Insights
Insights
Here are the latest trends and insights along with emerging technologies that are shaping the Finance Industry through the eyes of Fineksus team.
Here are the latest trends and insights along with emerging technologies that are shaping the Finance Industry through the eyes of Fineksus team.
SWIFT Standard Changes 2020
SWIFT Standard Changes 2020 In recognition of the operational stresses that the Covid-19 pandemic is putting on the global financial community, and especially on smaller institutions therein, SWIFT has decided to prioritize for 22 November 2020 only the MT Category 5 (Securities Markets) messages, which are required to enable compliance with forthcoming European regulations, [...]
ISO 20022 – Secure Payments to Transaction Management
ISO 20022 – Secure Payments to Transaction Management ISO 20022 vs. the Current System ISO 15022 The ISO 20022 is a financial standard that aims to provide a universal, open and ample dictionary for financial data transmissions among systems and financial institutions. It serves as a globally accepted prescription to create new financial messages [...]
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 [...]
