Natixis Completes First Transaction on Blockchain Platform: Tech Roundup

S&P noted that as interest rates rise, mobile apps will be an important tool for banks trying to keep deposit costs low. “Well-designed mobile apps could help banks hold onto core deposits in what is likely to be an increasingly competitive environment for such funding,” the agency wrote in a statement.

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Brown Brothers Harriman created a new position to unite the bank’s data and technology solutions. Michael McGovern will serve as the new head of investor services fintech offerings, the bank announced in late June. McGovern was previously chief information officer and head of systems for BBH.

“BBH’s focus on asset managers and financial institutions means that a lot of what we develop for ourselves to achieve efficient, scalable and compliant cross-border operations is directly relevant to clients,” McGovern said in a statement. “Clients can use these innovations as their own, whether or not they also use BBH for financial or business process outsourcing services. This is a great time and a great opportunity to help clients achieve their strategic objectives with digital and data solutions.” 

Geoffrey Cook, partner responsible for BBH Fintech, noted that many asset managers look for efficiencies in their middle-office operations. However, “if the real objective is transformation, asset managers will want to go beyond an organizational construct that was developed before automation and big data. Mike’s experience applying information technology across the borders of front, middle and back offices is rare and differentiated. It’s the kind of competence our forward-thinking clients can put to use with today’s new and emerging technologies.” 

(Related: What Financial Firms Can Learn From the Geek Squad)

An Australian equity crowdfunding intermediary that used the word “bank” in its name was challenged by regulators over potential confusion to consumers.

The Australian Financial Review reported on Monday that the Australian Prudential and Regulation Authority had refused to approve the crowdfunder’s name, Bankrolla. Authorities argued the name could confuse consumers who would think the firm provided typical banking services.

The firm turned to the Administrative Appeals Tribunal, which overturned APRA’s refusal with more than a little disdain for the regulator’s concern. The tribunal’s deputy president, Stephen Frost, noted that the word “bankroller” is “not suggestive of banking activity,” and its “somewhat playful adaptation ‘bankrolla’ even less so,” The Australian Financial Review reported.

“Only the quite unusually stupid would think a business with that name satisfies the same level of capital adequacy, depositor priority and other prudential requirements that apply to [authorized deposit-taking institutions],” Frost said, according to the publication.

— Read Targeting US, Mobile Ransomware Follows the Money: Kaspersky on ThinkAdvisor.