So far this year we have seen so many negative stories about banking as a service. You could be forgiven that BaaS is dying a slow and painful death.
Today, a new global report was released from Nasdaq and Oliver Wyman on illicit money flows and the numbers are sobering.
The Global Financial Crime Report quantifies the total amount of illicit financial activity and the number is an eye-popping $3.1 trillion. Included in this number is bank fraud covering payments, checks and credit card fraud which is estimated at around $450 billion.
It has finally happened. More than a decade after receiving the first spot bitcoin ETF application the SEC gave its approval yesterday.
While this was widely expected, it wasn't a slam dunk as demonstrated by the tight vote: 3-2 in favor with SEC Chair Gary Gensler providing the deciding vote.
Anyway you slice it, we have not been doing a good job in stopping money laundering.
It is estimated that we only catch 1-2% of all illicit money flowing through the banking system. Yet as an industry, we spend many billions of dollars in this fight.
Fraud is going to be top of mind for all financial institutions in 2024. Banks and fintechs alike are constant targets of fraud attacks.
It was interesting to read this morning about the experience of Regions Bank when it comes to check fraud.
By Peter Renton Since Visa announced late Monday their new $100 million fund focused on generative AI startups much has been written....
Yesterday, the SEC announced that it is suing Kraken for operating as an unregistered securities exchange. This follows similar actions in June against the two largest crypto exchanges, Coinbase and Binance.
Global fintech behemoth FIS has signed a new partnership with Banked to expand pay-by-bank options for consumers and small businesses. Banked has created an alternative payment rail based on account-to-account (A2A) connectivity and powers real-time payments through this technology.
When the CFPB released their long-awaited proposal on open banking rules in October there was cautious optimism from both banking and fintech groups.
Fast forward two and a half months, when everyone has had a chance to fully digest the 299-page proposed rulemaking, there are many suggestions for improvement. With the 60-day comment period ending this week, the CFPB has received over 11,000 comments.
One of the problems with making loans like BNPL such a standard part of the checkout is that they are...