In today’s top news in digital-first banking, Oracle is introducing new cloud offerings to provide smaller banks with the tools to combat large-scale money laundering schemes, while the Automated Clearing House saw a sizable increase in acidity in Q3. Plus, Brex unveiled an Instant Payouts function created to help eCommerce merchants smooth out their cash flow.
Oracle is debuting new cloud services to offer tools to smaller banks to combat large-scale money laundering schemes. The Oracle Financial Crime and Compliance Management Cloud Service offers comprehensive cybersecurity functions to FIs of various sizes. Customers can now access Oracle’s Regulatory Reporting and Transaction Monitoring apps, with the Customer Screening and Know Your Customer (KYC) functions forecasted to be available prior to the conclusion of 2020.
The Automated Clearing House experienced a significant rise in activity in Q3, even as government assistance initiatives trailed off. To that end, the ACH Network saw 6.8 billion payments in Q3, marking a 9 percent rise over the same timeframe last year, according to Nacha. Federal assistance payments to the unemployed have fallen sizably as money from last spring’s $2 trillion COVID-19 package has diminished.
Brex has introduced an Instant Payouts function designed to assist online merchants with smoothing their cash flows. The feature lets companies that sell online tap instantly into their sales revenue in lieu of waiting weeks or longer for the money to come. Brex is rolling out the new function for merchants that sell on Amazon, with the intention to provide the offering to other sales platforms.
The Federal Reserve Board and The Financial Crimes Enforcement Network (FinCEN) are looking for input on a potential regulation that would amend recordkeeping and travel rule regulations under the Bank Secrecy Act. The two organizations have joint authority on the recordkeeping rule and have together found appropriate changes. However, FinCEN has complete authority for the travel rule and will make its own proposals for amendments.