Tag: finance

Explore the RegTech Revolution

European Supervisory Authorities calls for improved clarity on cross-border activities

The Joint Committee of the European Supervisory Authorities (ESAs) calls for more clarity on activities carried out through digital means, in the new report. In a new report on the cross-border supervision of retail financial services, the ESAs has identified the main issues national competent authorities (NCAs) face with supervising financial institutions that provide cross-border…
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11th July 2019 0

4 Key Strategies To Create a Future-Proof Digital Bank

Deploying a digital-first banking platform is not only now possible but mandatory for financial institutions of all sizes. To compete effectively in the future, every bank and credit union must understand the four facets of a digital platform strategy — omnichannel capability, modular structure, open API architecture, and smart technologies. Consumers used to shop around,…
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9th July 2019 0

Swift to test real-time cross border payments in Europe

Banks from France, Germany, Italy, Luxembourg, Russia and Spain have joined with Swift to test real-time gpi cross-border payments through the Eurosystem’s Target Instant Payment Settlement (Tips). While payment messages cross the Swift network in real-time, the settlement and receipt of funds in the beneficiary account can lag by several days when entering national domestic…
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5th July 2019 0

Technology Overtakes Regulation as Key Driver of Change in Compliance

Compliance and the role of the compliance officer have changed significantly over the past decade as a result of escalating regulation, technology development, an increasing focus on culture and conduct risk, and the ever closer relationship between compliance and the business. Automation has also come to the fore as compliance departments working with rising volumes…
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3rd July 2019 0

Regulators struggling to oversee crypto assets

The International Organization of Securities Commissions (Iosco)’s attempt to harmonize crypto regulation will have no immediate impact, as national regulators are still failing to understand jurisdictional governance, says a lawyer. While the CEO of a crypto exchange says the lack of adoption of current regulation to crypto, has created a bottleneck effect. “While efforts to…
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2nd July 2019 0

A credit solution for the underbanked

According to the FDIC, a shocking 25% of U.S. households are underbanked or outright unbanked – meaning they either lack sufficient access to banking services or don’t use banking services at all. In the case of the unbanked, most people simply don’t trust the intentions and internal process of big banks and refuse to use…
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1st July 2019 0

TypingDNA partners with XTN Security to help banks comply with PSD2

TypingDNA has partnered with cybersecurity startup XTN Security to help banks better defend themselves from fraud threats. As part of the deal, TypingDNA’s typing biometrics will integrate with XTN’s behavioural fraud prevention software to passively recognise users based on their typing patterns. With increased threats of cybercrime and regulations such as PSD2 and its strong…
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26th June 2019 0

Identity custodians needed in digital era

Digital identity systems will fail if they do not take humans into account, warns identity innovator, suggesting that a ‘digital guardian’ could help overcome most of these challenges Most people would like to have a single, verified and validated digital identity that can be used to access all services, according to John Erik Setsaas, vice-president…
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25th June 2019 0

Regulation is the biggest barrier to digital innovation for UK financial institutions

New research released  by financial services technology leader FIS™ (NYSE: FIS) reveals that the greatest barrier to UK financial institutions developing digital products, services and operations is regulatory compliance risk. The findings are from FIS’ global Readiness Report, which shows that, by comparison, the biggest barrier to digital innovation for US firms is complex legacy…
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13th June 2019 0

IDEX Biometrics partners with Tongxin Microelectronics to create biometric card

IDEX Biometrics fingerprint identification and authentication solution builder, is collaborating with Tongxin Microelectronics (TMC) to create a biometric card. TMC, a China-based smart card builder, will work with IDEX to build a biometric smart card solution for end-customer implementation. The card will be a dual-interface solution which combines the biometric sensor of IDEX with the…
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10th June 2019 0