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Tech Talk: Personalized banking, instant card issuance, real-time payments, and more!

KYC to mitigate money laundering
Personalized banking platform
Financial instant issuance
Bank-backed payment network grows
A faster SMB payments solution
Global real-time payments expanded
Bank deploys Voice ID tech
Cloud-enabled attacks
AI for security awareness training
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

KYC to mitigate money laundering
Money laundering has become a growing problem around the world. Large scale criminal gangs often use complex money laundering techniques to avoid detection, while smaller groups or individual bad actors may use simpler methods to conceal their illicit activities. Anti-money laundering (AML) laws require financial institutions to verify large sums of money passing through the institution and to report suspicious transactions. According to a recent report released by data firm Fortytwo Data, 90 percent of Europe's biggest banks have been sanctioned for money laundering, highlighting the need for more stringent AML and KYC measures, reports. PYMNTS.com.

Personalized banking platform
Growing competition from challenger banks and tech-savvy consumers is driving the demand for banks to provide their customers with a more unique and personalized banking experience. Global technology services firm Aspire Systems has partnered with core banking specialist Temenos on a new digital banking ecosystem that provides ultra-personalized banking services. Using DYOB (Design Your Own Digital Bank), banks can curate a personalized set of themes to incorporate their brand for an enhanced customer experience and increased operational efficiencies. IBS Intelligence has the details.

Financial instant issuance
When a customer loses their debit or credit card, or their card has been involved in a breach, financial instant issuance (FII) solutions can greatly reduce their concerns and increase their loyalty. An estimated one-third of payment card users say instant issuance would influence their choice of a financial institution. Your institution can raise payment card activation rates and boost its bottom line with FII – if the technology is implemented with some key considerations in mind. ATM Marketplace has the details.

Bank-backed payment network grows
In today's fast paced and technology driven world, people want quick, easy and secure ways to manage their finances and send money. The bank-backed digital payments network Zelle is meeting that demand. The Zelle Network processed more than 100 million transactions and $28 billion in payments in the second quarter this year. More banks are getting in on the action to provide their customers with an easy payments experience, reports Finextra.

A faster SMB payments solution
Like consumers, small businesses are looking for faster, more efficient ways to process customer payments and improve liquidity. To help SMBs and other organizations meet the demands of today's market, payment service provider Quatrro Processing Services (QPS) has partnered with fintech provider Cash Flow Solutions to to authorize, transact, and process ACH payments quicker and easier. ATM Marketplace has the details.

Global real-time payments expanded
Real-time payments are at the forefront of the global payments market, providing businesses with quicker, cheaper options for disbursing funds to partners and customers across country borders. Global payments platform Worldpay, Inc. has launched new payout solutions that combine the enhanced Worldpay Bankout solution and Worldpay FastAccess (enabled by Visa Direct), and has expanded the service to more than 50 countries throughout the world. Finextra has the details.

Bank deploys Voice ID tech
With the ever-increasing reliance on technology and the need for multiple passwords and PINs to access accounts and websites (with increased risks due to password reuse), customers have become more receptive to easier and more secure methods of authentication. With many consumers using voice recognition technology to interact with virtual assistants like Siri and Alexa, use of the technology is becoming more mainstream in the financial sector. Lloyds Banking Group has rolled out Voice ID for call center verification of its customers. Finextra has the details.

Cloud-enabled attacks
Cloud computing – the delivery of on-demand computing services from "the cloud" on a pay-as-you-go basis – provides firms in all sectors access to anything from applications to storage from a cloud service provider, providing enhanced flexibility and lower costs. Criminals are also taking advantage of the benefits "as-a-service" technology provides to evade detection and deploy more sophisticated attacks. Threatpost has the details.

AI for security awareness training
As technology and emerging threats continue to evolve, the defensive measures and training to combat those threats must be adapted to achieve optimal results. Security awareness training firm KnowBe4 has integrated artificial intelligence and machine learning capabilities into its security awareness training and simulated phishing platform. The enhanced features provide risk assessments and security awareness performance based on previous training and simulated phishing data. Security Week has the details.

Spams, Scams and Breaches

Updates, Patches and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

And on the lighter side...

Since Europe passed the General Data Protection Regulation (GDPR), email inboxes have been flooded with notices from companies impacted by the new regulation. Some recipients took to social media to poke fun at the deluge.

First published on 10/12/2018

Briefing type:

Tech Talk

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