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April 8 -Regions Bank and online lending platform Avant have announced an agreement to offer a streamlined online consumer loan application and underwriting experience for Regions Bank customers. The unique agreement will combine Regions’ established banking and online presence at www.regions.com with Avant’s technology platform to provide a fast, convenient digital experience for customers seeking consumer loans.
March 31 – Noting that “not all innovation is positive,” the Office of the Comptroller of the Currency has issued a white paper offering guidance on fintech product development. (more…)
February 24 – Cash is still a vital method of payment, used in about 40 percent of all retail transactions.1 Unfortunately, even with increased security measures and currency redesigns, the risk of taking in counterfeit bills remains high. According to recent data, U.S. authorities recovered approximately $89 million in counterfeit money from circulation; and the U.S. Secret Service estimates that $2.5 billion of bills in circulation are fake.2
February 19 – A new position paper entitled “Digital Banking Creates Opportunity for Customer-Focused Finance,” from CSC, a global leader in next-generation IT services and solutions, provides expert insights and information to help bankers navigate key technology and market shifts on their digital transformational journey.
February 15 – For the first time in five years, the regulatory burden isn’t at the top of bank CEOs’ list of worries, according to “What’s Going on 2016: Cornerstone Advisors’ Take on Community Bank and Credit Union Priorities and Technology Plans.” Instead, their biggest concerns are loan demand and the interest rate environment.
January 28 – Paybefore has selected NuDetect as a 2016 Pay Awards winner in the Judges’ Choice category. For 10 years, Pay Awards has conferred the most prestigious recognition of excellence in the worldwide prepaid, mobile and emerging payments industry. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for payments executives.
January 19 – Near Field Communications (NFC) technology gets a lot of attention for its ability to enable contactless payments, but less known is that it also can be used to enable secure and convenient transactions in non-payments applications, such as marketing, identity, access, ticketing and gaming. The Smart Card Alliance has released a white paper that explores non-payments NFC implementations that are breaking new ground, and the security approaches that are being used to protect sensitive user credentials within NFC applications.
As the U.S. migration to EMV chip payments continues, some industry participants are thinking about preparing to process payments made using EMV contact chip cards, EMV contactless chip cards, mobile NFC1 devices, or all three. Yet for some, misconceptions around what NFC technology really is and how it can be used with EMV chip payments persist. To clarify how NFC and EMV work as companion technologies, the Smart Card Alliance has released a white paper on “EMV and NFC: Complementary Technologies Enabling Secure Contactless Payments.”
By Bill Poquette
Bankers do many good things in their communities besides keeping depositors’ money safe and lending for homes, cars and businesses. This is not news, but it has become increasingly clear to me recently as I read proofs of state association magazines for which BankNews Media handles advertising and production.