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“Digital Vault” will allow customers to store encrypted documents on third-party servers; bank accuses Orcel of misdeeds.

The information you need to start your day, from PaymentsSource and around the Web. Today: Salesforce and Alibaba team up; VC funds for Standard Cognition; WeChat adds airborne payments; Cannabis bank gets off the ground; Elavon hires a top exec for Europe.

A traditional rules-based fraud system will not be capable of detecting synthetic identity fraud. A combination of supervised and unsupervised machine learning algorithms must be implemented to process the data necessary to effectively segment good and bad identities, says Steven D'Alfonso, research director at IDC Financial Insights.

The mobile point of sale market has grown far beyond its roots as an off-the-shelf dongle for smartphones. The category is now driving major acquisitions, collaborations and international deployments.

Readers react to BofA defending reverse mortgage borrowers, support the Federal Reserve creating a real-time payments system, advocate for consolidating federal bank agencies and more.

The company agreed to buy the parent of Countryside Bank for $90.5 million.

The Alabama bank, which is spending hundreds of millions on technology, says the ability to make faster credit decisions is one reason digital metrics such as checking account openings are soaring.

The San Antonio bank has had little trouble hiring retail bankers to staff its new Houston branches, but it’s having a harder time filling IT and cybersecurity jobs at its headquarters, said CEO Phil Green.

The company agreed to pay $66 million for the parent of Citizens State Bank in Tyler, Texas.

The agency’s director said it will let a temporary GSE exemption from the “qualified mortgage” regulation expire.

The Wisconsin regional agreed to buy the parent of First National Bank in Staunton for $76 million in cash.

South Plains' agreement to buy West Texas State Bank is its first major move since conducting an initial public offering in May.

New data from PSCU shows a 46% increase in sales volumes for credit union members compared to last year.

The bill, similar to legislation that passed the chamber last year, would permit the inclusion of items such as rent and telecom payments to help consumers build their credit profiles.

Several small and midsize banks say they are losing borrowers to rivals and worry the trend could get worse as interest rates decline.

The Columbus, Ohio, company said Thursday that it expects the Federal Reserve to cut interest rates twice this year and two more times in 2020.

State and federal authorities say the network of firms in upstate New York sought debts that consumers weren't obligated to pay and impersonated government officials, among other things.

Jewelry maker Alex and Ani LLC demanded $1.1 billion in damages from Bank of America in a lawsuit alleging lending discrimination against a women-led company that was once featured in advertisements promoting the bank's commitment to diversity.

Payconiq has built an omnichannel, multicountry payment platform that uses a mobile payment app to leverage existing bank infrastructure in order to make payments in-store and online payments as well as to send P2P payments.

State regulator Ron Rubin had been asked to resign in May over a sexual harassment complaint, but he attempted to fight the allegations.