Financial services firms are growing increasingly concerned over the mounting costs and reduced effectiveness associated with customer due diligence. Not only do banks have outdated legacy systems, they are plying them with poor quality data when analysing customer risk. This is what generates such high numbers of false positives.

Gemalto, the world leader in digital security, is partnering with Veridos, a German company specializing in Identity Solutions, to supply contactless electronic ​identity cards (eIDs) to the Macao Special Administrative Region Government (Macao SAR Government). Under the collaboration, Gemalto is the subcontractor responsible for providing the physical cards, enhanced with security features and seamlessly inc​orporating Veridos' operating system software solution.

I got a very interesting heads-up yesterday to a campaign the European FinTech start-ups have kicked off to try and stop the big, nasty banks screwing them with their version of PSD2.  I’ve previously blogged that the banks will implement non-standard APIs to make it difficult to access their services without writing code to work with each bank’s API’s.  This issue goes further than that.  Here’s what they have to say

 Findings of the Industry Sandbox Consultation have been published today.  The Consultation was chaired by Innovate Finance, the UK’s membership association for global FinTech, on invitation by the UK Financial Conduct Authority (FCA).

The Industry Sandbox Consultation Report identified use cases and design requirements for a successful sandbox development environment that could enable FinTech players to validate innovations as well as to partner in developing new solutions in a neutral ‘off-line’ environment before accessing the market.

Overbond, the first end-to-end Capital Markets fintech platform for primary bond origination, has unveiled its new Corporate Bond Intelligence Tool (COBI) Swap Pricing calculator with advanced analytics and visualisation. 

Baker Hill, a leading provider of technology solutions for common loan origination, risk management, relationship management and smart data analytics, announced today that Vancouver, Wash.-based iQ Credit Union has selected its Baker Hill NextGen Business Intelligence solution to gain deeper insights into their products, branches, staff and members to support continued growth. 

Unveiling another beautifully-designed, integrated point of sale (POS) solution for small to midsized businesses, Verifone, a world leader in payments and commerce solutions, announces Verifone Carbon 8, an affordable, smaller, and more portable POS solution and newest member of the Carbon family.

Today we are thrilled to launch Empower, a new app that allows you to take control of your money and make smarter financial decisions. 

GoldenSource, a leading independent provider of Enterprise Data Management (EDM) and Master Data Management (MDM) solutions for the securities and investment management industry, today announced that Oppenheimer & Co. Inc. (Oppenheimer), a US registered broker-dealer, is using GoldenSource hosted services in connection with its institutional entity data management platform.

Deloitte Luxembourg has developed KYCstart (pronounced “Kick Start”), a new proof-of-concept to perform customer on-boarding using Distributed Ledger Technology.