Bank technology

Hackers based in China breached U.S. Office of Personnel Management computers, according to American officials, stealing records of as many as 4 million current and former federal employees in one of the largest breaches of government personnel data.

The 28-year-old Young Americans Bank was founded to teach kids to save, but now the bank is focused on showing its customers how to spend wisely. CEO Richard Martinez says tots still prefer paper statements, while tweens are getting their allowance via bill pay.

Facebook's new Instant Article service for publications underscores the competitive threat that the site's business model poses to banks. There's one particular feature that should have banks worried: because Facebook's primary interest is ad income, product pricing is of secondary importance.

It's certainly true that as customers conduct fewer basic transactions in branches, those branches will see reduced foot traffic. But branches will remain relevant so long as they have helpful and intelligent people determined to help customers manage their finances.

With New York's framework for regulating digital currency now final, a looming question is whether other states such as California will follow suit.

WSFS Bank has teamed up with ZenBanx, a fintech startup founded by a pioneer of direct banking, Arkadi Kuhlmann. WSFS will be the first in the U.S. to power a mobile account that lets users park money in up to five currencies and send remittances. The partnership is the latest example of a traditional bank trying to inject innovation into its culture.

In the second part of a two-part conversation with American Banker, miiCard's James Varga discusses how his company leverages the trust placed in banks to create "digital passports" for consumers to prove their identities without oversharing information.

U.S. Bank in Minneapolis has updated its mobile corporate payments app with features that allow the use of virtual card accounts — single-use, cardless accounts through which a users are given a temporary 16-digit number with which to make a payment.

Big data has the potential to help people save money, improve their lifestyles, treat existing ailments and prevent new ones. But it's up to the business sector to earn the trust of consumers and lawmakers.

Departing New York state regulator Benjamin Lawsky revealed the final version of the BitLicense, the regulatory framework for digital currency businesses his department has developed over the past 18 months.

The vendor says it's in the running for several core banking contracts in the U.S., including one where it is competing against multiple packages from the market leader, FIS.

JPMorgan Chase is eliminating voice mail for consumer-bank employees as part of a push by the biggest U.S. lender to trim $2 billion in annual expenses.

Heartland Payment Systems has reported it suffered another data breach last month.

American Express Co. President Ed Gilligan, who died last week on a return trip from Tokyo, suffered an embolism and subsequent heart attack, according to a person briefed on the matter.

Though lukewarm about Bitcoin itself, bankers see promise in the technology it runs on, specifically the distributed ledger, for efficiency and security improvements in areas like payments and securities handling.

The Federal Reserve Board on Friday announced the appointment of a senior official at the Federal Reserve Bank of Chicago to lead the central bank’s efforts to improve the national payments system.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including a call for a small-business loan brokers' code of ethics and why Congress needs to level the playing field for investors in bank obligations.

A specialized Wells Fargo branch in Des Moines and the nonprofit Digital Finance Institute are part of a small but growing movement to improve access to financial services for emigres who have escaped war or persecution.

First Bank in Wilmington, N.C., opened a new branch in Jacksonville, N.C., earlier this week, that was designed to be environmentally friendly.

The Disney-Pixar movie "Finding Nemo" inspired a run on clownfish in pet stores across America. Banks should pursue the same effect with content that connects with customers on an emotional level and inspires them to take action.