Bank technology

Engine, an industry group for startup businesses, sent an open letter to the Securities and Exchange Commission earlier this week requesting action on the crowdfunding provision within 2012's JOBS Act passed by Congress.

Collecting and verifying information about corporate customers is a long, often painful process for banks and clients. Now a number of organizations are aiming to solve the problem with registries that do the low-level grunt work on banks' behalf. But skeptics wonder whether regulators will bless the idea—and if banks are willing to put aside their rivalry for a common purpose.

Once known as peer-to-peer, online marketplace lending grew phenomenally and evolved rapidly in 2014, as capital flooded in from institutional investors and traditional bankers sat up and took notice.

American Banker has named online marketplace lending the Innovation of the Year. Matt Burton, CEO of Orchard Platform, explains how this booming business evolved out of peer-to-peer lending and whether alternative finance firms are competing with banks.

Orchard Platform CEO Matt Burton discusses how online marketplace lenders use data and technology to speed lending and improve transparency.

Online marketplace lending, a mushrooming business in the U.S. and the U.K., could take hold elsewhere, says Matt Burton, whose Orchard Platform is looking to expand its lender-support and analytical services internationally.

Before its IPO this week, online lending platform OnDeck was operating "with the discipline of a public business," holding simulated earnings calls among other exercises, says Noah Breslow.

Small banks and credit unions are looking to a lab hosted by NCR's Digital Insight to try out new tech like biometrics and beacons in an effort to keep up with their larger competitors.

The Office of the Comptroller of the Currency says its cybersecurity exams already include many of the same requirements New York's financial regulator recently spelled out for assessments of state-chartered banks.

Rigid state licensing laws have compelled some payments startups to partner with licensed money transmitters in order to get their programs off the ground. That's a good thing.

One big question in the debate over regulating cryptocurrencies is whether to apply existing rules to these new technologies or craft new ones. A state regulators' trade group recognizes that there may be no one right answer.

Chinese banks, desperate to attract customers who are finding alternatives for their savings, are turning to giveaways. On offer at one branch in Beijing: an iPhone 6 Plus or a Mercedes-Benz.

City National Bank in Los Angeles is launching a new online magazine with a goal of driving more traffic to its website.

As bank executives continue to debate, hesitate and worry over the security issues related to using applications that connect to the cloud, their employees are using cloud-based apps by the hundreds — often without banks' knowledge.

Marketplace lender Social Finance may pursue a larger initial public offering than expected, CEO Mike Cagney said. Progress in its mortgage business and a new lending app will be pivotal to the company's future, he said.

Some banks offer better mobile apps than others, although there is time to recover because most consumers are not quite ready to switch banks yet based on app quality.

BBVA's purchase this week of Madiva Soluciones will help it solve customer analytics problems. But more importantly, it brings the bank a stable of experienced data scientists.

On its face, the House vote late Thursday to approve a spending bill that included an unrelated provision written by Citigroup was a big legislative victory for the bank and its fellow Wall Street behemoths. Yet it’s also a victory that comes at a high price.

Renaud Laplanche is a happy if somewhat tired man. The company he founded, Lending Club, exceeded most expectations by closing its first day of public trading at $23.43 after starting at $15. But challenges lie ahead for his company and others in the alternative lending space.

The KYC Registry is the next flagship in financial crime compliance, delivering on our commitment to provide community-wide solutions for the industry, says SWIFT CEO Gottfried Leibbrandt.