Angus Burrell VP Global Omnichannel Strategy at PayComplete
Earlier this month, the UK treasury announced plans to fine banks if they fail to provide citizens with access to free cash withdrawal and deposit services ‘where they live’. The boundaries have been set at one mile in town centres, and three miles in rural areas. The move comes as the UK’s high streets continue to evolve. Once a hub for commerce,...
07 September 2023 /regulation /retail Banking Strategy, Digital and Transformation
Retired Member
It’s hard to believe that it was only in November 2022 that ChatGPT was unleashed as one of the first mass-market AI applications. With its first birthday approaching, the speed with which ChatGPT is influencing our interactions with financial brands is moving faster than regulators can keep up with. AI is embedding itself into the global financia...
24 August 2023 /regulation /crime Artificial Intelligence and Financial Services
Dima Kats Founder & CEO at Clear Junction
The widespread adoption of technology within the financial industry, and the heavy streams of data being poured through financial institutions daily, have meant that compliance regulations have become increasingly complex and intricate. Artificial intelligence (AI) is playing a critical role in this shift, particularly in the remittance sector. AI...
24 August 2023 /payments /regulation Artificial Intelligence and Financial Services
Asim Kar Head of Cloud Focus Group BFSI at TCS
Abstract Highly regulated BFSI industry faces the risk of running the critical business applications on one cloud platform. Risks arise out of failure on the part of cloud vendor disrupting the business. Cloud portability is a regulatory and risk avoidance paradigm that promotes the ability to move applications and data from one cloud environment ...
23 August 2023 /regulation /cloud Banking
John Bertrand MD at Tec 8 Limited
The trends emerging with Instant Payment Systems are: 1. Increasing in-country systems being released and promoted The latest major country to introduce instant payments is the USA. The Federal Reserve switched on their instant payment program called FedNow in July 2023. Starting out with 35 banks and credit unions and FedNow is planning to add...
21 August 2023 /payments /regulation Banking Strategy, Digital and Transformation
David Hensley Founder at Enryo Limited
In simple terms, seigniorage is the profit that a government or central bank makes from issuing currency. It is the difference between the cost of producing the currency and the face value of the currency. For example, if it costs a government £0.10 to produce a £1, then the seigniorage for that is £0.90. Surprisingly seigniorage is considered a ...
21 August 2023 /regulation /inclusion Imagine a world without cash
Luigi Wewege President at Caye International Bank
The dawn of the digital era brought with it many exciting advancements in technology, but it also ushered in an era of increasing complexity in the world of compliance. In a time of unparalleled regulatory change, businesses need to be more adaptable, vigilant, and proactive than ever. Fortunately, with the emergence of Regtech and the innovations...
18 August 2023 /security /regulation Banking Regulations
Nick Green Director at Purple Patch Broking Ltd
A lack of transparency in lending is an old problem made new again with BNPL. According to concerning reports, the UK government plans to delay regulation of the BNPL industry. But behind its ease of use, BNPL could create gaps in data without oversight and transparency. Without the right regulation, financial services could operate in an environ...
17 August 2023 /regulation /retail Banking
Stressed out and overwhelmed - that seems to be the sentiment among data leaders in financial services. A recent survey by data management firm Solidatus revealed alarming levels of work-related stress and anxiety. The findings are concerning: 71% of financial services senior data leaders say they are on the verge of quitting their jobs due to hig...
15 August 2023 /regulation /retail Banking
Anne Plested Regulation at ION Markets
At the end of June, Britain and the European Union signed a long-delayed post-Brexit cooperation pact in financial services – the memorandum of understanding on regulatory cooperation. The aim is to increase cooperation on financial services, establishing a forum where the EU and UK can meet twice a year to discuss financial regulation and standar...
14 August 2023 /regulation /markets
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