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Cybersecurity: Kompli-Global Launches Initiative to Help Firms Evaluate their Financial Fraud Prevention Strategies



With fraudulent activities on the rise and malicious actors becoming a lot smarter and more sophisticated in navigating online systems, it has become quite critical for payments and financial services providers to make sure they’ve got the right cybersecurity measures in place to combat online fraud.

That’s why Kompli-Global, a Fraudtech specialist, has introduced The Great Kompli-Global KYB Bake-Off challenge.

The main goal of the challenge is to put companies’ fraud prevention systems to the test, identify which companies they may onboard and whether their existing procedures are appropriate for effectively dealing with fraudulent activities carried out via digital or online platforms.

In addition to the Bake-Off challenge, Kompli-Global has introduced Kompli-Investigate™, which is described as a rich research utility, fraud prevention, and detection system that lets IT professionals conduct thorough investigations of corporates and the people associated with such organizations.

An important aspect or component of the Kompli-Investigate™ system is Kompli-Konnect™, which is a complete and accurate corporate structure data that has collated and reconfigured all of Companies House data since 1986.

Kompli-Global linked and connected all Directors, owners, firms, and related addresses to offer an accurate and current entity resolution product. The system updates new and changed information and re-maps the database daily. In-house professionals are responsible for overlaying known fraud characteristics and suspicious Modus Operandi (MO) scenarios to provide a unique risk prognosis for users, and informing relevant entities about criminal activity.

With the right in-house and technological expertise, Kompli-Investigate™ aims to complete the missing pieces of the fraud prevention strategy by allowing payments firms and other Fintechs to make connections, before carrying out deep due diligence for convictions, allegations of criminality and associations to adverse events and activity.

If a new company or business is looking to open an account, Kompli-Investigate™ will be able to  identify all connected businesses and people to that particular company. This enhanced investigative tier aims to provide a unique predictive layer to due diligence and flags businesses or companies that could potentially engage in unlawful activities.

Martin Pashley, Chief Commercial Officer at Kompli-Global, stated:

“Today’s fraudsters know exactly how to work the system but what we have designed significantly enhances payment providers’ fraud prevention efforts by supplying them with the information they need to really question the business they are taking on. Therefore, we feel this is an important challenge to set those businesses either sending, receiving, processing or facilitating payments so they can see how complete their KYC jigsaw is.”

Pashley added:

“By taking part in our simple challenge, we can quickly show companies the information they might be missing and the potential of already available technology on the market. We’re so confident that Kompli-Investigate™ provides the most complete and accurate KYB insight, we challenge all companies to a ‘Bake-Off’.”

The Great Kompli-Global KYB Bake-Off challenge was developed for firms so they may test out their systems with real-life scenarios, in order to check if they would work with certain entities/individuals.

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London’s DNA Payments Group Enters £100M Deal with Alchemy Partners



London-based DNA Payments Group, the fast-growing “vertically integrated” payments firm, has entered a £100 million deal with Alchemy Partners (Alchemy).

With an operations based hub in Kent, DNA presently serves more than 45,000 merchants including established online and offline retailers to SMEs, offering them with  70,000+ terminals which make “over 20 million transactions worth over £600m a month.”

As mentioned in a release, DNA is one of just a few players in the United Kingdom and Europe with fully Cloud enabled omni-channel payment processing capabilities, and also “provides a variety of SaaS and PaaS solutions to major global acquirers and payment schemes.”

The investment by Alchemy “sees DNA well positioned to benefit from the strong market opportunity, with the UK beginning to see signs of a recovery from the Covid-19 pandemic,” the announcement noted.

Arif Babayev and Nurlan Zhagiparov, the founders of DNA, stated:

“Alchemy’s investment marks a historic day for DNA and is a huge endorsement of our company and our technology. We have been looking for the right partner with the right ethos, vision and experience and we are lucky to have found this partnership with Alchemy.”

The past year has been quite challenging for businesses, and at DNA they have been “fully dedicated to helping [their] customers manage through the pandemic,” the firm’s management noted while adding that during the last few months DNA has expanded its digital commerce solutions and payment methods, “providing merchants with Pay by Link, Checkout v3, ApplePay, Pay by Bank, PayPal, Open Banking and many other new capabilities.”

As noted in the update:

“This transaction will allow us to accelerate our growth, helping more merchants accept payments quickly and easily, both in-store and online. Our technology and vertical integration give us an unparalleled advantage in servicing our partners and customers, but also provide a great foundation for bolt-on acquisitions.”

This investment will allow us to further improve our product offering and continue with our business strategy of making key acquisitions to grow our presence “not only in the UK but also internationally,” the firm’s management added while pointing out that they have “more than doubled [their] estate size and turnover in the past 18 months.”

Toby Westcott, Partner at Alchemy Partners, remarked:

“We are delighted to be partnering with DNA. Alchemy is always looking for opportunities to partner with talented business founders and uncover attractive investments that others may not be able to access.”

Wescott also mentioned:

“We are focused on helping companies grow and develop, and having worked closely with both Arif and Nurlan during this extraordinary period caused by the Covid 19 pandemic, it was clear that DNA and Alchemy’s goals, missions and values were closely aligned. Merchants’ increasing need for omni-channel payments solutions combined with the strength of DNA’s product proposition creates a compelling investment opportunity and we are excited to join DNA on its journey to build a leading payments business in the UK and expand into Europe.”

DNA Payments was advised by Proskauer, Houlihan Lokey and EY and Alchemy was advised by Macfarlanes and PwC on this transaction.

Launched in 1997, Alchemy aims to target key opportunities across Europe to team up with and work with management teams, assisting them with creating value by addressing problems, helping “take difficult decisions and driving through change.”

Since introducing its services, Alchemy has finalized more than 190 transactions, investing  £4 billion+ into firms and organizations based in 14 different countries.

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Equifax UK Updates Flagship Credit Risk Product, Risk Navigator 5, Will Support Improved Decision-Making



Equifax UK has reportedly made updates to its flagship credit risk product, Risk Navigator 5, which should establish a new standard in supporting improved decision-making and enhancing consumer credit outcomes.

Implemented using Equifax UK’s largest-ever data set, Risk Navigator 5, has demonstrated its potential to provide a 6% average improvement in predictive power, which may lead to a significant increase in acceptance rates for credit applications. With access to more reliable, representative data sets, lending platforms and creditors will be able to make informed and explainable decisions.

The improved predictive power could also lower bad debt provisions, thus enhancing the portfolio performance of lenders.

For the consumer, Risk Navigator 5 may increase access to credit, particularly for younger individuals who might not have an established credit history. Testing of the product reveals that there’s about an 8% overall improvement on credit score accuracy for people with a relatively thin credit file. This should mean that lenders may be more prepared or better equipped to provide  credit to a segment of clients that were underserved by mainstream or larger financial institutions.

Jayadeep Nair, Chief Product and Marketing Officer at Equifax UK, stated:

“Building a true picture of creditworthiness is a challenge for lenders, with important risk consequences for both their businesses and the wellbeing of their customers. Ensuring credit decisions are made using the latest predictive data available is more important than ever, as society navigates through the continuing financial uncertainty created by the pandemic.

Nair added:

“The launch of Risk Navigator 5 provides lenders with powerful insights that inspire confidence and transparency in decision making, with seamless and flexible integration alongside current risk models or as a standalone credit risk assessment. This latest evolution in credit risk will help improve responsible lending and financial outcomes for businesses and consumers alike at all stages of the credit lifecycle.”

As covered earlier this year, Equifax announced that it acquired transaction data analytics company AccountScore Holdings Limited to bolster its Open Banking and insights capabilities. Equifax reported that the acquisition will see it enhance its consumer and commercial product offerings, combining traditional credit bureau information held by Equifax with bank transaction data, facilitated by AccountScore.

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Nomura has Chosen Refinitv, a Financial Market Solution Provider, to Support Wealth Management in Singapore, Hong Kong



Nomura has reportedly chosen Refintiv, a multinational provider of financial market data and infrastructure, in order to leverage the Fintech firm’s wealth management solutions across Hong Kong and Singapore.

The Refinitiv Workspace for Wealth Advisors will be used as the main platform to provide up-to-date analysis and key market insights for Nomura’s relationship managers and investment advisors across the two Asian countries.

Refinitiv wealth management services aim to empower companies with much quicker time-to-market for digital properties.

It also provides a robust and flexible framework that includes web-based components, pre-built pages, APIs, mobile applications, and collaboration tools like video, co-browsing, and secure chat communication that can be configured for a clients’ specific requirements.

During the past couple of years, the company has been making strategic investments in the business via acquisitions like Scivantage and the introduction of Refinitiv Digital Investor and Refinitiv Workspace for Wealth Advisors.

Christopher Sparke, Head of Advisory Solutions at Refinitiv, an LSEG business, stated:

“We are absolutely thrilled to be working alongside Nomura’s International Wealth Management business to support their expansion. With Refinitiv Workspace, Nomura’s advisors and relationship managers will benefit from market leading data and tailored workflow, driving client engagement and advisor productivity.”

Akshay Prasad, Head of Investment Products & Advisory Solutions, International Wealth, remarked:

“We chose Refinitiv’s solution as its user-friendly interface and actionable insights will allow our client advisors to attract, engage and advise clients as we accelerate the expansion of our franchise across Greater China, Southeast Asia and the Global NRI markets.”

As covered last month, Refinitiv, a provider of financial markets data and infrastructure that has served more than 40,000 institutions in over 190 countries, joined forces with Fintech Studios, an AI-based news, market intelligence, and analytics provider, to provide industry, local and regional news, and research to wealth management professionals across Latin America.

In March 2021, Refinitiv expanded its digital investor solution with the launch of Wealth Connect, which was designed to help wealth management firms and their advisors advance with the growing pace of digital transformation within the wealth management industry.

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Global Payments Fintech Fiserv Appoints Wafaa Mamilli as Tech Risk Committee Board Member



Fiserv, Inc. (NASDAQ: FISV), a global provider of payments and financial services technology solutions, revealed on Friday (June 11, 2021) that it has decided to appoint Wafaa Mamilli to its Board of Directors. Wafaa will reportedly be serving on the Technology Risk Committee of the Board.

Wafaa has served as Chief Information and Digital Officer of Zoetis Inc. and a member of the executive team since January of last year. While working at Zoetis, the global animal health firm, Wafaa was leading global tech, digital, analytics, and cybersecurity teams powering business innovation, growth, and customer experiences.

Wafaa has also been tasked with supporting the firm’s digital and data analytic strategies and solutions that promote better animal care and customer businesses.

She joined Zoetis from Eli Lilly and Company, where she spent over 20 years in various leadership roles such as Global Business Units CIO. Wafaa also worked as Eli Lilly’s very first Chief Information Security Officer. She was responsible for leading strategy and execution to secure digital products, devices, manufacturing systems, and information.

Denis O’Leary, Chairperson of the Board of Directors of Fiserv, stated:

“Wafaa brings the insights of a deep technology background to our board, which will inform our focus on innovation and the creation of superior value for clients and shareholders. Her expertise and perspective on cybersecurity and the use of digital and data are particularly relevant in navigating today’s rapidly evolving technology landscape.”

Wafaa received her Master’s degree in Computer Science from INSEA in Rabat, Morocco, and also a Master’s degree in Business Applications of Information and Technology from Université Rennes in Rennes, France.

She possesses a General Management Certificate from the London Business School and has also completed the Harvard Business School’s Advanced Management program.

As covered in March 2021, Fiserv had entered an agreement with Pittsburgh’s Fintech Pineapple Payments. The terms of the deal had not been shared publicly.

Established in 2016, Pineapple Payments offers payments processing services, proprietary tech along with omni-channel payment acceptance services for integrated software providers and SMBs. The Fintech company serves over 25,000 merchants.

Frank Bisignano, President and Chief Executive at Fiserv, noted earlier this year that with Pineapple Payments currently serving as a key distribution partner of Fiserv, they intend to accelerate the delivery of innovative capabilities to many different merchant clients.

Bisignano added that together, they will aim to offer omni-channel payments tech and related services to enable merchants to “maximize the potential” of digital payment processing. He added that they’re looking forward to welcoming Pineapple Payments to the Fiserv team and continuing to provide services that merchants and their clients require.

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