Bankdata, one of the largest Danish fintech companies, has recently completed the most substantial front-to-back-to-risk re-platforming program in its history: the implementation of a shared capital markets platform for eight Danish banks. Regulatory compliance was a key driver for implementing Murex’s MX.3 platform.

The solution is jointly built with Murex, the global leader in trading, risk management and processing solutions for capital markets. The MX.3 platform allows for customization, providing flexibility to the eight financial institutions that own Bankdata. This is the culmination of a partnership that began in 2016 with Synechron to provide a shared platform for Bankdata to rationalize treasury management and capital markets activities.

“It is probably four or five times larger than anything else we have delivered. It has been a strategic program for Bankdata,” said Christian Wiese, Executive Team Member and Director of Capital Markets and Business Development at Bankdata.

Bankdata members now benefit from an integrated cross-asset front-to-back-to-risk solution with support for regulatory compliance. It also delivers on lowering the total cost of ownership of supporting IT and increasing efficiency through IT resource consolidation, with a simpler, more efficient infrastructure.

“Our longstanding partnership with Bankdata has achieved an important milestone,” commented Murex Managing Partner Jean-Gabriel Eddé. “The value of an integrated platform that delivers real-time position management, integrated trading and risk management and straight-through processing capabilities can now be fully realized by Bankdata and its member banks. Furthermore, they are now well-equipped to better comply with future market and regulatory change.”

Each bank in the consortium has the optionality and flexibility to select the exact functionality its business requires, while benefiting from a cross-asset platform with continuous adaptation to regulatory reform. This includes MX.3 for FRTB, which helps banks meet the intense calculation demands of Fundamental Review of the Trading Book compliance. The platform also features MX.3 for IBOR Reform, helping the banks navigate the complicated, evolving and ongoing transition to risk-free rates.

“We have developed a platform which enables our customers to make individual decisions and develop further according to their specific business needs,” said Christian Wiese.

Since Bankdata and Murex began working together in 2016, functionality has been released continuously. Synechron has been part of the Bankdata re-platforming program since Day 1. Bankdata has leveraged Synechron’s testing services to achieve predictable and shortened go-live cycles.

“When we compare our initiative with similar initiatives of other major companies, we have been able to deliver efficiently. In comparison, our project has been considerably more cost effective, which partly can be ascribed to our agile setup,” Christian Wiese said.

“Synechron is proud to have been alongside Bankdata on this ambitious project from the beginning,” said Jawad Cherkaoui, Synechron Senior Director, Head of Systems Integration. “With our longstanding expertise, developed through our well-recognized Murex Center of Excellence, we worked with Bankdata team members to develop, strengthen and increase the velocity of the delivery. Today, Bankdata is using a state-of-the-art platform that will enable it to cope with the future of a constantly moving market.”

Financial investments are the most lucrative way to increase income, but they don’t come without risks. Until recently, term deposits or savings accounts were the go-to options, but lately, alternatives such as crypto coins (Bitcoin, Ethereum) have been considered. Their popularity is proven by the size of their market, which currently reached $3,000billions, according to CoinGecko.

Despite this, the crypto market is more volatile than the classic stock market. This year’s May correction is a clear example, as investors suffered total losses of $830billions, as shown by Economic Times. Even though crypto has become mainstream, those passionate about it and the retail investors are lacking a solid knowledge foundation when it comes to this new industry. As it’s a free market for all, the newcomers face many challenges. Iustina Faraon, CEO and co-founder Coreto, the first reputation-based social platform for crypto communities, provides an overview of the investment risks and how to tackle them:

• Crypto investors have to do it themselves 

When you invest in stocks you can work with a certified, professional broker, who knows the industry inside and out and can offer advice, whereas in the crypto market the investors mostly have to do it themselves. 

Although many started trading since 2017, when crypto coins, Bitcoin and blockchain became well-known, and managed to earn significant amounts of money in a short window of time, they don’t represent the majority. 

Those without training placed their bets by following the advice of third parties, learning important lessons at their own expense about how not to do it.

• There are very few online resources 

The more thorough investors, who allocate time to online research, suffer from the lack of resources. There are many groups on social media or platforms such as Telegram, Discord, Reddit, Twitter, blogs and niched forums, but the information isn’t centralised and this causes confusion. There’s a constant need to research, to look into the market sentiment, recent and future events and anything else which could influence the value of the coins. Everyone has limited knowledge about the subject and can’t rely on a trustworthy platform for all the due diligence. 

• The crypto influencers entered the market 

Since 2017, more and more influencers have emerged in the crypto space. During the bull run, when everything was on the rise, they were promoting other projects, with or without being paid by the founders. When the bear market started in 2018, the majority of them disappeared, leaving behind people who lost significant amounts of money because they listened to them. In 2020, more crypto influencers joined, following the same pattern: a lot of noise but little knowledge. 

The content shared by the influencers was spread out on various platforms, including Twitter, which facilitates a quick interaction with the community; Telegram/Discord, favoured for the direct discussions; their own blog or a Medium profile, which can be under their control; private groups that monetise the buy/sell signals and marketing partnerships which increase their exposure. In this context, some people took on an influencer role, issuing wrong predictions. They were either paid to mislead, or ventured to place losing bets as they didn’t have enough information. In both cases, they then erased their online tracks. This still happens to this day.

• Significant time and resources invested 

To make a profitable investment, it’s important that all users travel on the same information superhighway at the same time. The whole process can be a very difficult, lengthy and frustrating process, especially if the person involved has a low risk appetite. 

Iustina says, “After all, the difference between traders lies in their behaviour during the bear market, when the trust levels are low and the prices drop, and those that master the technique can increase their portfolio. When the trend is in bull run and the crypto value is on the increase, that’s an easy win. You mainly need to hold on to your winners and know when to take the money off the table.”  

“While institutional investors and experienced traders can make use of all sorts of tools and analysts, the retail investors can’t access professional guidance. This was our main motivation for launching Coreto, a reputation-based platform for the blockchain industry. This way, influencers and traders can prove their knowledge and pay more attention to their analysis and recommendations, as users can keep track of their performance. 

When their reputation score increases, they become the analyst team and the researchers of the retail investors. Coreto contributes significantly during the bull run moments and becomes the main source of information in the bear market, establishing a healthier ecosystem.” 

The solution: Coreto

The platform has just launched a new module called ‘Articles’, which offers the tools needed to create content full of advice and opinions about the industry. So far, the users could only issue price predictions based on TA (Trading Analysis), where you can analyse various technical markers, taking full ownership of their opinions through a method available only on Coreto, called SOOP (Staking Of Opinion Pool). Now, they will add to this tool the FA method (Fundamental Analysis), which will allow users to conduct a more in-depth research to publish news, editorial and tutorials. This way,  a possible investment can be analysed from multiple angles, based on the idea behind the project, the vision, the demand, the potential, the team’s experience, the partners and backers, etc. 

Once the articles are ready, the community/readers will be able to interact with them (through features such as agree/disagree, time spent on article, number of reads, etc.), and this will add trust points to the creator’s profile, increasing the score, reputation and audience. Soon after, as the algorithms develop, the content creators will be able to recommend whether to buy/not to buy, and after this, the time and market will determine how accurate the analysis and the recommendations were.

“This module, one of many designed for the crypto content creators, is meant to help them showcase their industry knowledge. Gradually, Coreto will become the main way in which to create and monetise the content“, adds Iustina.

The platform is currently in the Alpha stage and can be tested/used only by signing up to reserve.coreto.io. Its future development will also include:

• The implementation of gamification strategies to encourage activities and recurrent interactions with the platform; 

• The launch of the Open Beta version in the first part of 2022;

• The launch of a Referral module;

• The constant adjustment of the algorithms;

• UI/UX improvements;

• A new module for crypto projects (Project Page Module), where all the members’ content will be centralised, easy to access and digest. Meanwhile, the projects will be able to access special tools designed to help creators promote their products.

TVS Credit Services Limited and the Indian Institute of Technology Madras (IITM) signed a Memorandum of Understanding (MoU) to design and boost innovation programs and carry out joint research activities. This partnership acquires significance as TVS Credit - one of the fastest-growing NBFCs in the country, and IITM- a symbol of excellence in academia are coming together to collaborate on Innovation programs, provide training, research and consultation to young professionals. The collaboration would bring together academic stalwarts and professionals who would jointly design, develop and deliver cutting edge technology projects, research and embark on consultation in the areas of management and financial inclusion.

This partnership aims to provide Technology solutions in the space of Fintech and Data Science. Under this alliance, both organisations will explore opportunities for undertaking joint research projects and formulate academic activities such as short courses, seminars, workshops and conferences. This effort would create a seamless ecosystem between industry and academia for leveraging analytics & technology.

Speaking on the collaboration, Venkatraman G, Chief Executive Officer, TVS Credit, said, "The future of technology in financial services is an exciting space to participate in, with an institute like IIT Madras. Also the importance of skilling and upskilling is more acute than ever before. With exponentially increasing digitalization, the young and bright minds need to focus on new skills that will enable them to provide innovative solutions and thereby help in the growth of our organisation."

Speaking on the collaboration, Prof. Ravindra Gettu, Dean, IC&SR – IIT Madras, said, "We are happy to join hands with a leading market player like TVS Credit. Partnerships such as these help in creating practical and innovative solutions that can have a lasting impact. We look forward to working together and achieving mutually beneficial outcomes."

One of the key beneficiaries of this initiative will be the employees of TVS Credit, as the innovative solutions and skill training will hold a strong potential to revolutionise the industry at large. This partnership aims to provide scholarships for young minds as well.  By using the skills, the NBFC sector can improve resource efficiency and productivity. In addition, this collaboration will drive the advancement of research and development. 

GBG, the experts in digital identity, has integrated mobile network operator (MNO) data into its identity verification and anti-fraud solutions. This external source of data can help businesses further strengthen their multi-level identity and fraud prevention strategies and drive confident decisions on customers.

Fraudsters are looking to take advantage of digital acceleration, with the finance and gaming sectors particularly affected. In fact, research from GBG revealed that 57% of businesses saw fraud levels rise in 2020. These online criminals are increasingly attempting to defraud organisations at the point of onboarding, also known as origination fraud, and during in-life transactions.

By integrating Mobile Signal Intelligence, GBG can now offer real-time mobile network operator data to help businesses combat origination fraud, as well as helping them increase person match rates, securely authenticate users and deliver a better customer experience. Mobile Signal Intelligence gives businesses access to a rich variety of data attributes and fraud signals direct from mobile operators. It includes three core d­ata checks – Mobile to Person Match, Sim Swap Timestamp (the time the SIM card was last changed) and Mobile Number Verify (frictionless, secure user authentication).

Mobile to Person Match uses the mobile number of a customer and matches the name, address and date of birth of the person with the data held by their mobile operator. By using MNO ­­data as a trusted source, businesses can have access to a trusted and secure second opinion, enabling them to, identify, verify and onboard customers quickly. Businesses will also be able to spot key indicators of fraud in real-time, such as a recent SIM-swap.

The data can be seamlessly integrated into the customer journey via an API and covers all major mobile operators in the UK and France. Data from more countries will be integrated over the next 12 months.

Gus Tomlinson, Chief Product Officer EMEA at GBG, comments: “With fraudsters increasing in sophistication it is more critical than ever before for organisations to apply accurate, real-time fraud decisioning using the right data and intelligence.

“A mobile number is personal to an individual and often stays with them longer than their address or identity document, so having access to this data can give businesses greater confidence in verifying an individual, as well as providing an extra layer of information to spot fraudulent activity.

“It’s our aim to build trust in a digital world and by integrating this data into our solutions we can help companies offer greater fraud protection, while enabling them to onboard new customers quickly and securely.”

A new independent survey of 2,000 Britons has revealed a lack of trust in Big Tech companies and grave concerns about the excessive power they hold over their personal lives.

• 45% of Britons don’t trust large technology companies to protect their personal data 
• Only 24% of individuals believe tech giants have their best interests at heart
• Half of respondents (51%) believe tech giants hold too much control over their daily lives
• 75% believe tech giants have a stronghold over the tech market
• 72% believe tech giants need to be regulated more tightly

Nearly half of Britons (45%) don’t trust Big Tech companies to safeguard their personal data, research from NexGen Cloud has revealed. 

The cloud solutions provider commissioned an independent survey among 2,000 UK adults revealing consumers’ growing mistrust in big technology firms. It found that only 24% of individuals believe Big Tech firms have their best interests at heart. This comes amid reports that tech titans are facing increasing scrutiny in the public eye, with a growing number of regulators starting to crack down on Big Tech’s dominant grip over society.

The research uncovered serious misgivings about data privacy among consumers, with the majority of respondents (66%) concerned about how tech giants are able to collect and use their personal information.

The study also found respondents are concerned about the excessive power and influence that Big Tech companies have accumulated. Indeed, nearly half (51%) believe tech giants hold too much control over their personal lives, while the majority (75%) agree that large tech firms have gained excessive power over the technology market. 

Worryingly, the research highlighted the negative impact that Big Tech’s market dominance is having over consumers, with 60% of Britons admitting that they feel like there is little choice but to use technologies provided by tech giants. Despite the monopoly that large tech firms have over the market, 36% of respondents said they made a conscious effort to spend their money with smaller competitors when buying or using technology.

The study also highlighted a strong consensus among respondents that more needs to be done to rein in Big Tech, with 72% believing there is a need for tech giants to be regulated more tightly.

Chris Starkey, founder and director, NexGen Cloud, said: “Our research results are stark and consistent – it shows that a growing number of consumers mistrust tech giants with their personal data and feel threated by the insidious control they exert over their personal lives. Regulating Big Tech companies must therefore take on a new and almost existential urgency to address this imbalance of power globally.

“Big Tech’s unnatural monopoly of the market and increasing civic power poses a looming threat to the core aspects of democracy, and our study highlights consumers’ vulnerability and resignation to the excessive power held by large tech corporations. Now, there is a critical need for the industry to restore consumers’ foundations of trust in technology, and this must begin by building a fairer and decentralised digital landscape”.

Unit, the New York-based banking-as-a-service platform (BaaS), has partnered with Currencycloud, the experts simplifying business in a multi-currency world, to offer their customers an easy, seamless way to fulfill both domestic and international banking needs.

Unit is a banking-as-a-service platform that empowers companies to embed banking features into their product to build and launch next-generation bank accounts, cards, payments, and lending products.

Unit now offers US-based customers the ability to easily make cross-border payments, access FX and wallets, and quickly expand into global markets. The integration with Currencycloud enables customers to speed time to market without having to build these capabilities directly.

Itai Damti, Unit CEO and Co-founder explains: “Unit wanted to offer our customers a seamless and fast solution for cross-border and international payments. With Currencycloud, we can better align with our domestic banking providers to create what our customers deserve: a seamless end-customer experience between their domestic and international banking needs.”

Cara Hayward, Director of Strategic Partnerships, North America for Currencycloud says: “There is high demand for US Fintechs to expand their reach globally. Our partnership with Unit helps Fintech innovators of all sizes have a seamless embedded banking experience domestically and globally.”

Unit and Currencycloud can now offer their APIs as a joint solution to their new and existing customers today.

Despite growing up with the digital revolution, younger people want online banking to form a range of services rather than replace human interaction completely, according to a new survey.

Prior to the pandemic, internet banking was already an integral part of banking for many, but during the pandemic, customers moved online in considerably larger numbers.  In the past year we have seen a significant boost to the digitalisation of banking due to COVID-19. 

Although there are obvious benefits to online banking, new research¹ conducted by Cynergy Bank, found that 18–34-year-olds were the most disappointed with digitalisation and 64% of this age group believe that customer relationships with banks have become worse due to less human interaction.  This is compared with 58% of 35–54-year-olds and 61% of over 55-year-olds.    

Not only did this age group feel that bank and customer relationships have suffered due to the digital revolution, but 64% believe that it has resulted in a reduced understanding of customer needs compared with 48% of 35–54-year-olds and 52% of over 55-year-olds.

Unsurprisingly,18–34-year-olds also believe that the digital transformation in banking has led to a reduction in products tailored to suit customers; with 64% of this group agreeing with this statement compared with 48% of 35–54-year-olds and 52% of over 55-year-olds.

The most valued service for 18-34-year-olds was 24/7 access to a relationship manager for assistance; with 31% highlighting this as most valuable.  This was followed by demand for an Issues response manager to help solve any pressing requirements for 23% of the group.

Nick Fahy, CEO of Cynergy Bank commented, “The recent surge in online banking has meant that there are fewer opportunities for bank managers to build those much-needed relationships with customers.  Digital banking is here to stay, but the pandemic has accelerated the need for banks to ensure they are providing an optimal mix of best-in-class technology coupled with a personalised experience.  The recent research is clear, customers still value human interaction and need to know that there is a person on the other end of the phone, or via video call, should they need support or advice.

Although a generation used to technology to obtain services, this is especially true for the 18-34 age group.  At Cynergy Bank, we understand the importance of human interaction in banking as a means to provide the best product and services for our customers. We are building the human digital bank of the future leveraging our deep customer relationships to create digital products that best serve their needs”. 

TrueLayer, Europe’s leading open banking platform, today announced its collaboration with innovative Spanish broker Ninety Nine to deliver an improved investor experience using open banking payments.

Ninety Nine was established with the goal to educate consumers on investing and empower their relationship with their money. It offers an easy-to-use and accessible long-term investing platform, designed for everyone who wants to invest in their own way.

Like many investing platforms it has seen a huge increase in customer sign ups and, in particular, millennials who are looking to invest in well-known international stocks such as Apple, NVIDIA and Tesla.

With rising investor interest and a growing customer base, Ninety Nine recognised that existing payment methods such as cards were slow, costly to the business, and did not match the overall user experience of its app. It turned to TrueLayer, the market leading platform that processes more than half of all open banking traffic in Spain, to improve in-app payments using open banking.

With instant payments delivered by TrueLayer, Ninety Nine’s customers can easily and securely connect their primary bank account to the trading app and using Payments Initiation. As a result, they can fund their investment account in a matter of seconds, enabling them to make timely investment decisions.

Open banking payments in Spain continue to improve with the recent implementation of app2app flows by the major banks, making it faster and easier for customers to authenticate an open banking payment using biometrics such as Face ID or fingerprint. TrueLayer is the only open banking provider to support app2app journeys for all of the Spanish banks.

Research by YouGov and TrueLayer has shown that payments influence Spanish investor satisfaction. A quarter of Spanish investors said they had missed out on investment opportunities because funds didn’t appear in their accounts quickly enough, causing them to miss trading cycles. 

The research also revealed that 82% of Spanish investors agreed that instant transactions would lead them to trust an investment services provider more. Crucially, 88% of Spanish investors said they were comfortable with using instant, direct bank transfers that Ninety Nine has implemented via TrueLayer to fund their investments.

Martin Villaverde, Head of Product at Ninety Nine commented: “We aim to be the most transparent platform and we put the values and money of our users above all else. That is reflected in how we look to educate our users on how markets operate, what can affect share prices and so on. But it was also clear that the payments side did not match that experience and so we turned to TrueLayer to help us deliver instant payments using open banking. Now our users can fund their account in seconds, which is a much better experience for them.”

Joe Morley, GM Europe at TrueLayer added: “Spain is witnessing the growth of innovative fintech firms that are embracing the benefits of open banking to deliver new digital services to consumers. Nowhere is this more apparent than in the rise of retail platforms and brokers that are offering Spanish consumers  a more transparent and fairer way to invest in global stocks. We’re delighted to be working with Ninety Nine as it continues to develop its platform through the implementation of instant, account funding using TrueLayer. With TrueLayer, open banking payments offer the fastest, most secure and user-friendly payment method available.”