DXC Technology (NYSE: DXC), the world’s leading independent, end-to-end IT services company, and Brexit Partners, a specialist Brexit strategy advisory firm, today announced a collaboration to help organisations understand and respond to the challenges and opportunities associated with various Brexit scenarios.

The goal of the collaboration is to enable clients to mitigate any negative impacts and where possible, disrupt the market, innovate and create competitive advantage. The two organisations are developing bespoke programmes and methodologies, underpinned by cutting edge transformational technologies, to enable clients to address Brexit as efficiently as possible.

Brexit Partners comprises experts spanning business transformation, corporate finance, legal, regulatory, risk management, public policy, marketing and human resources, while DXC Technology uses the combination of the company’s technology independence, global talent and extensive partner alliance to deliver powerful, next-generation IT services and solutions.

Together, the two companies will provide end-to-end Brexit impact analysis, scenario planning, Brexit strategy and execution, with a strong focus on supporting clients in four key industries: financial services, retail, manufacturing and water utilities.

Dr Ray Nulty, managing director for Brexit Partners, said: “The Brexit deadline is looming and organisations remain ill-prepared or have yet to prepare fully for Brexit. With little progress in the negotiations over the summer months, the probability of a ‘no deal’ is fast becoming a reality. Under a ‘no deal’ scenario there will be no transition period and no agreement on how hitherto economic, business, social, security and other arrangements will be managed going forward.

“With less than seven months to go, the window for preparation is closing and organisations need to fully understand the implications of the UK leaving the EU and to establish practical contingency plans that are not just a paper exercise. It’s not just about internal processes and exposure to sterling — organisations also need to think about the impact on public infrastructure and their customers, supply chains, technology and capital markets. Firms need to approach Brexit as a transformational change and use it as an opportunity to future-proof their organisations.

“Partnering with DXC Technology, and leveraging their powerful next-generation technology services and solutions, gives us the unique ability to help organisations with the full scope of their Brexit challenges. We are excited to be partnering with DXC at this crucial stage in the Brexit process.”

Maruf Majed, senior vice president and regional general manager for DXC UK, Ireland, Israel, Middle East and Africa, said: “The challenge Brexit presents for our customers, and for all of us, is unprecedented but brings with it an opportunity for change and growth. Working with Brexit Partners enables us to present a unique service to support our clients, ensuring that they are fully prepared for the transition, emerging poised and able to capitalise on a new business world.”

Fenergo, the leading provider of Client Lifecycle Management solutions for financial institutions, has released data detailing the global fines activity of regional and in-country regulators over the past 10 years. A staggering $26 billion in fines has been imposed for non-compliance with Anti-Money Laundering (AML), Know Your Customer (KYC) and sanctions regulations in the last decade.

The data in the form of an interactive infographic available on Fenergo’s website is based on various sources, including regulatory and news outlets providing insight into fines by region, country, regulator and by types of fines imposed. The data highlights how regulators have approached breaches from foreign versus domestic financial institutions.

The top 10 key highlights of the research include:

1. The US accounts for nearly 44% of all global regulatory AML/KYC fines, yet almost 91% of the total value ($23.52 billion).
2. Europe has imposed 83 fines, totalling $1.7 billion, the majority being imposed by the UK‘s Financial Conduct Authority (FCA).
3. Asia Pacific regulators have levied 79 fines worth almost $609 million, commencing in 2011.
4. The Middle East still lags behind other regions for financial enforcements (recording a total of  $9.5 million in the last 10 years).
5. The US Department of Justice is the most punitive regulator in the world when it comes to imposing financial penalties for non-compliance, levying half of the global AML/sanctions fines amount, nearly $14 billion, followed by the New York Department of Financial Services at $3.6 billion.
6. US regulators have hit foreign banks hard, imposing fines on European banks nearly five times that imposed against US banks.
7. Globally, 2015 was the most punitive year for fines, with $11.52 billion levied against banks.
8. $8.9 billion was the highest single fine ever levied against a bank by one regulator.
9. Fines for sanctions violations account for 56% of all violations levied globally (by $). This differs from APAC and Europe where AML-related fines far outweigh fines for sanctions violations.
10. The Nordics is the only region that fines their own domestic banks more than international banks (majority of financial institutions get fined by international regulators rather than their own regulators).

Commenting on the findings, Laura Glynn, Director of Global Regulatory Compliance, Fenergo, said, “Up until now, the focus of regulators had been on the US and European markets. However, we are now witnessing regulators in Asia Pacific and The Middle East markets becoming more proactive in their supervisory efforts.” 

Marc Murphy, Fenergo’s CEO, added, “As a firm dedicated to providing the financial industry with client onboarding and regulatory compliance solutions, Fenergo continuously captures and maintains this data as part of our day-to-day business. It is our experience and deep understanding of global financial regulations that permits us to extrapolate global trends, allowing us to offer this additional insight to our clients.”

Fenergo’s Regulatory Fines Infographic can be accessed here. On October 23^rd, Fenergo will be hosting a webinar featuring key subject matter experts who will dissect these findings and offer new insights into global financial enforcement trends. Click here to register for this webinar.

Nomura Research Institute, Ltd. (NRI), a leading provider of consulting services and system solutions, today announced that the company ranked No. 9 in IDC's 2018 Financial Insights FinTech Rankings. This ranking marks the ninth consecutive year that NRI has been named a top 10 global financial technology firm by IDC Financial Insights.

In 2017 through 2018, NRI underwent multiple successful proof-of-concepts (POCs) that focused on using artificial intelligence (AI) and voice recognition solutions to optimize business processes. NRI collaborated with Nomura Asset Management Co., Ltd. (NAM), one of Japan's leading investment managers, to conduct a POC that would increase portfolio managers’ decision-making accuracy.

NRI continued its stream of innovative AI investments with the launch of TRAINA VOICE Digest. NRI’s TRAINA solution uses AI capabilities to read procedure manuals and correspondence records to navigate staff through the inquiry process to reach to the best correspondence.

“We are honored to be included on the IDC Rankings list for the ninth consecutive year,” says Shigeki Hayashi, Senior Corporate Managing Director of NRI. “The past year has been transformative for NRI, as well as for the industry. NRI plans to continue to focus on operational process reforms within financial institutions, opening the door for new business opportunities as digital innovation and transformation continue to evolve.”

The IDC FinTech Rankings, one of the most prominent rankings for technology vendors in the financial services industry, categorize and evaluate technology providers based on calendar year revenues from financial institutions for hardware, software, and/or services.

The annual IDC Financial Insights FinTech Rankings has become an important measure of the health and direction of technology in the industry and the emergence of innovative solutions from new players. In addition, the IDC Financial Insights FinTech Rankings serve as a critical tool for financial services institutions to use during strategic planning and to review in considering new investments in 3rd party solutions.

The first week of October, on the 2nd and 3rd, some of the world's top digital commerce players will be reunited in Brazil, in Southern city of Curitiba, for the EBANX Summit 2018. Companies such as  Spotify, Pipedrive, Udacity, Xsolla, Wish, Light in the Box, DHgate, Farfetch, and Amazon will have their high-level executives among the attendees of this conference, that will provide a deep dive into the business landscape in Latin America. The summit is promoted by EBANX, global fintech company with Latin American DNA that offers end-to-end payment solutions from Latin America to international merchants that want to start or increase their cross-border sales to the region.  The event is supported by FAE Business School.

EBANX Summit 2018 will put on stage some of the greatest specialists on the market to talk about economy, logistics, consumption, and business opportunities in LatAm. "No other event reunites so many high-level executives from players in the industry with the purpose to talk about Latin America. EBANX gathers C-level and directors of some of the largest global companies in the world to do exactly that, and to inspire other companies to invest in the region and to enjoy all its consumer potential, since it is home to over 400 million internet users", said Alphonse Voigt, co-founder and CEO of EBANX. 

Keynotes and panels – A close look on business landscape in LatAm

This year, the keynotes will be about the economic landscape in Latin America; what are the trends in payments in the region; fraud prevention; how is the cross-border market in Argentina; how is the payments market in Mexico; political landscape and the elections for president in Brazil, with a forecast for businesses in the country; logistics in Brazil; and a case study on the largest Brazilian bank.

The keynote speakers will be the Brazilian journalist, TV hostess, Politics editor and columnist Giuliana Morrone; the senior director and co-leader of payments practice at Americas Market Intelligence (AMI), Lindsay Lehr; the president of Correios, the Brazilian Post Office, Carlos Roberto Fortner; the director of the Argentine Chamber of E-commerce (CACE), Gustavo Sambucetti; the president for Brazil and South America at Mastercard, João Pedro Paro Neto; and the executive manager for the acquiring and payment business platforms at the Brazilian bank Itaú Unibanco, Leandro Franco.

Panels will also be part of EBANX Summit's program. The e-commerce director at the Mexican bank BBVA Bancomer, Javier Ayala Ramirez, and the founding partner at Y&G Consultores, Yoliztli Gutiérrez, will gather to discuss "E-commerce Payments in Mexico", bringing topics about acquiring in the country. The director of fraud prevention at Mastercard, Daniel Marchetti, and the co-founder of the anti fraud system Konduto, Tom Canabarro, will be joining for the panel about "Fraud Prevention", that will present strategies for fraud prevention in Latin America, besides featuring how machine learning works in these cases.

Beyond the overview – Workshops, virtual tours, and exhibition

Additionally to the keynotes and panels, EBANX Summit 2018 will also offer workshops about the Latin American market and products for it; user experience tips for websites that sell to LatAm; marketing and shopping behavior in the region; and chargeback. The workshops will be presented by EBANX experts in these fields.

Video tour spaces will also be part of the event, presenting everything about some of the most traditional local payment methods in Latin America. A Correios Tour will make attendees feel as if they were traveling alongside the package from the point it arrives to Brazil to the moment it arrives to the customer.

In order to make the event's experience complete, EBANX teams will be at booths in an exhibition of EBANX products and services, explaining everything about payment solutions, business intelligence, market & product landscape in each of the Latin American countries where EBANX has operations in, customer service in LatAm, B2C marketing, market intelligence & content, among other topics.  

Canada’s leading direct bank offers Meniga’s award-winning personal finance management technology to all clients

Tangerine, the Canadian direct bank is pleased to showcase its partnership agreement with Meniga, the global leader in digital banking solutions. The agreement sees Tangerine deploy Meniga’s digital banking solutions to all its clients, as part of its commitment to providing innovative solutions that help Canadians make smart decisions with their money.

The bank embarked on a project in 2016, evolving their digital client experience to further empower Canadians in making smart financial decisions. The integration of Meniga’s software means that clients have a clearer view of their finances through more accurate categorization of their transactions and a more customized banking experience - consistently across their online and mobile channels. Clients will have an easier time making the smart decisions needed to get ahead financially, by staying on top of their spending and saving behaviors.

As part of the project, Tangerine has introduced individualized banking enhancements that help clients get true value from their banking experience. The first phase of the rollout includes Meniga’s transaction enrichment, data-driven personalized insights and reports.

Georg Ludviksson, CEO and Co-founder of Meniga, said: “We’re proud to partner with Tangerine Bank, one of the most innovative and customer-centric banks in the world, with a strong emphasis on digital excellence. The partnership with Tangerine represents a key milestone for our global expansion ambition, as Meniga gains a strategic foothold in North America.”

Meniga and Tangerine are collaborating on a number of personal finance related innovations that use Meniga’s digital banking toolbox. This includes a programmable banking interface to combine 3rdparty data with the savings experience. A way to make savings fun and more engaging by tapping into a wealth of publicly available APIs.

Mark Nicholson, Vice President of Client Experience at Tangerine, commented: “Meniga shares our vision for the future of digital banking, and the partnership between us is a natural fit. The innovations we’re working on together will help us to radically transform our clients’ banking experiences and alter the nature of how consumers engage with their money.”

A collaborative fintech platform, B-Hive, is launching a cyber-security program, Trusted Fintech, to help start-ups and scale-ups embed cyber awareness into their core values. By providing a thorough, five-module program, B-Hive aims to increase the cyber-security resilience and compliance of fintech start-ups and scale-ups. Trusted Fintech was announced at Digital Finance Europe ’18 in Brussels.

The program aims to increase the trust within the general public in the fintech market space by improving the companies’ skills and processes and offering them practical insights and innovative technologies, delivered by cybersecurity members of the B-Hive community. Overall, the program includes five core modules that focus on three different dimensions - people, process and technology.

The main goals of the Trusted Fintech Program are to encourage start-ups to look at security from day one, embed it in their start-up DNA and create a collective responsibility in their rapidly-growing organizations. Upon successful completion of the program, they will receive the “Trusted Fintech” label, showing to their partners and customers that they take cybersecurity seriously.

“I am very excited about this program as it reflects what B-Hive is all about: connecting the dots in Finance. The program leverages know-how and technical capabilities of one part of our ecosystem to benefit the other part for the greater good of increased levels of trust in Financial Services, bottom line making it easier for our community to do business.”, says Patrick Coomans, CyberHive and TrustedFintech Program Manager. “I also want to thank our cyber-security members for their contributions: Bitsensor, Cranium, Digitribe, ICT Control, iGuards, Intigriti, NVISO, Onegini, Secure Code Warrior and Sweepatic.”

“There is a strong demand from our start-up and scale-up community for specific services that shorten the sales cycle with financial service clients. The TrustedFintech initiative will contribute greatly to accelerate the due diligence and procurement process. This will benefit financial services institutions and fintechs alike.”, says Fabian Vandenreydt, Executive Chairman of B-Hive.

“It is a misconception that fintechs and banks are opponents. Banks need fintechs for their digitisation projects and fintechs need to leverage the expertise of banks to deliver on their selling proposition. However, lack of visibility about cyber risk management capacity and strict rules, including in the area of outsourcing, are often a stumbling block to smooth cooperation between fintechs and banks. With this label, we offer a solution to this problem. A quality label will help fintechs and banks to work together more quickly. This is a unique initiative in Europe that has Febelfin’s full support.”, says Karel Van Eetvelt, CEO of Febelfin.

“The result of Digital transformation and Open Banking is that our risk landscape is more and more including external solutions that we don’t operate and protect ourselves. We see that with smaller start-ups and scale-ups there is often a gap between their notion of cyber-security and the level of protection we require them to have. That is why we are so supportive of the B-Hive Trusted Fintech program, as it really aims to immerse the staff of those companies, from the developers to the founders, in the world of Information Protection. Organizations joining this program give us an important signal of how much they value the safeguarding of information, ultimately protecting brand and reputation.” says Jan Nys, General Manager Information Risk and Infrastructure Architecture of KBC Group.

“Our customers expect banking solutions that are easy and safe to use. We do this by applying high standards in the areas of quality, reliability, security, and the protection of data and privacy – both for internally developed solutions, as well as for those that are built with partners. For that reason, we welcome B-Hive’s TrustedFintech Program. It will raise awareness among FinTechs and enable them to design solutions that integrate security and privacy requirements from the start.”, says Jan De Blauwe, Head of Global Security at BNP Paribas Fortis.

Both in terms of the way insurance products are accessed and in the way they are created, technology is at the heart of significant disruption.

More products are becoming available through digital channels and to keep up with the fast pace of technological development, we now know that product development also must become more agile and responsive.

Technology represents carriers’ best chance at outstripping competitors in terms of product development, efficiency and customer experience. However, with so many new technical possibilities available (many of which are relatively unexplored), there is also ample opportunity for them to overspend and underdeliver.

Essentially, artificial Intelligence (AI), machine learning (ML) and Blockchain promise much, but are carriers equipped and ready to take advantage? We teamed up with Jaap de Vries Ph.D, VP Innovation, Science and Technology, at FM Global, Mike Hendry, Technology Capability Officer, Unum and Allstate’s Director of Technology Innovation, Roman Dumiak in this exclusive whitepaper.

Access the whitepaper for insights into:

• Assessing the likely impact of technological innovations without integrating them wholesale
• Bridging the gap between product development and application: utilize the lean ‘start-up’ method to allow for agile changes
• Incorporating findings from previous tests (successful or not)
• Fusing human and machine for maximum effect: Allow technology to do manual, time-consuming tasks whilst keeping the human element needed for personal and intuitive customer service

Access the exclusive insights from Allstate, Unum and FM Global here now

I hope you enjoy it!

Mitek (NASDAQ:MITK), a global leader in mobile capture and digital identity verification solutions, and JanusID, the Netherlands-based identity organization providing one-click secure website access, today announced a partnership to deliver a new, real-time, end-to-end identity verification online app,CheckedID. This new app is powered by Mitek’s Mobile Verify®, AI-based identity proofing, which enables small and medium sized businesses (SMB) to onboard customers and employees quickly and in compliance with EU regulations.

Mitek’s Mobile Verify assesses the authenticity of the identity document in real time, using advanced AI and machine learning algorithms to check for signs of forgery and tampering. Passports, ID cards, residence permits and driving licenses can all be processed quickly and reliably. In addition, the app uses Mitek MiSnap™ for fast, high-quality image capture and performs a liveness check with facial comparison of the selfie to the document’s portrait photo. For Android devices, the app also uses Mitek’s NFC capability to verify the authenticity ofelectronic machine-readable travel (eMRTD) documents by scanning and reading the document’s embedded RFID chip using the device’s NFC reader.

The implementation of CheckedID for a new customer is quick and easy. It is fully customizable to suit each customers’ brand and business requirements. CheckedID’s pay-as-you-go license arrangement allows businesses an affordable option to pay only for what they need to operate safely and in compliance with regulation.

The outcome of the verification workflow is delivered to customers in a secure, GDPR-compliant report, which can act as proof that the verification process has been thoroughly executed and meets regulatory requirements. All access to the service and data processing is safeguarded by banking-grade security, keeping consumer details safe.

“With Mobile Verify powering CheckedID, businesses now have a simple way to identify their customers without demanding that they photocopy and send passports through the mail, or go to a physical location,” said René Hendrikse, VP and Managing Director, EMEA, Mitek.

“Enabling customers to safely provide verified personal data increases the level of trust for each party in online customer and employee onboarding. Trust, plus a high regard for privacy, is what businesses increasingly demand,” says Irwin Oedayrajsingh Varma, initiator and CEO, JanusID. “We are very happy to be partnering with Mitek, to ensure these benefits can be realised for all types of transactions, anywhere in the world.”

Concirrus, the London-based InsurTech company leading the Marine and Motor Analytics market change, has raised £5 million in equity funding, bringing the total raised to £12 million. The raise was co-led by Cambridge-based deep tech venture capital firm IQ Capital and specialist InsurTech investor Eos Venture Partners.

Concirrus, who have brokers, insurers, major fleets and reinsurers as clients, announced a global agreement with EY in April this year which sees the two working together to drive adoption of Concirrus’ technology in the market.  EY themselves are investing heavily in the insurance market through their Insurwave blockchain venture.

Concirrus’ software, Quest, uses the most advanced AI to interpret wide-ranging datasets in real-time. Through integrating with an insurer, reinsurer or broker’s existing system, it then combines this data with historical claims information and uses AI to reveal previously hidden behaviours that correlate to claims. With Quest, Insurers, reinsurers and brokers can now accurately quantify risk; uncovering new opportunities in their portfolios, reducing losses and boosting profits.

Concirrus has focused on developing two core products for marine and motor insurance since its last fundraise in 2016. These products - Quest Marine and Quest Motor - serve the commercial marine and motor insurance markets. However, its technology could be applied to any line of insurance and any insurers, reinsurers and brokers that are considering using connected devices and technology to provide more accurately-priced policies.

Concirrus CEO Andrew Yeoman, said, “What makes us unique is our singular focus on the insurance market and the community we’ve built around our product. This new round of investment provides us with a solid platform of capital to scale our business alongside our customers in what is a worldwide market. As demand for our solutions has increased, so has the need to continue accelerating our AI capabilities and address a rapidly growing international customer base.

“In IQ Capital and Eos Venture Partners, we have a perfect blend of insurance and deep tech expertise, and we have found true partners who are as passionate as we are about working with the industry to change the way that insurance operates. We’re delighted to be joining forces,” Andrew said.

Cambridge-based IQ Capital invests in deep-tech companies that are capable of global scale. Max Bautin, Partner at IQ Capital with over 15 years fin-tech and IoT experience will join the Concirrus Board following the funding.

Commenting on the deal, Max Bautin said: “We have followed the Concirrus team since 2015 and have been very excited about the potential to combine deep IoT data with machine learning to deliver valuable outcomes for maritime, automotive and other types of insurance.”

“The multi-trillion-dollar insurance market is just entering the first phase of technological disruption and we are thrilled about the opportunities this presents to Concirrus and its partners.”  

Eos Venture Partners, a specialist InsurTech venture capital fund, have been working strategically with Concirrus since 2017. Following the deal, Eos Partner Jonathan Kalman has taken a Board position. He has 18 years of experience investing in InsurTech and fintech in the UK, US and Asia.

Commenting on the deal, Jonathan Kalman said: “What makes an investment promising for Eos is when we find a team of highly motivated, results-oriented people who have identified a very large and fragmented market where there is inevitable disruption. We have spent a great deal of time with the Concirrus team over the past 12 months and we have found all of these qualities in their business.”

“Given Eos’ investors all come from within the insurance industry, we only want to invest in businesses that have the potential to be relevant, impactful and can achieve significant scale - something that Concirrus is well on its way to achieving.”  

Existing independent Board members Steve Bellamy and Barney Quinn will remain on the Concirrus Board, along with Kelsey Lynn Skinner of IP Group who remains an investor.

Despite one in ten migrant workers in the UK having to live away from their children (9%) or spouses (8%), two-thirds (64%) are relieved they can support these family members after moving, reveals Xpress Money, one of the most dependable money transfer brands in the world. These sacrifices mean that two in three (60%) migrant workers are now able to better provide financial support to their families, through remittances.

Researching 250 migrant workers across the UK, Xpress Money found them to have high confidence in their prospects; three quarters (75%) say they expect to remain in employment in the next two years, and seven in 10 (69%) are confident they will be able to continue sending money to family in the same period. Highlighting the benefits of moving to the UK, two-thirds (66%) agree their annual income is now significantly higher.

Migrant workers are also contributing to the UK, with the majority (62%) of workers’ earnings being fed back into the economy, and a fifth (21%) put into savings. When it comes to spending habits, rent and bills (31%) and food and grocery shopping (24%) make up over half of migrant workers’ expenditure.

Sudhesh Giriyan, Chief Operating Officer, Xpress Money, said: “It’s clear that migrant workers in the UK send a significant chunk of their salaries to their loved ones back home, which gets utilized in expenditures related to household and those expenses that help them live a better life. Besides working hard to improve their own lives, the confidence they have in leading long-term and stable employment is helping them support the loved ones they left behind, as well as the UK economy. The money they send home through remittances act as a lifeline for many across the world; providing everything from food and water to electricity and healthcare.”

What the financial support provides

Remittances have a massive impact on millions across the world. According to the research, 6% of migrant workers moved to the UK solely to financially help their families back home and a significant proportion of the money sent home goes towards much more serious needs such as household expenditures, healthcare and medical costs.

Top three basic needs that remittances from the UK cover

• Electricity and gas bills (25%)
• Healthcare and medical costs (25%)
• Buying food and water (17%)

In fact, while it is spouses and children that migrant workers are leaving behind, the biggest beneficiaries of remittances from the UK are parents (54%), followed by siblings (10%); with spouses (9%), children (9%) and friends (4%) making up the top five. With the support they’re able to provide from the UK, three in 10 (29%) now feel that their families would suffer if they couldn’t send money abroad.

A wealth of remittance options

The availability of remittance services is important for migrant workers to support loved ones, who will have different needs for receiving money. In fact, half (53%) of migrant workers send money home via online transfers, with one in 10 use in-branch bank transfers (13%) and foreign exchange services (11%) to ensure loved ones get the money they need. This is reflected in the receiving countries – almost two-thirds (62%) of money is received in traditional bank accounts, with cash pick-up from banks (13%) and cash pick-up from a local store (10%) rounding out the top three methods.

In fact, two-thirds (66%) of migrant workers send up to £199 on average a month – with millennials appearing to be the most generous, sending on average, £16 more than those aged between 35 and 54 (£202 vs £186).

“Providing as many options as possible for services which enable instant transfers across the world is crucial for migrant workers. The UK’s historic infrastructure and innovation means it has the ability to provide many ways to do so, through remittance firms, online and in-branch transfers and foreign exchange houses. Of course, the impact of migration and remittances goes beyond putting food on the table. Remittances have a big role to play in helping to drive GDP growth and consumption within receiving countries, which in turn create new opportunities and wealth globally,” concluded Giriyan.