The European Financial Review’s Post

As ever in January, people talk of predictions for the new year. Well I have a few. 1. Digital Identity will finally start to get greater traction, specifically around re-usable identity 2. Settlement Fabric will become a key factor in cross-border business 3. Correspondent banking is starting to evolve - and we should look to a correspondent banking 3.0 model 4. Web 3.0 starting to make waves in the financial services arena, starting with ID but looking at many other aspects, including ESG, FinCrime and Credit rating Re Correspondent Banking 3.0, here is a post from 2023 where I talk more about how that works. Change is coming, and its accelerating. #rtgs.global #infrastructure #settlementfabric #identity #security #privacy #web3 https://lnkd.in/ePuehn7R

In banking, there’s no such thing as rest days – particularly when you’re strengthening your security posture.    Stellarmann’s client, a retail challenger bank, needed to improve their security posture, while ensuring seamless operations, and adhering to agreed security requirements. Read our latest case study to learn how we helped our client score this hat trick: https://lnkd.in/eECKjVGH #BusinessAnalysis #ChallengerBank #SecOps #TransformationProgramme

Redefining #Resilience for #Banks in the #Digital Era With the Four Zeros #cybersecurity #financialservices #financialinclusion #banking #payments #fintech #digitaltransformation #huawei https://lnkd.in/gMaCaBX4

Financial institutions are in a reckoning. So says the latest #McKinsey’s Annual Banking Review. Yes, banks have benefitted from interest rates, but they too are facing revenue and cost of compliance pressures. Here are some of the big take aways:   1️⃣ Get ahead of the technology while you can – changes like Instant Payments are here to stay. 2️⃣ Don’t think about risk in silos – if you want to look out for #fraud risk, you’ll want to look out for #KYC risk. 3️⃣ Pay attention to the Indo-crescent region – 28% of the top financial institutions are here.   Today, Eastnets is providing critical #compliance and #fraud protection technology for 800 Financial Institutions across the world – to include 11 of the world top 50 banks. And we’ve been doing it for 40 years so we understand better than most how to stay ahead of the criminals. Find out more @eastnets.com Link to the report: https://shorturl.at/xyITW #BankingInnovation #TechnologyTransformation #GlobalFinance #Mckinsey

Alpha Bank Romania and Montran are raising the bar in financial security with their new anti-fraud system! With real-time detection and prevention, this advanced solution safeguards customers from financial threats, ensuring peace of mind for every transaction. This system prevents fraud and significantly reduces financial impacts by integrating complex algorithms and adaptable protection measures. As instant payments grow, this cutting-edge technology is crucial for avoiding fraud risks. #Finance #Security #Innovation #AntiFraud #Banking

Understanding cancelled check Read the full article: https://bit.ly/3Y7E0YL In today's digital banking era, checks may seem like a relic of the past. However, they still play a crucial role in many financial transactions. One important concept to understand is "canceled check." ● Canceled checks are proof of completed transactions. ● Digital imaging, RDC, and enhanced security improve check processing. ● The US uses checks more than Europe and Asia, which prefer digital payments. American Bankers Association, PwC, European Central Bank #canceledchecks #digitalbanking #financialtransactions #checkprocessing #digitalimaging #remotedepositcapture #rdc #enhancedsecurity #checkfraud #electronicpayments #usbanking #europebanking #asiabanking #mobilepayments #fintech

In digital banking, there’s a delicate balance between #convenience and #security. Explore the essential strategies for driving #innovation while simultaneously preserving trust by implementing robust #security measures 👉 https://bit.ly/3R3npkk #DigitalFirst #DigitalBanking #Fraud #FraudPrevention

The banking sector is undergoing a digital transformation, with Corporate Digital Identity (CDI) at the forefront. CDI revolutionizes the authentication of corporate entities, enhances KYC/KYB operations, and plays a crucial role in combating financial crime. By integrating CDI, banks can streamline customer onboarding, improve their compliance, and reduce risks associated with fraud. Learn more from Dr Henry Balani about the future of banking with CDI and how it can bolster security and trust. #kyccrime #CDI #corporatedigitalidentity https://bit.ly/3yDAD0N

This article made me think: does introducing open banking and real-time payments in the US increase or decrease systemic risk? On one hand, would a world of frictionless real-time deposit transfers fuel more SVB-style bank-run flash crashes in minutes rather than hours/days? On the other hand, does more modern technology inherently reduce fraud? The survey in the article says: unclear.

"Fintech partner banks drew one-third of all formal enforcement orders by federal banking agencies in the fourth quarter of 2023. Reader: that’s a lot, especially when you consider that fintech partner banks only account for roughly 3% of all U.S. banks." Check out Alex Johnson's latest article on banking-as-a-service that features Klaros Group data and analysis surrounding formal enforcement actions directed at fintech partner banks. https://lnkd.in/gmFJ8nYb