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Although the threat of cyberattacks is rising, banks are being pushed to go back to the basics of cybersecurity, according to a penetration specialist. On December 31, 2019 a group of hackers called Sodinokibi launched a cyberattack on the Travelex network. The group held the foreign exchange company to ransom for £4.6m the Telegraph...

Card schemes will control all payments in the next 10 to 15 years, according to a panel of payments advisors at the Westminster Business Forum’s Payments policy and regulation conference today in London. The panel, which also included spokespeople from Visa, UK Finance, and Lloyd’s Banking Group, discussed the transition of the...

There is a disconnect between associations and market participants over the use of a Master Regulatory Reporting Agreement (MRRA) for European Market Infrastructure Regulation (Emir) and Securities Financing Transactions Regulations (SFTR) reporting. Some say the standard format of contract will make agreements easier. Others suggest the...

With banks under pressure to increase profit margins, more are turning to machine learning (ML) to make a significant difference in their middle and back offices. One such area that is gaining greater attention from both the market and regulators is the use of ML and alternative data for credit underwriting. On December 19 the Bank of...

Banks to expand their use of analytics, according to Alex Kwiatkowski, principal industry consultant at SAS’ global banking practice. “[Banks] have not yet realised the full potential of analytics,” says Kwiatkowski. “They may have analytics in siloed areas, perhaps on individual functional areas… but the idea of...

Which individual do you think is really driving the fintech agenda in your organisation? Or perhaps you’ve been dealing with someone externally who has impressed you? We’re compiling a list of the individuals who are making the difference in the industry today, and so shaping the future of the fintech ecosystem. Closing on...

Insurance firms may be turning away from in-house tech solutions and focusing on external partnerships according to market participants and industry bodies, as internal capabilities falter. “Aviva has set up its Digital Garage, so that’s moved quite quick and got quite a lot of profile quite quickly, but Aviva as I understand it are...

Over the past few years the mortgage market has grown increasingly complex, leading to the growth of broker websites that aim to help consumers make informed choices. One such provider – Habito – has seen exponential growth rates since launch in 2016 and last year announced a move into the lending market itself driven by a £500m...

New liquidity providers (LPs) are putting pressure on the market to move away from holding periods in the last look window on electronic spot FX trades, according to the head of futures and FX at OCBC Securities. “Indirectly these [new players] are trying to differentiate their service, differentiate their pricing, and they are indirectly...

Mid and lower tier US banks could find it difficult to run a third batch process within a business day to accommodate an additional same-day Automate Clearing House (ACH) settlement window, according to the head of global payments at a tech vendor.   “I think it is the tier three, four, and five banks that will go, ‘wow,...