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Fixing The KYC And AML ‘Horse-and-Buggy’ Model

via PYMNTS

Only 1 percent of proceeds from financial crimes are intercepted, which means the bad guys are getting away with hundreds of billions of dollars, even trillions. Trulioo General Manager Zac Cohen tells Karen Webster that AML and KYC efforts can be enhanced if FIs think of compliance as a revenue generator, and seek partnerships with tech-nimble firms in a sandbox environment.

(more…)

Security

March 25, 2019

153

World’s fastest growing SME neo-bank announces Middle East expansion

via FinTech Magazine

Open, a neo-banking startup which offers business banking solutions for startups and SMEs, has announced that it will expand into the Middle East market. (more…)

Banks, Fintech news, Mobile-first banks, SME

March 22, 2019

164

Monzo and OakNorth join forces to offer savings accounts in challenger bank tie-up

via AltFi

Savings accounts will launch for Monzo’s 1.6m customers on Monday, powered by fellow fintech unicorn OakNorth.

The partnership will see Monzo launch seven types of savings ‘pot’, ranging from an easy-access account offering 1% AER all the way to a 12-month fixed-term account boasting a 1.53% AER.

Two of the accounts are available in a cash ISA, with an easy-access account at 1.14% AER and a 12-month fixed account at 1.38% AER. (more…)

Banks, Fintech news, Mobile-first banks

March 21, 2019

109

BOC goes live with Epic Lanka’s Clari5 AML Solution to battle sophisticated financial threats

via The Daily FT

Technical advancement in transaction monitoring and futuristic risk-based approach of Clari5 AML system to help Sri Lanka achieve discipline in global financial space.

(more…)

InspirAsia, Security

March 21, 2019

274

Tandem Bank launches ‘Autosavings’ account

via TechCrunch

Tandem Bank, the U.K. challenger bank, is launching a new savings account powered by its “Autosavings” feature designed to make it easier to save.

Paying 0.5 percent interest, the Tandem Autosavings account is effectively a flexible savings bank account built on top of Tandem’s existing bank account aggregation app and the various credit cards it offers. Using a number of rules, it will automatically put money aside based on your spending habits and what its algorithm deems you can afford. (more…)

Banks, Fintech news

March 20, 2019

Open Banking Is a Reality for Some Commercial Banking Customers

via Accenture 

Open Banking is now a major global initiative. European Union regulations including the second Payment Services Directive (PSD2) are pushing banks to provide access to account information and to make it possible for third-party suppliers of payment services to make direct connections with banks’ customer accounts. (more…)

Analytics, Influences FinTech

March 19, 2019

Singapore fintech startup Instarem closes $41M Series C for global growth

via TechCrunch

Singapore’s Instarem, a fintech startup that helps banks and consumers send money overseas at lower cost, has closed a $41 million Series C financing round to go after global expansion opportunities.

The four-year-old company announced a first close of $20 million last November, and it has now doubled that tally (and a little extra) thanks to an additional capital injection led by Vertex Ventures’ global growth fund and South Korea’ Atinum Investment. Crypto company Ripple, which has partnered with Instarem for its xRapid product, also took part in the round, Instarem CEO Prajit Nanu confirmed to TechCrunch, although he declined to reveal the precise amount invested. More broadly, the round means that Instarem has now raised $59.5 million from investors to date. (more…)

Deals, InspirAsia, Remittances, Singapore

March 19, 2019

How fintechs are revolutionizing the customer onboarding process

via Finextra

As per a recent CNBC report (1), In US, fintech companies accounted for 38 percent of all US personal loans in 2018. That’s a revolutionary growth from just 5 percent in 2013. On the other hand, traditional banks’ share of these loans has fallen down to a mere 28 percent that used to be 40 percent in 2013.

Fintechs are surely heading in the right direction and are proving to be real challengers to incumbent banks. One of the biggest factors that differentiate fintechs from traditional banks is that they do not carry a burden of multiple legacy systems that banks often struggle to get rid of. Fintechs have been able to adapt to latest technologies and processes much faster than the banks. Apart from that, banks live with huge silos like silos within different lines of businesses, amongst various channels and even processes. Fintechs being smaller in size leverage data or experiences in one part of the company in the other part much more effectively. (more…)

Fintech news

March 19, 2019

104

Jumio Partners with ComplyAdvantage to Reduce AML Risk Exposure

Jumio, the leading AI-powered trusted identity as a service provider, today announces the launch of Jumio Screening. This is a fully automated anti-money laundering (AML) screening solution that integrates ComplyAdvantage, a dynamic real-time database of people and companies that pose financial crime risk. (more…)

Credit scoring, Security

March 18, 2019

222

Banking Startup Launching Visa Card That Lets You Spend 7 Cryptos

via CoinDesk

Banking startup 2gether is launching a prepaid Visa debit card that allows users to spend cryptocurrencies.

In an announcement, 2gether said customers will be able to use the card to pay with either euros or any of the following seven cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC). The card “instantly” converts the cryptos to fiat currency and, it said, and can be used fee-free by customers in any of the 19 eurozone nations. (more…)

Cryptocurrencies, Fintech news, Payment processors/providers/gateways

March 18, 2019

242

Digital futurist Brett King on why credit cards will disappear

via The Australian Financial Review

Mr King, an adviser to local neo-bank Xinja, worries that traditional banks’ conservative cultures have created an “iterative” – or incremental – approach to making money that has put them years behind rapidly emerging digital disrupters famous for their willingness to take risks and break through.

“Banks can survive but have to become part of this new ecosystem,” said Mr King, who is based in Manhattan and visiting Australia. (more…)

Banks, People of fintech

March 18, 2019

118

Passbase is building a full-stack identity engine with privacy baked in

via TechCrunch

Digital identity startup Passbase has bagged $600,000 in pre-seed funding led by a group of business angel investors from Alphabet, Stanford, Kleiner Perkins and EY, as well as seed fund investment from Chicago-based Upheaval Investments and Seedcamp.

The 2018-founded Silicon Valley-based startup is building what it dubs an “identity engine” to simplify identity verification online.

Passbase offers a set of SDKs to developers to integrate into their service facial recognition, liveness detection, ID authenticity checks and ID information extraction, while also baking in privacy protections that allow individual users to control their own identity data. (more…)

Deals, Fintech news, Influences FinTech, Security

March 18, 2019

304

Puerto Rico Financial Commissioner George Joyner: “There’s a space for virtual assets that won’t go away”

via Crowdfund Insider

George Joyner has Puerto Rico in his blood. The Commissioner of the Office of Financial Institutions is a veteran player who has spent his whole career in the fast-growing banking and, latterly, FinTech industry in the US territory of Puerto Rico, with the exception of two years in Florida. Born on the mainland, he was brought to San Juan as a six-month-old baby. Bilingual in Spanish and English, Joyner is an American and a passionate Puerto Rican.

Puerto Rico’s tax-favored status has proved attractive to both mainstream finance and players from cryptoland. Joyner understands and shares the local passion for growth, but as the gatekeeper of Puerto Rican standards, he will only allow growth to occur in the fashion he considers prudent.

Crowdfund Insider caught up with him at the recent financial summit organised by one of Puerto Rico’s newest financial institutions, Kinetic International. (more…)

Blockchain, Cryptocurrencies, Global trends, Government activities, People of fintech

March 18, 2019

289

Stock Exchange Operator Pilots Collateral Pledges Digitization on Blockchain

via Cointelegraph

Major Spanish stock market operator Bolsas y Mercados Españoles (BME) has completed its first blockchain pilot for electronic certificates of collateral pledges, according to an official press release published on March 15.

Implemented along with Renta 4 Banco, which is the only investment services firm listed on the BME, the new pilot intends to eliminate the use of physical certifications by digitizing all processes and providing network participants with real-time access to data.

The pilot’s proof-of-concept (PoC) consisted of the release of collateral pledged by Renta 4 Banco to cover customer’s positions at BME Clearing, BME’s central counterparty.

(more…)

Blockchain, news

March 15, 2019

259

Where The UK Fails On Anti-Money Laundering

via PYMNTS

Hundreds of billions of pounds’ worth of criminal funds are laundered through the U.K. each year, while the non-compliant corporations and FIs that enable this receive little more than a “parking penalty” level fine. That’s according to Susan Hawley, Corruption Watch’s director of policy, who explains in this month’s AML/KYC Tracker how weak enforcement, toothless fines and lack of political will to scrutinize foreign investment all stand in the way of a cleaner system. (more…)

Global trends, Government activities, Influences FinTech

March 15, 2019