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Banking

Banks nowadays are in stiff competition for human resources with fintech. The financial technology sector often offers higher pay. Still, the prospects of many such start-ups are difficult to forecast – they are as likely to occupy a solid niche as they are to go bust. Stable companies in Latvia are only a handful. Primarily, fintech players active in Latvia are headquartered in foreign countries – the United Kingdom, to name one – despite maintaining offices in Riga and employing staff in Latvia

originally founded 24 Jan 2023

Taken over by Terence Creighton

Head of Retail Banking Delivery

GFT Financial

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Pallavi Kapale Senior Financial Crime Officer (2LOD) at Bank of China (UK) Limited

Money Mules – Gaining fame in financial crime

Fraud accounts for atleast 40% of financial crime in the UK. In 2022, UK banks have identified over 39,000 accounts demonstrating behavior indicative of money muling[1]. NCA estimated that over GBP 10 billion is laundered via money mule activity in the UK annually[2]. The global increase in fraudulent activities is a growing concern for businesses...

15 July 2024 /regulation /crime

Ben Goldin Founder and CEO at Plumery

Mind the Gap: Expectations vs. Reality in Modern SME Banking

Small and medium-sized enterprises (SMEs) are undeniably a cornerstone of global economic growth and innovation. The International Labour Organization recently reported that in most OECD countries, SMEs contribute more than 50% of GDP, with some global estimates placing this figure as high as 70%. Despite their significant economic role, SMEs cont...

09 July 2024 /retail /inclusion

Andrei Scutari Open Banking Head of Sales at Salt Edge

Assessing opportunities and getting ready for PSD3, PSR, and FiDA

In June 2023, The European Commission announced its proposals on regulations governing the payment services industry within the union. The much-anticipated third Payment Services Directive (PSD3) represents the completion of the Commission's review of the second Payment Service Directive, released nine years ago and is slated for release in the f...

09 July 2024 /payments /regulation

Retired Member

With physical bank branches disappearing, how will the UK’s move to digital finance play out?

Earlier this year, on February 22nd, the last remaining bank branch in the whole of the Peak District, Natwest in Bakewell, closed its doors for good. The closure leaves thousands of locals without a physical bank to visit, with the closest Natwest, for instance, now in Chesterfield—almost a half an hour’s drive away. Brick-and-mortar branches ...

03 July 2024 /predictions

Abhinav Paliwal CEO at PayNet Systems- A Neo Banking Software Platform

Why Developed Economies are Benefiting from QR Payments?

It was long believed that developed economies firmly rooted in the credit and debit card tap-and-pay ecosystem would be difficult to change. Due to their perceived insecurity and clumsiness, QR code payments were limited to developing nations. But a subtle revolution is taking place that is upending this presumption. Singapore is one example. Once...

24 June 2024 /security /payments

Benjamin Avraham Founder & CEO at Okoora

The Future of Financial Services: Collaboration and Competition Between Fintechs and Banks

The global fintech market is growing rapidly with a market size expected to top $608 billion by 2029, almost doubling from a projected $312 billion this year. In part, this can be attributed to the agile solutions and customer-centric approaches of fintechs when compared to those of traditional banks. However, to drive true value in the financial...

05 June 2024 /payments /predictions

Mark Aldred Head of Sales at Auriga

Is there a vote for improving access to cash and services with smarter fintech?

2024 is a year of multiple elections . Now the UK has been added to the list with its general election called for July 4th. This led me to think how much the loss of in-person banking services and the demand for better alternative solutions using new technology should be an election issue. Of course, there are bigger election issues but access to ...

30 May 2024 /retail /inclusion

Mayuri Jain

Why Finance is Deploying Natural Language Processing

In the ever-evolving landscape of finance, Natural Language Processing (NLP) has emerged as a game-changer. This innovative technology, which enables computers to understand and interpret human language, is transforming the way financial institutions operate, enhancing efficiency, and offering new insights. Here’s a deep dive into why finance is i...

29 May 2024 /ai

Nick Green Director at Purple Patch Broking Ltd

Untangling the maze of fraud prevention solutions in financial services

Fraudsters are getting bolder and more sophisticated in their attacks on the financial sector. Their increasingly complex schemes are breaching institutional security and eroding the very foundation of customer trust that banks have worked so hard to build. The challenge is: There’s no silver bullet solution. Given the diversity of fraudulent activ...

23 May 2024 /retail /crime

Nick Green Director at Purple Patch Broking Ltd

Preventing APP fraud: Essential strategies for banks

APP fraud is on the rise. According to Finextra, the total number of APP fraud cases was up 22% in 2023 compared to 2022. In fact, APP fraud is now the number one payments threat and are expected to reach $5.25 billion by 2026. In the UK, consumers lost over half a billion pounds to scams in the first half of 2023 alone. What’s more, the PSR has ...

21 May 2024 /retail /crime