Wells Fargo Ramps Up Hiring to Capture Growing Tech Market
Following significant tech breakthroughs in recent years, Wells Fargo is aiming to expand its presence in the sector by strengthening its team. Last year, the financial institution increased headcount in its U.S. technology banking unit by 20%, with plans to bring on additional talent in the coming months. Wells Fargo’s tech banking unit supports clients […]
The Cost of Inaction: Why FIs Are Investing in Scam Prevention Now
A consumer receives a text about an unpaid toll bill demanding immediate payment—only they haven’t driven on a toll road recently. A homeowner locked out of their house calls a locksmith, only to discover the business listing on Google Maps was fake, and they have been redirected to a criminal trying to manipulate them into […]
Block Hit with $40M Fine Amid Ongoing Compliance Failures
The $40 million fine imposed this week on Block and its subsidiary Cash App is just the latest in a series of hefty penalties the company has faced as it grapples with ongoing compliance concerns. In the latest imbroglio, New York’s Department of Financial Services said that Block’s customer due diligence and risk-based controls were […]
New York Residents Could Pay Bills with Crypto, Should Legislation Pass
As digital assets gain wider adoption, a proposed law in New York would allow state agencies to accept cryptocurrency for government-related payments. Assembly Bill A7788 would amend state financial laws to allow agencies to accept Bitcoin, Ether, Litecoin, and Bitcoin Cash. This would enable residents to use these digital assets to pay for fines, taxes, […]
Perpetual Motion: The Case for Continuous KYC
Last October, TD Bank was fined more than $3 billion after pleading guilty to violations of the Bank Secrecy Act and conspiracy to commit money laundering. The unprecedented charges stemmed from the bank’s failure to detect and prevent illicit financial activity. Specifically, it was cited for not implementing robust Know Your Customer (KYC) procedures, neglecting […]
UPI Is Expanding the Instant Payments Use Case to Big-Ticket Items
The Reserve Bank of India (RBI) plans to lift the transaction limits on its Unified Payments Interface (UPI) system, a move expected to dramatically increase the capabilities of the real-time payments system. Previously, UPI transactions were capped at Rs 1 lakh (approximately $1,162) for merchant transactions, forcing many users to either split payments for larger […]
Many Coachella Attendees Are Buying Tickets Through BNPL
When the Coachella music festival kicks off, many attendees will have secured their tickets through an installment plan. Bypassing traditional buy now, pay later (BNPL) providers, Coachella’s payment plans have become especially popular with the festival’s mostly younger crowd—and a significant revenue source for its promoters. According to reporting from Billboard, approximately 60% of general […]
Tokenization Is Playing a Central Role in the Shift to a Digital Economy
Though the crypto and digital assets industry has experienced its share of fads over the past few years, it has also given rise to transformative technologies like stablecoins and blockchain. These innovations are reshaping the financial landscape. Among them, tokenization has seen growing adoption by the world’s largest financial players—a trend that shows no signs […]
Kraken’s New Digital Crypto Debit Card Broadens Its Footprint
Cryptocurrency exchange Kraken is launching its own crypto debit card in collaboration with Mastercard. The card will allow Kraken customers in the UK and Europe to spend their crypto assets at more than 150 million merchants worldwide. This launch also marks another milestone in the expansion of the recently introduced Kraken Pay platform, which offers […]
Year-Long Breach at U.S. OCC Exposed Thousands of Emails, Sensitive Data
The U.S. Office of the Comptroller of the Currency (OCC) confirmed that a breach of its email systems in February was a significant incident that exposed highly sensitive information. An independent bureau of the Treasury Department, the OCC monitors the activities of all U.S. banks, including federal savings associations and agencies of foreign banks. In […]