SWIFT Standard Changes 2019 SWIFT is a messaging format that allows banks, financial institutions to communicate by sending electronic messages. Every year, SWIFT collects the changes requested by its users, prepares and evaluates them with the technical and business consultants, and then publishes them in their SWIFT Standards Release Guide. This year, the [...]
How the Financial Services Industry Can Respond to the Regulatory Spotlight The financial services companies are innovating the whole financial industry, from increasing the speed of services to offering more added value to customers. However, they don’t operate independently of the circumstances that affect traditional financial institutions. In many countries, financial services companies [...]
How to Create a Culture of Compliance Compliance is quickly becoming a topic of great importance in the fintech industry and financial institutions as it becomes clear how dire the consequences of non-compliance can be. Since the financial crisis alone, banks have paid over $204 bn in fines. As such, the frequent model [...]
Correspondent Banking in the New World Order Banks are probably the oldest and most solid institutions in the finance industry. They are perceived as the foundation for economic growth and stability (or at least the role they play is essential). This has led them to become the most dominant players in the finance [...]
How Fineksus Manages Real-time Payment Schemes What SWIFT Offers Established in 1973, SWIFT or Society for Worldwide Interbank Financial Telecommunications is a cooperative that provides safe and secure financial transactions between the financial institutions that are a part of the network. Before the SWIFT, the only way to conduct international transactions was [...]
Preventing Compliance Risks During Customer Onboarding Know your customer, otherwise known as Know Your Client (KYC), is the name of the methods conducted by a bank or financial company to verify the identity of their clients. This allows them to evaluate the risks (or if there are any risks) of implementing a business relationship [...]
SWIFT Corporate Forum 2019 was Held in Dubai Supporting corporates achieving their optimisation goals, SWIFT Corporate Forum was held in Dubai on 4 March this year. Many attendees took part in the payments ecosystem including treasurers, members of the corporate finance departments and various other actors were present in the event to share [...]
Cross-Border Payments, New Models and the Future As time progresses and new industries or business models emerge, the old methods are struggling to find their place in the new world. The primary propulsion behind these changes is technology. Another one is demanding customers, constantly pushing financial institutions to be faster and accurate. While [...]
AML Compliance Issues and Trends in 2019 Anti-money laundering (AML) has always been an issue for the finance sector. But as the political stances change, strategic partnerships emerge and break, it is becoming an increasingly complicated matter. In the past, AML departments in banks were comprised of one or two staff members or they [...]
Insider Threat and Cyber Security Issues in the Financial Industry Finance industry depends heavily on data. Well, nowadays almost all companies rely on data to some extent, but finance companies literally live on data. This is why protecting their data is crucial to not only their security but also their existence. This makes [...]
