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Industry heavyweights establish Alliance to modernise financial regulation

/regulation

Industry heavyweights establish Alliance to modernise financial regulation

Co-founded by Jo Ann Barefoot, former deputy comptroller of the currency and David Ehrich of fintech credit card startup, Petal, The Alliance for Innovative Regulation (AIR) has been launched to help regulatory agencies deal with the technological challenges posed by fintech innovation.

Money 20/20: Fusion centres are the future of fraud prevention

/security

Money 20/20: Fusion centres are the future of fraud prevention

Security executives have a bigger seat at the table when making product decisions in the world of faster payments and online account origination. At Money 20/20 USA, industry experts discuss how technical knowledge and business issues need to be married to truly meet the realities of digital transformation and prevent fraud.

Globalisation of payments highlights need for new standards of governance

/Reporting/compliance

Globalisation of payments highlights need for new standards of governance

2020 will see a development in the standards governing the flow of money to match the increased globalisation of payment processing, according to Deloitte.

Regtech zooms in on the severe penalties of 6AMLD

/regulation

Regtech zooms in on the severe penalties of 6AMLD

The European Union’s Sixth Anti-Money Laundering Directive (6AMLD) is due to take effect on 3rd December 2020 and brings with it a suite of substantial penalties for non-compliance. Here’s what you need to be aware of in the run up to the fast-approaching deadline.

SCA – no more kicking the can down the road

/Reporting/compliance

SCA – no more kicking the can down the road

With the EBA announcing a revised deadline for migration to Strong Customer Authentication (SCA) of December 31st 2020, how have industry players reacted and what now needs to happen make the transition a success?

Can AI detangle the spaghetti of banking systems?

/ai

Can AI detangle the spaghetti of banking systems?

At Microsoft’s Future Decoded event in London, AI was the principal topic for discussion, with financial services no exception.

81% of banks would collaborate with fintech partners to execute digital transformation - Finextra

/payments

81% of banks would collaborate with fintech partners to execute digital transformation - Finextra

At EBAday 2019, hosted by Finextra in association with the EBA, it was revealed that 81% of banking executives would collaborate with partners to execute digital transformation most effectively.

Nick Ogden launches cross-border liquidity network RTGS.global

/payments

Nick Ogden launches cross-border liquidity network RTGS.global

Finextra can exclusively reveal that Nick Ogden, creator of fintech heavyweights Worldpay and ClearBank, is spearheading an initiative to improve the speed and performance of international payments. At Sibos in London he is gathering support behind RTGS.global, a new business designed to remedy the problems involved with the invisibility of liquidity between countries.

Sibos 2019: Cyber-attackers operate like serial killers

/security

Sibos 2019: Cyber-attackers operate like serial killers

Riffing on the risks involved with thriving in a hyper-connected world, Sibos 2019 in London explores the dangers of cyber attacks and how they can have a contagion effect across broader financial systems and impact financial stability.

Sibos 2019: How compliance is keeping pace with real-time cross-border payments

/regulation

Sibos 2019: How compliance is keeping pace with real-time cross-border payments

At Sibos 2019, industry leaders in the compliance space will be exploring how best to prepare for the challenges that are emerging with real-time cross-border payments, which are inherently more challenging than domestic payments because they require bridging the closed loops of multiple currency systems.

Sibos 2019: The adoption of SWIFT gpi and impact on global payments

/payments

Sibos 2019: The adoption of SWIFT gpi and impact on global payments

At Sibos 2019, Swift’s Fabien Depasse, Wim Raymaekers, Anne-Sophie Walravens and Lior Cohen, explored how Swift gpi is seeing unparalleled growth in adoption, traffic and corridors. Today, more than 3,500 financial institutions (FIs) are signed up to gpi and allow their customers to make payments in nearly 150 currencies.

Incumbents vs neobanks: Leverage new technology or risk crumbling

/Reporting/compliance

Incumbents vs neobanks: Leverage new technology or risk crumbling

Financial institutions are focusing heavily on digital transformation driving innovation, better customer experience and cost reduction as they shift gears from simply meeting regulatory and compliance needs to remain relevant in a digital world.

How insurers can leverage the cloud to focus on innovation

/cloud

How insurers can leverage the cloud to focus on innovation

Insurance providers must leverage the cloud to offer a personalised experience to their customers, but also ensure that operational agility and innovation are a priority.

Chinese official voices digital coin plans

/Reporting/compliance

Chinese official voices digital coin plans

More details have emerged around China's plans to issue its own digital coin following a lecture given by a senior official at the central bank.

Crypto monitoring firm Elliptic raises $23m

/Reporting/compliance

Crypto monitoring firm Elliptic raises $23m

Cryptocurrency surveillance firm Elliptic has secured $23m of investment to fund its ongoing expansion in Asia

Revolut to open ops centre in Portugal

/Reporting/compliance

Revolut to open ops centre in Portugal

Challenger Revolut is planning to open a customer service centre in Portugal that will employ 400 people.

Singapore to accept first digital bank applications

/Reporting/compliance

Singapore to accept first digital bank applications

Two months after announcing plans to issue digital banking licences, the Monetary Authority of Singapore (MAS) is set to accept the first applications.

Aussie regulator turns to tech in new strategy

/Reporting/compliance

Aussie regulator turns to tech in new strategy

Australia's capital markets regulator has vowed to expand its use of new technology and behavioural data as part of a strategic plan to strengthen its enforcement.

The old rules no longer apply: Risk management and regulatory reporting in the cloud

/cloud

The old rules no longer apply: Risk management and regulatory reporting in the cloud

Deploying new applications on the cloud is now the default. The question is not if applications should be built in the cloud or existing workloads should be migrated, but how fast can financial institutions (FIs) remove traditional IT constraints in the age of digitalisation.

How to build the regulator’s confidence in the cloud

/cloud

How to build the regulator’s confidence in the cloud

When moving to the cloud, meeting all risk, legal and compliance requirements is non-negotiable. The key question regulators are asking financial services providers is whether they have identified the operational risks associated with migrating to cloud computing, and if banks understand the process of managing these obstacles.

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