The Fintech Times

OCTOBER 12, 2024

Although this may not become a direct customer differentiator, challenger banks have increasingly come under the scrutiny of the FCA , meaning regulatory compliance and security will remain essential as they grow. “The industry and market move fast, and agility is key. .

AI 64

AI Addressing On-Demand Blockchain 64

Neopay

SEPTEMBER 2, 2024

As regulatory compliance continues to become more complex, having a robust monitoring plan in place is more important than ever. In today’s regulatory environment, compliance is not just about ticking boxes; it’s about ensuring your business operates within the law and meets all necessary standards.

Compliance 59

Compliance Regulatory Compliance Money Laundering Assessments 59

Seon

JUNE 24, 2024

Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity. How to Conduct a Thorough Identity Risk Assessment Each organization’s journey demands a meticulous understanding of its vulnerabilities and risks.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

Fintech News

APRIL 28, 2024

In today’s digital age, customers are demanding seamless and personalized experiences when interacting with their banks, the report says. In the era of digitalization, banks are embracing the composable architecture to rapidly create and deploy new solutions tailored to meet evolving customer needs and market demands.

AI 109

AI Innovation Financial Crimes Crime 109

Fintech News

APRIL 16, 2024

But in order to leverage the benefits of gen AI, risk and compliance functions must establish clear guidelines and frameworks that not only address inbound risks from gen AI but which also ensure the responsible usage of gen AI, a new paper by McKinsey says.

Risk Management 111

Risk Management AI Risk Use Case 111

Fintech News

JANUARY 16, 2024

In 2024, the banking sector is witnessing a pivotal transformation driven by advanced technologies like AI and cloud computing, evolving customer demands, and changing regulatory landscapes. Banks must assess their readiness to address interest rate-related risks and potential economic challenges.

AI 112

AI Risk Non-Bank On-Demand 112

The Payments Association

SEPTEMBER 30, 2024

Merchants need to continue adapting to new payment methods, collaborate with industry peers, and stay agile in balancing innovation and regulatory compliance. “We’re currently exploring new orchestration platforms to ensure we’re flexible enough to meet customer demands,” she explained.

Fraud Prevention 88

Fraud Prevention Instant Payments Alternative Payment Methods Participant 88

Fintech News

FEBRUARY 26, 2024

This period of upheaval has catalysed a significant transformation within the sector, with fintech firms adapting to and capitalising on the changing landscape of consumer demands and regulatory environments. AI, in particular, is poised to redefine operational efficiencies , customer service paradigms, and compliance mechanisms.

FinTech 142

FinTech Consumer Financial Inclusion On-Demand 142

Open Banking Excellence

SEPTEMBER 27, 2024

Fintech and Open Banking hold the key to expand access to bank accounts and financial tools, addressing an unexploited market. With a progressive regulatory environment , and a growing demand for digital financial solutions , now is the perfect time to enter this dynamic market.

Financial Inclusion 147

Financial Inclusion FinTech Laws Regulations 147

Fintech News

JUNE 12, 2024

This agility allows them to swiftly respond to market demands and opportunities while significantly reducing costs associated with traditional card issuance methods. Regulatory compliance, scalability, and performance are likely to pose continued hurdles.

Credit Cards 106

Credit Cards Payment APIs and Integration Card Issuer Non-Bank 106

The Fintech Times

JULY 31, 2024

Bringing a close to our monthly ‘fintech for good’ theme and our focus on impact platforms, we finally take a look at regulatory hurdles faced by the fintechs looking to make a positive difference. Balancing regulatory compliance with innovation is critical to maintaining the trust of users and regulators alike.”

Compliance 64

Compliance AML Regulations Due Diligence 64

Fintech Finance

MAY 7, 2024

The study found that 60% of respondents consider these complexities to be “challenging” or “highly challenging,” particularly regarding regulatory compliance (68%), technological innovation (63%), and the digitisation of payments (61%).

Embedded Finance 52

Embedded Finance Finance Payment APIs and Integration Embedded Payments 52

Fintech Finance

AUGUST 2, 2024

By tailoring machine learning models to specific client groups, it improves the precision of anomaly detection and ensures compliance with regulatory standards for each segment. Regulatory Compliance : Ensures ongoing compliance with global standards and simplifies regulatory reporting with automated report generation.

Instant Payments 94

Instant Payments Transactions Payment APIs and Integration Compliance 94

Nanonets

DECEMBER 13, 2023

2: Proactive Regulatory Compliance AI plays a crucial role in ensuring regulatory compliance in insurance claims processing through the following: Automated Compliance Checks: AI algorithms can be programmed to conduct automated checks against regulatory requirements.

AI 102

AI Process Fraud Detection Compliance 102

Neopay

FEBRUARY 27, 2024

As the industry grapples with evolving regulations, shifting consumer demands, and technological advancements, fintech firms are increasingly seeking comprehensive solutions to streamline their operations and navigate the complexities of compliance.

FinTech 59

FinTech Compliance Audit Risk Management 59

Fintech News

FEBRUARY 7, 2024

Regulatory reprimands and the path to redemption The Monetary Authority of Singapore’s (MAS) response was swift and stern, signalling the regulatory body’s dwindling patience with the bank’s repeated failings. The imposition of an additional capital requirement of approximately S$1.6

Non-Bank 105

Non-Bank Authorization Regulatory Compliance On-Demand 105

Fintech News

JULY 24, 2024

As financial services become more digitalised, they face increasing susceptibility to sophisticated cyber threats, demanding advanced security measures. Addressing these factors requires a holistic approach encompassing technology, processes, and people to construct resilient financial infrastructures.

Finance 115

Finance Risk Mitigation Automation AI 115

The Fintech Times

MARCH 16, 2024

AFC’s diverse members represent a cross section of responsible Fintech companies that embrace transparency and are rooted in regulatory compliance and consumer protection. AFC has publicly supported 36 per cent rate caps at state and federal levels, which is a key component of their advocacy and of addressing responsible lending.

Community Banks 59

Community Banks Consumer Protection Regulatory Compliance FinTech 59

The Fintech Times

OCTOBER 5, 2024

Between September 2021 and November 2023, Starling opened over 54,000 accounts for 49,000 high-risk customers, despite agreeing to demands of the FCA. The fine, combined with the increased regulatory pressure, should serve as a strong motivator for Starling to prioritise improvements in its sanctions screening process.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52

Fintech News

MAY 2, 2024

Customer Demand-Driven Regional Expansion Samarth Bansal, the General Manager of Wise Platform for the Asia Pacific region, emphasises the company’s customer-centric approach to expansion. As of FY23, Wise boasts 10 million active customers, a 34% year-over-year increase, and moves approximately £25 billion each quarter.

Cross-Border 109

Cross-Border Cross-Border Payments Push-to-Card On-Demand 109

Nanonets

MARCH 27, 2023

Challenges of mortgage automation and how to address them There are several challenges associated with mortgage automation, including legacy systems, lack of integration, and regulatory compliance. This reduces the overall time taken to process each loan and helps lenders meet the growing demand for faster turnaround times.

Automation 52

Automation Regulatory Compliance Underwriting Origination 52

Seon

SEPTEMBER 20, 2023

This is often achieved by entering their email address and chosen password. Upon acceptance of this information, the organization must request PII from the individual, usually one or more documents confirming their full name, address, and date of birth. No customer wants to encounter it when they sign up with an organization.

Process 52

Process Due Diligence AML Verification 52

Nanonets

FEBRUARY 12, 2024

As traditional financial models strain under the weight of data and the demand for rapid, personalized decisions, artificial intelligence emerges as the beacon of innovation, reshaping the landscape with unparalleled precision and efficiency. ADM, devoid of subjective influences, ensures a consistent and objective evaluation process.

AI 52

AI Fraud Detection Regulatory Compliance Automation 52

Fintech News

JUNE 12, 2024

This agility allows them to swiftly respond to market demands and opportunities while significantly reducing costs associated with traditional card issuance methods. Regulatory compliance, scalability, and performance are likely to pose continued hurdles.

Credit Cards 52

Credit Cards Payment APIs and Integration Card Issuer Non-Bank 52

FICO

AUGUST 12, 2021

AML compliance has not traditionally focused on monitoring this type of network. AML/CTF compliance programs should be evaluated for whether they can address the specific risks Open Banking presents. Here are 8 risks compliance managers should keep in mind when evaluating AML/CTF compliance programs for Open Banking: 1.

Financial Crimes 52

Financial Crimes Compliance Crime Risk 52

Nanonets

APRIL 11, 2023

In this blog post, we will discuss the challenges faced by commercial lenders today, the pain points in the loan process, and how loan automation can address these issues to deliver significant benefits to all stakeholders. Manual compliance processes increase the risk of non-compliance and may result in costly fines or penalties.

Origination 52

Origination Automation Risk Assessment Underwriting 52

PYMNTS

SEPTEMBER 8, 2020

The result is a slew of unstructured data coming in from a variety of sources; financial service providers must try to make sense of it in order to maintain regulatory compliance and mitigate the risk of fraud. It's surprising to me that something like corporate standing is not part of compliance.". When the U.S.

FinTech 79

FinTech Compliance On-Demand Mitigation 79

FloQast

JANUARY 22, 2024

Investor demand plummeted in 2022 to be the slowest in a decade, but in July 2023 , it started to thaw a bit. Leverage Technology to Become More Efficient and Help Ease the Talent Burden In FloQast’s TakeControl 2023 poll, 44% of respondents plan to address the ongoing accounting talent shortage with technology and automation.

Automation 52

Automation Technology Audit Compliance 52

Clearly Payments

JANUARY 4, 2024

Additionally, the evolving regulatory landscape and a lack of widespread infrastructure further limit accessibility for businesses looking to integrate cryptocurrencies into their payment systems. Regulatory Compliance: The regulatory environment for cryptocurrencies varies across jurisdictions.

Cryptocurrency 84

Cryptocurrency Stablecoins Cross-Border Payments Central Bank 84

PYMNTS

APRIL 29, 2020

The volatility of cryptocurrencies and their existence in what’s often a grey area of regulatory compliance make businesses operating in this sector an unattractive target for traditional financial institutions. “The main advantage of cryptocurrencies is nearly-instant settlement,” he said. “So,

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

SEPTEMBER 25, 2019

Compliance is not just about recognizing key regulatory pressures [on] digital marketplace lenders,” she told PYMNTS in a recent interview, “but also proactively ensuring a company is improving its processes and streamlining operations.”. In the U.S., In June, the U.K.’s Data Solutions For Data Problems.

Compliance 47

Compliance P2P Risk Management Regulatory Compliance 47

PYMNTS

NOVEMBER 26, 2019

But financial regulatory compliance can be a headache for any market. For traditional banks, compliance experts agree that it’s all about data — and the ability to share information with regulators. Resuming Operations.

Compliance 73

Compliance Regulations FinTech Cross-Border Payments 73

PYMNTS

MARCH 27, 2019

Dries Verboven, market manager of regulatory reporting at Wolters Kluwer Finance, Risk & Reporting, says it’s all about data, which is both the key to regulatory compliance, and to a more efficient and profitable operation for the entire institution. The Key To Compliance Is Data.

Compliance 46

Compliance Regulatory Compliance Regulations Risk Mitigation 46

PYMNTS

APRIL 26, 2019

Visa’s newest APIs will help those within the Visa ecosystem to create digital cards on demand and add digital services. In the April edition of the Payments and the Platform Economy Playbook , PYMNTS examines how regulatory compliance changes are impacting the growth of the sharing economy. Welcome to the PYMNTS Weekender.

Bitcoin 70

Bitcoin Venmo B2B PayPal 70

Stax

MARCH 14, 2024

Choosing a B2B payment system crucial to addressing common challenges that B2B payment systems face as well as improving client experience. Cross-border B2B payments can be complicated due to currency conversions, regulatory compliance, and varying banking systems. Not sure where to start? Learn More What are B2B Payments?

B2B 88

B2B Process B2C Credit Cards 88

FloQast

MAY 13, 2024

9 Evolving Trends in Accounting The accounting industry is changing rapidly, influenced by technology like automation and artificial intelligence (AI), new regulatory demands, and evolving client and employee expectations. Here’s a quick look at nine accounting trends showing where the profession is headed.

Accounts 52

Accounts Technology Cybersecurity Audit 52

FICO

AUGUST 25, 2021

To support regulatory compliance with pooled models, investigate these questions: Does the model suite comply with fair lending laws – such as the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA), and the Fair Housing Act (FHA)? This can affect the predictive sensitivity for repayment risk on a new obligation.

Regulatory Compliance 52

Regulatory Compliance Assessments Compliance Origination 52