While it is difficult to quantify the true economic and societal costs of financial crime, we know only 1% of laundered funds are detected, suggesting that the current system of financial crime prevention is not working. Globally, it is estimated that between $800 billion and $2 trillion in laundered money flows through the financial system every year, and an overwhelming majority of it goes undetected.
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Financial institutions are more dependent on AI models for every aspect of the enterprise, including limiting risk, preventing fraud, and making hyper-personalized offers based on a customer’s last interactions. However, according to a McKinsey survey, 24 out of 100 organizations stated that the biggest barrier to AI implementation is the lack of usable and relevant data.
NFT Investments, an investment company specializing in non-fungible tokens ("NFTs"), is pleased to announce that it has raised £35 million before expenses, more than three times initially planned, for its flotation on the Aquis Stock Exchange Growth Market (Access segment), valuing the Company at a market capitalisation of £50m.
Semafone®, the leading provider of data security and compliance solutions for call and contact centers, today announced a global reseller partnership with Avaya (NYSE:AVYA), the leader in cloud-based solutions designed to enhance and simplify communications and collaboration.
American e-commerce website, Etsy had a huge 2020 in which it set a company record for revenue. The e-commerce sector, in general, grew tremendously in 2020 as the pandemic forced people to completely alter their shopping habits. As a result, Etsy crossed the billion-dollar revenue mark for the first time in company history after a staggering YoY increase.
PCI Pal®, the global cloud provider of secure payment solutions for business communications, today announced the appointment of Mufti Monim as Chief Technology Officer to direct the strategic technical vision for the company.
LiquidityBook, a leading Software-as-a-Service (SaaS)-based provider of buy- and sell-side trading solutions, announced today that Primus Capital, a growth-oriented private equity firm, has made a minority investment in the company. The capital will enable LiquidityBook to further scale its business and serve a broader array of fund managers and financial institutions through its industry-leading portfolio, order and execution management system (“POEMS”) platform.
Baton Systems (“Baton”), a provider of post-trade solutions for capital markets, has named as Senior Advisor the Honorable J. Christopher (“Chris”) Giancarlo former Chairman of the United States Commodity Futures Trading Commission (CFTC). Giancarlo’s distinguished background will play a key role in supporting Baton’s mission to transform the post-trade payments and settlements ecosystem.
We all know that 2020 was an unusual and challenging year for everyone and as much as we would have all wished that things could have gone back to normal the second the clock struck midnight on the 31 December, that has unfortunately not been the case. Most industries and businesses continue to face a number of challenges, some carried over from last year and others new to 2021. The payments industry is no exception to this. In difficult times it is even more important to understand our key challenges, so we are able to manage and overcome them.