JP Morgan marshals an army of developers to automate high finance

The program, called COIN, for Contract Intelligence, does the mind-numbing job of interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of lawyers’ time annually. The software reviews documents in seconds, is less error-prone and never asks for vacation. While the financial industry has long touted its technological innovations, a »

RBC, Scotiabank get highest rankings on Canada fintech efforts

The two banks scored the highest overall ranking — four checkmarks out of five — with top ratings in areas such as willingness to tackle fintech issues and establishing digital development hubs, according to the report by research firm International Data Corp. Toronto-based Royal Bank also received the highest ratings for acquiring expertise, funding external »

Singapore to Ease VC Rules to Promote Startup Financing

Under a consultation paper published by the Monetary Authority of Singapore Wednesday, new and existing VC managers won’t be subject to the same capital requirements and business conduct rules that currently apply to fund mangers in general. The MAS will focus primarily on fitness and propriety assessment, and retain regulatory powers to deal with errant »

Maxing out on mobile performance

Maxing out on mobile performance

Which of these two tasks is more likely to exceed the limits of your smartphone: checking your account balance on the HSBC app, or playing Angry Birds 2? GameBench makes it easy to discover the answer with just five minutes of testing on each application, and the results are surprising. App vs. Game Comparing a »

New York Fed to set new expectations for IT risk management by banks

New York Fed to set new expectations for IT risk management by banks

The Federal Reserve Bank of New York is understood to be working on revised and more detailed guidelines for financial firms in their management of outsourced IT risk, for release later this year. It is understood that that the New York Fed believes that banks need to do additional work to ensure they have the right risk »

FCA gives green light to the cloud

The FCA has published a paper on guidance for cloud outsourcing. The regulator has confirmed that it does not see any fundamental reason why cloud services cannot be implemented, as long as they are given: “Appropriate consideration, in a manner that complies with our rules.” According to the FCA, a lack of oversight over outsourced »

Round-up: Company News

SmartBear and Cognizant announce alliance The US testing software provider SmartBear Software and NASDAQ-listed consultancy Cognizant Technology Solutions have announced a strategic partnership. According to SmartBear, the companies hoped to combine SmartBear’s test automation and API quality tools with Cognizant’s delivery expertise to provide faster time to market for customers. Tricentis will i... »

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