Everyone has an API, right? Not so fast. Not all APIs are created equal. The difference could mean the trap of vendor lock-in or the path to becoming an innovation powerhouse. Identifying these differences is challenging enough but banks and credit unions face an even greater impending crisis—integration modernization is a costly investment. Every financial […]
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Category: IT Management
Navigating CFPB 1033 and Open Banking: Key Takeaways From the FDX Virtual Summit
The Financial Data Exchange’s (FDX) Virtual Summit provided an in-depth look at the evolving landscape of Open Banking. This year, the free online event focused on the Consumer Financial Protection Bureau’s (CFPB) Rule under Section 1033 and its impact on open finance, data access, and compliance—highlighting significant challenges and opportunities for banks and credit unions. […]
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Integration Manager’s New Features: Vulnerabilities Manager, Secrets Manager, and Application Configuration
Release date: September 3, 2024 Fintech Hub (our Integration Platform as a Service) provides secure, efficient, self-service tools that simplify the complex integration challenges faced by financial institutions (FIs). This update introduces three powerful new features: Vulnerabilities Manager, Secrets Manager, and Application Configuration. Vulnerabilities Manager helps FIs maintain compliance by identifying and addressing potential security […]
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Fedwire’s Spring 2025 Countdown: The Required Shift to ISO 20022 Messaging Standards for Payments
Banks and credit unions are set to undergo significant transformation (if they haven’t already) in response to the Federal Reserve Bank’s forthcoming regulatory changeover to ISO 20022 messaging standards in the US, taking effect in spring 2025. This new standard marks a comprehensive shift in how financial institutions manage and process payments. Financial institutions should […]
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CrowdStrike-Microsoft Outage: Lessons Learned for Bankers About Cloud Infrastructure Benefits
in Cloud , IT Management
Banks and credit unions rely heavily on technology to provide seamless and secure customer services. However, recent events such as the CrowdStrike-Microsoft outage serve as reminders of the vulnerabilities inherent in interconnected systems. Such disruptions can be profound for financial institutions, impacting everything from transaction processing to customer trust to regulatory penalties. Cloud-based software solutions, […]
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Integration Platform as a Service: One Tool to Cut Costs, Eliminate Dependencies, and Scale Fintech Connections
Financial institutions that leverage an Integration Platform as a Service (iPaaS) can adapt to technological changes efficiently, meet evolving consumer demands quickly, and navigate complex regulatory requirements easier than others in the industry while cutting costs and overhead. This blog delves deeper into what iPaaS means for financial institutions (FIs), why it is an essential […]
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API Strategy for Open Banking Regulations in the U.S. – Why Financial Institutions Should Prepare for FDX and CFPB 1033 Today
TL;DR: The Consumer Protection Financial Bureau (CFPB) expects to implement Section 1033 of the Dodd-Frank Act in the fall of 2024. What does this mean for community banks and credit unions and the future of open banking in the U.S.? Open banking regulations began globally, with Europe’s PSD2 in 2016 and a handful of countries […]
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The Resilient FI: How Prepared is Your Bank or Credit Union for the Next Big Crisis or Rapid Growth?
An uncalculated or delayed response to market demands can have disastrous effects on a financial institution’s business operations. The same can be true if your financial institution isn’t prepared to react to rapid growth. How do you future-proof your organization, and what does that look like in financial services? This blog serves as an introduction […]
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Automating ACH: Banks and Credit Unions Eliminate Rejected Files and Slash Error Handling by Half
The Automated Clearing House (ACH) network, established by Nacha and operated by The Federal Reserve and The Clearing House Electronic Payments Network, serves as a crucial infrastructure for managing electronic payments and collections in the U.S. Despite its reliability for handling transactions such as bill payments and direct deposits, the traditional ACH system is confronting […]
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