BNY Mellon takes a step toward a future without passwords
The bank's Pershing unit is using fingerprint and facial recognition technology on Apple devices to protect user access to its desktop software. ... Read full article
News Topic: Clearinghouses/custodians
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How BNY Mellon is going further on AI
The custody bank has deployed more than 300 bots and is using artificial intelligence throughout the organization. ... Read full article
Cross River makes jump to real-time payments. Will other small banks follow?
Increased adoption of The Clearing House’s faster payments system could put pressure on community banks and credit unions awaiting the launch of the Fed’s competing service, FedNow. ... Read full article
Regulators finalize rule to modify swap requirements
Five agencies issued a final rule that established swamp margin requirements with restrictions on certain qualified financial contracts. ... Read full article
Fee revenue rises 8% at Bank of New York Mellon
The custody bank benefited from a wide range of economic forces in the first quarter ... Read full article
Massive crypto hack highlights need for custody solutions
The Japanese cryptocurrency exchange Coincheck says roughly $400 million of the digital currency NEM was stolen. If banks and others are to invest in the digital-asset industry, it will have to do better. ... Read full article
Coinbase positions itself as a digital currency custodian
The startup is betting that a venture offering safe storage of digital assets will entice billions from banks and other institutional investors. ... Read full article
Repealing crisis-era rules is asking for another AIG
Some proponents of repealing crisis-era regulatory reforms argue that higher capital levels offer better protection. More capital is good, but it alone won’t solve every problem. ... Read full article
BONY takes control; Fiduciary rule delay
Bank of New York basically controls the market for clearing Treasuries and repos after Chase withdraws; compliance pushed back to July 1, 2019. ... Read full article
Leverage ratio harms banks’ role as safe haven in a crisis
In times of economic stress, customers tend to flood the U.S. banking system with deposits. But the leverage ratio penalizes banks for conducting this core banking function. ... Read full article
What’s really holding back blockchain in financial services
It’s not speed, which will steadily if not exponentially increase in the near term. It’s the centralists that are holding onto their roles as reconcilers of data. ... Read full article
Market rally, rate hikes combine to boost BNY Mellon’s 1Q profit
The custody bank also won $109 billion worth of new asset-servicing business in the quarter, which pushed assets under custody to over $30 trillion. ... Read full article
JPM wins BlackRock custody business; Harvard to outsource fund management
JPM snatches $1 trillion custodian business from long-time holder State Street; Harvard will lay off half of the employees managing its $35.7 billion endowment. ... Read full article
Northern Trust sees 4Q profit boost from higher rates
Northern Trust’s fourth-quarter profit surged due to higher trust fees, improved credit quality and the benefit accrued to its profit margin from an increase in short-term interest rates. ... Read full article