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I’ve just been alerted by friend Gijs Boudewijn to the release of a fascinating whitepaper by BIS, the Bank for International Settlements (the guys who do Basel stuff and are big cohonez in banking circles).
It’s evident that digital investments made prior to 2020 helped many financial institutions respond quickly to a rapidly changing operational environment. As financial services look ahead, it is perhaps time to consider the next phase of the transformation campaign in pursuit of complete operational transformation as the end-goal.
“But as they grow, they are being stretched by operational issues and manual processes.” ” Technology can “level the playing field” for small businesses to compete, Priest added, though another recent survey revealed that SMBs often struggle to use technology to its full advantage.
Jon Burrell, vice president of operations at international payments platform Currencycloud , takes PYMNTS through the ways firms in B2B and beyond can keep customers happy and the coffers full — even when operating across borders, and all while the clock is ticking. Payment Integration Can Solve These Issues. .
Next-gen means an ecosystem of standardized GRC knowledge and tools all operating together. It uses technology like natural language processing, which can understand and learn, and ultimately provide the GRC professional team with the necessary information to make informed, fact-based decisions, in a fraction of the time and cost.
According to The Next Web , a pre-solicitation document — published by the DHS’ Small Business Innovation Research Program (SBIR) — shared a proposal for small businesses (SMBs) to develop research, process, products and technologies that can be used to detect crypto-related crimes.
Russia’s FinTech Association and 14 of the nation’s largest banks collaborated on the development of Masterchain, reports noted, citing a whitepaper. Using Masterchain will reduce operating costs by up to five times, the whitepaper claims, and will accelerate contract processing.
Ahead of the announcement, Karen Webster spoke with Alan Koenigsberg, senior vice president and global head of New Payment Flows, Visa Business Solutions, about the roles that partner collaboration and simplified technology will play in achieving Visa’s goal of expanding the Visa B2B network to more than 100 countries in 2020. Today (Sept.
Late this month, a study from Nexus found that across 200 businesses surveyed, more than half of large and mid-sized companies queried are looking to adopt blockchain in an effort to mitigate operational risks in the wake of Brexit. As reported in July via whitepaper, the U.K.
MTI said its pilot of the solution was successful and have been verified by computer scientists at the University of Copenhagen as well as by maritime technology experts at Blockchain Labs for Open Collaboration (BLOC). MTI also announced a whitepaper detailing the solution, developed in conjunction with Agility Sciences.
The United Kingdom will create a technology regulator next year after Brexit is completed, according to a report by the Financial Times. Members of BEIS have been meeting with lawyers and different academics to determine how the regulator will operate.
Logistics technology provider OpenPort has announced a partnership with blockchain company Fr8 Network in a deal that will enable OpenPort to connect its customers to blockchain solutions. OpenPort currently provides transportation management technology and trade finance to its corporate customers.
I recently spoke at a New York Bankers Association senior management conference regarding the quest for economies of scale to improve earnings through positive operating leverage. Technology Utilization and We Have Always Done It That Way The session was based on a whitepaper I recently wrote for the Financial Managers'' Society.
Change within the enterprise will always bring friction, but when it comes to change brought about by the adoption of more sophisticated technologies — especially in accounting and cash management — that friction is worth the effort. But the picture of technology adoption is a complex one, as cloud accounting company Sage has shown.
Recently, IDC published a whitepaper, sponsored by IBM, outlining the ten hard realities that FIs and payments services providers must overcome to benefit from modernization, and how they can turn these perceived threats into opportunities. Cost savings are possible as operations become more efficient.
Getting there is a long road with many twists and turns, with guidance provided not only by back-end technology but also by updated rules from organizations with a governing role across the payments industry. The rule change is the subject of a recent whitepaper published by GIACT. New NACHA Rule.
As most operations have shifted to a digital-first world due to the coronavirus pandemic, institutions have had to adjust and adapt new technologies to stay competitive and thrive during these times. They will also provide you with resources (blogs, case studies, webinars, whitepapers, etc.) from time-to-time.
Considering all of the new technologies, changing consumer behaviors and innovation taking place across the retail sector, we have no way of knowing exactly what’s coming next. However, a new whitepaper from Synchrony Financial highlights some of the biggest themes that may take the retail world by storm over the next decade.
It takes more than just having the latest technology or an innovative idea to make faster payments work. In its latest whitepaper, INTERAC outlines the principles as follows: Principle #1: Good funds is the better model. To download INTERAC’s whitepaper: Principles of a Modernized Payments System , click the button below:
In 2016, corporate banking made up 38 percent of overall operating income across 20 of the world’s largest banks,” explained Patricia Hines, senior analyst at Celent, in a statement. Whether via the use of best-of-breed solutions or best-of-suite offerings, banks must be open to new technologies, like blockchain. “A
They are being asked to contribute their collective experiences in operating global, regulated payments and financial services networks to shape Libra’s charter and frame its governance structure. At some point, they will be asked to kick in few bucks to fund its operation and get it off the ground. New Network, Crypto Applications.
That’s why cybersecurity firm RSA recently teamed up with 451 Research to produce a whitepaper outlining how merchants can balance good business with good security and focus on what they really care about: making customers happy. Here are a few of the top things every eTailer should know about fraud in 2017.
One of blockchain technology’s earliest corporate supporters just recently completed testing for its blockchain-based proxy voting system. During the test, shareholders using the blockchain-based technology were successfully able to vote online during investor meetings or transfer voting rights to a proxy.
Recently, IDC published a whitepaper, sponsored by IBM, outlining the ten hard realities that FIs and payments services providers must overcome to benefit from modernization, and how they can turn these perceived threats into opportunities. Cost savings are possible as operations become more efficient.
The data revolution is one of the biggest technology changes facing banks at the moment, and efforts to effectively harness data should be at the forefront of any financial institution’s strategy. But let’s not underestimate the potential that technology brings forth. The benefits of being data-driven.
Launched in November 2017 , IBM Cloud Private (ICP) aims to provide users with the right mix of private and public cloud technologies. It leverages open source technologies like containers, Kubernetes, Helm and Cloud Foundry to deliver the benefits of public cloud but with the control of private.
Its whitepaper, “ Powering up the value of commercial cards for your bank and your clients ,” underwritten by PayTech analysts, examines how banks can boost ROI on their commercial cards while heightening value for end users. ” . ”
As the IBM whitepaper Top considerations for implementing sales performance management reveals, decisions made during SPM implementation impact not only the effectiveness of the solution, but also the sales and revenue growth of the entire organization. Existing, flawed processes migrated into a new SPM system.
Because traditional banks are often burdened with inflexible and costly legacy systems, they often struggle to redefine new operating and business models. Leaders of the future are already moving forward and equipping their organizations and people with new skills, cultures, technology and processes. Banking Redefined Infographic.
The recent fascination with artificial intelligence and machine learning has made some of us ( naturally intelligent) humans confused about the role that these technologies play in the broader field of fraud analytics. In this blog post, I explain their usage and particularly how they will operate in the open banking revolution. .
Our agency is no stranger to technology, its evolution and its expanding impact on all of our lives. We live and breathe it each day through our clients, who have partnered with us (in most cases) for one reason: to help tell their technology story to the right people. But what about technology spending for your CMO?
When today’s businesses create a list of must-haves in the race to alter and ultimately transform how they operate, machine learning is one of those checkbox necessities. Tools like Blaze Advisor and Decision Modeler are built for this approach; however, even the best technologies alone aren’t enough.
Currencycloud’s latest whitepaper, Global Payments: How FinTech Partners Are Helping Banks Transform, lays out the complexities that banks face in trying to keep up with the rapid pace of globalization and how partnerships with FinTechs may be an alternative path to success. What banks have to fear most is smarter banks,” he said.
The recent fascination with artificial intelligence and machine learning has made some of us ( naturally intelligent) humans confused about the role that these technologies play in the broader field of fraud analytics. In this blog post, I explain their usage and particularly how they will operate in the open banking revolution.
This will present a new challenge as financial institutions look to streamline these operations. A recent whitepaper published by ATM Marketplace highlighted the growing importance of off-premise ATMs as a key part of a bank’s strategy. Harnessing the off-premise ATM. Turning ATMs into ambassadors for your brand.
Blockchain technology — cryptographically-secured, distributed ledgers — has existed for nearly a decade but is just now emerging as a viable solution in healthcare. Last month, Alibaba partnered with the city of Changzhou, China to launch the country’s first application of blockchain technology in the healthcare sector.
Fraud management and AML compliance are both about tackling financial crime, but often they are managed by different teams, each with their own processes and technology. When it comes to the technology to support financial crime specialists, we estimate that there is an overlap in their requirements of around 85%.
Now it’s time to move on to the reality of evolving cyber threats, and the important role of risk-scoring technology in cyber risk measurement. Business outages and regulations like GDPR make companies realize they’re operating in an interconnected ecosystem with their business partners, and that is changing the dynamics of risk.
They must take immediate steps to establish bold new thinking, experiment with innovative business models and harness digital technologies that will delight customers and secure their future. New, powerful digital innovations and operating models can also drive a bank’s efficiency to higher, more profitable levels. The new normal.
Some staff that have been in place for many years may tend to become a little stale and not evolve as quickly as new ideas thoughts, technology, and initiatives. Legacy architecture can be viewed as older generation technology that can be foundational to the transformational and fun stuff that we want to accomplish.
Wharton FinTech , the first student led FinTech initiative, has published two whitepapers on Millennials’ relationship with banks ( June 2015 and May 2016 ). Technology, with an emphasis on Mobile. Millennials trust technology for their financial transactions more than any previous generation.
They must take immediate steps to establish bold new thinking, experiment with innovative business models and harness digital technologies that will delight customers and secure their future. New, powerful digital innovations and operating models can also drive a bank’s efficiency to higher, more profitable levels. The new normal.
They must take immediate steps to establish bold new thinking, experiment with innovative business models and harness digital technologies that will delight customers and secure their future. New, powerful digital innovations and operating models can also drive a bank’s efficiency to higher, more profitable levels. The new normal.
He indicated that Mr. Uejio’s prior experience at the CFPB has allowed him to become well-versed not only in operational issues such as personnel and budget but also as to policy issues. Cordray shared his thoughts on how each of them is likely to approach his new role at the CFPB.
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