In an era where convenience is critical, the travel industry faces significant challenges in meeting consumer expectations around online payments. FinMont, a global payment orchestration platform, has recently shed light on these challenges through a comprehensive survey of European travellers’ online travel booking habits. The findings highlight substantial gaps and opportunities in the current payment processes of travel companies, pointing to a need for significant improvements.

Travel Payment Pain Points 

iDenfy, a Lithuania-based identity verification and fraud prevention software provider, has launched its new automated utility bill verification solution. This innovative tool is designed to enhance the efficiency and accuracy of the proof of address (PoA) process, as well as provide businesses with a powerful tool to ensure anti-money laundering (AML) and Know Your Customer (KYC) compliance. 

Airwallex, the Australia-founded leading financial platform for modern businesses, has become the first major payments company to be granted an Australian Financial Services Licence (AFSL) by the Australian Securities and Investment Commission (ASIC) to offer businesses access to retail investment products. This is an additional licence from the AFSL that Airwallex has held for its existing payments and foreign exchange business since 2016. 

BMLL, the leading, independent provider of harmonized, historical Level 3, 2, and 1 data and analytics across global equity, ETFs, and futures markets, today announced a partnership with ARTEX Global Markets, the regulated art-focused multilateral trading facility (MTF), to redefine the way intraday art-financial data can be re-distributed and analyzed.

Model risk management is an ongoing focus for financial institutions. There is an ever-growing complexity of models that need to be monitored and governed appropriately and it is the responsibility of the model risk and validation departments to manage this. With the growing use of AI and ML, model risk management strategies have to be agile and able to adapt to this change, particularly considering the EU AI Act regulations.

Monument Bank has achieved a significant milestone, surpassing £3bn in client deposits, marking a £1bn increase in just over ten weeks. This achievement reflects a robust start to Q3, during which the bank has doubled its client base within six months. Ian Rand, CEO of Monument, expressed his satisfaction with this rapid growth, stating,

Sopra Banking Software (SBS) announces a strategic partnership with Finom, an innovative financial services provider dedicated to SMEs and entrepreneurs.

This partnership aims to provide comprehensive compliance and user verification services, ensuring the highest standards of regulatory compliance and security in the French fintech market.

IDology, a GBG Company, today released its 2024 Global Fraud Report, confirming increasing concerns about the impact of generative AI on fraud. With rapid advancements in AI, businesses expressed heightened concerns about the evolution of familiar types of fraud—such as synthetic identity fraud (SIF) and phishing—fueled by generative AI.

One Inc, the leading digital payments network for the insurance industry, announced today that Selective Insurance, a leading business, home, and auto insurer, has selected One Inc's ClaimsPay® digital payment solution.

On July 19, 2024, Microsoft faced a significant IT outage affecting various services, including its cloud-based platforms.

The outage, which began early in the day, caused widespread disruptions for businesses relying on Microsoft's cloud services. Microsoft has since reported that the issue has been resolved, but the incident has raised questions about the robustness of their infrastructure.