Regulated firms must heed the warning - complacency on compliance is a dangerous path that wastes valuable time and money, according to a leading digital compliance expert.

The future lies with digital compliance solutions that offer a robust framework to support anti-money laundering (AML). Firms that continue to rely on manual processes are not only putting themselves at risk but also hindering their ability to stay ahead in the fight against increasingly complex financial crimes. 

Martin Cheek, managing director of digital compliance firm SmartSearch warned: "Remaining entrenched in outdated practices is a costly mistake for regulated firms. It is a waste of valuable resources and fails to address the evolving landscape of financial crime. 

“Firms can now become more efficient with 'triple-bureau' checks through leading credit reference partners - Experian, Equifax, and TransUnion. With this comprehensive approach, we have been able to deliver a 97% match-and-pass-rate to the market.

“With the Government recently renewing its focus on preventing fraud, and given the eye-watering fines and reputational damage which come with money-laundering breaches, investing in AML and digital compliance is becoming more of a cost-saving than a cost for firms.”

Money laundering is the process of disguising the proceeds of illegal activities as legitimate funds. Criminals often use a variety of tactics to launder money, such as structuring transactions to avoid detection, using shell companies and trusts, and creating false identities. Digital compliance software with access to credit reference partners can help identify and prevent money laundering by monitoring for suspicious activity and flagging any unusual or inconsistent information on credit reports.

Credit bureaus may detect money laundering if they see multiple applications for credit using the same personal information but with different addresses or employers. They may also flag unusual patterns of credit use, such as large, unexplained cash advances or a sudden influx of new credit accounts.

Martin Cheek continued: "Triple-bureau efficiency is now the first line of defence for regulated firms. By leveraging cutting-edge technology and sourcing data from leading credit reference agencies, firms can now have an unmatched level of confidence in their compliance processes."

Embracing the power of technology and adopting a comprehensive digital compliance solution is not just a necessity; it is an imperative step towards safeguarding business integrity and maintaining trust in an ever-changing regulatory landscape.

SmartSearch's dedication to innovation and its commitment to excellence have earned the trust of industry-leading regulated firms. Its digital compliance solution is trusted by more than 6,000 clients and 55,000 users. In addition to more than 2,000 financial services firms and over 1,000 property firms, this includes one in two of the UK’s top 100 accountancy firms and one in three of the top 200 legal firms. The company's triple bureau status and comprehensive AML match and pass rate are backed by rigorous security measures, ensuring data privacy and protection for its customers.

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The fintech industry has experienced notable growth in recent years, as the public has embraced a drive to revolutionise and democratise the way we conduct financial transactions and manage our money. If you're considering starting a fintech business, Ireland presents a compelling destination, among European nations. 

With a highly supportive ecosystem for new businesses in particularly disruptive industries, a skilled workforce, and a favourable business environment, Ireland offers numerous advantages for entrepreneurs entering the fintech space.

As little as two years ago, Dublin ranked 6th in the Global Financial Centres Index, signifying its prominence as an international financial centre, and so its push to welcome more financial technology into its borders is understandable. We'll be exploring the potential benefits of establishing a fintech business in Ireland and shed some much-needed light on the key considerations for success.

Thriving Fintech Ecosystem

Over 10,000 professionals are already employed in the fintech sector in Ireland, demonstrating the availability of skilled talent in the industry. Ireland has emerged in the last few years as a leading fintech hub, attracting both established players and innovative startups. The country's conducive business environment, coupled with government support and access to talent, has fostered a thriving fintech ecosystem. 

Ireland's supportive regulatory framework, including the establishment of a dedicated fintech unit within the Central Bank of Ireland, promotes innovation and growth in the sector, too. You could do a lot worse than Ireland for a place that wants new business and has created the conditions to encourage it as best it can. 

Access to EU Single Market

One of the significant advantages of establishing a fintech business in Ireland is the access it provides to the European Union (EU) single market, which a UK business can’t guarantee in the same way. Being a member of the EU, Ireland offers a gateway to over 500 million potential customers across the EU and European Economic Area (EEA). 

This facilitates seamless cross-border operations and enables fintech companies to scale their businesses internationally, with minimal complications over importing and exporting, and any major tariffs in general.

Supportive Legal and Regulatory Environment

Ireland's legal and regulatory framework is designed to encourage innovation and foster the growth of fintech businesses. The country's regulatory authorities, including the Central Bank of Ireland and the Financial Services and Pensions Ombudsman, provide guidance and support to fintech companies. 

Additionally, Ireland has a well-established network of legal professionals, including immigration solicitors in Ireland, who are well acquainted with and can assist you in navigating the visa requirements and legal complexities associated with establishing and operating a fintech business. Failure to comply can lead to significant fines and issues with the right to remain as a migrant to the country. 

 
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Establishing a fintech business in Ireland offers a range of advantages, from a thriving financial ecosystem and access to the EU single market, including a consistent legal and regulatory environment. By basing your operations in Ireland, you can leverage the country's skilled workforce, favourable business conditions, and government support to drive innovation and growth in your fintech venture, far beyond the average level of resources you might find elsewhere in the world. 

It's important to consult with immigration solicitors in Ireland to ensure compliance with any and all visa requirements and secure the right to operate your profit-driven fintech business in the country. With its vibrant fintech landscape and supportive ecosystem, Ireland provides a solid foundation for success in the dynamic world of fintech

Astra, a leading provider of infrastructure for faster payments, today announced a partnership with Alloy, the identity risk management company, to streamline the onboarding process for existing Alloy customers to leverage Astra’s advanced transfer technology in their applications.

“Astra and Alloy both aim to make the business of building fintech products and integrating faster, secure payments easier. By working together, we can improve the overall developer experience and help enterprises accelerate their time to market,” said Gil Akos, CEO and co-founder of Astra. “With Alloy’s identity risk solutions, businesses can confidently onboard verified customers. Paired with Astra’s best-in-class payment technology, more product owners and consumers can leverage accelerated settlement of funds.”

Debit transfers are a convenient and secure way for businesses to send money to their customers. Yet, many organizations face overwhelming and unnecessary complexities in successfully facilitating them. With Astra’s platform, businesses can effortlessly create and send debit transfers to their customers’ bank accounts. Astra also offers a variety of features that make it simple for businesses to manage the lifecycle of payments, including a dashboard where they can track payment status and monitor transfer activity.

“We’re thrilled to partner with Astra to help businesses offer faster payments,” said Brian Bender, VP of Strategic Alliances at Alloy. “Alloy’s identity risk management platform will help businesses quickly and safely onboard genuine customers and start offering debit transfers, without taking on additional risk.”

As a result of this partnership, more businesses can now offer debit transfers and Visa Direct payments, improving customer experience and the growth of their business by freeing up critical developer time and resources.

Mia-FinTech, the technology provider for banks and financial institutions based on Mia-Platform technologies, has announced the launch of the Mia-FinTech Identification Manager. This new solution simplifies banks' onboarding processes and connects multiple identity providers.   

According to research, 68% of consumers abandon applications for new bank accounts or loans due to the complexity of the onboarding process. Furthermore, 75% of millennials indicated they are willing to change their banking institution for a better mobile experience.  

The adoption and use of digital identity technology has risen sharply in recent years. As a result, Mia-FinTech believes there is an increasing need for an integrated digital identity infrastructure to serve as a catalyst for financial inclusion and incorporates universal access to ID data for all financial institutions.   

Bruno Natoli, CEO of Mia-FinTech, said: “We’re seeing the large-scale adoption of digital ID services across Europe and the UK. Demand for the technology is growing, but the ways in which ID data is shared needs to improve. The financial services sector could be one of the biggest beneficiaries of Electronic Identification and Trust Services (eIDAS) regulations, but only if implemented correctly.  

“Not only would this create a wealth of new business opportunities, but it will also vastly improve cross-border digital services. Our Identification Manager aims to bridge the gap between banks and technology by offering financial institutions a reliable, quick and compliant way to verify a customer’s digital identity, no matter their location.” 

The Identification Manager is an end-to-end solution that allows users to create, manage and customise the identification process. The application simplifies integrating a digital identification system into existing digital infrastructures. It offers an improved customer experience and the seamless sharing of data, as well as increasing onboarding conversion rates and reducing operating costs.  

“This application speeds up the onboarding process to such an extent that it allows document capture and identity verification in minutes. Traditionally, onboarding new customers into digital systems or platforms involves several time-consuming online steps and interactions. However, thanks to Mia-FinTech’s Identification Manager, it will be possible for banks to create a fully customised digital onboarding process by selecting and composing the necessary steps”, said Natoli.  

The platform uses flexible architecture, enabling the integration of new microservices and the customisation of the identification flow. It supports multiple identity providers, offers single site management of all identification processes and a centralised user dashboard to monitor the status of ID checks for each integrated provider.  

Mia-FinTech is based on Mia-Platform's innovative technology and facilitates developers, platform engineers and CIOs in developing and operating modern applications on Kubernetes. The platform enables customers to cover the full lifecycle of cloud-native applications through continuous integration and continuous deployment (CICD), microservices development, API management, centralised internal developer portal and total Kubernetes management from all providers.  

Identification Manager is available through the Mia-Platform Marketplace.

Core10, Inc. (Core10), a U.S.-based financial technology company that provides lending, account opening, and BaaS products, as well as software development services, today announced it has been named one of the 2023 Best Places to Work in Financial Technology. The awards program was created in 2017 and is a project of Arizent and Best Companies Group. 

This annual survey and awards program is designed to identify, recognize and honour the best employers in the financial technology industry. Companies recognized on this year’s list operate in and serve companies and consumers in a wide range of financial services including banking and mortgages, insurance, payments and financial advisory. 

The 2023 list included 50 companies and was published by Arizent brands American Banker, National Mortgage News, PaymentsSource, Financial Planning and Digital Insurance.

“From the start, Core10 has aimed to bring technology jobs to America and cultivate a strong company culture with our Hereshore philosophy,” said Jeff Hanson, CEO of Core10. “This investment has paid off for us as we would not be as innovative or successful without our fantastic team. We are honored to be recognized as one of the Best Places to Work in Financial Technology. It recognized our greatest asset: our people.”

"Some of the most intriguing technology advances in financial services are developed within fintech firms that partner or compete with traditional banks," said Penny Crosman, executive editor, technology at American Banker. "Best Places to Work in Financial Technology provides a closer look at some of these companies and the culture and benefits that help them attract top talent."

To be considered for participation, companies must provide technology products, services or solutions that enable the delivery of financial services. Companies must also have been in business for at least one full year and employ at least 15 people in the U.S. 

Companies from across the United States entered a two-part survey process to determine Arizent’s Best Places to Work in Financial Technology. The first part consisted of evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics. The second part consisted of an employee survey to measure the employee experience.  The combined scores determined the top companies and the final ranking. Best Companies Group managed the overall registration and survey process, analyzed the data and determined the final ranking.

11:11 Systems (“11:11”), a managed infrastructure solutions provider, has been named Global Service Provider of the Year by Cohesity, a leader in data security and management. The award was presented as part of Cohesity’s Global Partner Summit event. 

11:11 Systems was awarded the 2022 Global Service Provider Partner of Year in recognition of 11:11’s global growth, innovation and expertise in data protection including 11:11 Managed Backup for Cohesity, a fully managed service for on-premises data protection. Built on Cohesity's award-winning platform, 11:11 Managed Backup for Cohesity combines the Cohesity Data Cloud with 11:11 Systems onboarding, configuration and continuous management. This offers customers comprehensive protection from a single secure, scalable and seamless solution. 

In response to the dynamic nature of cyber threats, 11:11 provides robust security measures to safeguard an organisation's data, regardless of its location. Traditional on-site backup solutions often pose maintenance challenges that consume significant time and resources. That’s not the case with 11:11 Managed Backup for Cohesity, as it allows customers to eliminate backup management from their tasks and optimise crucial internal resources. The service also includes ransomware protection, ensuring an organisation's vital data is secure and giving IT teams the freedom and flexibility to dedicate their efforts on enhancing business value. 

"Organisations today face an ever-evolving array of threats and challenges that require a proactive and comprehensive approach to protect sensitive data and digital assets. Unfortunately, many are unprepared to secure these assets which are often distributed across data centres, public cloud and SaaS platforms,” said Dante Orsini, chief strategy officer at 11:11 Systems. "Together with Cohesity and our mutual partners, we strive to provide innovative solutions that empower organisations to confidently embrace the digital era while safeguarding their most critical assets. We are proud of the recognition as Cohesity Global Service Provider Partner of the Year and look forward to our mutual continued growth.” 

“As a 100% partner-focused company, our partners are instrumental in serving and growing our joint customers,” said Kit Beall, Chief Revenue Officer, Cohesity. “We would like to recognise our valued partners who have provided exceptional contributions to the Cohesity ecosystem, and most importantly enabled our mutual customers to achieve their business goals with Cohesity's next-generation data security and management solutions in 2022.” 

Alivia Analytics, a leading healthcare payment accuracy solutions provider, has appointed Bill Lucia to its Board of Directors. Lucia will be instrumental in shaping the company's product roadmap and leveraging his extensive industry experience.

A recognized and respected industry leader, Lucia previously served as the CEO of HMS Holdings, a leading healthcare analytics and technology company serving health plans, providers, and the state and federal government. With his strategic vision, HMS was transformed into a highly successful enterprise and was eventually acquired by Gainwell Technologies and Veritas Capital for $3.4 billion.

“ I've been asked to join many boards, but I prefer to focus on those that tackle elemental problems in the healthcare industry. These include health equity, serving those less fortunate, and finding ways to better allocate our federal and state tax dollars to improve people's lives to save taxpayer dollars,” explained Lucia. “I'm interested in finding companies that address these issues and help to reduce waste in the system.”

Lucia goes on to say: "I am excited to join Alivia's board, given their strong and proven capabilities in using sophisticated technology, including Machine Learning and Artificial Intelligence, to address the massive problem of fraud, waste, and abuse in healthcare claims. Their purpose-built platform for FWA is the most robust I've seen in the industry, covering all payer segments, including commercial and government. Alivia's dedication to generating fast, actionable insights and their commitment to this critical issue truly sets them apart."

“We are thrilled to welcome Bill Lucia to our board of directors. His extensive experience and unique insights into the healthcare industry will be invaluable as we continue to evolve and enhance our offerings,” says Mike Taylor, MD, Alivia Analytics CEO. “Alivia is committed to transforming the healthcare payment landscape by leveraging advanced technology and deep industry expertise. With Bill's guidance, we look forward to further strengthening our capabilities and driving greater value for our clients and the healthcare industry as a whole.”  

In addition to joining the Alivia Analytics board, Lucia is currently the Executive Director at Bill Lucia Associates, where he assists healthcare-focused private equity firms and digital health companies in improving work culture through leadership development and advising on go-to-market strategies. He also mentors digital health CEO’s of early-stage companies who share a passion for solving healthcare issues.

Prior to his current postings, Lucia was President, CEO, & Chairman of the Board at HMS At Home Harmony, Population Health Alliance (PHA), OptMycare, Sellers Dorsey, and the International Advisory Council for ANDHealth, an Australian Digital Health incubator. He previously served as a Board Director at the Australian Digital Health CRC (aka Curana Health).

Bill also co-authored the book "Leading with Your Head and Your Heart," a detailed account of his journey to transform HMS. Proving that with the best executive team in the business, a workforce with unparalleled passion and commitment to serve, and a handful of brilliant partners, anything is possible when you truly unleash the power of your people.

Health Enterprise Partners and Council Capital

Investments by Council Capital and Health Enterprise Partners (HEP), both healthcare-focused private equity firms, have fueled the nationwide expansion of Alivia's industry-leading platform.

Today, Prizeout, the ad-tech company that turns cash withdrawals into growth solutions, has partnered with Triple, a next-generation Card Linked Offers (CLO) platform. Triple enables banks, credit unions, and loyalty providers of all sizes to launch innovative card-linked offer programs. With the partnership, Triple customers can access premium offers that provide additional cash value with their favorite retailers through Prizeout digital gift cards.

“This partnership, in particular, makes a lot of sense for Prizeout,” said Holly Glowaty, Chief Partnerships Officer and Co-Founder at Prizeout. “We share similar industries and value propositions as Triple; their connections and customer base will certainly help scale our offers distribution. In turn, we are thrilled to be a critical piece of their suite of deals and offers.”

Prizeout’s online marketplace offers more than 1,300 international and local brands that bid for the business of customers by offering gift cards loaded with bonus value. Prizeout customers can browse the platform searching for anything from everyday essentials like gas and groceries to popular clothing stores and restaurants. Once a particular brand is chosen, the gift card is delivered instantaneously via email with no associated fees. On average, customers are shown a 12% bonus.

"Triple is very excited to partner with Prizeout to bring their high-value offers to a wide range of consumers,” said Laura Ritz, Co-Founder and COO at Triple. “Prizeout’s model is truly innovative and is already proven to be highly desirable to customers and financial institutions. We're thrilled to link up to move the fintech advertising industry forward."

Operating at the intersection of fintech and ad-tech, Triple provides an unprecedented level of offer access and control for financial institutions and loyalty platforms. Triple is integrated with a diverse network of offer sources, enabling access to an industry-leading inventory of offers- including in-store, online, SKU-based, services & experiences, gift cards, travel and more.

Glia, the customer interaction leader unifying Digital Customer Service (DCS), phone and automated self-service on a single platform, has been named one of the 2023 Best Places to Work in Financial Technology by Arizent and Best Companies Group for the second consecutive year. The company ranked high on the list based on direct employee feedback about working at Glia.

The 2023 list was published by Arizent brand American Banker. The full article is available here.

Glia is redefining how businesses interact with their customers by enabling seamless experiences across all channels. The Glia Interaction Platform brings traditional phone, Digital Customer Service (including chat, voice, video and CoBrowsing) and AI-powered automation together for a unified approach that boosts efficiency, revenue and loyalty. More than 400 financial institutions use Glia today to improve the customer experience they offer.

“Glia is a company focused on enabling highly effective interactions. Just as we help financial institutions connect with their customers, we empower employee interactions that help us to continually raise the bar for our products, services and our overall Glia community,” said Nate Meeks, SVP of Strategic Initiatives. “Glianeers are our competitive advantage and we strive to provide an inspiring culture and workspace where we can learn from one another, lift each other up and grow our company together. We are especially proud of this recognition as it comes directly from employee feedback.”

Glia has fostered a flexible and transparent culture, driven by its core values of Collaborate, Challenge, Master and Persevere. To ensure that all voices are heard, Glia has an active Diversity, Equity and Inclusion (DEI) Committee and hosts numerous events throughout the year to bring teams and the company together in person.

Glia’s strong culture contributes to its continuing momentum and technology evolution. Earlier this year, Glia announced an automated voice banking solution for the Glia Interaction Platform as well as a major upgrade to the Glia Call Center Platform.

American Banker’s annual survey and awards program is designed to identify, recognize and honour the best employers in the financial technology industry. The list is determined by analyzing employee feedback about the company’s practices, programs and benefits. 

Avalara, Inc., a leading provider of cloud-based tax compliance automation for businesses of all sizes, today released findings from a new survey* of 500 U.K. businesses revealing that online sales tax compliance remains complex and confusing for businesses to navigate as we mark the fifth anniversary of the Wayfair decision.  

Customers are paying for the cost of Wayfair complexity

Most businesses across the U.K. (78%) agree that five years later, online sales tax requirements are complex and confusing. Due to the complexity of online sales tax laws, businesses have had to make changes, including raising prices, increasing headcount, and more to make up for added costs and constraints. As a result, 49% of  U.K. businesses say that they have increased the prices that customers are charged in response to economic nexus laws, and 42% have increased prices in response to marketplace facilitator laws.

Complexity is hampering growth for businesses

The growth of e-commerce and omnichannel selling has made it easier for even the smallest businesses to expand their operations and reach more customers. However, online sales tax requirements create compliance barriers for businesses that can make online expansion across the U.S challenging. A majority of UK businesses (69%) say that expanding their business across the US has become more difficult than it was five years ago due to tax regulations and complexity.

 The complexity of online sales tax requirements also creates challenges for domestic sellers looking to expand across the U.S., with 65% of U.S. businesses responding that expanding their business into the U.S. has become more difficult than it was five years ago due to tax regulations and complexity. 

Technology adoption grows alongside compliance

75% of U.K. businesses have invested in technology to help manage the calculation and reporting of online sales tax requirements. The top two types of technology investments are accounting solutions (57%) and automated tax compliance software (47%). Interestingly, small businesses had the greatest number (44%) that have not adopted technology to address sales tax requirements. Only 20% of U.K. businesses have not invested in technology to help manage the calculation and reporting of online sales tax requirements. 

Scott Peterson, VP of U.S. Tax Policy at Avalara, said: “Complexity tied to economic nexus and marketplace facilitator laws is likely at its highest level since the Wayfair decision happened as all states with a general sales tax have adopted their own rules with little uniformity. Fortunately, five years later we’re seeing more businesses turn to technology to address the growing complexity and offload the additional burden – something we knew would happen with time. As businesses continue to grow and expand into new channels and jurisdictions, they should expect complexity to increase, as will their need for automated tax compliance solutions.”

Liz Armbruester, EVP, Customer and Compliance Operations at Avalara, said, “There’s a hidden connection between high adoption of tax technology and high levels of perceived compliance. Businesses that are leveraging technology solutions to manage the complexity of sales tax can step away from the day-to-day management of tax. Technology not only takes the pain out of tax management but gives businesses peace of mind when it comes to their compliance with ever-changing laws.”