Anti-money laundering requirements can be costly and challenging to implement in general. In the correspondent banking world, the challenge can be magnified by multiple additional layers of complexity. This complexity has prompted some banks to pull back from correspondent banking, a recent PwC report argues, creating a new phenomenon in the correspondent banking world known as de-risking.
Founded in 2013, the OpenPOWER Foundation is an open technical membership organization that IBM hopes will enable data centers to rethink their approach to technology. Members are encouraged to customize IBM POWER CPU processors and system platforms for their business needs.
In 2016 an "integrity" attack in the financial sector will result in millions of dollars quietly redirected to anonymized accounts, according to a Threat Prediction Report released Tuesday by Intel Security's McAffee Labs.
On Friday the Security and Exchange Commission approved rules to allow companies to sell equity stakes to regular mom and pop investors through crowdfunding. On Monday, U.K.-based crowdfunding company Seedrs already announced that it plans to launch a beta test of its platform in the U.S. within weeks, with an official launch expected in early 2016.
Bitcoin fortunes may come and go, but the distributed ledger or blockchain technology that underpins bitcoin has steadily gained respect, particularly in the financial services and payments space. The companies that are building business models around blockchain technology, however, are worried enough about the technology's image problem to partner with law enforcement to try to change it.
In announcing its major restructuring, which will split the firm's investment bank into two units, involve the departure of several top executives and the reshuffling of responsibilities for nearly a dozen more, Deutsche Bank also revealed a new approach to technology.
When Goldman Sachs reports its third quarter results early Thursday morning, it plans to distribute the news on its own, bypassing some of the third-party news wire services used by thousands of companies. The move follows several controversies involving independent wire services in recent years, including hacking incidents and scrutiny over policies that gave preferred access to premium subscribers.
The Department of Homeland Security said it is National Cyber Security Awareness Month, yet Scottrade and the American Bankers Association have both reported breaches in the past week. For those organizations, forensic security will fully unwind the severity of the situation, but firms are increasingly adopting preemptive, or ethical hacking to uncover the weaknesses before they are exploited.
The U.S. credit and debit card industry's transition from magnetic stripe cards to chip cards becomes official this week, as October 1 is the deadline by which card issuers and merchants must make the transition to chip cards and chip card readers or face increasingly liability. While the country's transition is far from complete, the looming deadline has spurred an increase in activity, with some stakeholders scrambling to adopt the technology ahead of the industry deadline.
Last week the Danish multi-asset trading and investment firm Saxo Bank announced that it would open access to its trading infrastructure with the launch of OpenAPI. It's not alone.