Middle and Back Office Solutions Insights

Market participants warn that a known vulnerability in telco operations could prove problematic for banks using one-time passwords (OTP) to authenticate transactions, once PSD2’s SCA deadline rolls around in September. Earlier this month, Metro Bank was hit by fraudsters exploiting the vulnerability - the SS7 protocol - in the telco... read more

With the long-delayed implementation of the European Union’s Securities Financing Transaction Regulation (SFTR) finally looming on the horizon, those in the securities and repo markets must prepare now. Firms have had plenty of time to prepare for SFTR: the European Commission published its proposal to regulate the reporting and... read more

Speaking on the sidelines of FinovateEurope, Benoit Legrand, the chief innovation officer of ING Group discussed the intricacies of innovation from psychology to the bank’s innovation budget. As new technologies kindle the start of global fintech, it is imperative that incumbent banks adapt their mindsets and invest heavily, without fear... read more

“At what point should a bank move away from a traditional vendor? The answer is probably at the point at which the amount of change you want to put through the platform is being slowed down by the vendor’s change process,” says Michael James, head of technical architecture in financial services at Altus Consulting. “You... read more

Some non-financial counterparties (NFCs) are unaware of impending reporting obligations under the Securities Financing Transactions Regulation (SFTR), according to market participants. “Financial firms really need to be reaching out to their non-financial counterparties to help educate them, get them comfortable with the regulatory... read more

Ambiguity around financial counterparty categorizations due to the delay in the implementation of the update to the European Market Infrastructure Regulation (Emir), remains of concern for small financial counterparties (FCs) that fear they won’t qualify to avoid clearing obligations, according to Roger Cogan, head of European public policy... read more

Over the past few years, technological advances, regulatory changes and the introduction of a range of new market participants has driven efficiencies and opportunities across the payments world, but the fast-changing nature of the industry has created the need for systematic, forward planning. That’s according to Eleni Coldrey, business... read more

By 2030, artificial intelligence (AI) will save the banking industry more than $1trn, according to analysts. Of that vast sum, it is expected that banks and credit unions will save $217bn—simply by applying AI to their compliance and authentication practices, and to other forms of data processing. I recently reviewed the first steps that... read more

Digital-only challenger banks and new market entrants are vulnerable to savvy criminals looking to exploit weak anti-money laundering (AML) controls, according to John Davies, chairman on Kompli-Global and deputy chair of the Emerging Payments Association (EPA). Speaking at the launch of the EPA’s new whitepaper on financial crime, in... read more