Category: banking industry

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Data breaches reported by UK financial services increases by 480%

The amount of data breaches reported by UK financial services to the Financial Conduct Authority (FCA) increased by 480 per cent last year, a study from RPC claims. Figures increased to 145 in 2018 up from 25 in 2017, of which, the retail banking space seeing the largest percentage growth in breaches. In 2017, there…
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5th March 2019 0

Visa and Mastercard could raise interchange fees

According to a report from the WSJ, Visa and Mastercard are considering raising interchange fees on card transactions in the U.S. Visa and Mastercard generate most of their revenue from these small processing fees, and it could have implications for merchants and fintech startups. When you pay with a credit or debit card, merchants pay…
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4th March 2019 0

SoftBank, TBCASoft work together to create blockchain-based identification services

SoftBank and TBCASoft have launched a blockchain-based identification and authentication working group under the Carrier Blockchain Study Group (CBSG). TBCASoft has created a new foundation application framework called CrossCarrier Identification System (CCIS), which supports the establishment of identification and authentication services. This working group will collaborate with the global consortium of telecom blockchain companies of…
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1st March 2019 0

New ECB guidelines extend active monitoring to intraday liquidity – but are banks ready?

November 2018 saw the publication of the ECB’s final guides on banks’ internal capital and liquidity management. The non-legally binding guidelines, which came into effect on 1 January 2019, focus on financial institutions’ internal capital and liquidity adequacy assessment processes (ICAAPS and ILAAPS). The new guidelines make clear the ECB’s desire for banks to strengthen…
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27th February 2019 0

Transforming the Service Desk: Adding AI to the Team

As the workplace becomes increasingly digital, enterprise IT departments are adding a new member to the team: AI technology. Digital transformation has greatly enhanced enterprise productivity. Cloud solutions have replaced outdated, on-premises systems and bulky, physical assets are disappearing from desks. But the increasing number of digital users also produces mass amounts of service requests.…
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25th February 2019 0

Global Financial Innovation Network invites applications for testing of innovative financial products

The network comprises 29 organizations, such as the UK Financial Conduct Authority and the Australian Securities & Investments Commission. The Global Financial Innovation Network (GFIN), which comprises 29 international organisations such as the UK Financial Conduct Authority (FCA) and the Australian Securities & Investments Commission (ASIC), starts accepting applications from firms that would like to test…
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20th February 2019 0

Bracing for the Next Small Business Credit Crunch

When it happens, be ready for a painful and significant slowdown in small business financing. For small business owners, raising capital has never been as easy as it is today. Banks have eased credit to small businesses. Fintech startups are expanding online lending options. And business lending opportunities have looked so promising even tech giants,…
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19th February 2019 0

3 Ways Blockchain Is a Supply Chain’s Best Friend

It’s nothing short of magic, really, the way global trading partners do business today. The problems are obvious and acute: massive complexity exacerbated by an enormous amount of manual, still mostly paper-oriented processes. Which is why blockchain—the networked distributed ledger technology—is gaining relevance in today’s global supply chains. Sanctioned blockchains provide their participants with a…
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18th February 2019 0

Forget Sandboxes: Why Governments Should Accept Licensing From Other Jurisdictions

When the UK’s Financial Conduct Authority announced the first round of Fintechs for their regulatory sandbox in 2015, it was heralded as a progressive move and reinforced the UK’s dedication to financial innovation. The FCA is now hosting their fourth cohort of companies, and it is evident that this may not be the right model…
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15th February 2019 0

Saudi Business Is About to Get More Complicated for EU Banks

European Union banks will face higher hurdles in dealing with clients from countries including Saudi Arabia as the bloc moves to tighten controls on illicit financial flows. Panama and the U.S. Virgin Islands will also be put alongside Iran and North Korea on a new EU roll call of 23 countries identified as posing higher…
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14th February 2019 0