The Consumer Financial Protection Bureau (Bureau) issued today a Notice of Proposed Rulemaking (NPRM) relating to the Remittance Rule (Rule). The Rule generally requires companies that provide remittance transfers in the normal course of business disclose to consumers certain fees and the exchange rates that apply to transfers. The Rule also includes an exception that allows certain banks and credit unions to estimate certain fee and exchange rate information instead of disclosing exact amounts in certain circumstances, but this exception expires by statute in July 2020. 

Professional services firm PwC has joined up with leading provider of digital Client Lifecycle Management (CLM) solutions Fenergo to “do KYC differently”.

Collaborating with Fenergo means that PwC will now provide client onboarding and KYC review and refresh operations as managed services, complementing PwC’s existing AML and KYC remediation offerings.  

PwC’s financial institution clients can now access an innovative and efficient managed solution to address their ongoing KYC challenges.

Mphasis , an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its partnership with Quantel AI,

Citibank is launching its one-stop Mobile Account Opening Service, which allows new clients to open bank account¹ (Citibanking, Citi Priority or Citigold Account) and investment accounts in one go through Citi Mobile® App at anytime and anywhere. The account application can be completed in a minimum of 10 minutes². Once the application is completed and approved, the new bank account can be used immediately on the same day. Clients no longer have to visit any branch throughout the entire account opening process.

Appian (NASDAQ: APPN) today announced the latest version of the Appian Platform. The new release of the low-code application development platform increases the speed and business impact of low-code automation for developers, administrators, and end-users.

 Judopay, a leading mobile payments provider has today announced it has partnered with business banking fintech, Tide. Starting immediately, the partnership enables all Judopay clients to benefit from a year’s free money transfers when they sign up to a Tide business account through Judopay. 

The Avaloq Banking Suite has been adopted by Maybank Group, South East Asia’s fourth largest bank by assets, to serve Maybank Premier clients in Singapore. The implementation, which went live successfully within the bank’s timeline on 25 November 2019, will provide the Maybank Premier segment with significantly enhanced system capabilities, delivering investment product features for affluent clients while upgrading the risk management and oversight of client portfolios.

The pace of change in the financial services sector is such that traditional business models are no longer viable, and firms that have stood the test of time must adapt in order to survive. A recent Gartner report found that by 2030, 80% of heritage financial firms will cease to exist, become commoditised or achieve “zombie” status (i.e. those that are unable to cover debt servicing costs).

Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader and part of the S&P 500® Index,today announced the launch of Broadridge Data Control Intelligent Automation, a new artificial intelligence (AI) and machine learning (ML) platform built to be deployed across industry-wide reconciliation, matching and exception management applications.

Luxembourg-based VNX Exchange is joining forces with Sumsub, a scalable solution for KYC/AML regulatory compliance, to stay in line with growing jurisdictional demands and ensure compliance of its platform.