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Federal Bank picks ACI Worldwide to boost fraud protection

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India-based Federal Bank has selected ACI Worldwide and its UP Payments Risk Management solution.

$12.4m was lost to fraud in India during Q4 2019

Starting off as a private bank founded in 1931 named Travancore Federal Bank, it has since become one of India’s largest private sector banks, with assets of around $22 billion.

Federal Bank has 1,200 branches and over 1,600 ATMs and claims to have a customer base of more than 10 million.

Through its tie-up with ACI Worldwide, the bank is aiming to identify fraudulent card activity, mitigate losses and enhance customer relationships.

While security challenges for banks are changing fundamentally, we want to make sure that we are always ahead of fraudsters,” says Shalini Warrier, executive director at the bank.

“Given ACI’s expertise and proven ability to scale, we approached them to discuss our fraud and risk management requirements.”

Reserve Bank of India (RBI) data reports than 11,000 cases of fraud worth a combined $12.4 million occurred between October and December 2019 in Federal Bank’s home country. Figures for the whole year showed $30 million lost to fraudsters.

Our objective was to equip Federal Bank with real-time reactivity and adaptation to emerging fraud trends, enabling faster decision-making,” says Kaushik Roy, vice president and country leader for South Asia at ACI Worldwide.

Federal Bank tied up a remittance partnership with MoneyGram in May, and offers a direct-to-account remittance option for its customers.

The bank is also undergoing a technology change. In 2017 it selected Intellect Design Arena’s digital transaction banking (DTB) platform as part of a revamp programme.

Related: Conductor selects ACI Worldwide systems for Latin America expansion

Source: https://www.fintechfutures.com/2020/06/federal-bank-picks-aci-worldwide-to-boost-fraud-protection/

Fintech

HSBC Rolls Out Recycled Plastic Payment Cards

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We’ve seen a widening range of ways that fintechs and financial services companies are responding to the global crisis of climate change. Finovate Best of Show winner Meniga, as just one example, teamed up with Iceland’s Islandsbanki earlier this year to launch its carbon footprint tracking, green banking solution, Carbon Insight. In March, we looked at 25 different fintech companies that were “going green” with initiatives that ranged from leveraging customer deposits to fund “climate-positive projects” to helping investors build portfolios of low carbon companies.

Today we learned that HSBC is commemorating this year’s Earth Day with news that it plans to eliminate single-use PVC plastic payment cards by the end of 2026. Instead, the bank will use recycled PVC plastic (rPVC), a shift already underway in markets like Malaysia and Sri Lanka. The new cards, part of HSBC’s goal of reducing its carbon emissions and reaching net zero in both operations and supply chain by 2030, are expected to reach the U.K. by summer, with markets in South Asia and North America – including the U.S. – getting the new cards by the end of the year.

“This is another step as we move towards a net zero business, to help the bank and our customers make a positive impact on the environment,” HSBC group head of retail banking products Richard Harvey said.

An issuer of 23 million cards a year, the transition to the rPVC-based cards is expected to reduce CO2 emissions by 161 tons a year. The switch will also result in a significant reduction in plastic waste — by 73 tons a year.

Not all who heard HSBC’s Earth Day message were moved, unfortunately. A small group of climate change activists broke windows at the bank’s Canary Wharf headquarters as part of a protest against HSBC’s business with fossil fuel-based companies. Nine women were eventually arrested in the protest, which was planned by a group called Extinction Rebellion.

And while the incident likely took some of the shine away from the HSBC’s environment-positive messaging, when it comes to Earth Day activism, it could have been worse


Photo by Anete Lusina from Pexels

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Source: https://finovate.com/hsbc-rolls-out-recycled-plastic-payment-cards/

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US, Canada lead in open banking adoption, with 16 million using API

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Sixteen million consumers in the United States and Canada are using the Financial Data Exchange’s (FDX) open banking and finance API, according to data reported by the nonprofit financial sector standards organization Wednesday. Open banking allows third-party vendors to access data collected by banks and financial institutions using software gateways, or APIs, and FDX works […]

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Source: https://bankautomationnews.com/allposts/infrastructure/us-canada-lead-in-open-banking-adoption-with-16-million-using-api/

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FinovateSpring Digital 2021 Sneak Peek: FINBOA

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A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

FINBOA’s workplace automaton platform and workflow solutions, including Regulation E Dispute Tracking, transform compliance processing for banking institutions, increasing efficiency by 80-90%.

Features

  • Improve efficiency and customer experience with process automation
  • Reduce regulatory deficiencies and compliance risk with workflow solutions
  • Increase information access with centralized data management

Why it’s great
With impactful, easy to adopt, and quick to deploy process automation solutions, FINBOA helps banks and credit unions improve compliance, efficiency, and customer experience enterprise-wide.

Presenters

Dave Hunkele, Advisor to FINBOA
Hunkele advises FINBOA through his company, Kreativelabs Consulting, and works with fintechs, financial institutions, and industry associations helping organizations innovate, grow, and transform.
LinkedIn

Raj Singal, CEO & Founder
Singal is the CEO & Founder of FINBOA. He is a leading innovator in back-office process automation solutions for banks and credit unions.
LinkedIn

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Source: https://finovate.com/finovatespring-digital-2021-sneak-peek-finboa/

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FinovateSpring Digital 2021 Sneak Peek: Quantum Metric

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A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

Quantum Metric helps organizations build better digital products faster. Our platform for Continuous Product Design gives business and IT teams a fast and quantified single version of truth.

Features

  • Enables real-time data driven decision making
  • Aligns siloed teams like business and IT
  • Centers the product design process around customer interactions

Why it’s great
Quantum Metric helps companies increase organizational alignment and digitally transform their customer experiences.

Presenters

Jake Canaan, Sales Engineering Manager
Canaan leads the Solutions Engineering teams in the Northeast and Great Lakes for Quantum Metric. He is based in Washington, DC.
LinkedIn

Trevor Pyle, Director of Product Marketing
Pyle is a Director of Product Marketing focused on the core Quantum Metric platform. He is based in beautiful Denver, Colorado.
LinkedIn

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Source: https://finovate.com/finovatespring-digital-2021-sneak-peek-quantum-metric/

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