Technology: Page 5
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Sponsored by VMware
The future of financial services: Continuous disruption, transformation and reinvention
VMware’s Financial Services Industry Solutions lead explores disruptions and innovations in banking.
Feb. 13, 2023 -
Kraken ends its crypto staking program, will pay SEC $30M
SEC Commissioner Hester Peirce dissented on the agency's enforcement, calling it something a “paternalistic and lazy regulator” would do.
By Gabrielle Saulsbery • Feb. 10, 2023 -
Trendline
Fraud and AML in banking
A top-10 bank’s AML practices may have tanked the year’s biggest merger. The episode underscores the importance of a solid strategy to fight fraud and money laundering.
By Banking Dive staff -
Former NYSE CIO launches an app to make you feel good about your finances
He called Fierce “kind of like the Ted Lasso of finance.”
By Gabrielle Saulsbery • Feb. 8, 2023 -
Bank mobile app use reaches 87%: Chase survey
Card replacement and peer-to-peer payment access rank among features with the greatest uptick in use, the bank’s research found.
By Gabrielle Saulsbery • Feb. 6, 2023 -
Silvergate’s FTX ties probed by DOJ fraud unit: report
The investigation is looking into the bank’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried. Silvergate has not been accused of wrongdoing, sources told Bloomberg.
By Gabrielle Saulsbery • Feb. 3, 2023 -
Small banks, fintechs ask CFPB for more time to phase out screen scraping
A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.
By Anna Hrushka • Feb. 1, 2023 -
Lawmakers press Silvergate harder, say due diligence failed ‘miserably’
Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.
By Gabrielle Saulsbery • Feb. 1, 2023 -
JPMorgan plans to launch digital bank in Germany by 2025: report
The bank has been hiring in Berlin to support the effort and plans to make the city its base of EU consumer operations, Bloomberg reported.
By Dan Ennis • Feb. 1, 2023 -
BM Technologies to cut 25% of staff
BM Technologies’ effort to reduce expenses follows the dissolution of the fintech’s planned acquisition of First Sound Bank, a $23 million deal the two parties called off in December.
By Anna Hrushka • Jan. 31, 2023 -
Crypto bank Anchorage Digital names execs to compliance, BSA posts
The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.
By Dan Ennis • Jan. 31, 2023 -
Varo slows burn rate, shifts marketing strategy
The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.
By Anna Hrushka • Jan. 31, 2023 -
Crypto firm Gemini picks new finance chief
Tyler Skelton joins Gemini from small-business payment service provider Till Payments. He also held finance roles at crypto insurance marketplace Nayms and financial services provider Bakkt.
By Grace Noto • Jan. 30, 2023 -
Marqeta names new CEO, makes $275M deal
The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.
By Gabrielle Saulsbery • Jan. 30, 2023 -
Crypto firm Dinara takes proactive stance on compliance, general counsel says
The company's work to meet Banking Secrecy Act standards serves as a key differentiator in the industry amid FTX's bankruptcy, Yanire Martes says.
By Lyle Moran • Jan. 27, 2023 -
Deep Dive
The crypto world is sending mixed signals
Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.
By Gabrielle Saulsbery • Jan. 27, 2023 -
Morgan Stanley claws back bankers’ pay over WhatsApp scandal
The bank is considering the number of messages sent, the banker’s seniority and whether they received prior warnings in levying penalties ranging from a few thousand dollars to more than $1 million, the Financial Times reported.
By Dan Ennis • Jan. 26, 2023 -
Former BofA CEO-backed fintech launches to match SMBs with lenders
“What we want to do is to put people that want to lend money together with people who need money. It's not complicated,” said ex-Bank of America CEO Hugh McColl Jr., a founding investor in Foro.
By Anna Hrushka • Jan. 25, 2023 -
Feds seize $150M from Farmington, Silvergate amid FTX probe
Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”
By Gabrielle Saulsbery • Jan. 25, 2023 -
Inside Jenius Bank’s plan to tap the US consumer market
Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.
By Anna Hrushka • Jan. 24, 2023 -
Gemini cutting another 10% of staff: report
The crypto exchange has been affected by Genesis' bankruptcy and the FTX contagion.
By Gabrielle Saulsbery • Jan. 23, 2023 -
Big banks to launch digital wallet operated by Zelle parent: report
The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.
By Anna Hrushka • Jan. 23, 2023 -
Capital One cuts 1,100 tech jobs
The cuts affect employees in the bank’s “agile” job family. Responsibilities associated with the eliminated positions will be folded into existing engineering and product manager roles, Capital One said.
By Anna Hrushka • Jan. 20, 2023 -
Crypto lender Nexo to pay $45M in SEC settlement
Nexo said last month it would cease U.S. operations after hitting a “dead end” in talks with regulators. One of company’s founders Thursday said he is “confident that a clearer regulatory landscape will emerge soon.”
By Gabrielle Saulsbery • Jan. 20, 2023 -
Genesis prepping to file bankruptcy: report
If the lending arm of Digital Currency Group is unable to come to an agreement with creditor groups, it is poised to become the latest in a series of crypto sector bankruptcies, Bloomberg reported.
By Gabrielle Saulsbery • Jan. 19, 2023 -
Fintech wreckage spells opportunity for bargain-hunting banks
Following a challenging year for the fintech sector, enterprising banks may be able to acquire startups whose previous valuations put them out of reach in prior years, said Klaros Group’s Jonah Crane.
By Anna Hrushka • Jan. 18, 2023