FIA Tech’s Post

If the CFPB consent order on VyStar CU is keeping you excited, let me remind you of the botched TSB migration from Lloyds systems to Banco Sabadell systems (after Sabadell purchased TSB from Lloyds in 2015) The $1.5m in fine by CFPB pales in comparison to what TSB had to bleed out to FCA and PRA - that's £245 Million. Of course, both are lessons in ops resilience and the weightage tech makeover projects carry in it. ------------------------------------------------------------ That said, some of the notes from the CFPB observations in the VyStar consent order are baffling. Such as this one... Why would a bank/CU be forced to consider virtual banking platforms that have baked-in integrations with downstream core systems?

My colleague, Craig Focardi, CMB, recently attended FIS Emerald 2024 in Orlando, Florida where he had the chance to speak with colleagues and explore how core modernization and open banking are transforming the industry. Curious about his biggest takeaways from the conference? Check out his new Celent blog where he dives into how the financial services ecosystem is opening up, presenting both opportunities and challenges for FIs > https://lnkd.in/e-EKJngb #FISEmerald #OpenBanking #CoreModernization

My colleague, Craig Focardi, CMB, recently attended FIS Emerald 2024 in Orlando, Florida where he had the chance to speak with colleagues and explore how core modernization and open banking are transforming the industry. Curious about his biggest takeaways from the conference? Check out his new Celent blog where he dives into how the financial services ecosystem is opening up, presenting both opportunities and challenges for FIs > https://lnkd.in/eHYTy4fm #FISEmerald #OpenBanking #CoreModernization

My colleague, Craig Focardi, CMB, recently attended FIS Emerald 2024 in Orlando, Florida where he had the chance to speak with colleagues and explore how core modernization and open banking are transforming the industry. Curious about his biggest takeaways from the conference? Check out his new Celent blog where he dives into how the financial services ecosystem is opening up, presenting both opportunities and challenges for FIs > https://lnkd.in/edAKUHpM #FISEmerald #OpenBanking #CoreModernization

My colleague, Craig Focardi, CMB, recently attended FIS Emerald 2024 in Orlando, Florida where he had the chance to speak with colleagues and explore how core modernization and open banking are transforming the industry. Curious about his biggest takeaways from the conference? Check out his new Celent blog where he dives into how the financial services ecosystem is opening up, presenting both opportunities and challenges for FIs > https://lnkd.in/gP_8eB8Z #FISEmerald #OpenBanking #CoreModernization

My colleague, Craig Focardi, CMB, recently attended FIS Emerald 2024 in Orlando, Florida where he had the chance to speak with colleagues and explore how core modernization and open banking are transforming the industry. Curious about his biggest takeaways from the conference? Check out his new Celent blog where he dives into how the financial services ecosystem is opening up, presenting both opportunities and challenges for FIs > https://lnkd.in/esESm6bB #FISEmerald #OpenBanking #CoreModernization

My colleague, Craig Focardi, CMB, recently attended FIS Emerald 2024 in Orlando, Florida where he had the chance to speak with colleagues and explore how core modernization and open banking are transforming the industry. Curious about his biggest takeaways from the conference? Check out his new Celent blog where he dives into how the financial services ecosystem is opening up, presenting both opportunities and challenges for FIs > https://lnkd.in/edggwDBd #FISEmerald #OpenBanking #CoreModernization

My colleague, Craig Focardi, CMB, recently attended FIS Emerald 2024 in Orlando, Florida where he had the chance to speak with colleagues and explore how core modernization and open banking are transforming the industry. Curious about his biggest takeaways from the conference? Check out his new Celent blog where he dives into how the financial services ecosystem is opening up, presenting both opportunities and challenges for FIs > https://lnkd.in/edggwDBd #FISEmerald #OpenBanking #CoreModernization

Mbanq CUSO is transforming the way credit unions operate. Check out this video of Natalia Tapia, Mbanq's Banking COO, who shares insights into our Credit Union-as-a-Service (CUaaS) platform.    Mbanq partners with credit unions and delivers state-of-the-art digital financial technology to help them stay competitive and future-ready.    #CreditUnions #BankingInnovation #CUaaS

🌟 SCFS25 Spotlight: Reducing the trade finance gap with SCF – looking at the role of technology in achieving this Moderator: Mark S. Mandula, Senior Vice President, United Capital Funding; Chief Learning Officer, BCR Publishing Panellists: Anastasia McAlpine, Head of Product, Trade & Supply Chain Finance, Finastra Adam Soukal, CEO and Co-founder, Platební instituce Roger Vinay Chhabra, Consultant, African Export-Import Bank (Afreximbank) Cláudia Márcia dos Santos, Director, Head of Working Capital Distribution, MUFG Javier Molinero, Director, Head of Country, BFF Banking Group S.p. Key Takeaways 📢 Development of blockchain-based registries will track invoice ownership and prevent double financing. 📢 The panel emphasised the importance of automating beyond Invoicing. This includes KYC/AML checks, digital document management, and automated matching of invoices, purchase orders, and goods receipts. 📢 Reaching smaller suppliers in the long tail remains a challenge, with virtual cards and deep-tier finance offering potential solutions. #supplychainfinance #technology #AI #fintech #scf25 #scfs