Prasenjit Das Senior Director at Virtusa
The inefficiency around paper documents in Documentary credit is well known and Banks are in different stages to implement change based on their processes and technological maturity to mitigate those. Some changes have FinTech partners as they touch the pain points through Trade portals, Discrepancy check automation and electronic documents pla
06 March 2023 /wholesale bankIO
A breakup of Business Banking in the UK. 5.5 million businesses were small (0 to 49 employees) forming 99.2% of the total count of private sector businesses, followed at a distant by 35,600 businesses were medium sized (50 to 249 employees) and finally large business counting to 7,700 businesses. By and large the proportion is same across other
16 January 2023 /wholesale /predictions Banking Strategy, Digital and Transformation
Lessons for Banks The Unified Payment Interface (UPI) which effects money transfers across Banks in India and developed by the NPCI has been duopoly of two FinTech- Google Pay & PhonePe. Ironically NPCI was set up by India’s’ central Banks & a consortium of Banks including Citi Bank & HSBC. Inter Bank payments which otherwise is someth...
30 December 2022 /wholesale Electronic invoicing
Innovation Landscape – Opportunities in Open Banking Customised/New Product Process and People Alignment Advent of 5G Advance in Data & Analytics Progress in Natural Language Understanding & AI Table of Contents 1. Introduction. 4 2. Business Driver. 5 3. What We Have Today. 7 4. Appro
17 September 2019 Banking Strategy, Digital and Transformation
Apple did pick up a big compartment within the financial services industry that can be potentially revolutionized by a tech innovation almost a year ago when it launched the Apple Pay. At the event Chief Executive Officer Tim Cook sounded quite collaborative when he described that the magnetic stripe card payment process as broken for its reliance...
05 October 2015 /payments
Accenture’s not talking about outsourcing so much these days, but can pitch a strong digital message, says CEO Pierre Nanterme which resonates across the Atlantic when Andy Murray, British tennis ace made headlines recently and this time it’s off the court by teaming up with Seedrs, an up-and-coming British crowdfunding platform through which smal...
22 August 2015 /startups
Francisco González, chairman and CEO of Spanish banking group BBVA states that 50% banks in the world could disappear by ignoring digital transformations and that BBVA will be a software company not a bank anymore by 2020, he points out the disastrously antiquated systems incl. IT systems, "spaghetti" systems totally unable to cope with ...
12 July 2015
The False Positives “If any financial crimes compliance people out there have just plugged in a monitoring system and think that they’re done you’re going to be flooded with alerts without any context,” warned Bank of America’s Bill Fox .This explains why most banks have conversion rates that are more like 5-7% .Banks need to go beyond their mon...
24 May 2015 /regulation
As we overcome the ‘hype cycle ‘ with mushrooming technology innovations , banks in their quest for a ‘Next generation Banking ‘ model with ‘social media’ will have a forward integration with the digital bank & the backward liaison with the ‘intelligent (based on analytics) multichannel’. The upstream taking care of the integrated multichann...
31 March 2015 /retail
It can be said with reasonable authority about the contemporary global banking system that investors in bank securities and counterparties to banks’ derivatives conduct their transactions on TRUST and not on trustworthy ratios that can help them assess banks’ true credit quality. As we draw parlance to Greece , since the Global Financial Crisis of...
07 March 2015 /regulation Banking Regulations
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