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Tag Archives: Open Banking

18 payment predictions for 2019

Payments are a trending topic in the FinTech world. Here are 18 predictions for what’s in store for payments in 2019: APIs– every board room is discussing APIs, but the conversations around them will most likely start to shift to proofs of concept as innovation continues to accelerate. Real-time– the …

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FinTech cybersecurity consortium created

Over the past few years, financial institutions have worked to strengthen their ties with young tech-savvy startups that aim to revamp the way financial services are created and consumed. This has heightened the need for FinTechs to implement new, robust cybersecurity measures, especially given that the use of new technological …

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FinTech’s impact on cyber response and recovery

Large-scale cyberattacks on critical financial infrastructure are a major threat to the safety and stability of the global economy. Recently, a panel discussion at DTCC’s 2018 FinTech Symposium brought together a group of cybersecurity experts to offer insights into the strategic shifts and leading practices in cyber response and recovery …

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Addressing cybersecurity in financial institution-FinTech partnerships

Partnerships between financial institutions and FinTechs must go beyond the customer value proposition and provide embedded cybersecurity at all stages of the customer journey. Open APIs present an incredible opportunity for financial institutions to acquire, engage and transact with customers as well as for FinTechs to introduce new technologies and …

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The future of cybersecurity in banking

With technology becoming of greater importance to daily life around the world, the threat of cyber-attacks has become a real issue for many companies, both small and large. This is especially true for financial institutions, which have become a frequent target of cyber criminals. Although technology is undoubtedly making banking …

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The social impact imperative of FinTechs

The consumer financial system has an important role to play in achieve complex global goals such as ending poverty, abolishing hunger, moving to renewable energy and reducing inequality since the flow of capital affects every part of life. Even so, very few financial service organizations have made a true commitment …

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How FinTech is helping the unbanked and underbanked

For many around the world (especially those in rural areas), access to financial services represents a major problem; however, FinTech is bridging that gap and helping more and more consumers access them. Here a few ways FinTech is helping the unbanked and underbanked access financial services in 2018: Online lending …

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Converse bank to support FinTech startups in Armenia

Converse Bank will support several FinTech startups that participated at the ‘Sevan Startup Summit 2018’. The bank will prioritize innovative thinking and the introduction of novel approaches in the economy. In particular, it was mentioned that Converse Bank was willing to discuss and implement specific projects with FinTech companies to …

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How FinTech is uberizing banking

There are three main banking services people routinely use: payments for products/services (i.e. transfers from one account to another), lending (i.e. borrowing funds from a bank for a specific purpose and/or daily needs) and investments (i.e. using excess funds to earn returns). Traditionally, financial institutions have fulfilled these services; however, …

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Open APIs driving the uberization of payment services

Uber revolutionized the car transportation business when it created a market capitalization of billions of dollars without owning cars or carrying any stock. Similarly, the open API economy has acted as a catalyst for non-traditional players to venture into the payments market and reshape the idea of how payments can …

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Open banking is uberizing Ukraine’s financial services

The era of open banking has come, and it is already starting to change the rules of the game for financial institutions around the world. As this trend continues, it will challenge financial market participants to improve personalized communication and offer specifically-tailored services for consumers. This will come via applying …

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Online marketplace for financial services to open in Russia

We live in a world where startups are emerging everywhere thanks to the idea of aggregated information. For example, to buy a car, you no longer have to go from dealership to dealership. Instead, simply enter an online site like auto.ru. Or go to the popular Yandex.Market for any number …

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Bank of England to open new blockchain-based payment system

The Bank of England is conducting a full review of its interbank payment system, including studying the possibility of transitioning to an updated version of the real-time gross settlement service (RTGS) within the next two years. RTGS is a blockchain system that facilitates settlements between financial institutions. Last year, the …

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New universal scoring platform to launch in Kyrgyzstan

A new universal scoring platform has been presented in Kyrgyzstan as part of the ‘Eurasian Digital Platforms’ international competition. The new platform uses data from communications operators, credit bureaus and other sources to score potential borrowers and has the goal of becoming a universal scoring platform used throughout the Eurasian …

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UzCard offers new instant transfer capabilities for Uzbekistan

UzCard has announced the launch of instant money transfers from Qiwi and CONTACT. The transfer is currently only available in one direction (i.e. from Qiwi/CONTACT to UzCard); however, UzCard plans on introducing additional functions in the near future. Transfers are available in amounts of up to USD 500, with up …

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Infographic:Bank-as-a-Service (BaaS)

In the modern world, most people are familiar with the ‘Software-as-a-Service’ (SaaS) concept, whereby app services are pay-as-you-use rather than being bought outright. These services used to cost a fortune but are now free or nearly free. And that’s where banking is heading. Banking is becoming a series of plug …

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Video: the ‘bank as a platform’ approach

Find out how adopting the ‘bank as a platform’ approach will help banks shift to a model of service offerings and achieve greater and more sustainable economic value. Video: open APIs – the future of banking and finance The biggest investors and beneficiaries of FinTech funding trends Time for European …

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POPin Video Banking and MEA announce collaboration

US-based POPin Video Banking has teamed with mobile firm MEA Financial Enterprises to integrate the POPin platform into MEA’s Android and iOS digital banking applications. According to POPin, the partnership will allow banks using MEA applications to leverage video banking capabilities to expand services outside of branches on personal mobile …

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