Start-up Saga launches stabilised SGA token with major bank and exchange advisors

Saga, the UK-based fintech trying to create a worldwide currency which complements national currencies and is advised by major banks and exchanges, has launched its SGA token. Dubbing it “the first global, stabilised, digital currency controlled by its holders,” the 2017-founded start-up is taking a very different route to Facebook’s Libra project. Its board of advisers include JP Morgan Chase’s…

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Legacy players might win the war in 2020

Over the past 12 months, the banking technology landscape has continued to feel the impact of the challengers, new AI technology, the evolution of Open Banking, and the consolidation of businesses functions and business operations. But what does 2020 have in store for the banking industry? Steve Morgan, industry lead for financial services EMEA, Pegasystems, discusses his top predictions for…

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Rumblings of Texas M&A wave after high-profile deal

Large mergers are reshaping banking in Texas. The proposed combination of Texas Capital Bancshares in Dallas and Independent Bank Group in McKinney is expected to create a $48 billion-asset company with greater technological capabilities and substantial scale in multiple high-growth markets. The $3.1 billion deal should help each bank diversify operations, reduce concentration risk and add financial flexibility for the…

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Paul Volcker’s impact on banks was bigger than just one rule

WASHINGTON — Former Federal Reserve Chairman Paul Volcker, who passed away Sunday at 92, was already a legend by the time he weighed into the regulatory reform debate in 2010, having earned policymakers’ respect for often unpopular but ultimately correct monetary policy decisions while central bank chief. But his role in the legislative response to the financial crisis may prove…

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OCC flags risks from banks’ tech overhaul, Libor transition

WASHINGTON — Banks’ efforts to keep pace with rapid-fire technological change, adoption of a new interest rate benchmark, and prepare for potential future shifts in interest rates or the credit cycle all present looming risks to an otherwise healthy industry, the Office of the Comptroller of the Currency said Monday. The OCC’s semiannual report on warning signs for the industry…

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Big tech banking plans may pose risk to financial stability: FSB

The efforts of big tech firms like Amazon and Google to get into banking poses risks to the financial system, according to a new report by the Financial Stability Board. The international regulatory group, which monitors and makes recommendations about the global financial system, acknowledged that tech companies’ financial activities could bring benefits, like the potential for innovation, diversification and…

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One bank’s move to embrace transgender consumers

Many financial institutions, in their roles as employers and corporate citizens, have taken stands in recent years on social issues, including fair treatment of transgender people. Now some are working to bring more transgender consumers into the financial mainstream — and one effort starts with the name etched on their debit cards. Last week the $126.2 billion-asset BMO Harris Bank…

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Libra: The opening act of a modern regulatory drama

Libra is the unit of measurement for ancient Roman coins minted during a dramatic period of human history. It is also the name given to Facebook’s stablecoin initiative that has created a modern drama in its own right. Regardless of the diversity of views on the initiative, there is one thing that is certain: the mere announcement of Libra serves…

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Sterling in Michigan suspends mortgage program

Sterling Bancorp in Southfield, Mich., has suspended one of its residential lending programs. The $3.3 billion-asset company said in a regulatory filing Monday that it had “voluntarily and temporarily suspended” its Advantage Loan program as part of an internal review of the program’s documentation procedures. “It is presently difficult to estimate how long this suspension might last,” the filing said.…

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Goldman’s small world; Bitcoin’s woes go beyond price

Receiving Wide Coverage … Resolved Deutsche Bank agreed to pay €15 million ($16.6 million) to end an investigation by German prosecutors “into possible money-laundering and tax evasion involving German clients, closing an investigation that featured a high-profile raid of the bank’s Frankfurt headquarters in November 2018.” The settlement “reflects shortcomings in Deutsche Bank’s compliance and filing of suspicious-activity reports involving…

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UK firms struggling to meet Mifid II reporting requirements

A fifth of UK investment firms have made errors in transaction reporting under the second Markets in Financial Instruments Directive (MiFID II), which went live in January 2018. According to a freedom of information (FOI) request sent by consultancy firm Duff & Phelps, 546 of the 3,724 UK investment companies admitted to errors in their reporting. Firms were either notified…

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White paper: Accelerating RPA with a Comprehensive Process Intelligence Platform

Robotic process automation (RPA) is becoming a critical part of financial services firms’ strategies. Likewise, process intelligence technology plays an equally crucial role in every stage in the creation of RPA solutions: design, implementation, deployment, and operations. According to researchers at Hadoop, the savings that companies could make with RPA solutions by 2025 stand at between $5 trillion and $7…

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BNY Mellon connects custody capabilities with SimCorp to improve data transparency

The Bank of New York Mellon Corporation (BNY Mellon) has connected its custody capabilities with SimCorp Dimension. The global investment firm’s settlement, safekeeping, and cash and securities services will all undergo operational efficiency changes and see “greater data transparency”. BNY Mellon and SimCorp expect mutual global clients out of the partnership Expecting mutual global clients out of the partnership, the…

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