Middle and Back Office Solutions Insights

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OTP vulnerability raises SCA questions

22nd February 2019

Company: bobsguide
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
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SFTR: technical standard breakdown

21st February 2019

Company: bobsguide
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
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ING’s CIO: Despair & disappointment part of innovation

19th February 2019

Company: bobsguide
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
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Banks deliberate tech vendor cycle

18th February 2019

Company: bobsguide
“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
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Non-financial counterparties unaware of looming SFTR reporting obligation

13th February 2019

Company: bobsguide
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
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Emir Refit delay causes headache for small financial counterparties

12th February 2019

Company: bobsguide
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
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Interconnection key in growing payments ecosystem

11th February 2019

Company: Equinix
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
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5 steps to implementing AI for AML compliance

4th February 2019

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
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Challenger banks vulnerable to AML-savvy criminals

31st January 2019

Company: bobsguide
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