SWIFT, the global cooperative billed as the world's leading provider of secure financial messaging services, revealed Monday that thieves who stole $81 million from the Bangladesh central bank in February probably hacked into the SWIFT financial platform.
Bank executives have a new vision of the future, and fintech firms are in it, according to a recent study. The 2016 World Retail Banking Report, an annual study from Capgemini and Paris-based banking industry association Efma, found that the attitudes of bank executives toward fintech firms has shifted in the past 12 months.
The move by three of the largest marketplace lenders comes as regulators have begun to weigh whether fintech companies that compete to offer financial services should be regulated.
Despite the rapid proliferation of fintech providers, only 1.1 percent of consumer banking revenue has been lost to digital disruption, according to a new research report from Citi's Global Perpectives & Solutions (GPS) group. That's the good news. By 2023, the migration to digital as a result of disruptive technologies is expected to rise to 17 percent of total market value, the report projects.
The Office of the Comptroller of the Currency will reportedly release a white paper on Thursday to begin exploring whether non-bank fintech companies should adhere to guidelines related to financial innovation.
The commission stated that the amendments the marketplace made to its exchange application in late February represented "a material departure from the original design that IEX proposed in its original Form 1," therefore warranting further review and comment.
Elio Motors Inc.'s stock price closed at $38.05 on the OTC QX exchange on Monday. For investors in the company's recent mini-initial public offering, that closing price represents a significant profit from the $12 a share at which it was initially sold to investors.
A new study of more than 7,000 retail banking customers across five countries found that customers are generally satisfied with their banks, but are looking to change at least one of their banking services to a different provider anyway.
In its much-debated bid to introduce a new exchange model designed to eliminate speed advantages of high-frequency traders, IEX is making a concession. The market is adjusting its handling of unfilled orders to ensure that an IEX exchange, if approved, would not only normalize the speed of orders as they arrive at IEX, but also as they are sent away.
The Financial Industry Regulatory Authority (FINRA) announced last Thursday that it plans to review how broker-dealer firms establish and communicate the "cultural values" that govern business conduct. The very next day FINRA gave the industry a glimpse of what that means.