U.S. Bank is looking to fintechs to provide back-office management for its small-business clients. https://hubs.la/Q02FfrjB0
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🏦Over 800 #financialinstitutions have joined the FedNow® Service within one year of its launch. Check out Bridget Hall's insights on the challenges and opportunities for banks and businesses connecting to #instantpayments in the latest article from Bank Automation News. https://aciw.co/3Wax36w #RealTimePayment #InstantPayments #Banking
FIs adopting RTP mainly as 'receive-only' | Bank Automation News
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🏦The FedNow® Service is gaining traction, with over 800 #financialinstitutions on board since the platform’s launch nearly one year ago. Bridget Hall reflects on the first year of #FedNow, and the challenges and opportunities for banks and businesses connecting to #instantpayments. Dive deeper in this Bank Automation News article: https://aciw.co/3WndNUS
FIs adopting RTP mainly as 'receive-only' | Bank Automation News
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Thrilled to announce that our very own Brendan Grove has recently been featured on Bank Automation News. Dive into his insights about the importance of clean data, effective data utilization, and how to identify quality data in product development. Check out more at the link: https://rb.gy/ll0x40#data #bankautomationnews #fintech #creditunions #data
Unlocking the financial data ‘treasure trove’
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Discover how a leading global banking institution leveraged Seclore to secure internal sharing of High Net Worth Individual (HNWI) customer data. Over 500,000 files are safeguarded for about 20,000 active users each month. Thanks to Seclore, 3% of potential unauthorized external shares have been detected and blocked. Importantly, this has been achieved with little to no impact on bank employees' user experience or workflow disruptions. Dive into the case study for the full details. https://lnkd.in/gB_FtjJw ⬅ #BankingInnovation #DataSecurity #WealthManagement #HighNetWorth #HNWI #Seclore
A Leading Indian Bank Protects Over 500,000 Files of High-Net-Worth PII with Seclore
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The payment sphere is currently going through a challenging period marked by economic turbulence, limiting regulations, and increasing delinquency among consumers. While these factors influence all industry stakeholders to a certain extent, financial institutions involved in credit card services are among those affected the most. In our new guide, we take a look at these key issues and share insights into ways in which they can be addressed. Check out our blog to find out how FIs can manage to navigate this uncertain landscape, build up resilience, and set themselves up for long-term success despite all the difficulties! #creditcards #paymentindustry #payneteasy
The 2024 Outlook for Credit Cards: Navigating Turbulent Times
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We recently reached the one-year anniversary of the launch of the FedNow Service. It’s worth taking a moment to reflect upon the journey here and what’s next for the U.S. payments ecosystem. With FedNow and The Clearing House’s Real Time Payments Network, financial institutions now have two rails in the U.S. that can facilitate real-time payments for businesses and consumers. We continue to see growth in the number of financial institutions that have onboarded to each rail, and we expect to see a 31.7% CAGR in real-time payments transaction volume over the next half-decade. It’s noteworthy that real-time payments represented just a 1.5% share of the total payments volume in the U.S. in 2023 – yet the U.S. was still the 12th largest real-time payments market globally by number of transactions. There is still a huge runway for real-time payment growth here. At ACI, we are eager to work with financial institutions looking to unlock significant benefits for businesses and consumers. Check out Bridget Hall's insights on the topic in this article: https://aciw.co/4cN3m2r
FIs adopting RTP mainly as 'receive-only' | Bank Automation News
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A Range of Banking Solutions With DataWalk!! Break free from the limitations of isolated processes. With DataWalk, you can fully integrate any or all of your AML, KYC, anti-fraud, and financial crime data into one environment that supplements your existing systems. You get a comprehensive and consolidated picture of risk for any entity, streamlining collaboration between financial crime teams, and helping to ensure your regulatory compliance. https://lnkd.in/g5xjpCRx
Graph Analytics: The Key to Making FRAML a Reality
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Nandan Nilekani’s concept of “Finternet” at the Global Fintech Fest 2024 presents a transformative vision for the future of financial ecosystems. Essentially, Finternet aims to create a comprehensive financial network analogous to the internet but tailored specifically for financial transactions and services. Here’s a more detailed breakdown of the three key principles: User-Centric: The Finternet focuses on putting users at the center of financial interactions. It’s designed to offer individuals greater control over their financial assets, both digital and physical. By using tokens on a unified ledger, users can seamlessly manage their assets across various platforms and services. This principle emphasizes a more personalized and efficient user experience, where financial tools and services are tailored to individual needs and preferences. Unified: At its core, Finternet seeks to unify disparate financial systems and services into a single, coherent framework. This means integrating various financial ecosystems—such as banking, investing, insurance, and payment systems—into one cohesive network. A unified ledger allows for real-time updates and tracking, reducing friction between different financial services and ensuring consistency across the board. Universal: Universal interoperability is a cornerstone of the Finternet. The system is designed to work across different platforms, jurisdictions, and financial products, ensuring that users can interact with a wide range of services seamlessly. This universal approach aims to eliminate barriers that typically hinder cross-border transactions and interactions, thereby enhancing global financial inclusion and efficiency. Additionally, Finternet promises several benefits beyond these core principles: Enhanced Security: By using a unified ledger, Finternet can offer robust security measures, reducing the risk of fraud and unauthorized access. The system’s transparency and traceability also make it easier to detect and address potential security issues. Quick Dispute Resolution: With a single, cohesive system, resolving disputes becomes more straightforward. The centralized nature of the ledger can facilitate faster identification of issues and streamline the resolution process. Improved Interoperability: The ability to interact seamlessly with various financial services and platforms fosters a more integrated and user-friendly financial environment. The Finternet aims to enable multiple ecosystems to interconnect, much like the internet, thus empowering 8 billion individuals and 300 million businesses by placing them at the center of their financial lives. Overall, the Finternet envisions a future where financial interactions are more connected, secure, and accessible, significantly improving the efficiency and user experience of financial transactions and services. National Payments Corporation Of India (NPCI) and Reserve Bank of India (RBI) https://finternetlab.io/
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Compliance | Company & Investment Law | Corporate Governance | Financial Market Regulations | **Opinions/posts are personal**
A 2.4 billion birr jackpot❓ "An unusual transaction surge was processed overnight on Friday last week, overwhelming CBE's digital platforms and online assets. During that timeframe, depositors were able to conduct unauthorised withdrawals or transfers. Industry sources claimed close to 66,000 customers conducted at least 25,000 transactions, totalling nearly 2.4 billion Br. However, CBE executives have not confirmed these claims. "...A digital banking expert, speaking to Fortune on condition of anonymity, believes that the problem might have derived from compromised validation and authentication configurations following a software update, or possibly from an internal threat linked to excessive access to configuration settings." #Ethiopia #Banking #itsystems #ITAudit #cyberincidents
CBE Glitch Transforms a Routine Weekend into a Jackpot
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Navigating the constantly shifting landscape of regulatory requirements presents a daunting task for banks. At the core of this challenge is the Know Your Customer (KYC) process, which has grown increasingly complex and demanding in recent years. The necessity for significant resources and expertise only heightens the difficulty. Financial institutions, including banks, must adopt these measures to mitigate the risks tied to financial crime. To effectively tackle these concerns, banks need to gain a deep understanding of the nature and purpose of customer relationships, develop customer risk profiles, and conduct ongoing monitoring to detect enduring behavioral changes, as well as identify and report suspicious activities. However, the intricacy and variety of customer data sources often make this process challenging and time-consuming, particularly for compliance teams. Please watch this demo video to see how DataWalk tackles Perpetual KYC within our technology. https://lnkd.in/ev3n_bMf
Perpetual KYC Software
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