Bybit, one of the top five major cryptocurrency exchanges, partners with leading identity verification solution provider Sumsub to eliminate possible safety threats for millions of users. The companies will achieve this through enhanced KYC/AML routines and secure identity checks that take no longer than 5 minutes, even in the most complex cases.

Bybit, a top tier cryptocurrency derivatives exchange, is integrating Sumsub to enhance their KYC compliance and improve security for more than 2 million traders. Bybit’s search for stronger safety measures comes as they expect an influx of new users with the launch of their spot exchange and hot wallet services. This is an important step, given that the burgeoning cryptocurrency market is still vulnerable to cybercrime and loses up to around $3 billion every year to money laundering schemes. 

Bybit is improving its KYC process with Sumsub’s two-level KYC verification to manage Bitcoin and other crypto asset withdrawals. For amounts over 50 BTC, users will have to submit a photo of their ID and go through a quick facial biometrics check. For amounts over 100 BTC, they’ll also have to submit their proof of address. For businesses, the withdrawal level is set at 100 BTC by default. The verification process will take no longer than 5 min, so users can quickly get on to trading.

These new controls will improve the way user accounts and funds are protected from criminal activity. Sumsub’s KYC tools will better align Bybit’s work with global regulatory requirements, without risking violations and compliance fines that in the U.S. have reached a staggering $2.5 billion.

“Security remains top of mind as Bybit continues through our greatest transformation to date by launching a spot exchange and hot wallet — offering ever more products and ever greater freedom to ever more clients. We are delighted to find a partner in Sumsub to further safeguard client assets without sacrificing much in user experience.”—Ben Zhou, founder and CEO of Bybit.

“The cryptocurrency market is getting more attention not only from trading enthusiasts, but also from increasingly tough regulators. That’s why any company in crypto has to implement solutions that ensure their KYC/AML routine is sophisticated and that users are onboarded quickly and securely, without any conversion setbacks. We’re happy to help Bybit provide the best possible service for their global clients.”—Jacob Sever, Co-founder of Sumsub.

TruNarrative and ieDigital join forces to facilitate digital transformation and provide cutting edge customer onboarding and monitoring processes, reducing account opening time to less than four minutes.

Leeds Digital banking platform partners with Leeds based RegTech to provide Banks and mutual societies access to market leading ID verification, eKYC, AML and account monitoring technology.

Banks, payment services and FinTechs trust the TruNarrative platform for compliance, customer onboarding and financial crime prevention.

Founded in 1986, ieDigital is a trusted technology provider to some of the UK’s leading financial institutions. ieDigital’s team of experts deliver its solution, Interact, to banks, building societies, consumer finance, motor finance and retail firms, facilitating digital transformation and improving customer experience.

With expertise in providing rich digital environments for financial services providers; ieDigital has integrated TruNarrative’s technology to ensure businesses can access the tools needed for secure and compliant customer onboarding.

Financial institutions will be able to access TruNarrative’s cutting edge financial crime prevention, compliance and onboarding through ieDigitals platform.

The partnership delivers firms the ability to build bespoke and complex customer journeys in no code cloud based environments, for secure, compliant, low friction customer onboarding and monitoring.

Using ieDigital and TruNarrative’s technology banks and building societies will benefit from the latest in regtech and fintech innovation, to facilitate their digital transformation strategy and reduce account opening time to less than four minutes.

Jerry Young, CEO of ieDigital, said: “Our new partnership with TruNarrative means both companies can benefit from a mutual approach to improving the process of the entire customer onboarding journey. This results in happier customers who can create new account openings in less than four minutes. Interact is already established as a digital banking platform for customer onboarding, selfservicing, retention and engagement. With TruNarrative as a technology partner, we can reach new heights by offering the highest standards of innovation around ID verification, KYC and screening. Not only do we share a vision of a robust approach to enhancing multiple levels of security, we share a desire to create a frictionless digital world for customers.”

John Lord, CEO at TruNarrative, said: “Our plan to transform how technology tackles financial crime compliance is well under way, and our partnership with ieDigital is a huge step in that journey. Together, we will provide standout fraud and verification tools that enable Interact customers to enhance every facet of compliant onboarding, with the peace of mind that the TruNarrative interface delivers.”

Banks have an opportunity to build on new digital services quickly introduced during the pandemic to offer customers more personalisation and reassurance on security

• 82% of UK citizens surveyed cited data security and privacy as their top priorities when using digital banking
• 43% of respondents said they want their banks to launch more advanced cyber-security and privacy features
• Over a quarter surveyed (28%) agree that their banks could understand them better and are happy for their banking data to be used to provide personalised services that match their needs
• Around half of those surveyed aged 18-24 (54%) and 25-34 (50%) would welcome the use of technologies such as artificial intelligence (AI) if they improve services and create personalised interactions

New research by YouGov, conducted on behalf of IBM in June 2021, provides fresh insights on the views of UK banking customers as digital services became the de facto way of conducting business and accessing services during the COVID-19 pandemic. The findings underline the importance of data protection and security amongst bank customers when using digital services; 82% of respondents cited these as their top priority, ahead of ease-of-use, which came second with 76%.  

Overall, 43% said they would like their banks to introduce more advanced cyber-security and data privacy features, with two in five adults surveyed (41%) indicating they were concerned about security vulnerabilities that could be exploited by hackers. In addition, more than a quarter (28 %) of respondents felt their banks do not understand them on a personal level and are open to their banking data being used to provide better products and services that match their needs.  

Commenting on the findings, Bharat Bhushan, CTO Banking & Financial Services, IBM UK & Ireland, said: “Banks already use some of the most advanced technologies in the world to protect their customers and their data online. As consumers increasingly use self-service and digital channels, banks need to do even more to protect customers against emerging forms of fraud that can deceive even the digitally savvy.  

“Banks now have an opportunity to improve how they communicate with their customers as digital banking services become more advanced, to build and maintain trust. Regular, clear and actionable insights help customers understand that the bank is doing everything it can to protect them.” 

The survey found that younger people are the most worried about their finances and want more help from financial services providers  

• Just 22% of 18 to 24-year-olds and 26% of 25-34-year-olds surveyed said they were not worried about the state of their finances, in contrast to 55% for the over 55s 
• Three in five (62%) of 18–24-year-olds surveyed would like help from their bank in managing money and planning for the future, compared with an average across age groups of just 34% 

Younger generations are also more open to banks using technology like AI to improve services 

• 54% of 18-24-year-olds surveyed and 50% of 25-34-year-olds surveyed would support the introduction of more AI services at their bank if it improves the customer experience, for instance by making it faster, available round the clock and more personalised 
• Similarly, 48% of 18-24-year-old respondents and 49% of 25-34-year-old respondents would be happy to conduct banking services through a text-based messaging service, either with a bank employee or an AI-powered assistant 
• By contrast, half (52%) of those surveyed aged over 45 were opposed to more AI services  
• 18-24-year-olds were also the only age group where more people agreed (37%) they wanted their bank to use their banking data to personalise services than those who disagreed (35%) (28% agree vs. 46% disagree across all adults) 

Mr Bhushan added: “Our research shows there is a growing appetite among consumers for services that are more tailored for their needs and help them better manage their finances. Many people are also open to banks delivering this using emerging technologies, such as artificial intelligence, which can provide data-driven insights into customers that enable personalisation. 

“To introduce these new experiences and use cases securely at scale, more banks are turning to industry-specific cloud-based platforms and technologies, such as the IBM Cloud for Financial Services, that are validated for financial services institutions and accelerate innovation.”  

The survey also surfaced a range of other insights on how COVID-19 lockdowns in the UK have affected the ways people consume banking services, and the prevalence of digital-only banking: 

• There has been a 15% drop in people visiting bank branches after they opened following the first lockdown - from 43% to 28% 
• Only 17% of respondents said a disadvantage of online-only banking services was that it felt cold and transactional 
• Only 17% of respondents have a digital-only account 
• However, 76% of respondents have at least one bank account with an established high street bank and 59% of them use the bank’s mobile app 

Banks have worked hard during pandemic to bring in new digital solutions at speed to maintain smooth customer services. Now, with even more people online, banks need to build trust and increase personalisation as they continue innovating their digital offering. To help achieve that, IBM suggests that UK financial services institutions consider the following recommendations: 

• Adopt security frameworks fit for the cloud era – With large-scale cyber-attacks becoming increasingly commonplace, ensuring data privacy and data protection is essential. Cryptography is well known and widely adopted. Confidential computing, however, is specifically designed to protect data in the cloud. It isolates sensitive data —including data in use, which previously was left vulnerable – so that it cannot be accessed by anyone – including the cloud provider. Confidential computing is part of a wider “zero trust” security approach, recommended for banks. It operates under the assumption that an authenticated identity, or the network itself may already be compromised, and continuously validates the conditions for connection between users, data, and resources to determine authorisation and need. 
• Deliver innovation that matters, faster - Most banks take 18-24 months to embed a new technology in their solution – especially if it is cloud-based. In the time it usually takes for the existing governance, risk and compliance processes to be completed, the market often moves on. Banks need to act faster without compromising on their controls. A cloud platform purpose-built for the financial services industry removes a substantial portion of the controls validation process and covers third and fourth-party risks on an ongoing compliance basis across multiple regulatory jurisdictions. This enables the banks to use innovative solutions with confidence and deliver innovation that matters to their customers, faster.  
• Enhance the digital customer experience with AI – The survey highlights the importance of banks ensuring people with a wide range of needs and abilities can use their digital services with the same ease, as well as having actionable insights. One such innovation is embedding virtual assistants that use AI and natural language processing to interact with customers in their language, respond to their enquiries and perform routine activities at the customer’s pace. For complex issues, the virtual agent can transfer the chat to a human advisor and learn from the solution provided. With governed data and AI technology, banks can help ensure that their virtual assistants are using AI models in a way that is explainable, fair, robust, transparent and focused on data privacy. 

Spectrum Markets, the pan-European trading venue for securitised derivatives, saw European retail investors were bullish on US indices last week, suggesting they were buying the dip.

Spectrum’s SERIX^TM indicator of European retail investor sentiment (see below for more information on methodology) values for S&P and DOW both hit their month high, 119 and 116 respectively on 19^th. 

This suggests these retail investors were buying the dip in US stocks last week, due to the aggressive fall on Monday on concern a rebound in Covid cases would slow global economic growth.

“The sharp jump in SERIX values for these key US indices at a time when the wider market was down suggests European retail investors saw an opportunity to take advantage of the situation by buying the dip," said Thibault Gobert, Sales Executive at Spectrum Markets.  

Consolidated security model enables providers to leverage the functionality of their preferred authentication solution to seamlessly introduce qualified remote e-signing services with the highest level of legal assurance

Electronic signature pioneers, Cryptomathic, and UTIMACO, a leading global provider of IT security solutions, have today unveiled a joint Qualified Electronic Signature (QES) solution with a uniquely advanced security model designed to accelerate digital transformation in banks, governments and other Trusted Service Providers. The solution enables such providers, whose processes must comply with mandates for strong authentication, to extend the functionality of their existing user authorisation solutions to allow customers to sign transactions, documents and data online at the highest possible level of legal assurance, from anywhere and at any time.

Cryptomathic’s Signer platform is one of an elite few remote Qualified Signature Creation Devices (QSCDs) to be certified against the latest eIDAS protection profile. It is also the first to place its Signature Activation Module (SAM) firmware inside UTIMACO’s eIDAS certified Hardware Security Module (HSM). This consolidated security model ensures the signing payload can only be executed from inside UTIMACO’s protected cryptographic environment, making it significantly more resistant to attack, including from insiders. Signer’s What You See Is What You Sign (WYSIWYS) functionality also provides strong non-repudiation and addresses long term validation signature profiles for XML and PDF documents, while being able to leverage existing IT infrastructure. The combination of these factors, together with the vendor agnostic nature of the solution, means that providers can now seamlessly introduce highest assurance level remote e-signature services as a function of their existing authentication systems, without disrupting either their customer experience or back-end operations.

Guillaume Forget, Managing Director, Cryptomathic GmbH, comments: “Both Cryptomathic and UTIMACO have been fast to market with eIDAS certified products. By offering a joint solution integrated with an eIDAS TSP, we are truly helping banks and other providers accelerate their delivery of online e-signature services with the maximum security. The ease of deployment makes this solution very attractive. Many providers, including banks, have already been required by law to deploy strong authentication systems. Now, these providers can deploy this solution as part of those systems, slotting it into their existing digital experiences and using it flexibly, to enable non-repudiable user authorisation across a rapidly growing number of digitised use-cases.”

Stefan Auerbach, CEO, UTIMACO, comments: “We are delighted that Cryptomathic and UTIMACO continue to deliver fully approved eIDAS solutions to our clients. Cryptomathic and UTIMACO were founding contributors to the initial eIDAS regulation working groups that were formed to deliver the eIDAS regulation on electronic identification and trust services for electronic transactions. This regulation has now become so successful that a number of countries outside of Europe are also now adopting this as their security standard, enabling businesses, citizens and public authorities to carry out secure and seamless electronic interactions.

“This latest solution offered by Cryptomathic and UTIMACO offers the highest level of certification which is EAL4+ AVA_VAN.5. Together we are affording our joint clients the highest level of assurance and authenticity available for electronic signatures.”

The joint solution is available immediately via a choice of deployment options ranging from on premise to a fully outsourced managed service.

Customers across Europe and beyond are already implementing and going live with the solution at the AdES or QES level.

To provide easy access to financial services for small businesses, Mambu rolls out new functionality to their banking and lending platform.

Mambu, the market-leading SaaS cloud banking platform, has unveiled a fully digital solution for SME lenders that cuts costs and time to market.

The platform not only provides banks and fintechs with robust, scalable loan management technology, but also easy access to an ecosystem of partners such as web-based identity authentication, credit checks and loan origination. These partners are vital to lenders wanting to offer speedy loan approvals – a key competitive advantage. 

According to the International Finance Corporation (IFC), it’s estimated that there is an unmet financing need of $5.2 trillion every year across 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) globally, with Europe accounting for nearly 15%.

At the same time, there is more pressure on SME lenders to deliver low-risk decisions quickly via a fully digital customer experience. Mambu’s SME lending solution is designed for fast new product launch and offers great flexibility in order to quickly adapt to changes. The solution offers a variety of options to adjust loan conditions in order to support borrowers that are in financial difficulties. This flexibility helps clients to better serve SME companies and to release financial burden during pandemic times.

The benefits of using the Mambu platform to provide this are demonstrated by several pioneering clients. 

Jason Oakley, CEO of Recognise, said: “For too long SMEs have had to do with below average service levels. We know that speed and flexibility are critical for SMEs and the current SME banking providers are no longer fit for purpose. This is why we decided to select a cloud solution early on our journey.”

Tide, the B2B challenger bank, selected Mambu to expand their offering into ledger and lending portfolio management, as well as accounting and reporting across multiple geographies. Tested and launched in three months, the service has garnered more than 250,000 small business users to date. 

Amit Kahana, VP of Credit Services at Tide, “By partnering with Mambu, Tide can now create new products and quickly revamp offerings for customers, including releasing larger overdrafts, credit cards and invoice financing. As a result, we have been able to revolutionise how small businesses manage their money admin.”

Elliott Limb, Mambu’s Chief Customer Officer added: “Small businesses have been greatly affected by the pandemic. Whether that’s starting a new company or growing an existing one, there’s never been a bigger requirement for SME lenders to offer the services their customers need. And with Mambu’s composable approach we provide an agile way for our clients to build and shape new financial services around the businesses they want to help.”

The industry leading payment orchestration platform, IXOPAY has partnered with SHS Viveon, industry pioneers in risk, credit and compliance management.

The strategic partnership will see IXOPAY and SHS Viveon provide clients with a payment solution that enables them to have flexibility, independence, and optimized risk & credit management in an integrated platform, letting them focus on their core business. 

IXOPAY’s architecture is designed to give merchants the best payments processing options per country, with its intelligent routing, cascading, and unparalleled risk management function. As a best of breed payment orchestration platform, users benefit from centralized reconciliation and settlements, along with simplified integration of acquirers, payment service providers, and risk service providers.

Headquartered in Munich, SHS Viveon‘s mission is  to radically simplify the management of corporate, financial, and regulatory risks. From one platform users have a 360° business partner compliance and risk management solution for all their customers and business partners.

Make faster, better and, above all, fully digital credit, limit and sales decisions based on the best possible information with SHS Viveon.

“The partnership with SHS Viveon is a natural step for us. Our aim is to work with the best providers on the market, so that we can give our clients the necessary tools and know how to augment their payment set-up.” Said Laura Allan, VP of Partnerships, Marketing and Business Development at IXOPAY.

“Partnering with IXOPAY makes sense as both companies strive to provide clients with the best possible data and access, so that they can make informed decisions that will boost their payment strategy and support expansion when merchants are entering new markets.” Added Rolf Anweiler, VP Marketing and Partnerships at SHS Viveon.

This partnership strengthens IXOPAY’s commitment to open collaboration.

Global survey reveals customers want banks to help them manage their financial lives and prefer digital interactions, but banks must remember the human touch

Banks must remember the human touch as they develop their digital banking services, according to a global survey1 of retail banking customers from Temenos, the banking software company.  

Based on the views of over 4,700 banking customers worldwide, the data reveals that consumers want banks to help them manage their financial lives. Four in 10 (43%) want easier ways of paying bills or sending money on time, while over half of respondents want services that will positively impact their lives in the long term. For example, intelligent solutions to help them reach their life goals (29%) and accurate recommendations for budgeting and saving (22%). 

While customers want and expect more from their digital banking, they also view access to people, when needed, as a priority. Indeed, making it easier to speak to a human representative was the top item customers want banks to focus on, cited by 19% of respondents. Closely followed by making it easier for customers to complete banking tasks themselves (17%). 

The findings suggest that digital delivery, complemented by human interaction at the point of need, is the preferred model of choice. 

Banking via mobile apps is preferred by 65% of respondents, followed by website (51%); and in-person visits to a branch (42%). Forty-two percent of customers like interacting with their bank on the phone, 37% by email, and one in five (19%) on social media.

However, three in five customers said their last visit to a branch was because they needed to rather than because they wanted to, reflecting the trend for branch closures. According to recent research from The Economist Intelligence Unit released by Temenos, 65% of bankers believe that the branch-based model will be "dead" within five years, up from 35% four years ago.

In response to the changing market conditions and customer expectations, many banks now aspire to develop digital ecosystems that bring more human, differentiated experiences to their customers using the power of the cloud, SaaS and AI.

Joaquin De Valenzuela Muley, Senior Vice President and Business Line Director for Temenos Infinity, said: "Banking products are out. Advice and support that allow customers to meet their goals are in. Banks' primary focus must be on their customers and finding ways to anticipate and meet their individual needs and goals, such as buying a car or saving for their children's education. This involves a different approach, reinventing processes and unifying the bank around the customer. Modern digital banking platforms like Temenos Infinity make this possible, enabling banks to make every interaction smart and contextual. Also, to integrate relationship with transactional capabilities to provide the best possible service in an omnichannel and consistent way. This is the future of digital banking."

Temenos Infinity is used by over 650 financial institutions, helping them reimagine how they engage with their customers through digital and physical channels. Temenos Infinity has helped banks successfully increase prospect to customer conversion rates to over 65%, far greater than the industry average of 30%. Top analyst firms Gartner, Omdia, and Forrester, recognize Temenos Infinity as a leading digital banking platform. 

Further details of the research are available here, and you can read the ebook "Bringing The Power Of Human Touch To Digital Banking?".   

Ian Savage brings wealth of fintech and financial services knowledge alongside particular expertise in driving growth 

Funding Options has added to its leadership team with the appointment of highly experienced Chief Financial Officer Ian Savage. This follows the arrival last year of Chief Technology Officer Aleks Kudic and Chief Revenue Officer Stuart Lawson, as the business finance marketplace builds a C-suite line-up for its next phase of growth.

Savage arrives at Funding Options with a track record of helping to build a series of fast-growth companies. Most recently, Savage was CFO for multinational SME wealth management technology company Finantix (owned by Motive Partners, a specialist fintech investor), where he oversaw the integration of a recent acquisition prior to the business being sold to Investcloud in early 2021. Prior to this, his experience includes tripling revenues at CashFlows over a three year period, taking Sigma Financial Group from a start up to a near £75m balance sheet, and a decade working alongside institutional investors at Anacap Financial Partners.

Since Simon Cureton became CEO in 2019, Funding Options has harnessed the power of Open Banking and data science to launch the first fully integrated real-time lending platform, Funding Cloud. More recently, the team also launched the UK’s first Green Finance Marketplace to help businesses achieve their sustainability goals.

PWC-trained Savage will help to accelerate Funding Options’ vision to be the leading platform for SME finance, capable of delivering fully digitally underwritten lending approvals in as little as 20 seconds, as was achieved recently. 

Simon Cureton, Chief Executive Officer at Funding Options, comments: “Ian represents a very  exciting addition to our leadership team. Having a CFO on board with a track record of director-level positions for fast-growth startups as well as companies with £300 million balance sheets, is precisely what we have been looking for to navigate the next phase of growth successfully. He brings rigour and insight from his most recent experiences with fintech businesses CashFlows and Finantix, which when combined with over a decade of working with private equity investors means he is well placed to work with the broader team to help take Funding Options along the next stage of its growth and evolution.

Ian Savage, Chief Financial Officer at Funding Options, comments: “Funding Options is on an inspiring trajectory and I’m delighted about the prospect of playing my part in that journey. Simon and the board have assembled a fantastic senior team and a workforce committed to driving competition and choice in the SME funding space. Joining so soon after the company has put stakes in the ground in terms of real-time funding approvals with its Funding Cloud platform and sustainability with the Green Finance Marketplace is invigorating. The combination of market leadership, solid foundations, good principles, and innovative intent is intoxicating and was influential in me taking on this challenge.”