Industry News

NICE Actimize

NICE Actimize revolutionizes financial crime fighting with new generative AI solutions

NICE Actimize, a leading provider of financial crime, risk, and compliance solutions, has unveiled a new suite of generative AI-based innovations.
Klarna introduces "Sign in with Klarna" service to streamline online shopping

Klarna introduces “Sign in with Klarna” service to streamline online shopping

Klarna, a leading global payment provider and shopping assistant powered by artificial intelligence, has unveiled its latest innovation, "Sign in with Klarna."
NMI unveils revolutionary embedded payments platform

NMI unveils revolutionary embedded payments platform

NMI launches an innovative embedded payments solution, known as NMI Payments, designed to seamlessly integrate within existing applications and payment solutions, providing a modular and flexible approach to payments.
Navigating the complexities of the Consumer Financial Protection Bureau's (CFPB) Section 1071 rule is crucial for financial institutions across the United States. In an enlightening eBook, Fenergo's director of thought leadership, Tracy Moore, demystifies the essentials that businesses must grasp concerning this significant regulatory development. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 1071 has stirred substantial debate and legal scrutiny. Despite ongoing litigation, it's pivotal for financial entities to gear up for the forthcoming adjustments in compliance, staffing, and the financial outlay tied to this mandate. What exactly is Section 1071? Introduced by the CFPB, 12 C.F.R. Part 1002 enacts Section 1071 of the Dodd-Frank Act, marking a stride towards augmented regulatory oversight in the realm of commercial lending, particularly within the small business segment. Effective from March 30, 2023, this rule is tailored to enhance data collection and reporting processes for lenders engaged in small business financing. A vast spectrum of financial establishments, including traditional banks, credit unions, online lenders, and others active in small business lending, falls under its purview. The specificities of the compliance requirements and reporting duties hinge on the scale and scope of an institution's small business lending activities. The enactment of this rule, encapsulated in an extensive 888-page document, necessitates a thorough understanding by financial institutions to align with its stipulations. Fenergo's resource offers a comprehensive exploration of the rule's principal elements, compliance strategies, and the broader context enveloping its introduction, spotlighting the controversies it has incited. As the financial sector stands on the cusp of these regulatory shifts, grasping the nuances of Section 1071 becomes imperative for navigating the future landscape of small business lending. Read the story here.  Keep up with all the latest FinTech news here Copyright © 2024 FinTech Global

Navigating the compliance maze: A guide to the CFPB’s Section 1071 Rule

Navigating the complexities of the Consumer Financial Protection Bureau's (CFPB) Section 1071 rule is crucial for financial institutions across the United States.
Rasa

Rasa bags $30m in Series C led by PayPal Ventures and StepStone Group

Rasa, the forefront of generative conversational AI technology, has successfully closed a $30 million Series C funding round.
FCA

FCA launches inquiry into financial advisers’ ongoing services

The Financial Conduct Authority (FCA) has initiated a comprehensive survey involving 20 of the largest financial adviser firms.
Pagaya

U.S. Bank and Pagaya forge path to broaden personal loan accessibility

U.S. Bank has recently joined forces with Pagaya Technologies, a global leader in AI-powered financial solutions.
KYC

The role of AI in revolutionising KYC processes in 2024

In a recent post by Encompass Corporation, the firm outlined what will be the future of the KYC industry in 2024.
The future of digital investor profiling in the UK

The future of digital investor profiling in the UK

In the rapidly changing landscape of financial services, the balance between regulatory compliance and user experience is more critical than ever. With digital transformations reshaping the industry and regulatory pressures mounting, financial institutions face the daunting task of providing seamless digital experiences without compromising on regulatory standards.
Revolut's new AI tool fights rising scam epidemic

Revolut’s new AI tool fights rising scam epidemic

Revolut has recently unveiled an innovative artificial intelligence (AI) tool aimed at combating authorised push payment (APP) fraud, a sophisticated scam where criminals deceive individuals into willingly transferring money into fraudulent accounts.

News Stories

US takes the gold for FinTech deals this week - Here are this week's 36 deals

US takes the gold for FinTech deals this week – Here are this week’s...

It was a strong week for US-based FinTech companies, with 17 securing fresh capital this week.  Aside from the US dominating the week for deals,...
Deutsche Bank and BASF initiate pioneering ESG finance programme in Asia

Deutsche Bank and BASF initiate pioneering ESG finance programme in Asia

Deutsche Bank has unveiled BASF’s inaugural sustainability-linked payables finance programme in Asia, concentrating on its operations in China.
PureFacts secures major investment from GrowthCurve

PureFacts secures major investment from GrowthCurve

PureFacts Financial Solutions, a renowned provider of revenue management solutions tailored for the investment sector, recently announced a significant development.
Tuum and ComplyAdvantage join forces to enhance compliance and operational efficiency

Tuum and ComplyAdvantage join forces to enhance compliance and operational efficiency

Tuum is a next-generation core banking platform, has partnered with ComplyAdvantage, a financial crime intelligence platform that offers AI-driven risk data and fraud detection technology to a global client base.
Wisedocs bags $4.5m from CIBC to streamline insurance claim reviews with AI

Wisedocs bags $4.5m from CIBC to streamline insurance claim reviews with AI

Wisedocs, an innovative leader in the InsurTech sector, recently received a significant financial boost. CIBC Innovation Banking has extended $4.5m CAD in growth capital financing.

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