Anti-money laundering challenges may cause retrenchment from correspondent banking, study shows

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.


Fidelity boosts activity monitoring to protect aging clients

In an effort to better protect aging clients who may have diminished capacity, Fidelity is partnering with technology provider EverSafe for enhanced identity theft protection and activity monitoring.

In the unbundling of banking, TransferWise sets sights on cross-border payments

The banking industry has become accustomed to the term peer-to-peer lending, but a 4-year-old company is seizing an opportunity to apply the peer-to-peer concept to another piece of banking: international money transfers. TransferWise, has created what is essentially an automated global matching platform for international money transfer, and is now supporting money transfers in more than 400 currency pairs.

Diebold, Wincor Nixdorf emphasize software and services in forming largest ATM maker

Diebold's $1.8 billion acquisition of German rival Wincor Nixdorf will create the world's largest ATM maker. But in combining, the two companies highlighted their shared vision for software and services and their joint research and development expertise more than their combined ATM might.

Genpact taps RAGE to integrate artificial intelligence into risk and middle- and back-office functions

Fintech provider Genpact, whose Lean Digital platform streamlines and automates middle and back offices for financial firms, will partner with RAGE Frameworks to add the power of artificial intelligence to bank processes.

ING joins R3 consortium to explore potential blockchain applications

ING announced that it has joined a consortium of 30 global banks, coordinated by financial technology firm R3, to collaboratively evaluate and apply emerging blockchain technology to the global...

State Street reorganizes IT leadership to oversee digital transformation

State Street Corporation announced executive level role changes in its IT department Thursday in order to put the leadership team in place to manage the firm's digital transformation. The Boston-based firm last month announced a multi-year plan to generate $500 million in annualized savings through completing a transition to an integrated digital architecture.


Chase names 18 tech partners to integrate Chase Pay into merchant payment platforms

Aiming for wide-scale availability of its Chase Pay mobile and digital payment system by mid-2016, Chase announced this week that it has partnered with 18 tech firms to implement the service for merchants.

LendingRobot partners with Funding Circle for small business robo-investing

Funding Circle and LendingRobot are announcing a partnership this week that will bring automated robo-investing to Funding Circle's small-business lending marketplace. The partnership marks the first time LendingRobot has taken its automated approach to peer-to-peer investing into the small business market.

Bank of America Merrill Lynch revamps options platform

Bank of America Merrill Lynch announced a list of changes to its electronic options trading platform last week including an infrastructure upgrade and a series of features to improve order handling. The firm said the changes were made to adapt to the evolving complexity of options markets.

Western Union pushes into social messaging payments with WeChat deal

The Western Union Company has inked a deal with social messaging platform WeChat to integrate cross-border payment with social messaging in as many as 200 countries, the two companies said. The...

Looking to bring innovation to the data center

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.


Overstock may spin off its blockchain-based trading unit

Revealing that it spent $3.2 million on its blockchain-based trading unit, Medici, in the third quarter, said it is exploring other options for the unit. Those could reportedly include spinning it off or selling it.

Intercontinental Exchange to acquire Trayport for $650 million, 18 months after CME Group's bid

Intercontinental Exchange, the owner of the New York Stock Exchange, has agreed to acquire the energy trading business Trayport from BGC and its GFI subsidiary for $650 million in stock. Trayport was one of two technology businesses that CME Group aimed to acquire from GFI last year, with an offer that sparked a bidding war, eventually leading to GFI's acquisition by BGC.

NCR receives $820 million Blackstone investment, signs commercial partnership with First Data

After announcing an $820 million investment from Blackstone last week, ATM maker NCR announced Monday that it has entered into a strategic commercial agreement with commerce-enabling technology provider First Data. Both deals include provisions to help NCR transform itself from an ATM and hardware maker to a developer of new commerce software and solutions.


Startup uses big data analytics to offer right-size lending to small businesses

Using nontraditional data sources, including unstructured data, online lender Credibly is launching a small business lending model designed to dynamically change as its borrowers grow.


Spotlight: Credit Suisse may open trading floor in Dublin to control costs

Credit Suisse could become the first international bank to set up a major trading floor in Dublin. The bank is exploring a possibility to move 40 traders and 60 support staff to Dublin as part of its...

Saxo Markets white labels multi-asset trading platform with open APIs

Saxo Markets, the institutional division of Saxo Bank Group, is white labeling its next generation multi-asset trading platform using open application programming interface technology. By using open API technology to white label the platform, called SaxoTraderGO, clients will be able to customize the platform or leverage it to further develop additional applications and services.

Barclays SPECS portal gives buy-side firms added control, visibility into order handling

Barclays has launched a new online portal that makes it easier for equities clients to view and make changes to their order handling settings. The portal, called SPECS, was launched in the U.S. and will progressively roll out to other regions.

Banks push back against financial aggregation

Financial aggregators have been around for years, more than a decade in some cases. Yet recent reports indicate that some of the country's biggest banks are starting to push back against what they view as certain repercussions of these third-party services.