The bank is moving a large analytics program and a massive amount of data into Google's public cloud, which its tech chief says is more efficient, secure and better able to handle spikes in demand.
The payments system, called FedNow, would go head-to-head against one built by big banks; the senator from Oregon wants Amazon to address vulnerabilities in its cloud data storage.
Banks are right to fear the big tech companies that are eyeing financial services, according to Monish Kumar at Boston Consulting Group, who offers suggestions on how traditional lenders can protect their turf.
A Fed team toured an Amazon facility at about the same time Capital One’s data was hacked; House oversight members want answers from the CEOs of the two companies.
Three GOP members of Congress have sent letters to the companies requesting staff-level briefings on the breach in which an ex-employee of Amazon Web Services illegally accessed data of more than 100 million people who have or applied for Capital One credit cards.
Dozens of companies, including Google and PayPal, met with OCC officials last year in part to discuss obtaining a new fintech charter, but many ultimately decided not to pursue it, according to sources. Here's why.
