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From a Press Release dated June 3, 2025, New York, New York ThetaRay , a global leader in cognitive AI compliance for financial crime, and Spayce , a next-generation cross-border payments platform, have announced a strategic partnership to address evolving financial crime threats and enhance the security of international payments.
Offering eWallet and bill payment services, among others, Kabbage Checking aims to address SMBs that are “too often left out, overlooked and underestimated,” according to the company’s president, Kathryn Petralia, who added that SMBs need digital banking solutions “without sacrificing anything they expect from a bank.”
Addressing these challenges is crucial for AIs responsible and sustainable integration in the fintech landscape. Identifying fraud tactics using AI Nick Campbell, chief product officer of payments at Clearent by Xplor Technologies AI is a double-edged blade. “AI contracts compound these risks if poorly structured.
In response, the National Institute of Standards and Technology (NIST) has initiated a global effort to standardise post-quantum cryptography (PQC), which includes identifying quantum-resistant cryptographic algorithms compatible with existing communication protocols to safeguard against CRQC threats.
Managing Risk. One of the most crucial areas for banks’ treasuries is riskmitigation , which, according to Beaulande, has become more complex as it relates to other areas of treasury management. Managing liquidity and credit risk are definitely of main concern to FIs.
This article can help CFOs see the exciting opportunities of Generative AI, while also understanding the risks involved. It allows CFOs to predict market trends and offer innovative financial solutions using AI technology. Focus on increasing revenue first, as it's easier to measure, then focus on cost reduction and riskmitigation.
Understanding these perspectives helps you identify and address any misconceptions, paving the way for smoother collaboration. Advance notice allows sales to address problems early and maintain customer trust. Is the department perceived as an obstacle or a valuable business partner?
The trade finance industry has been aspiring for greater digitalisation, striving to tap into potential benefits such as improved transparency, efficiency, riskmitigation and support for small and medium-sized enterprises (SMEs). Finally, efforts to digitalize trade have been held back by the lack of clear direction.
The financial sector is on the edge of a major transformation powered by continuous technological advancements. Additionally, human error remains a significant risk factor; as systems become more complex, the potential for misconfigurations or operational mistakes increases. This gathering comes at a pivotal moment.
Since the last assessment in 2014, Singapore has closely monitored ML risks, including those related to legal persons, virtual assets, and environmental crimes, to ensure timely riskmitigation. Other high-risk sectors include real estate, licensed trust companies, casinos, and precious metals.
While many companies choose to certify select principles, Antom has achieved full compliance across all five criteria for its payment processing service, further making it stands out as an industry leader in secure, AI-driven payment technology. The audit firm will conduct annual reviews, and Antom will continue its recertification process.
million patients may have been exposed, all thanks to a data breach at one of its vendors, healthcare technology provider AccuDoc Solutions. Riskmitigation isn’t a new concept, Simkins noted, but today’s organizations are often unfamiliar with the correct strategies they need to deploy when mitigating third-party cyber risk.
Accounting, consultancy and technology firm Crowe is rolling out a new solution designed for hospitals to automate daily bank reconciliation processes and manage cash flow, the company said in a recent announcement. Hospitals can often struggle to manually reconcile cash flow coming from multiple sources.
Xavier Sanchez is a Managing Director at CFGI, leading the Risk Advisory practice in the New York Metro area. He brings over 13 years of experience, providing clients with business and technology audits, as well as providing control design assessment and process improvement services.
In this era of technological innovation, companies are increasingly entrusting critical services to external partners. This growth is not just a result of increasing demand and shifting market dynamics, but a direct consequence of the transformative impact of advanced financial technology (fintech) on the sector. billion by 2030.
Emerging technologies such as artificial intelligence and machine learning have transformed the traditional finance function by making processes efficient, improving accuracy, and enabling data-driven decision-making. AI can help mitigate these issues. Organizations may face challenges in hiring, training, and retaining AI talent.
Addressing Key Obstacles in LAMF Despite its benefits, the LAMF as a sector grapples with significant hurdles. Credit Assessment: Assessing the credit line based on an approved list of securities is essential for determining borrower eligibility and for mitigatingrisks associated with lending against mutual funds.
Lee Tarone, CEO and founder of trade finance and payments platform Envoy , says a lack of trust continues to hamper the industry’s ability to address the ongoing $1.5 Technology’s New Approach To Trust. trillion yearly trade finance gap, with paper as a massive culprit limiting access to trade finance. ”
Enterprise transactions are full of friction and risk,” said CapLinked CEO Eric M. While Ripple and other decentralized technologies are addressing payments, the transfer of funds is only a small part of a B2B transaction.
However, the intrinsic link between trade finance and trade credit insurance offers an opportunity for providers of trade credit, according to Glenn Kocher, managing director of global trade finance technology firm LiquidX. But I think, for a number of reasons, you start to see the two go more hand in hand.” Combining Forces.
So it’s not exactly surprising that supply chain riskmitigation efforts can fall by the wayside. A traditionally manual process involving PDF questionnaires, supplier due diligence is rarely at the top of the list when organizations are considering where to place their resources to invest in new, automated technology.
Bank is subject to more stringent approval processes for new bank products, services, markets, and stores to ensure the AML risk of new initiatives is appropriately considered and mitigated. Plans are in place to address the requirements and limitations contained in the consent orders, including adjustments to the Bank’s U.S.
We started Retirable to address America's advice gap,” End told PYMNTS in a recent interview. Retirable uses a mix of technology and human experts to particularly help 50+-year-old pre-retirees create financial plans. “But And so in this stage, a lot of the talk is about riskmitigation versus taking on risk.”. “We
. “If you go a little deeper, into suppliers’ suppliers (Tier 2 and [Tier] 3 suppliers), then the risk increases.” ” Take the compliance risk, for example. That struggle to share information is among the largest barriers to supply chain riskmitigation, noted Vakil. ” Data Evolution.
Launched in June 2018, the Faster Payments Playbook Project Team is comprised of nearly 60 volunteers made up of a diverse set of participants including financial institutions, technology providers, associations, networks and businesses. The meeting, which took place last month during the larger Alliance meeting in Washington, D.C.,
InAuth, the device authentication and intelligence company, and Early Warning, the real-time payments, authentication and riskmitigation company, announced Tuesday (Nov. The network addresses security concerns, interoperability problems and delays in funds availability common in today’s P2P services.
They invest in advanced cybersecurity protocols to safeguard sensitive information and employ AI-driven algorithms for continuous monitoring and riskmitigation. This cooperation drives innovation and facilitates smoother transitions for customers adopting new technologies.
Common risk management strategies for PayFacs include proper merchant vetting and onboarding, transaction monitoring and fraud prevention, chargeback mitigation, KYC/AML compliance, and data breach prevention. This includes their name, date of birth, address, identity documents, etc.
Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks. Understanding, addressing, and managing them is crucial for maintaining business operations while ensuring safe payment processing for clients.
They’re just a few basic rules of thumb for small business owners to help mitigate the risk of a cyberattack, according to Matrix Integration; however, as president Nathan Stallings warns, as cyberattacks become more sophisticated, so much small businesses’ mitigation tactics. ” The U.S.
The growing complexity of international supply chains inevitably adds complexity to riskmitigation and increases risk exposure to all players involved. Once, a company’s top supplier-related risk may have been the threat of a vendor going out of business, or goods failing to make it to their destination on time.
Cybersecurity in digital commerce: Addressing critical cybersecurity issues, understanding the latest threats, riskmitigation strategies, and best practices to safeguard businesses and customers in an interconnected world.
Technology developed by Bloomberg is now being used by Shell ‘s Foreign Exchange Central Treasury unit to interconnect the fuel conglomerate’s operating units across 22 markets, the companies revealed Monday (Nov.
“The most advanced technology is [electronic data interchange (EDI)].” The technology first emerged in the 1970s. ” The reliance of B2B eCommerce on EDI technology demonstrates the importance of digital data in the sector. . Dibachi explained that the company deploys the technology in three key ways.
In a recent conversation with PYMNTS, Raghav Mathur, head of data science and analytics at Singapore-based Grab Financial Group , discussed the opportunities in data technology that can address the region’s most pressing SMB lending needs. Asymmetric Information Exchange. Improving The SMB Lending Experience.
In addition to navigating multi-country operations and handling diverse currencies for payments and receipts, they must also address foreign exchange (FX) riskor exchange rate risk. This article explores FX risks in international payments and outlines strategies to minimise them, ensuring efficient and cost-effective operations.
Alternative small business lender Ultimate Finance is adding a new product to its offering built on Big Data and riskmitigationtechnologies. Purchase Finance addresses this by enabling businesses to pay their suppliers directly, using a funding line from Ultimate Finance, who can pay the supplier directly.”.
Second, disrupting criminality through technologies like the AI chatbot ‘Daisy’ from O2 , which wastes scammers’ time and gathers intelligence. ” The panellists recommended cross-functional teams combining data engineers, risk specialists and operations staff to ensure AI solutions address real-world challenges. .
A press release this week said Citi is collaborating with EY and SAS on its NextGen project, which will include the development of a risk analytics scoring engine that uses AI to address friction in reviewing global trade transactions. NextGen aims to accelerate this initiative to further automate manual processes in the trade space.
A new report from consulting firm Protiviti finds corporate c-level executives have shown a sudden spike in their concern over the “digital readiness” of their organizations, particularly as older companies struggle to embrace technology and compete with “born digital” players. ” A Closer Look At The Risks. .
Greece’s first challenger bank has chosen bank technology provider Temenos to implement its core banking technology, according to reports in Global Banking & Finance Review on Thursday (Sept. Corporate treasurers said they would switch for elevated riskmitigation and liquidity management services.
Corporate payments still don’t have a clear role in driving the adoption of faster payment technologies and systems in the U.S. The Center intends to guide its collective financial institution (FI) and corporate members, represented by the associations, in addressing key challenges in today’s market.
A recent report from Deloitte explores how to increase the corporate treasurer’s confidence in mitigating FX risk at their companies, a task the firm said largely depends on identifying less obvious areas of risk exposure. Deloitte highlighted a greater margin of error and more time connected to manual risk analysis processes.
The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity risk management and monitoring. Identity theft presents significant challenges to businesses, making proactive riskmitigation essential for regulatory compliance, trust, asset protection, and operational integrity.
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