EMVCo is working to evolve the EMV® Integrated Circuit Card Specifications for Payment Systems to support both future eight-digit Issuer Identification Numbers (IIN), as well as the existing six-digit format. As the change may have implications for merchant and processor systems beyond payments, EMVCo has published a Draft Specification Bulletin (DSB) that summarises the changes to ensure all those impacted are informed. The new specification bulletin is scheduled to be published by the end of 2019 and become effective in 2021.

Big data is AI’s big brother. While AI is driven by machine learning, big datasets fuel the intelligence engine.

Banks and insurance companies have access to huge volumes of data and are looking to harness this information to drive efficiencies in their businesses and generate personalised, targeted offers for customers.

Global investment in financial technology (fintech) ventures fell sharply in the first half of 2019, as fundraising and deal activity in China that had soared a year earlier ground to a halt, partially offsetting strong gains in the U.S., U.K. and several other European countries, according to Accenture (NYSE: ACN) analysis of data from CB Insights, a global venture-finance data and analytics firm.

Inc. magazine today revealed that Abacus Group, a leading provider of hosted IT solutions and services for alternative investment firms, has been named to the 2019 Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies.

It is a common source of annoyance for anybody in rural communities; towns and cities around the world. You visit your local bank branch’s ATM to withdraw cash or to print out a mini statement and you are met with a message informing you that the ATM is out of service. That is frustrating at all times but can be especially aggravating when there is no other cash machine available nearby.

Calypso Technology Inc. and 2021.AI are joining forces in a new partnership with the aim of optimizing back-office processes for Calypso’s global client base. Combining their distinctive competencies by delivering state-of-the-art AI models and with access to 2021.AI’s Grace AI platform, Calypso continues to offer the best solutions to their clients while remaining at the forefront of the latest technologies.

finleap strengthens its position as a fintech SaaS provider to financial institutions and introduces its new business unit finleap connect. The fintech platforms finreach solutions and infinitec solutions will become part of this business unit. Furthermore, the existing finleap team will proceed with its work as finleap assets and finleap build.

From 14 September 2019, new European Union (EU) rules will start to apply that impact the way in which banks or payment services providers verify their customers identity and validate specific payment instructions. The new rules, called Strong Customer Authentication (SCA), are intended to enhance the security of payments and limit fraud during this authentication process.

The recent Future of Finance report has outlined a new age of banking, stating how financial services can help bring about a multitude of changes. This new age is also designed to help bring the UK in line with the changing nature of the digital economy. As a business integral to this industry, we are looking forward to seeing greater support and drive for innovation, specifically in B2B banking.

Within the insurance industry, digital transformation is boosting productivity – improving the customer experience, creating efficiencies throughout organisations, and enabling actionable insights using analytics and big data. Yet so far, the focus has been on the technologies, instead of its impact on each company’s work culture. Digital transformation changes every aspect of an enterprise, meaning that while the company will need to implement new technologies, it will also have to alter its work procedures.