The banks want the pay-by-bank provider to use application programming interfaces to protect consumers, they say.
Asking for static information like a mother's maiden name seems increasingly passé, since shared "secrets" can be stolen or gleaned from the Internet. But without a brilliant alternative, and done with care, knowledge-based authentication still has value.
-
A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
-
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
-
New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
-
Bank of America will hire more than 500 advisers in its Merrill Edge unit yearend, nearly doubling the count of employees that work with clients with smaller investment portfolios.
-
Charles Schwab Corp. says expanding its investor services unit by a few hundred new retail outlets won't raise a conflict with its own advisor custody business.
-
-
It’s hard to time the next economic slowdown. But lenders, many with lingering memories of the financial crisis, are taking steps now to limit exposure in commercial real estate, construction and other loan segments.
-
These banks posted strong quarterly results at a time when many others struggled with thinner margins and rising expenses.
-
Many in the industry say releasing GSE-backed loans from stringent underwriting rules has helped the housing market recover, but a new level of regulatory burden could reverse those gains.
The military-focused company, which operates an insurer and a $111.7 billion-asset bank, has tangled with regulators during Wayne Peacock's tenure. He will retire in the first half of 2025.
The Treasury Department told the OMB that all 11 programs in the CDFI Fund are statutorily mandated. The White House said "no final decisions have been made" about the programs.
-
The Consumer Financial Protection Bureau is attempting to make broad changes to its authority and expand what counts as discrimination. This could lead to banks to cease offering important services.
-
Government-operated payment systems aren't necessary and reduce choice, competition, innovation and value for consumers, businesses and banks.
-
The high court's inevitable decision on the constitutionality of the Consumer Financial Protection Bureau's funding structure will tell us a lot about how radical the court is willing to be.
-
The Minneapolis-based bank is still exploring stablecoin options outside of custody services, but sees opportunity in trade finance, CEO Gunjan Kedia said at The Clearing House Annual Conference in New York Wednesday.
-
Large banks seem comfortable paring back their capital positions while they await an updated proposal on the so-called Basel III endgame. The rules are widely expected to be more lax than what was proposed during the Biden administration.
-
The ICBA opposed Coinbase's filing for a trust charter in a public letter as Comptroller Jonathan Gould defended the fintech charter process on Tuesday.
-
After more than a quarter-century as a regulator, Jason Sisack had planned to enjoy some time off before taking a new job. He reversed course once Carver, which is operating under an enforcement action, approached him.
-
Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is "the only way" to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.
-
With the U.K. and U.S. giving a green light to the company's $22.7 billion scale-building deal to buy Worldpay, Global Payments has begun its integration strategy.
- Daily BriefingDelivered Every WeekdayIdeas that impact your business delivered to your inbox every day.
- TechnologyWednesday, ThursdayThe latest industry developments from digital banking to cybersecurity to AI.
- PaymentsDelivered Every WeekdayAn early-morning roundup of important headlines from the past 24 hours.
- Best of the WeekFridayThe most important and widely read stories from the previous week.
Anchorage Digital Bank, Custodia Bank and Erebor Bank could be among the first recipients of limited, special-purpose payment accounts recently floated by Federal Reserve Gov. Christopher Waller.
The challenger bank in the third quarter launched Cash Coach, an AI-powered customer insights engine that helps consumers optimize earned interest in deposit accounts and minimize interest charges on credit cards. SoFi plans to roll out a "more comprehensive" SoFi Coach that incorporates all areas of financial services as part of its strategy to rival banks.
The 23rd annual ranking of women leaders in the banking industry.
-
Partner Insights from VantageScore - Partner Insights from West Monroe
- Sponsored by ACI Worldwide
- Partner Insights from West Monroe
