Published
- 08:00 am
Yapı Kredi, Digital Bank of Turkey continues to develop revolutionary applications and to break new frontiers.
By revamping its mobile banking application in November 2016, Yapı Kredi blazed a new trail by adding three different features to its password-free Eyeprint-ID mobile banking application, the first of its kind in Europe. Positioning its mobile banking application as "The Remote Control of the Bank," Yapı Kredi has thus made a difference in the sector, providing the opportunity to carry out each and every banking transaction from a single base.
Yapı Kredi Mobile has now added new features to its existing features of the Eyeprint-ID, which needs nothing more than the customer's eye to grant entry, MobilNakit (MobileCash), which allows money withdrawal without even touching the ATM, and direct access to the Call Center; the new properties make it possible to carry out branchless and password-free banking transactions. Yapı Kredi Mobile users from now on will be able to make use of the Branch Busyness Map Imaging and Appointment-Making feature of the application to get an appointment from the branch they want on the date and at the time they prefer. The Banking Keyboard will enable quick money transfers from the messaging applications on smart phones without need for any other kind of screen or application. Additionally, customers who have lost their cards will be able to temporarily close off their cards immediately with the new Don’t Panic Button at Yapı Kredi Mobile. Customers can also report lost/stolen cards and request for new ones.
It's not technology, but people that are at the focus of digitalization
At Yapı Kredi, says Yapı Kredi Assistant General Manager Yakup Dogan, it is not technology but people that are at the focus of digitalization, remarking that every technology that the bank produces strives to touch and significantly add value to human lives. Dogan explains that Yapı Kredi Mobile was positioned as "The Remote Control of the Bank" to provide the opportunity to carry out banking transactions without a branch and from a single base. He commented on the Yapı Kredi Mobile features by saying: "We are now face to face with a banking experience that doesn't require branches or passwords. As the Digital Bank of Turkey, we were not satisfied with just generating an idea; we implemented our idea, turned it into production and have been acknowledged by our customers by earning a 5-star commendation for the application, the highest rating possible. We continue to work on it. Yapı Kredi Mobile will be the customer's remote control from now on. This also serves our main strategy.
A first in Europe! MobilNakit Transactions at the MobilMatiks
NCR, the world's largest ATM manufacturer, conducted its contactless Mobile ATM pilot project at Yapı Kredi, a first in Europe. The new MobilMatik can be used at Yapı Kredi card-free with only a mobile phone and will soon be ready to serve customers. The MobilMatiks will be placed in offices, cafés, fast-food restaurants and other locations where there are no ATM's, especially in places patronized by young people and at points where there is a need for quick access to cash. The Yapı Kredi Mobile application will enable money withdrawals without touching the MobilMatik and in addition, will soon be available for service with a money depositing function as well.
The era of mobile appointments at the branches is beginning
From now on, customers who enter Yapı Kredi Mobile with the Eyeprint-ID feature that offers password-free admission via eye recognition technology will be able to get a prioritized sequence number and appointment from the branch they prefer using the Book a Branch Appointment feature. In fact, they will even be able to make a spot inquiry into the degree of busyness of any of the branches.
The era of paperless, signature-free loans is beginning
Customers borrowing individual consumer loans from a branch will now be able to confirm their contracts using their Yapı Kredi Mobile passwords. Thus borrowers not only will not be required to sign the documents consisting of dozens of pages at the branch but they will be able to save time by carrying out their procedures in the shortest time possible. Let us not forget that this developed feature will also save on paper and protect the environment.
Smart phone keyboards are turning into banks
Yapı Kredi is now introducing still another innovative person-to-person money transfer service. With the Banker Keyboard, users will be able to send money from smart phone messaging applications like WhatsApp that they will download to their Android-based devices. Not only that, but they will be able to make the transfer to the sendee without having to open any other application or screen.
A lost card can be canceled with a single button
Another application making the customer's life easier is the Don’t Panic Button. A customer losing a card can temporarily lock the card. While being able to do this for any card selected on Yapı Kredi Mobile, customers may carry out this process for all registered cards. Besides temporarily closing off the card to use, the same section of the application allows reporting of lost/stolen cards and request for a new one. Meanwhile, even if customers lock their cards in this way, they will still be able to carry out their MobilNakit transactions or withdraw money from our ATMs and MobilMatiks."
Yapı Kredi's growth in digitalization...
Doğan continued by pointing out that Yapı Kredi's market share in digital banking as of March 2017 showed a consecutive 17 quarter growth, adding: "Together with our revamped Eyeprint-ID mobile banking application, we also signed our names to another achievement that is not so easy to attain. More than 10,000 people acknowledged our application by giving us the highest 5-star rating. While our digital banking customers have expanded by 27 percent in the last one year, our mobile banking customers have grown by 62 percent. Mobile banking penetration among our digital banking customers rose to 78 percent as of April 2017. We can say that 3 out of every 4 customers is a mobile banking customer. Yapı Kredi Mobile has so far received more than 2.5 million entries via Eyeprint-ID. The number of money withdrawals using MobilNakit at the ATMs, card and password-free, reached monthly200,000 transactions. As Digital Bank of Turkey, Yapı Kredi will continue to add value to human life, enhance individual productivity, making people's lives easier, introducing new technologies that will expand upon available possibilities, standing out as a model in the sector."
An ecosystem that leaves the omnichannel behind
In commenting on Yapı Kredi's digital strategy, Yapı Kredi Assistant General Manager Cahit Erdogan said that the bank's focus was on providing services on technological devices and platforms that would be easily accessible to the consumer. He continued: "We have achieved many successful firsts with this in mind at Yapı Kredi and we continue to progress in the same direction. At this time, the focal point in the banking sector is what is called the "omnichannel strategy," which has come to mean a multi-channel strategy that encompasses all digital banking processes, from one end to the other. At Yapı Kredi, however, we go beyond the omnichannel. As a matter of fact, the points of interaction that we used to called channels have now taken on a new identity and have evolved into a comprehensive ecosystem that embodies the entire service provided to the customer. It is this ecosystem that we are transitioning into. This ecosystem will reduce the efforts that go into banking transactions, minimizing, in some cases even eliminating, many processes such as physical contracts where wet signatures are needed. At the same time, the system will bring with it speed and extra security, offering the customer the highest benefits, from shopping needs to tax payments. This will also cover the internet of things and artificial intelligence. At Yapı Kredi, our digital channels are designed to provide the best customer experience in products and services, to facilitate processes and to offer solutions that meet needs, all of which are among our priority goals."
- 01:00 am
Chargebacks911, Europe’s first-ever chargeback management and dispute resolution company for online businesses, announced today that it will also be known as The Chargeback Company in Europe.
The company will still be known as Chargebacks911 in North America, Australia and elsewhere outside of Europe.
“Our presence in Europe is rapidly expanding, and we want European merchants to understand that we’re their go-to solution for any issue related to chargebacks,” said Monica Eaton-Cardone, the co-founder and Chief Operating Officer of Chargebacks911/The Chargeback Company.
“The name Chargebacks911 originated because we served as an ‘emergency hotline’ for American businesses who were victimised by chargeback fraud (also referred to as ‘friendly fraud’). 911 is the equivalent of the UK’s 999 or Europe’s 112 – it’s how you reach first responders. But now we’re much more than just a hotline: We offer a full range of chargeback services for merchants, acquirers and issuers. Whether it’s temporary help or long-term strategy, we deliver both scale and scope.”
“In short, we outgrew our name,” Eaton-Cardone continued. “We now have a European-focused brand that reflects our all-encompassing role as the industry’s preeminent leaders in chargeback defence, management, mitigation and compliance. If you have a problem with chargebacks, call The Chargeback Company. It’s what we do, and we’re here to help.”
Chargebacks occur when cardholders complain to their banks to dispute a charge. The burden-of-proof is then on the seller to defend the legitimacy of the sale, which is a difficult threshold for Internet purchases, card-not-present transactions and shipped merchandise. Online merchants lose more than £80 billion annually to chargebacks and chargeback-related expenses, and the problem is growing by 20 percent each year.
- 01:00 am
Nuance Communications today took a major step towards reducing the risk of consumer fraud by announcing a new suite of biometric security solutions, driven by the latest in artificial intelligence (AI) innovations.
Applying deep neural networks (DNN) as well as advanced algorithms to detect synthetic speech attacks, and integrating facial and behavioural biometrics means the Nuance Security Suite takes fraud prevention to new levels. By combining a range of physical, behavioural, and digital characteristics to provide secure authentication and more accurately detect fraud across multiple channels - from the phone to the Web, mobile apps and more - Nuance’s new Security Suite allows enterprises to attack fraud head-on, while at the same time offering an improved customer experience.
With synthetic speech attacks a perceived concern as new vendors introduce off-the-shelf solutions to create synthetic voices with minimal samplings of live audio, the new Nuance Security Suite delivers improved synthetic speech detection capabilities, an innovation that Nuance was first to introduce in 2014. In fact, the latest release includes a 45% to 55% improvement in synthetic speech detection, and Nuance’s research organisation will continue to stay focused and invested in improving this core technology to help customers stay one step ahead of fraudsters.
In addition to attacking fraud, Nuance Security Suite improves security and customer experience over traditional methods of authentication - such as simple user names and passwords - and reduces the risk of hacking and data breaches, with a multi-modal, biometric approach that makes life easier for both the enterprise and the consumer. By removing the need to remember or manage complex password systems, and enabling layered biometric authentication across channels, the Nuance Security Suite allows even the highest risk transactions to be performed with ease.
With its latest Security Suite, Nuance can equip an organisation with one or more of the following options to fight fraud, improve security and boost the customer experience:
Voice biometrics - authenticates the customer when they say a predetermined phrase like “My voice is my password,” or during the course of normal conversation with an agent to determine if the customer is indeed who they say they are.
Facial biometrics - utilises the camera on a smart phone to verify the person in real time.
Behavioural biometrics - tracks how users interact with Web and mobile applications, (e.g. scrolling, mousing, or tapping), creating a pattern against which to compare.
Additional biometric modalities In addition to offering support for voice, facial, and behavioural biometrics, the Nuance Security Suite can also accept plug-ins for other emerging authentication technologies such as retinal scans.
“Already this year, around the world, some 150 million people have made more than one billion successful voice authentications using Nuance biometrics technology, with not one reported act of fraud,” said Brett Beranek, Director, Product Strategy, Biometric Security at Nuance. “We have been leading this market for many years and across many industries. By adding facial and behavioural biometrics to our portfolio, we are delivering more options for our enterprise customers, more convenience for their customers, and more protection for everyone.”
- 08:00 am
Jack Henry & Associates ProfitStars division announced the availability of Digital Quality Management, a solution that automates website quality assurance governance.
Digital Quality Management, supported by Jack Henry & Associates’ partner, Crownpeak, helps organizations maintain a seamless user experience across their digital channels. Even the best-designed websites can face issues ranging from basic errors, like misspellings and broken links, to significant deficiencies, such as inaccessibility for the disabled. These missteps can negatively impact a user’s digital experience while also posing the risk of costly legal or regulatory consequences. Digital Quality Management enables financial institutions to proactively address these challenges by establishing digital governance plans that are reinforced with automated testing.
The solution’s consultative implementation process equips financial institutions with unique digital governance based on their specific demands and business models. The solution optimizes content, image, and technical formatting by detecting errors and unique brand and business rule violations. Its centralized control and review capabilities can support multiple locations and web publishing teams while leveraging automation to reduce the time, expense, and risks of managing website quality assurance in a manual environment.
Russ Bernthal, president of ProfitStars, commented, “Efficiently and effectively managing digital banking is becoming more complex as channels and their capabilities expand. Inadequate management of any magnitude can result in financial and reputational risks for banks and credit unions of all sizes. With Digital Quality Management, financial institutions can establish digital governance plans and implement an automated solution that evolves with compliance mandates and unique requirements to support both near- and long-term digital strategies.”
- 06:00 am
IBM announced today that financial services provider, Australian Settlements Limited, has adopted IBM Cloud for its New Payments Platform (NPP) implementation that will provide members real-time payments that can be cleared and settled within seconds.
ASL selected a hybrid cloud solution from IBM that leveraged IBM PureApplication Systems as well as IBM expertise to help build the NPP solution. The IBM hybrid cloud team designed the IBM NPP Accelerator to deliver the pre-requisite IBM Middleware, third party packaged payments application and Society for Worldwide Interbank Financial Telecommunication (SWIFT)1 supplied software componentry for secure financial messaging.
The solution also comprises IBM MQ messaging software, IBM Websphere Application Server to underpin the payments applications and IBM Hardware Platform in the form of the PureApplication Systems delivering compute, network, storage and the pattern engine which enables the full NPP production software stack to be deployed in under 60 minutes.
“ASL wanted to help members respond effectively to a period of industry growth, rapid innovation and change,” said David Jay, Chief Executive Officer, ASL. “ASL’s NPP will not only allow members to adhere to pressures of today's finance landscape and government imposed regulations, but it will also allow unparalleled control.”
Through the new system, ASL members will be able to connect to the Basic Infrastructure via ASL’s Back Office application, as well as gain access to forums that provide guidance on when activities should progress. IBM’s NPP Accelerator will also provide connectivity to the SWIFT private network and SWIFT Payment Access Gateway host. IBM PureApplication allows pattern engine for rapid provisioning, data replication and management and monitoring.
The SWIFT NPP Basic Infrastructure will deliver a greater connectivity between NPP participants and control over processing the flows of payments and settlements. IBM’s cloud solutions expertise and IBM PureApplication Systems have enabled ASL to build their NPP solution in an agile manner. IBM’s expertise provided the skilled resources required to deploy the IBM NPP Accelerator within the PureApplication system, allowing ASL to capitalise on a predictable and repeatable way to avoid human error in application deployments, monitoring and life cycle management.
“ASL not only required speed to market but to adhere to pressures of the financial landscape and government imposed regulations,” said Tony Armfield, General Manager IBM Cloud. “IBM was delighted to provide our expertise and innovation, with the ultimate beneficiaries being the Australian public and Australian businesses.”
- 08:00 am
Akua, a leader in the IoT data-driven transformation of the global supply chain has announced it has raised $3 million in Series Seed funding.
This funding round was backed by London-based Talis Capital, San-Francisco-based Crosslink Capital as well as the San-Francisco Enterprise Security Syndicate. AKUA’s competitive momentum began with a highly successful evaluation under a US department of Homeland Security Cooperative Research and Development Agreement (CRADA), and with early adoption of AKUA’s platform by numerous global companies in the agricultural, perishables, and high-value recyclables sectors.
AKUA fits extremely well into Talis Capital’s portfolio due to its innovative application of IoT to the supply chain industry. IoT is one of Talis Capital’s core focus areas and AKUA’s unique targeting of cargo owners and addressing the problems they face, clearly sets them apart from competitors. Vasile Foca, Co-Founder and Managing Partner of London-based VC firm Talis Capital, commented: “Within the vast IoT market, we identified a strong use-case for cargo tracking of high-value items, perishable goods and sensitive security goods by leveraging IoT. AKUA has highly advanced technology to provide much needed transparency and security for cargo owners, and we look forward to working with the team to realise the Company’s strong potential”.
AKUA’s gateway platform uses a Data as a Service (DaaS) model that easily integrates into existing business process systems and data analytics platforms. AKUA sets itself apart from the competition by directly serving the interests of cargo owners, empowering them with direct, real-time information on the condition, location, and progress of their time-sensitive, high-value products. Cargo owners have the flexibility of using either their own analytics and visibility platforms with AKUA data, or AKUA’s cloud-based, user configurable dashboard and mobile application solution. AKUA’s security features include end-to-end data encryption, and a patented, re-useable high security master gateway device that provides physical security of cargo containers.
“We're very excited about the funding round,” said AKUA Founder and CEO, Neil Furukawa. “These investments will help us advance the development of our secure IoT gateway platform, create greater value for our customers, and accelerate the growth of our company logistics and supply chain market. We sell directly to the cargo owners where IoT sensors can improve their process efficiencies and greatly lower their losses and security risks.”
The AKUA solution has already proven itself a money-saver in the time-sensitive agricultural sector. “AKUA successfully demonstrated how IoT devices can be utilized to improve the logistics efficiency and monitor the environmental conditions of our potato seed export shipments,” said Parkinson Seed Farm Owner, Dirk Parkinson. “With our initiative to increase exports, we will now be able to analyse the data in real time and make real-time logistics decisions prior to shipments arriving at their destinations.”
The market for cargo tracking is extensive; the global container fleet capacity is estimated at over 34.5 million TEU with more than 400,000,000 containers passing through global ports annually. That means five to six million shipping containers are crossing the sea at any time. This provides a significant opportunity for advanced IoT security solutions for cargo owners. The AKUA solution is also multi-modal, not confined to maritime shipping, but one that follows the cargo as it moves to road or rail.
- 08:00 am
The European Banking Authority (EBA) launched today a consultation setting out its guidance for the use of cloud service providers by financial institutions.
The EBA Recommendations intend to clarify the EU-wide supervisory expectations if institutions intend to adopt cloud computing, so as to allow them to leverage the benefits of using cloud services, while ensuring that any related risks are adequately identified and managed. The consultation runs until 18 August 2017.
The growing importance of cloud services as a driver of innovation and the increasing interest for the use of cloud outsourcing solutions within the banking industry have prompted the EBA to develop these Recommendations on its own initiative. This guidance, which builds on the existing Guidelines on outsourcing developed by the Committee of European Banking Supervisors (CEBS), provides additional clarity on cloud computing.
In particular, the Recommendations address five key areas: the security of data and systems, the location of data and data processing, access and audit rights, chain outsourcing, and contingency plans and exit strategies.
The Recommendations are addressed to credit institutions, investment firms and competent authorities. The EBA, in its follow-up work, will explore the possible applicability of the provisions laid down in these Recommendations to other types of regulated entities.
- 08:00 am
National Settlement Depository (NSD), Russia’s central securities depository, has launched a linked transactions service.
The service allows customers to efficiently manage their assets by creating a pool of linked instructions to be executed consecutively in accordance with specific conditions.
A group of instructions is consolidated into a pool with an assigned number and a special feature – a pool type. NSD clients can use two types of pools: Delivery Contingent on Receipt (DCR) and Receipt Contingent on Delivery (RCD). The number of instructions which may be added to the pool is unlimited.
A key goal of a DCR pool is to use securities received as a result of executing certain instructions to receive securities for executing certain instructions to deliver securities. An RCD pool is designed to use cash received as a result of executing certain DVP instructions for certain RVP instructions.
No sign up is required for the service, and users do not need to open special securities sub-accounts. The fee for this service is RUB 40.
- 08:00 am
Abu Dhabi Global Market, the international financial centre in Abu Dhabi, is pleased to join R3 as a new member of its international consortium.
ADGM is the first regulatory body in the Middle East and North Africa (MENA) region to be part of the R3 consortium, comprising over 80 members from the world's leading financial institutions and regulators.
As a member, the ADGM FinTech team will have access to latest news and developments on blockchain technology, facilitate dialogues, share best practices, collaborate with leading industry institutions and regulatory bodies on next-generation platforms and technologies that will improve efficiency and enhance risk management in the capital markets.
R3, headquartered in New York, is a leading financial innovation and technology firm that is focused on designing and applying distributed ledger technology solutions to the global financial services industry. Together with R3, ADGM aims to play a central role in connecting and bringing together the financial and banking authorities in the region to advance the collective goals of becoming FinTech innovation centres in their respective jurisdictions.
David E. Rutter, CEO of R3, commented: “The addition of Abu Dhabi Global Market to our ever-growing network takes our global engagement with the financial industry to the next level. MENA is an important region for us as we continue to develop distributed ledger technology solutions for financial services, and banks operating in the Gulf will be key strategic partners in our collaborative efforts.”
Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority (FSRA) of ADGM said, “We are pleased to be invited by R3 to join its consortium. This membership reinforces ADGM’s commitment and responsibility as an IFC and regulator that provides an efficient, competitive and transparent marketplace. We will be able to closely monitor blockchain developments and better assess the impact to financial market and the economy, as well as to develop effective RegTech solutions that benefit the financial industry. We strive to continuously enhance market efficiency, as well as, boost investor access to emerging and frontier markets while upholding high regulatory practice.”
ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. ADGM launched the first regulatory framework in the MENA region to licence Fintech stakeholders and established a Regulatory Laboratory (Reglab) to accelerate FinTech innovation. It is also first in the region to establish a Fintech Bridge with Singapore, facilitating greater access to markets, capital and regulatory recognition for Fintech players.
In order to develop a conducive and effective FinTech ecosystem, ADGM will continue to engage its stakeholders, forge partnerships and collaborations. For more details of the ADGM’s FinTech Abu Dhabi event on 23 October 2017, visit www.fintechabudhabi.com to register interest.
- 09:00 am
With the rise of the “sharing” economy, companies across industries are increasingly acting as payment facilitators, building frictionless commerce capabilities for their customers.
As customers have come to expect a seamless payment experience, these companies – from ride sharing to home rentals – need a trusted partner to enable commerce. That’s why today First Data, a global leader in commerce-enabling technology, announced the availability of the First Data Global PFAC™ solution, which offers unmatched capabilities and scope for payment facilitators.
With First Data’s Global PFAC solution, payment facilitators have access to a single integration interface, enabling their merchants to easily authorize transactions in more than 150 currencies worldwide, and settle in 17 currencies.
“Payment facilitators need to be nimble, agile, and have access to proven technology to achieve global scale, especially as eCommerce has opened the door for companies to do business worldwide,” said Shane Fitzpatrick, global head of eCommerce at First Data. “First Data’s Global PFAC solution empowers merchants to do business wherever they want, whenever they want, while streamlining the administrative burden of enabling payments around the world.”
The Global PFAC solution is structured into two programs to make it easy for payment facilitators to manage the payment needs of their customer base. For payment facilitators seeking to serve smaller customers with a more streamlined approach, the Single MID Program allows them to manage all merchants with one account. The Multi MID Program is designed for payment facilitators who would like to use separate accounts for each customer, as well as access additional First Data products and services.
Additional benefits of First Data’s Global PFAC solution include:
• First Data’s easy integration and fast boarding for payment facilitators’ clients
• Comprehensive payment options
• Industry-leading security and fraud detection solutions
• Underwriting services
• Robust reporting
• Periodic reviews of transactional rates and pricing
• Currency conversion and a range of payment methods, allowing consumers to shop and pay in the currency and method of their choice
Global PFAC enhances First Data’s robust eCommerce portfolio, which includes a range of solutions for businesses of all sizes. Earlier this year, First Data announced the acquisition of Acculynk, a technology company with unique debit routing capabilities that help merchants reduce their total cost of payment acceptance. First Data’s eCommerce portfolio is available across the First Data client landscape, from multinational corporations to sole proprietors operating online stores.
