Connect with us

Fintech

Banks, cybersecurity and virology

Avatar

Published

on

How IT departments in financial institutions (FI) handle information security, both in prevention and incident management, could provide a blueprint for governments looking to overcome coronavirus (COVID-19) and get their economies back on track.

As someone who started my career as a healthcare worker (I was a registered nurse) before pivoting into the world of IT, I find myself thinking about my previous career a lot these days. If I hadn’t zigged instead of zagged 25 years ago, I could very well be on the front lines of treating coronavirus right now.

I would actually like to see governments take a more holistic look at how they’re fighting COVID-19

But I think the lessons I learned about safety and stemming the spread of disease are important in a lot of other walks of life, including cybersecurity in FIs. I would actually like to see governments take a more holistic look at how they’re fighting COVID-19 and see if there are principles and practices from the IT world that could help get the disease under control.

The first practice that is essential is understanding the threat. Financial institution IT departments are great at this, which is why there are few major data breaches that result from a lack of preparation. The proactive risk management approach in FIs includes extensive monitoring that red flag any anomalies, no matter how small. This doesn’t stop all problems, but it prevents small issues from becoming big ones. It’s pretty obvious that the early response to COVID-19 was nowhere near this organised and targeted.

Another critical practice is preventative isolation. Again, technology teams at FIs are the masters at this, because the access controls to the network or systems don’t allow issues to metastasize to other locations and systems.

Network access controls that are regularly implemented prevent unauthorised (or undesirable) connections, isolating those that are trusted versus those that are not. It also helps to prevent an issue jumping from system to system, creating a catastrophe. I like to think about it like a shot in an action movie where walls and gates come down inside a building to prevent the thief from escaping. Most governments in the world have restricted travel, which has significantly slowed the spread of coronavirus. But it wasn’t done soon enough, and it wasn’t uniform country-to-country, or even city-to-city.

On the other hand, social distancing is really helping to flatten the infection curve, and it’s something that IT departments in FIs have been doing for years (No, I’m not making a lame joke about introverted programmers). This is where incident isolation comes into play. When there is a problem with a system, that specific issue is very quickly identified and shut down so that it doesn’t affect other systems. That’s an almost perfect parallel between how IT teams fighting cybercrime and epidemiologists combatting COVID-19 think about things: stop the spread by pinpointing the issue and confining it.

Yet another area where governments could learn from FI security teams is having rigid processes and controls in place. Some businesses may have casual security policies with exceptions for everything or anything, but in the financial industry, shortcuts could earn you a job making license plates. Not only are new employees trained on security protocols, such as appropriate use of cloud-based document sharing tools, and multi-factor authentication, giving a true security culture, but there are constant security audits to ensure compliance.

From what I’ve seen, most jurisdictions have been casual and somewhat inconsistent in their anti-COVID-19 measures. What’s legal in one town might be banned in another. Just look at mask adoption in public places to see what I’m talking about.

I don’t want to stretch the analogy too far, but I actually don’t think it’s out of the realm of reality to compare how FIs manage cybersecurity with how governments and health officials should approach coronavirus.

We need more consistency, better preventative controls, faster responses, and more decisive actions. No one knows what the endgame of the coronavirus pandemic will be, but what we do know is that we’re not out of the woods yet. There may still be a more significant wave of the pandemic to come. When they formulate their prevention and response strategies, the people who are trying to keep us safe would do well to look at banks and adopt some of their best practices for keeping data safe and secure.

Source: https://www.fintechfutures.com/2020/06/banks-cybersecurity-and-virology/

Fintech

HSBC leans into APIs to expand Cash Flow Forecasting tool

Avatar

Published

on

HSBC is expanding its Cash Flow Forecasting tool across its global footprint, and leveraging APIs to do so with minimal impact to existing systems. Cash Flow Forecasting is an API-enabled tool that gives businesses an accurate picture of their future finances to manage liquidity. It launched in London in June, and is slated to roll […]

Source: https://bankinnovation.net/allposts/products/treasury-management/hsbc-leans-into-apis-to-expand-cash-flow-forecasting-tool/

Continue Reading

Fintech

Canada Partners with Swiss, U.S. Fintechs; Neobank Raises Millions in Mexico

Avatar

Published

on


When it comes to taking advantage of the best that the world’s fintech has to offer, you won’t find financial services companies in Canada sleeping on the job. This week in the country’s payments space, Toronto, Ontario-based Versapay announced its acquisition of Solupay, a contactless payments company based in Ohio. We also learned that FinovateEurope alum unblu, which offers a digital conversational platform for FIs from its headquarters in Basel Switzerland, had teamed up with Calgary, Alberta-based digital technology solutions provider Celero.

By the end of the week, Canada’s largest credit education company, Borrowell, announced that it was partnering with multiple Finovate Best of Show winner MX. Borrowell, the first company in Canada to offer free credit scores via its partnership with Equifax, has launched a new bill tracking feature called Boost on its app. The company will use MX’s data cleansing technology to improve Boost’s analysis of user spending behavior to help users make better financial planning decisions.

“With MX, Borrowell is giving its customers greater clarity into how they can become more financially strong as a means to increasing credit strength,” MX Chief Customer Officer Nate Gardner said. “It is exactly this kind of innovation, partnership and money experience that MX loves to enable through our powerful data platform.”


Last week we featured an extended Q&A with Eric Rosenthal, Vice President and Managing Director for the Americas with Rapyd. If you’re interested in learning more about the fintech ecosystem in one of the most overlooked regions of the world, our conversation with Eric Rosenthal is a great place to start.

With that in mind, congratulations to Mexican challenger bank Klar, which raised $15 million in Series A funding in a round led by Prosus Ventures this week. Founded in 2019, Klar now has approximately $72 million in total debt and equity financing, and noted that the new capital will help the company build its engineering capabilities in its hubs in Berlin and Mexico.

“Klar is making credit accessible to all Mexicans, including those with no credit history,” Klar co-founder and Chief Financial Officer Daniel Autrique said. “We help people build credit by looking at how and where they spend their money, instead of being stuck with traditional credit scores that are backward looking and obsolete.” The company said that, since inception, it has issued more than 25,000 lines of credit among its 200,000 customers.


Here is our look at fintech around the world.

Sub-Saharan Africa

  • Stripe makes inroads in Africa with acquisition of Paystack.
  • A partnership between Standard Bank, Mastercard, and Google will help SMEs in Africa offer their services online as well as accept digital payments.
  • Trading Technologies teams up with Cape Town-based Applied Derivatives, which will distribute the TT platform from South Africa.

Central and Eastern Europe

  • PayRay, a factoring company based in Lithuania, receives banking license and begins banking operations in its home country.
  • Lithuanian online payments firm Interpaylink partners with iDenfy to provide remote user identification.
  • Advapay, a digital core banking platform provider based in Estonia, teams up with U.K.-based identity verification platform Sumsub.

Middle East and Northern Africa

  • Cairo, Egypt-based financial wellness platform NowPay raises $2.1 million in seed funding.
  • Central Bank of Bahrain launches the region’s first digital fintech lab, FinHub 973.
  • Commercial Bank of Dubai introduces cards and accounts for low-income consumers courtesy of partnership with Now Money.

Central and Southern Asia

  • Indian payments processor Razorpay secures $100 million in Series D funding, earning a valuation just over one billion.
  • Mastercard announces partnership with Indian regtech Signzy to bring the company’s video KYC technology to its banking customers.
  • Indian fintech Open partners with Equitas Small Finance Bank and Visa to offer business debit card.

Latin America and the Caribbean

  • Brazilian payment solutions provider Ebanx announces expansion of operations into five countries in Central and South America.
  • Venio, a mobile app that provides financing to the unbanked, goes live in Mexico.
  • Chile’s third largest bank, Banco de Crédito e Inversiones (BCI), partners with Temenos to launch new corporate bank in Peru.

Asia-Pacific

  • The People’s Bank of China holds lottery to distribute millions in digital yuan valued at $1.5 million.
  • Vietnamese online payment portal AppotaPay scores payment intermediary license from State Bank of Vietnam.
  • PayMaya, a mobile payments platform based in the Philippines, launches new mobile payment device PayMaya One Lite, that enables acceptance of a range of digital payment types.

Photo by James Wheeler from Pexels

Source: https://finovate.com/canada-partners-with-swiss-u-s-fintechs-neobank-raises-millions-in-mexico/

Continue Reading

Fintech

Ditching the branch is a mistake, Forrester predicts

Avatar

Published

on

Banks that go fully digital as a result of COVID-19 could regret the move. “Banks shouldn’t abandon the branch but instead refocus it to drive customer and employee engagement,” according to Forrester’s “Predictions 2021: Banking” report. “They can reduce branch costs by being smarter about their footprint and technology as well as shifting to paperless […]

Source: https://bankinnovation.net/allposts/products/retail/ditching-the-branch-is-a-mistake-forrester-predicts/

Continue Reading
Blockchain News1 hour ago

Concerns Arise as North Korea’s Financial Services Commission Unsure of Its Cryptocurrency Mandate

Esports4 hours ago

G2 close in on NiKo deal

Denmark
Esports4 hours ago

Lyngby Vikings replace ENCE in Elisa Invitational; new groups and schedule revealed

Esports4 hours ago

Madden 2 ‘In Order to Access The Online Features:’ How to Fix the Bug

Esports4 hours ago

Apex Legends Switch Delayed Again

Esports4 hours ago

Pokémon GO Colorful Pokémon Are Revealed

CIS
Esports5 hours ago

Virtus.pro extend unbeaten streak with win over NAVI to reach IEM New York CIS grand final

Denmark
Esports6 hours ago

Heroic eliminate NiP; to face Astralis in DreamHack Open Fall consolidation final

Blockchain News9 hours ago

Kik Survives Legal Battle With the SEC, Kin Crypto to Continue Trading on Exchanges

Esports10 hours ago

How to Play With Friends Online in Dynamax Adventures in Pokémon Sword and Shield The Crown Tundra

Esports10 hours ago

How to Separate and Rejoin Calyrex from Glastrier or Spectrier in Pokémon Sword and Shield Crown Tundra

Energy10 hours ago

Grand Opening of the 25th China (Guzhen) International Lighting Fair

Esports11 hours ago

All increased spawns, encounters, and event raids for the Pokémon Go Halloween Event

Esports11 hours ago

All Timed Research tasks and rewards in Pokémon Go’s 2020 Halloween event

Esports11 hours ago

All ‘A Spooky Message Unmasked’ Special Research tasks and rewards in Pokémon Go

AR/VR13 hours ago

Unity announces plans to release experimental version of Unity OpenXR early next year

Energy14 hours ago

World’s Sole Owner of PERKLONE and TRIKLONE Now Supplying Saudi Arabia Oil & Petroleum Refineries; PERKLONE EXT; Catalyst grade, UOP Approved

Esports16 hours ago

Complexity Gaming Signs Jks From 100 Thieves

Blockchain News18 hours ago

People’s Bank of China Seeks to Prohibit the Creation of Digital Tokens

Energy19 hours ago

EV Charge Holding Limited sichert sich 15 Millionen Euro von GEM

Energy19 hours ago

Xinhua Silk Road: Chinas Solarindustrie soll angesichts der angestrebten Klimaneutralität schneller wachsen

Energy21 hours ago

Xinhua Silk Road: o setor solar da China deve concretizar um crescimento mais rápido em meio a um objetivo de neutralidade de carbono

Energy21 hours ago

Xinhua Silk Road: La industria solar de China adoptará un crecimiento más rápido en busca del objetivo de la neutralidad de carbono

Fintech22 hours ago

HSBC leans into APIs to expand Cash Flow Forecasting tool

Blockchain22 hours ago

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along

Esports22 hours ago

jks: “I’m at the point in my career where I really just want to win a lot of things; this is the reason why I came to Complexity”

Energy22 hours ago

Insights on the Fermented Ingredients Global Market to 2027 – Strategic Recommendations for New Entrants

Blockchain23 hours ago

Exploring the current state of cryptocurrency taxation in the European Union

Fintech23 hours ago

Canada Partners with Swiss, U.S. Fintechs; Neobank Raises Millions in Mexico

Energy23 hours ago

$6.9 Billion Worldwide Spandex Industry to 2027 – Impact of COVID-19 on the Market

Energy23 hours ago

Kimbell Royalty Partners Declares Third Quarter 2020 Distribution

Denmark
Esports23 hours ago

Vitality edge out Astralis to reach DreamHack Open Fall grand final

Energy23 hours ago

Turquoise Hill completes 10:1 share consolidation

Energy23 hours ago

Insights on the Rayon Fibers Global Market to 2027 – Featuring Grasim Industries, Kelheim Fibres and Lenzing Among Others

Aerospace23 hours ago

Boston startups expand region’s venture capital footprint

Esports23 hours ago

How to Make Excellent Throws in Pokémon GO

Esports23 hours ago

Professor Willow Spotted a Colorful Pokémon: Galarian Ponyta Teased in Pokémon GO

Esports23 hours ago

Adventure Together Pokémon GO: How to Make a Pokémon Your Buddy

Energy24 hours ago

Valvoline to Participate in Gabelli Annual Automotive Aftermarket Symposium on Nov. 3

Energy24 hours ago

$172 Million Worldwide Friction Stir Welding Equipment Industry to 2027 – Impact of COVID-19 on the Market

Trending