Latest News
Register for our latest webinar with NICE Actimize on 11 July 2019 at 15:00 UK time, as industry experts discuss how to make the most of the latest technology including AI to fight fraud.
As open banking and PSD2 take ever-stronger foothold, financial service organisations are utilising modern technologies, like AI and Machine Learning, to supercharge their fraud detection and internal processes. While the emergence of open banking can seem like it offers an open door to fraudsters, better fraud profiling across the industry can minimise account takeover attacks. With the right analytics and interbank as well as intrabank collaboration APP fraud can also be significantly reduced.
The goal? – To turn the opportunity for fraudsters on its head and create a hostile environment from their perspective. Staying one step ahead will reap dividends and the industry needs to pull together to protect its reputation.
Join Finextra and NICE Actimize for this webinar, and hear experts discuss, debate and answer the following questions and more:
How to make the most of the latest technology and AI to fight fraud in channels in the new operating environment under PSD2 How can SCA and better fraud profiling minimise account takeover attacks? Can increased collaboration between banks pave the way for a reduction in APP fraud? What needs to be done to better educate the customer on the data they own, and what is the benefit of doing so?Register for our latest webinar in association with Epiphany on the 04 July 2019 at 15:00 UK time as industry experts discuss how to drive growth and reduce fraud with adaptive authentication technology.
Open banking represents a sea of change in the way financial services are operated and delivered, and yet at this stage in developments, many large financial institutions have not only missed various deadlines, they are set to miss the next tranche as well.
What is the reason for this, are they struggling with the transformation required of outdated legacy? Are they oblivious as to the opportunities at play, or indeed complacent as to the competition posed by third parties. Or are they simply blindsided by seemingly conflicting regulatory changes?
Developments are taking place across the market, APIs are being built and shared, and the customer is becoming slowly but surely increasingly aware of changes and new services which offer them greater control, visibility and flexibility. Banks must understand the new banking experiences that customers will expect.
Traditional, long-standing institutions are in a great position to lead the charge with open banking and capitalise on the commercial value that the new data-driven models can bring about. But where should they start with implementing their strategy? Cultural transformation, quality data capture, partnership strategy, refining the business goal and objectives?
Join this webinar hosted by Finextra, in association with Epiphany, to hear industry experts discuss this and more.
Speakers include:
Sarah Häger, Head of Open Banking Community, Nordea Mark Hartley, Founding Partner of Bankifi and Advisor to the board of Nationwide, Bankifi/Nationwide Joanne Moretti, Go-to-Market Adviser, Epiphany Paolo Spadafora, CEO and Founder, Epiphany
Facebook's new digital currency, Libra, could "substantially improve financial inclusion and dramatically lower the costs of domestic and cross border payments," Bank of England governor Mark Carney has said in a speech during which he also revealed the central bank could open up access to its balance sheet to new payment providers.
Carney used his Mansion House speech to flesh out earlier initial comments on the Libra project, giving a considerably warmer response to Facebook's plans than most regulators and politicians have proffered.
"The Bank of England approaches Libra with an open mind but not an open door," Carney told his audience, adding that "the terms of engagement" must be adopted in advance of launch because the project would by systemically important and therefore need to meet the "highest standards of prudential regulation and consumer protection".
Notably failing to name Facebook, the governor talked of the "cooperative of technology companies" involved in Libra and stressed that it must be a "pro-competitive, open platform that new users can join on equal terms".
Facebook can expect intense srutiny from global regulatory bodies. “It has to be safe, or it’s not going to happen,” Carney told the BBC in an interview broadcast on Friday. “We, the Fed, all the major global central banks and supervisors, would have direct regulatory (oversight).”
Regulatory authorites are concerned that Libra might grow to replace national sovereign currencies, displacing depoits at banks and creating instability in the financial system. France is reportedly forming a task force within the Group of Seven (G7) nations to examine the issues under the leadership of European Central Bank board member Benoit Coeure.
More generally, "whatever the fate of Libra, its creation underscores the imperative of transforming payments," according to Carney, which is why the BofE is looking to open up access to a wider range of payment options.
To this end, consultation is set to begin on opening access to the central bank's balance sheet to new payment providers, such as Facebook. Carney says that it "makes sense" to consider whether new players should be able to hold funds overnight on the BofE's balance sheet.
This could increase competition, support financial stability by reducing reliance on the big banks, and reduce costs. It could also promote innovation, says Carney, citing the various consortia of broker dealers that are already working to develop settlement systems using distributed ledger technology that "could overhaul how markets operate".
Innovation is needed because the "UK system has a way to go" before it meets consumer and business expectations in the digital age, says Carney. Few people use the Faster Payment System-based mobile app PayM and Faster Payments is still not used for in-store and online purchases, putting the UK a long way behind the likes of Sweden and India. Meanwhile, card payments are convenient but expensive.
Carney says the Bank is responding through the rebuild of its RTGS system, giving more payment service providers access to it. The rebuild will also provide API access to users to read and write payments data, while each payment will be tagged with information in a standardised format.
Carney's speech drew on a new BofE review, called Future of Finance, put together by a group chaired by Huw van Steenis.
The wide-ranging review makes a host of recommendations for the Bank, among them:
Develop the infrastructure to make cross-border payments more efficient and cheaper, including through richer messaging standards Create an API to improve information retrieval and sharing from payment systems Champion trusted digital identification Embrace the cloud Support an 'air traffic control' for major projects, bringing all regulators together Promote AI and machine learning but establish a working group on their ethical use Support better credit files for SMEs Boost protection against cyber-risks through better data recovery and cyber-exercises Embrace digital regulation
Join this webinar, hosted by Finextra, in association with Token, on 18 July 2019 at 15:00 UK time to find out what strategies and partnerships banks might employ to deliver the most value from APIs in the new open banking ecosystem.
Corporates and SMEs alike are in the running for a raft of potential new services on the back of open banking. The slow-moving evolution is in part due to challenges around data management and the accessibility of third parties on the part of banks. What state of readiness are they in to take advantage of the open and lucrative field in front of them - will it be the banks or the third parties who drive change?
Some financial organisations have merely done enough to ‘tick the regulatory box’, yet there is much more to be leveraged from PSD2, compliance, and open banking. There is increased recognition and acknowledgement across large traditional banks that designing and implementing an API infrastructure is no mean feat, and yet worth doing properly. Can banks do it alone? What is the best strategy in terms of partnering to create a platform that leverages the opportunity and potential for the optimum customer offering?
Creating a much richer third-party experience satisfies the regulators by encouraging competition but also sets banks up to make the most of a more open ecosystem, enabling them to monetise their huge data asset.
Discussion points include:
What use cases and services can be developed on the back of APIs? The advantages of investing in APIs, and the challenges in doing so What needs to change in order for banks to lead the charge in the new open banking landscape? Can they go it alone?Spekers Include:
Carlos Lopez-Moctezuma, Global Head of Open Banking, BBVA Thomas Nielsen, GTB Chief Digital Officer, Deutsche Bank
Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre.
Please read our Privacy Policy.
Join ACI Worldwide and SWIFT for the second in our global webinar series looking at how banks can drive full value from their gpi investment and improve their customer experience - all with minimal disruption
DRIVE FULL VALUE FROM SWIFT gpi
Where are we in the journey of SWIFT gpi and how can a bank benefit? How do you connect the entire bank from HQ to branch? What is the evolution from mandatory to optional Swift solutions? What are the benefits for recent gpi overlays – e.g. pre-validation, GCCT Instant etc?Speakers:
Daniel Lynch, Data Analytics Compliance and Payments Innovation, SWIFT Craig Ramsey, VP, Head of Real-Time, ACI Worldwide
Event information
Webinar: The Future of Banking is Open
Join this webinar, hosted by Finextra, in association with Token, on 18 July 2019 at 15:00 UK time to find out what strategies and partnerships banks might employ to deliver the most value from APIs in the new open banking ecosystem.