PayThink

The problem with bug bounties is that while it can complement vulnerability management programs, it does not offer the comprehensive coverage an enterprise requires, contends Mark Weiner, CMO of Balbix.

Proposals that would have financial firms monitor or refuse to finance certain firearms purchases are misguided, putting the onus on unelected corporations.

Due to growing consumer expectations for 24/7 digital access and real time decisions, some organizations such as financial institutions and merchants have reduced the more stringent manual application review processes in order to open accounts quickly, according to Michael Lynch, chief strategy officer at InAuth.

The industry faces a range of risks every day ranging from natural disasters to employee misconduct. Management needs a plan in place for when a problem arises.

Midsize banks have much smaller security budgets, less mature security programs and less robust controls than their bigger counterparts, writes Leigh-Anne Galloway, cybersecurity resilience lead at Positive Technologies.

There’s no reason for the central bank to prohibit nonbank financial firms from entering the payments system as long as appropriate rules are put in place to protect against risk.

While the transaction will lower the cost of servicing First Data’s massive debt, the fintech and processing giant will be more complex and ponderous, writes Eric Grover, a principal at Intrepid Ventures.

The Federal Reserve has suggested it could join the market for instant interbank payments, but private-sector entrants would be better.

With a permanent director confirmed, the agency should take steps to establish a small-business data collection rule mandated by the Dodd-Frank Act.

Those of us who have found ourselves in roles as stewards of the public trust in this sector are finding agreement in a variety of protocols that bridge even the stodgiest savings account with the coolest app-based e-wallet, writes Bryan Woods, president of Spend Inc.