Fintech, Finance, Technology, Banking Highlights – 8 October 2018
CFTC and ASIC Sign FinTech Cooperation Arrangement
The U.S. Commodity Futures Trading Commission (CFTC) and the Australian Securities and Investments Commission (ASIC) signed an arrangement to cooperate and support innovation through each other’s financial technology (FinTech) initiatives – CFTC’s LabCFTC and ASIC’s Innovation Hub.
“The signing of this arrangement with ASIC advances our mutual interest in facilitating technological innovation and development to enhance our respective markets,” said CFTC Chairman J. Christopher Giancarlo. “This arrangement will encourage the development of emerging financial and compliance technologies and continue to enhance global awareness of the critical role of regulators in 21st century digital markets. I am pleased to announce the signing of this arrangement on the occasion of the CFTC’s first FinTech conference, FinTech Forward 2018: Innovation, Regulation and Education.”
ASIC Chair James Shipton said, “We are delighted to partner with our colleagues at the CFTC to help encourage FinTech and RegTech innovation in both Australia and the United States. Technological changes are continuing to reshape financial services, markets and the regulatory landscape. Today’s arrangement assists innovative businesses to grow across borders and allows for greater information sharing and cooperation by the two regulators.”
Intercontinental Exchange Completes Acquisition of MERS
Intercontinental Exchange, , an operator of global exchanges and clearing houses and provider of data and listings services, announced it has acquired the remaining equity of Merscorp Holding, Inc., owner of Mortgage Electronic Registrations Systems, Inc. (MERS).
ICE has owned a majority equity interest in MERS since 2016. Price and terms of the transaction were not disclosed and will not be material to ICE’s earnings or have an impact on capital return plans.
MERSCORP owns and operates the MERS System, a national electronic registry that tracks the changes in servicing rights and beneficial ownership interests in U.S.-based mortgage loans. Earlier this month, ICE successfully moved the MERS System infrastructure to the ICE Mahwah data center, an integral requirement for completing the final acquisition of the business.
“As the U.S. mortgage finance industry transitions from a paper-based process to more digital mortgages and electronic notes, MERS is uniquely positioned to provide a seamless process that will bring greater efficiencies to consumers, lenders and institutional investors,” said ICE Chairman and CEO Jeffrey C. Sprecher.
“ICE has a well-established track record of transitioning traditional analog businesses to digital marketplaces, and MERS represents another important chapter in that record. We’re excited to work with MERS as it embarks on their next stage of development.”
Bank of America Unveils New Mobile Capabilities
Bank of America announced that it is introducing a new feature that will allow clients to move seamlessly between the Bank of America, Merrill Lynch, Merrill Edge and U.S. Trust mobile apps without having to re-authenticate.
The new feature is part of a broader approach designed to make it easier for clients to manage their banking and investing activities in one place.
This enhancement is one of a series of updates to the award-winning mobile banking app from Bank of America and investing apps offered by Merrill Lynch and Merrill Edge, which deliver innovative solutions to clients based on their feedback. These enhancements provide clients new, interactive ways to use mobile apps, helping them to bank and invest on the go.
“We’re pleased to offer our nearly 26 million mobile users a new suite of innovative features,” said Michelle Moore, head of digital banking at Bank of America. “As we expand our mobile banking app to give clients the digital solutions they need, we remain committed to investing in cutting-edge technology that will help them better pursue their financial goals on their terms.”
