain observed, “A thing long expected takes the form of the unexpected when at last it comes.” So, let’s get a sense of what regulators specifically expect loan review to do, and let’s start with loan review systems.
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Helping Brands: D2C Brands Tap New Business Models To Shorten 'Time To Commerce'
PYMNTS
JANUARY 19, 2021
But reaching a broader range of consumers, accommodating their payment preferences, and satisfying regulatory and tax issues in unfamiliar territory introduces a host of new operational challenges for these companies. Retailers are entering new markets at a time when regulations are becoming more complex and costly, not less.
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Regulators War on Banking
Jeff For Banks
JUNE 17, 2024
If the CFPB was so concerned about fees charged by banks, perhaps they should perform an analysis of over regulation that is a key contributor to fees charged by banks? Regulators must not have read that article. What do regulators think will happen? I cannot lay the sole blame at the feet of regulators.
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2017 Innovators to Watch: 44 Executives Shaping the Future of Banking
Bank Innovation
JUNE 12, 2017
As the year saw changes in financial regulation, startup culture, and trends in venture capital, innovation moved forward: blockchain labs were made, funding was fought for, mobile payment systems were integrated, and the limits of artificial […].
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FlexWage wins Vermont EWA carve-out
Payments Dive
APRIL 15, 2024
Earned wage access provider FlexWage has received leeway from the Vermont Department of Financial Regulation to operate in the state without a lender or money transmitter license.
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Payments Canada Partners With Mastercard’s Vocalink To Advance Real-Time Rail
PYMNTS
NOVEMBER 12, 2020
“Mastercard’s Vocalink business is a demonstrated leader in the real-time payments ecosystem, and they will be a valuable partner for Payments Canada in the introduction and ongoing operation of Canada’s real-time payments system,” Tracey Black , president and chief executive officer of Payments Canada, said in a statement on Thursday (Nov.
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US Treasury Tells Banks To Treat Hemp Businesses Like Any Other
PYMNTS
JULY 5, 2020
The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. These guidelines help clarify how hemp should be treated and operate in the banking space,” said CEO Bruce Perlowin. “A
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Amidst a Global Crisis, Cloud Technology Trends for 2021 Emerge
Perficient
DECEMBER 14, 2020
Crisis response, maintaining safe and operational working conditions, mitigating supply chain disruptions, maintaining liquidity, and deftly responding to shifts in the market have emerged as key focus areas for all businesses. Cloud Computing will be Increasingly Regulated. Cloud Marketplace Usage will Increase.
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NYSDFS Part 500 Cyber Amendments Finalized: What You Need to Know
Perficient
FEBRUARY 15, 2024
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.
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Federal Reserve Extends FedNow Service Comment Period
Perficient
AUGUST 5, 2021
Background: On June 11, 2021, the Federal Reserve published in the Federal Register a proposal to amend Regulation J to govern funds transfers through the Federal Reserve Bank’s new FedNow Service by establishing a new subpart C. Comments must reference Docket No. R-1750 and RIN 7100-AG16. 2) Email: regs.comments@federalreserve.go
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Banks Push Back On Possible Banking Charters For Big Techs Like Amazon And Facebook
PYMNTS
SEPTEMBER 30, 2020
House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). This means getting regulation right is critical.
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Google Quits Cookies As Data Privacy Regs Show Fangs
PYMNTS
FEBRUARY 5, 2020
That’s a bad moon rising for some Big Data operators. The Merchants’ Guide to Navigating Global Payments Regulations , powered by Ekata, dives deep into this complex and unsettled topic, from possible abrupt retail impacts to long-term open banking repercussions. With regulators showing their fangs in dozens of countries, U.S.
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Crypto Gets A Second Look From Corporate Investors Seeking Yield And Hedge
PYMNTS
OCTOBER 14, 2020
The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept. This in the wake of the OCC’s Sept. The Pandemic Pop.
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MercadoLibre To Invest More Than $716M In Brazil
PYMNTS
OCTOBER 14, 2020
MercadoLibre , which operates platforms for buying and selling goods across Central and South America, is eyeing an investment in Brazil next year that would be even bigger than its $716 million investment this year, Bloomberg reported. However, it is not simply a technology or a regulation.
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Reserve Bank Of India Wants To Crack Down On Big Shadow Lenders
PYMNTS
JANUARY 22, 2021
India's central bank wants stricter regulations for big shadow lenders, according to a new report from Bloomberg. The paper comes after a speech by a top RBI official in charge of banking regulation, Bloomberg writes. The Reserve Bank of India , according to the Friday (Jan.
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Five Key Takeaways For Big Tech From Europe’s Digital Services Act
PYMNTS
DECEMBER 16, 2020
New draft rules tied to the Digital Services Act and Digital Markets Act (collected under the Digital Services Act Package ) would broaden European Union regulators’ power to rein in Big Tech. Yes, draft regulations can be changed. tech giants contend that the potential regulations would be onerous. tech giants.
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DFS500 Amendments: What You Need to Know
Perficient
FEBRUARY 15, 2024
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers.
Compliance 221
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Perficient Named 2021 Acquia Partner of the Year for Drupal Cloud
Perficient
MARCH 10, 2022
Our engagements range from implementing Drupal websites and portals to strategizing personalization and customer journeys, including clients in regulated industries like healthcare and financial services. Since last year’s Partner Awards, we’ve seen how partners, brands, and businesses across the globe have adapted to new ways of operating.
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