Cloud Computing

PPP loan forgiveness, BofA’s cost cutting, Amex’s cloud commitment: Top stories of the week


The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.


Pandemic seals Amex’s commitment to the cloud


American Express began adopting cloud computing a couple of years ago and has leaned hard on the technology to help front-line and corporate employees work at home during the coronavirus crisis, its global head of infrastructure says.


What ransomware attacks on vendors mean for banks


Cybercriminals have targeted at least four financial services technology companies in recent months, potentially giving hackers back-door access to clients. Here’s how banks can guard against that.


Timely reminder about who bears responsibility for cloud security


Recent breaches and a pandemic-driven strain on cloud computing seemed to prompt a regulatory warning that banks, tech vendors and cloud hosts share an obligation to safeguard customer data — no matter where it resides.


Regulators urge banks to monitor security of cloud service providers


The joint statement on the risks of cloud computing summarizes years of guidance and rules as industry reliance on third-party platforms has become more ubiquitous.


LendingClub reinforces its cyber defenses


The online lender has deployed new software designed to spot security risks early, especially the kind of cloud-data issues that led to the Capital One-Amazon breach.


Small banks don't have to take a backseat to fintechs


A combination of digital and cloud capabilities, data gathering and regulatory experience should give smaller banks an edge over nonbanks.


Bank tech vendor Finastra hit with ransomware attack


The attack knocked out core and mobile banking systems at several U.S. banks, and Finastra is working to get them up and running.


Why more banks are ditching their legacy core vendors


Newcomers Nymbus, Neocova, Finxact and Technisys and older competitors like Temenos, Infosys and Oracle are winning over community and regional banks by offering what some bankers describe as more flexible technology at fairer prices.


Western Union alum starts digital bank for low-income Americans


Rellevate, founded by Stewart Stockdale, will offer pay advances, fast bill pay payment and international remittances for consumers who live paycheck to paycheck.