Information technology and telecommunications are fundamental to service delivery in financial institutions today. Firms are increasingly reliant on IT networks to deliver core services but this can leave them vulnerable to ever-expanding security threats.

That’s an especially serious problem in the world of finance where cyber-attacks are frequent, and becoming more sophisticated. Phishing, social engineering and malware attacks have become particularly prevalent, and hacking software easily available.

CaixaBank has developed an innovation project using artificial intelligence to manage returned direct debit payments. As a leading Spanish retail bank, CaixaBank manages 450 million direct debit payments every year and is the primary direct debit service provider in Spain.

When a bill is sent to an account with an insufficient balance, the software notifies the customer's banking adviser, who then analyses the case and decides how to resolve the situation: to permit the bill payment, to reject it, or to postpone it for a few days until the customer has sufficient funds.

FCA Regulations

A cardholder is considered in persistent debt if payments against interest, charges and fees exceed repayments over an 18-month period. The credit card rules introduced by the FCA last year require providers to identify which of their customers are in persistent debt and then take a series of escalating steps to help them.

Following on from the earlier article on Open Banking (What does Open Banking mean for Gaming Operators?), here is the second of the three pieces; some further considerations on the operational impacts should a Gaming operator embrace the benefits of an Open Banking led change within their business.

Wolters Kluwer’s Finance, Risk & Reporting (FRR) business is enjoying a record year for industry recognition following a number of notable award wins. Most recently Wolters Kluwer’s OneSumX for Regulatory Reporting has been named the Best Regulatory Reporting System, 2019, by Bobsguide.

Financial institutions across the globe use AWS to transform the way they do business. It’s exciting to watch our customers in the financial services industry, such as Allianz, Barclays, Goldman Sachs Monzo, Tandem, and Starling Bank, innovate in unique ways, across all geos and use cases. Regulations continue to evolve in this space, and we’re working hard to help customers proactively respond to new rules and guidelines.

The recent announcement of the formation of a Crypto Rating Council (CRC) has been met with mixed feelings and confusion. Branded as a joint commitment “to responsible growth and maturation of cryptocurrency markets and related financial infrastructure and trading services”, as stipulated on its website, the CRC claims to be providing a system that simplifies US federal securities laws for the benefit of retail investors.

Know Your Customer (KYC) poses industry-wide challenges and it will continue to do so unless we – as a #RegTech supplier – take proactive steps to cultivate positive change.

As regulatory pressure on banks and corporates alike intensifies, the volume of KYC information required also increases.

And as to compound the problem, many of these corporates struggle to access a single golden source of information that can enable them to develop a holistic view of each client.