Compliance

Banks need to ensure those building new business are driven to look for evidence of illegal activity.

Between a decidedly younger user base and potential compliance risks, some financial institutions are wary of using the platform, but a handful say they have embraced it and found success.

So far, 2019 has been characterized by a series of eye-catching strategic deals within the global payments ecosystem, with new players positioning themselves to rival Visa and Mastercard. The card networks giants have responded by pursuing a strategy to become less reliant on transactional fees.

Mastercard is expanding its Girls4Tech education outreach program with new partnerships, and tightening the focus on subjects broadly in demand in the payments industry.

Norwegian digital payments provider MeaWallet is offering a new payment tokenization solution that delivers Mastercard, Visa and American Express tokenization services through a single connection.

Under a new policy, a company subject to a civil investigative demand will learn from the agency about what conduct the probe is targeting and what legal provisions the firm may have violated.

Cathy Bessant, Bank of America’s chief operations and technology officer, offers her takeaways from the first meeting of the Council on the Responsible Use of Artificial Intelligence. She also shares some challenges banks are facing with cyberattacks and data encryption.

Credit unions have measures in place to assist members hit by fraud but many smaller institutions are challenged when it comes to an effective response.

As banks continue to invest heavily in developing mobile and web-based services for personal and business accounts, investments, money transfers, micro loans and peer-to-peer payments to make the customer experience as seamless as possible, they cannot afford to let compliance efforts lag, writes Sam Abadir, vice president of industry solutions for Lockpath.

PSD2 and other moves push a higher level of authentication, and are a welcome development for biometrics, according to Lina Andolf-Orup, a senior director at Fingerprints.