How is Coronavirus affecting the financial payments industry and compliance?
How is Coronavirus affecting the financial payments industry and compliance? As the COVID-19 outbreak affect many business areas and their way of operation, the financial ecosystem has had its share in this transformation towards a more digitalized and zero-touch environment. As one of the natural results of the pandemic, people tend to increase the [...]
Why KYC matters in compliance?
Why KYC matters in compliance? What is KYC? It is one of the most important responsibilities of the banks to make sure that the identity of their customers is genuine, namely they are who they claim to be. So, KYC (Know Your Customer) is a compulsory process for the banks when opening a new [...]
Benefits of SWIFT gpi (Global Payments Innovation)
Benefits of SWIFT gpi (Global Payments Innovation) SWIFT, known as the payment messaging network that provides secure and easier transactions internationally in between over 10.000 financial institutions, has developed a new initiative called SWIFT gpi (Global Payments Innovation) and it aims to enhance the payment procedures via SWIFT both for the customers and institutions. The [...]
Cybersecurity in the Financial Industry
Cybersecurity in the Financial Industry The concepts of trust and security rely on the heart of financial services but unfortunately, it gets more and more challenging every day to maintain confidentiality, to provide the necessary systems and services and to keep the data safe at the same time. This is because cybersecurity threats are [...]
Top 10 Compliance Challenges in 2020
Top 10 Compliance Challenges in 2020 As the financial world gets more and more regulated everyday, organizations are facing greater burden and stress to keep up with the pace of alterations and to comply with the evolving regulations. In 2020, the challenges of regulatory compliances will require a more technology and user-centered strategies since [...]
The 3 Key Trends in Financial Messaging Solutions
The 3 Key Trends in Financial Messaging Solutions The challenge As the demand on the inter- and intra-bank relationships is increasing, the corporates are also added to the equation and occasionally the pressure on the financial organizations to create a more effective financial messaging system is showing its face more and more everyday. SWIFT, [...]
AML Hot Topics for 2020
AML Hot Topics for 2020 Throughout 2019, new regulations were brought into force to enhance the scope of the AML compliance. In this ever-changing and demanding regulatory atmosphere, financial institutions, which are expected to adapt themselves and their systems to the needs of the evolving and competitive financial ecosystem, spent billions of dollars to [...]
Will China’s cashless society change the banking system?
Will China’s cashless society change the banking system? Asia's move towards a cashless society More than half of the world's millennials, who are getting more and more tech-savvy every day, are living in Asia. So, the technological improvements, high smartphone usage, and other structural aspects like demographics and urbanization coming together created a suitable [...]
SWIFT Regional Conference: Turkey & Middle East
SWIFT Regional Conference: Turkey & Middle East SWIFT Regional Conference brought together more than 250 policymakers, industry leaders, regulators, and financial experts from this diverse region of Istanbul to do business and shape the future of the financial sector. The two-day program was a mix of keynote speeches, interactive panel sessions, and practical [...]
Open API Framework in the Banking Landscape: Threat or Opportunity?
Open API Framework in the Banking Landscape: Threat or Opportunity? To keep pace with the technological developments, to comply with the new regulations, and to remain competitive in the finance industry, banks must find digital partners to innovate and redefine their ways of working. The regulations started to demand the transition to a more [...]
The Best of SIBOS 2019 London
Fineksus at SIBOS 2019 Featuring more than 11,000 delegates, 600 speakers and 300 exhibitors, Sibos 2019 London was the largest and most ambitious Sibos to date. As Fineksus we had a great event with our visitors in our stand. The main topics of SIBOS are about SWIFT gpi, processing of Data Science, [...]
Fineksus and Neterium partner for AI-driven AML
Fineksus and Neterium partner for AI-driven AML For years, banks and regulated entities have been using solutions designed in the last decade, with low efficiency having a devastating effect on compliance costs, and only a marginal real impact on illegal activity. The current technology stack, including machine learning, standard APIs and cloud deployment, allows [...]
Compliance Day Istanbul 2019
Compliance Day Istanbul 2019 Here you can find a brief summary of our Compliance Day Istanbul 2019 event. Compliance for Fintech After the opening speech, the first session started with our speakers: Tarik Tombul, Erdost Pehlivan, Ufuk Sinel and Fatma Atila. They discussed Fintech compliance. Tarik Tombul explained that the compliance process was introduced [...]
Cloud Adoption in Financial Messaging Services
Cloud Adoption in Financial Messaging Services Why adopt the cloud? The fact that the financial services facing serious problems with the rise of digitalization and the new and different needs coming with it naturally drive them to find a solution to help them adapt to this new environment which is the cloud computing. Before [...]
Achieving Standardization in KYC (Know Your Customer) Compliance
Achieving Standardization in KYC (Know Your Customer) Compliance What is KYC? KYC (Knowing Your Customer) is the process that is designed to identify the clients of a business and evaluating their profiles for the compatibility to prevent any illegal transactions. KYC is commonly used in bank regulations for financial crimes and especially in anti-money [...]
How AI Impacts AML and KYC Compliance
How AI Impacts AML and KYC Compliance Anti-money laundering (AML) is one of the toughest issues in the financial industry today. Because the amount of money coming from criminal acts as terrorism and drug trafficking has reached nearly to $2.4 trillion per year. And this money will be laundered [...]
Ultimate Guide To Choose The Best Financial Messaging Solution
Ultimate Guide To Choose The Best Financial Messaging Solution Every business’ sustainability depends on the reliable and secure exchange of money. In this case, financial institutions stand as the gatekeepers as being responsible for providing transparency and security, especially during international transactions. This mission brings financial institutions a great challenge and [...]
How AI Helps Banks On AML Compliance
How AI Helps Banks On AML Compliance Anti-money laundering (AML) is defined as a set of regulations and procedures designed to prevent criminals from concealing illegally obtained funds as legal income. AML laws cover a relatively limited number of transactions and criminal acts with great indications. However today the [...]
How to Build Fintech AML Compliance
How to Build Fintech AML Compliance Every financial technology (Fintech) start-up has its own core focus on answering a problem in the financial industry. However, after starting the company, the focus begins to get distracted as many other problems about running a business begin to occur. Instead of focusing on improving the product, [...]
5 Things to Know About Secure Financial Messaging Services
5 Things to Know About Secure Financial Messaging Services Correspondent banks are a key player in the global economy. They enable and improve the liquidity of currency, which is one of the fundamental factors in economic growth. Moving money around the world is not only beneficial for the economy, but it’s also a good [...]
SWIFT Standard Changes 2019
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
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
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
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
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 [...]