Banks' core systems are like spaghetti — a mess of noodles. They need to find ways to be more structured,, says Hanspeter Wolf, CEO of onboarding software vendor Appway.

The project is likely to be mirrored at banks around the country as the automated clearing house evolves from settling payments in three to five days currently to same-day settlement in September and faster payments beyond that.

As fintech pitches itself as the future of consumer financial services to bankers, regulators, legislative staffers and journalists, it's not enough to claim that innovations are better. We nontechies want an explanation why, in layman's terms.

Hanspeter Wolf, CEO of onboarding software vendor Appway, on how he defines fintech and what he sees for its future.

The blockchain could move from testing to reality, APIs are likely to expand, and more functions will move to the cloud as banks look for ways to fend off fintechs in 2016.

FIS in Jacksonville, Fla., has partnered with the Venture Center to create an incubation lab to boost innovation in financial technology.

The Bancorp in Wilmington, Del., is looking for a new chief executive. The $4.7 billion-asset company said that Frank Mastrangelo resigned as CEO to become its technologist in residence.

Q2, in Austin, Texas, paid $10.6 million to acquire all outstanding interests in Social Money, according to a Tuesday news release. The purchase price was subject to a customary working capital adjustment.

Royal Bank of Canada's chief executive, Dave McKay, says the company could roll out a loyalty system kept on a blockchain next year as it experiments with distributed ledgers and looks to enhance its mobile wallet.

Financial institutions are often thought of as major consumers of technology, but a pair of recent examples show that more tech is being developed in-house and, once proven feasible, monetizing it. Expect more spin-offs, observers predict.

All participants in financial services will have to start behaving, thinking, organizing themselves as technology companies and focus on three things: technology, data and customer (or, better yet, user) experience.

Eastern Bank's 18-month-old innovation unit, run by startup veterans, is preparing to release its first product as the industry continues to allocate resources to internal tech labs while wondering when and how such efforts will pay off.

Recipients of the 2015 FinTech Forward awards discuss the new competitive challenge facing banks.

Recipients of the 2015 FinTech Forward awards discuss where banks fall short in competing with startups.

Recipients of the 2015 FinTech Forward awards discuss how banks can remain competitive with nimbler, innovative startups.

Recipients of the 2015 FinTech Forward awards discuss how banks can remain competitive with nimbler, innovative startups.

Furthering efforts to bring virtual currency mainstream, cryptocurrency companies and trade groups are teaming up to create a forum to aid law enforcement in weeding out criminal activity.

Some 75% of chief information officers plan to increase spending on security technology next year, with many anticipating jumps in security budgets of 20% or more.

First Data Corp. raised $2.56 billion in its initial public offering, pricing the shares below the marketed range.

The chiefs of Fiserv, FIS and TCS Financial Solutions explain how they continue meeting customers' current needs while preparing for the inevitable day when those needs radically change.