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Remittance companies have leveraged these technologies to enhance anti-money laundering (AML) controls, identifying high-risk users at the earliest stages and reducing both fraud rates and compliance costs. The post Beyond KYC: How Technology is Transforming the Fraud Prevention Game appeared first on Fintech Singapore.
With a GDP per capita exceeding $3,100, higher than that of many South Asian neighbours, the country has resisted rapid technological adoption. Despite its historical lag in technology adoption, recent years have seen significant government efforts to expand ICT and telecommunications infrastructure.
Businesses must proactively assess fraud risks, implement adequate procedures, leverage technology for fraud detection, and foster a culture of compliance to avoid regulatory penalties. Compliance requires proactive fraud riskassessment, the implementation of preventive procedures, and a culture of accountability.
Although Vietnam’s digital finance market has seen rapid growth over the last few years, many consumers still struggle to access secure and high-quality financial services due to ineffective riskassessment systems. As a result, Fundiin will be able to improve processing time, increase approval rates, and lower bad debt ratios.
PayPal’s BNPL solution, Pay in 4, incorporates sophisticated fraud prevention technology and machine learning models to assess creditworthiness quickly. Among other things, Sezzle is using machine learning for customer riskassessment and to offer tailored financing options.
EMIs must strengthen their risk frameworks, advocate for more nuanced regulation, and prepare for heightened scrutiny to avoid blanket penalties and operational disruption. Smaller PSPs are driving competition and innovation, using real-time data and the latest technology to prevent economic crime.
Since vIBANs are often treated as extensions of master accounts rather than independent relationships, firms fail to apply appropriate riskassessment frameworks. This weakens transaction monitoring, particularly in scenarios involving third-party involvement or high-risk jurisdictions. Previous slide Next slide What are vIBANs?
A new report by Twimbit, a Singapore-based research and advisory firm, highlights the state of open finance in Southeast Asia, exploring the different factors such as regional integration, technological innovation, evolving business models, and API monetization that are fueling the growth of the sector.
Feedzai debuted ScamAlert at the HumanX conference, where the brightest minds in AI, business, and technology come together to discuss AI innovations, governance, and opportunities. In addition to delivering fast, accurate riskassessments, ScamAlert offers actionable advice, helping users avoid falling victim to scams.
Key steps include application review, riskassessment, credit checks, and compliance verification. Merchant account underwriting is the evaluation process payment processors use to assess whether a business meets the criteria for accepting credit card payments. Learn More What is Merchant Account Underwriting?
As digital payment technologies evolve, they are revolutionising how transactions occur and breaking down barriers that have long excluded billions from the financial ecosystem. The global financial landscape is undergoing a profound transformation. Its about ensuring no one is left behind in the digital economy.
The gaming industry is transforming cloud technology by providing: No single point of failure – difficult to say about legacy banking systems as they may or may not been backed up. The gambling industry’s experience with fraud detection and real-time riskassessment again becomes is valuable and available within cloud technology.
.” Risks of automation dependance Sharing a similar view, Adam Ennamli , chief risk and security officer at General Bank of Canada , added: “Failures can have existential consequences, from significant monetary losses to complete loss of market trust and regulatory penalties.
It’s about touching lives, addressing some of the world’s greatest injustices, and leveraging technology for the greater good. However, its important to remember that while technology can bring advantages to improving diversity, it shouldnt replace humans. Regulation can kill innovation.
are embracing open banking technology. “Open Banking sits at the core of SME credit decisioning and brings confidence to underwriting riskassessments,” Capitalise Co-Founder Ollie Maitland said. The collaboration comes at a time when a growing number of small and medium-sized enterprises (SMEs) in the U.K.
AI is already disrupting every area of the financial services industry, and is being included in almost every strategic conversation around technology-enabled transformation. They frequently lack the flexibility required to meet the demands of today’s digital-first customers and struggle to integrate with modern financial technologies.
Today, many issuers still auto-approve token requests with minimal riskassessment, a vestige of Visa and Mastercard’s early, binary risk logic. Leadership in the era of agents Digital payment technology is the primary point of integration for the adoption of agentic AI in e-commerce.
Riskassessments were flawed. Risk signals end up siloed across products, teams, and geographies.” According to Baran, the intention is there, but execution is being held back by technology and design. “Most institutions and leadership teams I work with take financial crime risk seriously.
These risk-oriented uses remain vital, but as AI capabilities have matured, banks are expanding into customer-facing and efficiency-driven applications. Conclusion: from Hype to Habit Banks worldwide are leading the charge in AI adoption, leveraging the technology more extensively—and investing more heavily—than most other industries.
4 Accelerated lending decisions Artificial intelligence combined with automated riskassessments will enable instant approvals for products like microloans and Buy-Now-Pay-Later, providing faster access to credit. #5 Partnerships will also matter more than ever.
Financial data network Plaid has been in the fintech headlines of late for its new partnership with data and technology company Experian , and for the launch of its Plaid Protect fraud prevention solution. “Together, we’re building a more inclusive, intelligent, and competitive financial system.”
With the launch of its new GenAI Financial Crime Detection Suite, ThetaRay aims to enhance riskassessment, streamline operational workflows, and strengthen anti-money laundering (AML) reporting to reduce fraudulent activity, such as money laundering and terrorist financing.
Navigating evolving regulatory requirements, leveraging advanced detection technologies, and implementing scalable strategies for managing merchant risk have become critical capabilities. Technology is evolving—But not a silver bullet AI-powered defences are advancing rapidly, from intent-based detection to behavioural biometrics.
Regtech Financial services compliance company Thistle Initiatives launches its integrated Risk Management as a Service (RMaaS) solution. Insurtech Voice-based riskassessmenttechnology company Clearspeed teams up with insurance provider 1st Central. billion in cash.
The financial services industry has consistently led the way in embracing technological advancements, with Generative AI (GenAI) emerging as a transformative force in recent years. GenAI has contributed significantly to analysing vast datasets and enhancing customer interactions through chatbots and personalised services.
Today, two powerful technologies — Artificial Intelligence (AI) and Quantum Computing — are converging to create a breakthrough approach that can transform fraud prevention in both banking and accounting. Simulate multiple “what if” scenarios in real time for riskassessment. Fraud prevention shifts from reactive to proactive.
The chill has been taken out of the industry as investors regain confidence, new startups can launch with less risk, and established players are doubling down on new technologies to meet evolving customer demands. If you haven’t heard, 2025 is the year of fintech spring. Register today to get a discount and secure your spot!
MSB de-risking as a systemic risk: Insights from the UK National RiskAssessment The UK National RiskAssessment (NRA) has identified the de-risking of MSBs as a systemic risk. Open dialogue can dispel misconceptions and build mutual understanding of risk management.
The paper concludes by proposing five actionable, evidence-based strategies designed to transcend current technological challenges, converting them into sustainable competitive advantages for financial institutions. A critical risk lies in the potential for AI models to inherit and perpetuate biases present in their training data.
” She added on, saying that the crypto industry presents a unique opportunity to adopt AI and more technological solutions to reduce the noise and zoom in more accurately within a short period of time. This continuous riskassessment helps flag suspicious patterns before they become compliance incidents.
The UK has long been a leader in deploying innovative fraud technology, and clearly the challenges are still growing,” added Roche. With PSD3 regulations now taking effect across Europe, we see fraud prevention teams moving towards a unified approach to fraud riskassessment.
Open data, in turn, enriches these offerings, enabling innovative credit scoring and riskassessment beyond traditional banking channels. Open data extends beyond regulated financial data-sharing to non-banking datasets, such as telecom, utility, e-commerce, and social data, creating new layers of insight but also new risks.
It has been a busy first month of the year for the certified payment technology provider, DECTA as it announces a new partnership with Urbo Bank and achieves an EMV 3DS 2.3.1.1 Certification.
This PoC provided an opportunity to explore insights into technologicalrisks associated with digital assets across multiple blockchains. Transparency and risk management are critical to supporting institutional engagement in tokenized finance.”
The UK government recently outlined its National Payments Vision – plans for a next-generation payments ecosystem, built around open banking and emerging technology. This approach also mirrors wider national ambitions. But these use cases generate vast volumes of data that require near-instantaneous processing.
Integrated riskassessment company Moody’s Analytics is deploying agentic AI tools and helping bank clients adopt the technology. The agentic AI market is expected to swell to $196.6 billion by 2034 with a compound annual growth rate of 43.8%, according to a March report from data analytics company Market.us.
Viewing these initiatives as a whole presents a clear regulatory trajectory: accelerated timelines, harmonised standards, and enhanced scrutiny across governance, conduct, and technology infrastructure. Next steps/action required: Conduct or update a fraud riskassessment, with documented outputs and regular review cycles.
Dynamic Risk Management : Trades are supported by automation tools, including stop-loss mechanisms and dynamic leverage adjustments based on real-time riskassessments. Customized Trading Portfolios : Portfolios are tailored to the specific financial objectives and risk tolerance levels of HNWIs.
In this data-driven economy, riskassessment demands more than simply evaluating whether a customer will pay their bills. To truly understand and manage credit risk today, modern companies must look beyond the basics and leverage new technologies, alternative data, and broader information sources.
Backbase most recently demoed its technology on the Finovate stage at FinovateFall 2021. A newly announced strategic partnership between Backbase and Feedzai aims to bring advanced financial crime prevention technology to engagement banking. Feedzai made its Finovate debut at FinovateEurope 2014 in London.
Haddad joins from Dell Technologies, where he spent 16 years leading teams across the Middle East, Eastern Europe and Africa. Fiserv , the global provider of payments and financial services technology, is partnering with specialist bank Vanquis to support its technology transformation.
With the evolution of cutting-edge technology came centralized data management that provides real-time insights, and AI-driven monitoring and analytics. Here is how technological advancements and evolving business practices are set to make loan management systems more efficient, transparent, and accessible.
Since their founding, the companies have run on parallel tracks, mobilizing advanced technology and deep domain expertise to protect the global digital payments industry’s most influential stakeholders. In Q1 2025, G2RS acquired WebShield owner ZignSec AB, strengthening G2RS’ presence and merchant risk capabilities in Europe.
Key session topics: How federal and state regulators define third-party oversight expectations Building scalable oversight programs for evolving partnerships Common oversight pitfalls and how to avoid them The role of due diligence, audits, and riskassessments Strategies to maintain flexibility while meeting regulatory demands If you team (..)
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