As banks continue to grapple with a rapidly evolving technological environment and the massive growth of fintech startups — and with billions of dollars in revenues at stake — ABA and Accenture today released a members-only Fintech Playbook to help banks understand how and when they can most profitably partner with fintech companies.
Innovation can be more than engineering the latest and greatest gadget. It also means flexibly adapting to and meeting customers’ needs throughout the business cycle.
The Federal Reserve has convened a working group on distributed ledger technology, commonly known as blockchain, to review its uses for financial services and issue a report later this year, Fed Governor Lael Brainard said on Friday.
Noting that cybersecurity challenges continue to grow, Deputy Treasury Secretary Sarah Bloom Raskin today called for “better solutions” to customer bank account access that “tak[e] into account user behavior,” such as a combination of biometrics, user behavior profiles and multi-factor authentication.
One in three Americans say they have used mobile deposit to deposit a check within the last year, according to results from a recent ABA /Ipsos survey.
The Consumer Financial Protection Bureau today issued final rules on prepaid financial products, including prepaid cards and digital wallets that store and transfer funds.
The task forces convened as part of the Federal Reserve’s “faster payments” initiative have begun reviewing 19 specific proposals to advance faster payments in the U.S., according to a Fed statement today, with the first installment of a final report due from the Faster Payments Task Force and the Secure Payments Task Force in January.
Under a bill introduced by Rep. Patrick McHenry (R-N.C.) today, companies — banks and nonbank financial technology firms alike — will be able to test innovative fintech products under a streamlined process with greater certainty about compliance requirements.