News Topic: Vendor management

A new study from Black Kite outlines a variety of threats facing the industry and pinpoints the average cost of a breach at large and small institutions alike. ]] ... Read full article

The central bank must engage core processors, community banks and The Clearing House if it wants to move quickly on building out its FedNow system. ... Read full article

Institutions considering new technologies must ask themselves what they're looking for not just from a product but from a partner. ... Read full article

The agreement between Colorado authorities, marketplace lenders and banks offers a way to structure partnerships without triggering the wrath of state regulators. ... Read full article

Banks can capitalize on Amazon’s ambitions by teaming up to launch financial products and services aimed at coveted customer segments. But they should beware the legal and regulatory pitfalls. ... Read full article

Many banks buy modeling tools from vendors to help detect new areas of risk, fraud and profitability without realizing their existing systems are capable of doing the same. ... Read full article

Many will need to ramp up security protocols and reconsider which services require a high-tech versus human touch. ... Read full article

The agency's request for information seeks comment on the idea of the FDIC partnering with a standards-setting organization to develop best practices for technology firms, among other things. ... Read full article

The coronavirus pandemic has exposed weaknesses even at well-established fintechs. They could become more resilient by partnering with traditional financial institutions. ... Read full article

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. ... Read full article

Incoming chief Frank Bisignano downplays any pressure to find $1.2 billion in cost cuts promised to shareholders from the acquisition of First Data. Instead he emphasized his track record of producing revenue growth and pledged to keep funding innovation ... Read full article

The game has changed and bank executives will have to do more homework before striking a deal. ... Read full article

Financial institutions need to be aware of the platform model, strategic and reputational hazards that come with granting access to their networks. ... Read full article

Still trying to figure out whether to build gateways to your bank's data and systems? Here’s why you should transition. ... Read full article

The agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate. ... Read full article

BB&T has said the outage, which blocked customers' account access for hours, cost it about $20 million. ... Read full article

Outages last week at Chime and Varo Money have executives on the defensive. ... Read full article

With financial institutions relying more and more on cloud computing services, Washington is increasingly focused on the concentration of industry data in the big three technology giants. ... Read full article