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RBS ships fintech, payment work to India: The Royal Bank of Scotland is eliminating 334 jobs in the U.K., primarily in IT and payments, and is offshoring much of the work to India, according to India's The PressReader. The positions include various payments jobs, NatWest Markets Technology, digital engineering and core banking, according to the Indian newspaper, which reports RBS will also create some new positions as part of the restructuring in both the U.K. and India. The bank is positioning the cuts as part of a transformation to a "simpler, smaller, U.K.-focused bank." RBS recently promised to cut about $800 million in operating costs over the next year, and almost $3 billion over the next four years to offset financial losses.
Cross Pacific innovation scope: Mizuho is collaborating with the World Innovation Lab to form a venture that will work with startups in Japan, the U.S. and other regional markets to create services using payments technology, other financial innovation and connected devices. Mizuho, which is already examining uses for blockchain technology, will focus on big data, artificial intelligence and building other new tech models, reports Finextra. Other Japanese companies are in discussions to join the venture, including Itochu Corporation, Sompo Japan Nipponkoa Insurance and Dai-ichi Life Insurance. Mizuho has also entered other innovation ventures this year, including a digital wallet collaboration with Metaps and a research agreement with Soracom to build use cases for connected devices.
More big fraud news: As fraud proliferatesfaster than mobile payments, more evidence of its momentum is starting to appear. "Facility takeover" fraud jumped 45% last year, according to Cifas, a fraud research company, which defines facility takeover as similar to account takeover, stealing personal data and using it to gain control of bank accounts. Crooks pose as a genuine customer, gain control of accounts and use them to make purchases. Cifas said there were more than 22,000 cases in the U.K. alone in 2016, usually targeting credit card, telephone or email addresses, which they use to glean additional information such as bank account or card information. Once the attackers have enough information, they contact the victims and manipulate them into divulging more.
European regulators examine 'IoT': The expansion of payments to connected devices, or the Internet of Things, is expected to complicate compliance. The European Commission is attempting to address the risk of IoT as part of its broader effort to remove barriers to e-commerce and digital activity, reports TechCrunch. The EC plans to propose added measures on cybersecurity standards, including labeling and certification to improve security for connected devices. The EC is also reviewing the EU Cybersecurity Strategy to ensure it aligns with a new European framework for web security. The EU's goals for both the IoT and more traditional e-commerce is to do more to encourage the flow of non-personal data across European countries, enhance defenses and come up with new plans to address online platforms that act against the best interests of the market by imposing contractual terms that impact others' ability to compete or allowing the spread of illegal content online.
Why ‘Online’ and ‘In-Store’ Are Outdated Retail Terms Technology Integrator • Peter Blair There’s no question that technology is methodically being incorporated into consumers’ lives. Starbucks is making millions by allowing people to pre-order their afternoon coffees from its app. Disneyland has evolved its SpeedPasses into wearable bands that enable people to not only cut...
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The Florida-based bank, which has been expanding across the South, would enter major markets such as Dallas and Houston with its planned all-stock acquisition of Independent Bank Group.
Federal Reserve Vice Chair Michael Barr Monday spoke at length about efforts to enhance banks' liquidity and long-term debt positions after last year's bank failures while saying little about the capital hikes in the embattled interagency Basel III endgame proposal.
Originators misled VA refinance applicants into believing they could skip two months of mortgage payments, the Federal Deposit Insurance Corporation said.
The announcement, made at the Mortgage Bankers Association's Secondary Markets Conference, underscores Ginnie Mae's role at the forefront of digitization efforts in the capital markets space.
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