Bank technology

The Financial Crimes Enforcement Network has proposed forcing banks to identify those standing behind legal entity accounts, but also made a slew of accommodations meant to make the rule more palatable.

Bank Leumi is holding a two-day hackathon competition that is expected to welcome more than 100 technology developers, programmers, entrepreneurs and designers.

Financial institutions are on the lookout for spamming and spear phishing following news that a gang of Russian hackers stole 1.2 billion sets of usernames and passwords. But they're taking the reports with a grain of salt.

Misys, the British financial industry software provider, has acquired Custom Credit Systems in Richardson, Texas, which specializes in commercial lending technology, for an undisclosed price.

The Heartbleed bug alerted banks to their own vulnerabilities and made them realize that they have heightened responsibilities toward customers when it comes to communicating security concerns, according to Joram Borenstein of NICE Actimize.

The mobile-centric consumer lender is turning to MoneyGram's vast retail network in an effort to reach borrowers who prefer to use cash. The partnership applies to borrowers in 15 states, but LendUp hopes to partner with a bank to take its service nationwide.

Some retailers like Disney are achieving high adoption of their wearable apps. Banks are a bit behind, but a few are piloting Google Glass and smartwatch banking apps.

U.S. Bank, Westpac New Zealand and Australia's Bendigo and Adelaide Bank share their experiences with Google Glass, smart watch and augmented reality banking apps. One lesson: voice commands disappoint in trials.

Fair Isaac's new credit scoring model includes enhancements to evaluate borrowers with limited credit histories and quantify the risk associated with different types of debt.

Gemalto NV, a developer of software and chips that make transactions more secure, agreed to buy data-protection company SafeNet Inc. for $890 million in cash to bolster its offerings against threats such as hacking.

The Canadian bank's viral YouTube clip comes as the industry struggles to use social media effectively.

NXT-ID is working with Joey Fatone, former member of the boy band N*Sync, to kick off a series of celebrity endorsements for its biometric Wocket wallet.

Officials at PayPal said they were pleasantly surprised by the free plug that the electronic payment service got on a recent episode of "The Leftovers," a new HBO hit series.

FICO in San Jose, Calif., has launched a credit risk prognosis tool financial institutions can use to stress-test their consumer loan portfolios.

Capital One's recent hire of Google's Dan Makoski is a rare coup for a financial services company. Most financial institutions still struggle to recruit top tech talent.

SunTrust Banks in Atlanta has named Susan Somersille Johnson head of its marketing division.

While bankers' reputation as the unquestioned authorities on financial services may be changing, the importance of face-to-face interactions has not lessened, according to contributor Dave Martin.

A gang of hackers in Russia has amassed 1.2 billion sets of looted user names and passwords, according to a U.S. security company that said it's the largest known cache of stolen personal information.

Wearables lend themselves well to quick banking updates, simple transactions and voice commands, and they're poised for wider adoption, with numerous products, including Apple's iWatch, soon to hit the market.

As consolidation picks up, buyers and sellers must examine their vendor contracts to make sure terms and pricing are in their favor.