Lisa Ibarra’s Post

Today’s digital landscape means added new demands and challenges for banks to continuously cope with both existing and emerging regulatory demands while trying to meet their overall growth goals consistently. Sounds familiar? Here’s why Sunoida’s highly proven Vision RegTech solution is a best-fit for today’s banks. Designed and developed by bankers for bankers by banking technology specialists, Vision RegTech automatically retrieves the relevant data, automates and creates review ready reports, aids easy validation and makes them submission ready – all on the go. Vision RegTech retrieves data from various data sources while provisioning for validations and data quality checks at multiple defined levels. Vision RegTech gives the ability to review and confirm that all data is correctly presented before every submission. Once all of the data and reports are validated and complete, they can be automatically setup for final submission into the Regulator’s portal. Get automated end-to-end reporting with Vision RegTech! Made for banks who set sights on high growth. #digitalbankingsolutions #banking #data #sustainablegrowth #assurance #bankingservices #revenuegrowth #bankingindustry #regulatoryreporting #reports #regtech #businessintelligence #artificialintelligence #customerexperience #customerengagement #banks #success #team #teameffort #onwardsandupwards  #turningvisionintoreality #SunoidaSolutions #bankingonintelligence #VisionRegTech #vision #visionapp www.sunoida.com

🇪🇺 What does the Financial Data Access framework proposal mean for data sharing in Europe? Raidiam’s Open Futurist Marie Walker looks at how FIDA can be the key enabler for Open Banking to move from compliance obligation to innovation opportunity. Read her blog below. #OpenBanking #OpenFinance #OpenData #FIDA #PSD2 #DataEcosystem

📢 **New Tech Bill Empowers Consumers with Data Control** 📊 Commerce and Consumer Affairs Minister Andrew Bayly announced the introduction of the **Consumer and Product Data Bill** in Parliament today. This groundbreaking bill aims to grant consumers greater control over their data, fostering competition among banks, insurance, power, and telecommunications companies. ### Key Features: - **Data Sharing**: Consumers can share their data, enabling real-time product comparisons, account management across providers, and seamless switching between services. - **Penalties**: Companies misusing data face fines up to $5 million, while individuals could be fined up to $1 million for fraudulent use. - **Sector-by-Sector Implementation**: Banking will be the first sector to adopt the legislation. ### Additional Measures: - **Scam Prevention**: With consumers losing an estimated $200 million annually to scams, the bill includes provisions for account name-checking, such as a “confirmation of payee” service, set to be implemented by year-end. Bayly emphasized the importance of technological upgrades for banks to support these new measures, highlighting the unique system New Zealand operates under. Stay informed about the latest tech developments at www.techonwheels.co.nz 🌐 #DataControl #ConsumerRights #TechBill #AndrewBayly #Innovation #ScamPrevention #TechOnWheels

Are your revenue collection methods keeping pace with today's demands? Citizens expect convenience and efficiency, and manual methods just don't cut it anymore. Join our upcoming webinar, "Empowering Communities with Electronic Payments: A Government's Guide to Digital Transformation," on June 20th at 1:00 P.M. EDT. What You'll Learn: --> How efficiency in revenue collection impacts financial health. --> The workings of automated payment portals with user-friendly interfaces and advanced security. --> Real-life examples of managing revenue sources like parking tickets and utility bills. --> Benefits of automated payment technologies, including higher collection rates and cost savings. Don't miss this chance to discover how electronic payments can transform your community's operations. 👉 Reserve Your Spot Now (https://bit.ly/3yQsPcf) #Webinar #GovTech #Payments #GovernmentEfficiency #ElectronicPayments

🔑 Ownership of Data: Is It A Fundamental Human Right Being Stifled by Big Banks 🔑 In today's digital age, data isn't just information—it's power. The Consumer Data Right (CDR) was created to give us control over our personal data, allowing us to decide who can access it and how it's used. This is a game-changer for Australia’s digital economy, enabling secure, transparent data sharing, and driving competition by making it easier to switch between service providers. 🏦🔄 We’ve seen similar initiatives in the EU with GDPR, driving significant shifts in data protection and consumer empowerment. Now, Australia has the chance to set a new standard in how data is managed and utilised for the benefit of all. However, the big banks are dragging their feet. Four years after the launch of open banking, only 0.3% of customers are using the CDR. With a $1.5 billion investment already made, and another $3 billion estimated for further enhancements like action initiation, the slow adoption isn't just disappointing—it's a violation of our right to data ownership. 🚧💸 Currently, many consumers still rely on risky practices like screen-scraping to share their data, a method that’s both unregulated and insecure. The CDR offers a much safer alternative, but awareness and availability of CDR-powered services are still lacking. Imagine the potential if more Australians were empowered to control their data—better financial advice, smarter budgeting tools, and easier switching between providers for better rates and lower fees. 📊💡 The right to control our data should be non-negotiable. It’s time for the financial sector to fully embrace open banking and support this fundamental shift 🌐💪 What are your thoughts? What would you like to see? #OpenBanking #DigitalEconomy #Innovation #FinTech #PrivacyMatters #ConsumerDataRight

The European Digital Identity Regulation (EU) 2024/1183 was adopted on 20 May 2024 and each Member State will offer at least one version of the EU Digital Identity Wallet, built to the same common specifications, by 2026. For Financial Services, this initiative promises secure, user-centric identity solutions, enabling seamless cross-border transactions and giving citizens full control of their personal data. Petros Sekouris, Director of Banking and Finance and Vasilis Tsitsiamis, Fintech Product Manager from Netcompany-Intrasoft delved into the challenges and opportunities the EUDI will present to the financial sector at The Banking Scene Conference in Brussels in May this year. ❓How will the Digital Identity Wallet streamline cross-border transactions across the EU? ❓What impact could it have on data security and user privacy? ❓How can financial institutions leverage this for innovation and trust-building? ❓What are the potential challenges in its implementation? Read the article below for answers to these questions and more, as we dive into the Future of European Digital Finance. https://hubs.la/Q02Vg08w0 #DigitalIdentity #EUDI #innovation #DigitalFinance Sophia Koutani

🚀 MiTrust & Klippa Unveil Hybrid Income Verification Solution!🚀   MiTrust, as a registered EU Data Intermediary provider, continuously strives to enhance how personal data is shared and verified. MiTrust's platform allows users to share their personal data directly from trusted data sources, such as banks, telecom operators, or government agencies, allowing for instant, reliable, and consent-based personal data verification—without storing any data.   To offer even more flexibility, alongside instant data sharing from online sources, users can now upload documents like tax statements or salary slips. Whether using online sources or traditional documents, MiTrust thus covers 100% of use cases, staying true to its promise: reliable data, real-time process, fully controlled sharing by the user.   📢 Richard Dey, Head of International Development at MiTrust, shared: “MiTrust has been partnering successfully with Klippa for several years for ID document processing, so it was an easy decision to expand our partnership to include the user document processing for Income Checking. Klippa’s robust and accurate OCR technology, their automated data verification and the range of documents covered were key to offering MiTrust customers the desired high-quality, automated solution.”   Together with Klippa, MiTrust is making data verification faster, smarter, and more secure. To learn more: https://lnkd.in/eK5-gZMP #innovation #partnership #dataverification #incomeverification #dataprivacy #MiTrust #Klippa Rick N.

On the theme of #smartdata, our very own Ghela Boskovich featured in Open Banking's recent article "Why smart data legislation is key to the UK’s economic success." As we look to revolutionize the UK market, smart data as a standalone bill is a priority that must come to pass so that #smes are not left behind and cross-sector innovation can amplify. Read the full piece now ▶ : https://shorturl.at/28Vhq

Surveys give us a window into what's happening and here's a new one with some key points that are dear to Corlytics having some amazing payments clients. 🔑Regulation and compliance are a big topic in 2024 🔑Confidence plays a big role in how banks modernise their payments infrastructure - If banks are not confident enough to try something new because of customer expectations, they could wait until regulation catches up, but by then it will likely be too late. 💥If you'd like a demo of how Corlytics helps its clients with regulatory issues, from horizon scanning to regulatory policy management or know more about our smart data and analytics - contact us at insights@corlytics.com💥 Survey report from Finextra & Volante Technologies To download 👉🏼https://lnkd.in/esUtkhgy #payments #regtech #regulatorycompliance #compliance

💰🤳 As our lives become more digital, consumers increasingly choose to manage their finances with #fintech. However, the current financial #infrastructure was built for the days of paper-based systems when consumers would bank or invest in person, not on their phones. Our #FutureofFinance Policy Agenda is a roadmap to ensure the U.S. remains the home of financial #innovation. We believe in #modernizing the U.S. financial infrastructure to reflect the digital reality of financial services. For example, policymakers should: ⚡️Promote competition and diversification by granting well-regulated payment companies direct access to the national payments system, including #FedNow. ⚡️Support the adoption, expansion, and enhancement of faster, safer, interoperable payment rails, including through non-bank participation in FedNow and the Federal Reserve Board's recent proposal to expand the operating days of the Federal Reserve Banks’ two large-value payments services, #FedwireFundServices and the #NationalSettlementService. ⚡️Support and expand on the Consumer Financial Protection Bureau’s 1033 #OpenBanking rule and move towards an open finance future that gives consumers a holistic picture of their financial lives to better assess their financial health and access the broadest range of financial products and services.  ⚡️Refine regulatory frameworks for AI governance. #AI/ML usage is well-regulated in the financial sector. However, policymakers can do more to advance consumer and #compliance-centric utilization of AI/ML in financial services, including by enacting a federal data #privacy standard. ⚡️Allow for the use of advanced technologies and the ability to leverage critical data, with appropriate privacy safeguards, to combat fraud, promote a safe and trustworthy financial services ecosystem, and protect consumers and small businesses. ⚡️Establish #digitalID standards and modernize KYC/AML requirements that balance reduced friction with bringing more people into the financial system and enhancing safety and #security. ⚡️ Modernize #creditreporting to make scoring practices and data collection efforts more transparent and inclusive, including innovations like Buy Now, Pay Later (#BNPL). Dive into more of our recommendations to ensure avenues for responsible innovation ⬇️ 🔗  https://lnkd.in/eyVt3Wqd #PoweredByFintech #FutureOfFinance #Modern #Infrastrucutre #FinancialServices