Connect with us

News

REGTECH CHALLENGER LAUNCHES NEW COMMUNICATIONS SUITE TO SUPPORT SMALLER FINANCIAL PLAYERS

Published

on

  • Research conducted by SteelEye highlights large pool of small buy-side firms across Europe and the US who require a modern communications capture and monitoring solution
  • Existing options are built on legacy technology and support archaic data models and fee structures
  • SteelEye’s new tiered communications suite offers compliance record keeping (Comms Capture) and monitoring (Communications Surveillance Lite) in addition to its existing surveillance solution (Communications Surveillance Pro)
  • The lighter products are designed for firms that want increased control, oversight of and access to their communications data through a flexible and cost-effective platform – so they can better meet regulatory demand

SteelEye, the compliance technology and data analytics firm, has launched a new suite of communication compliance solutions to give financial firms of all sizes and risk profiles access to best-in-class record-keeping and oversight tools.

The Covid-19 pandemic has accelerated digitalisation in the financial markets, with increased adoption of cloud-based RegTech solutions. However, restricted by budget and resource, the options available to smaller financial firms have been limited. Many of the incumbent providers have not innovated in line with technological advancements, are still operating legacy platforms, and make it prohibitively difficult and costly for firms to access and use their data. Yet 88% of buy-side firms in Europe and 99% of buy-side firms in the United States can be classified as ‘small’ financial firms (with AUM of less than £10 billion per annum).1

SteelEye’s extended communications suite gives firms of all sizes access to flexible tools for communications data-hosting, monitoring and surveillance – with unlimited data access and exports and enhanced visualisation tools to give firms full value from data

 

Matt Smith, Chief Executive Officer at SteelEye, said:

“COVID-19 has posed huge data challenges for financial services businesses – impacting many firms’ ability to manage their regulatory obligations. Aside from the almost overnight acceleration to a cloud-based environment, the pandemic has introduced a variety of challenges around how to capture, store and analyse the vast volumes of data produced by a remote workforce.”

“We have created this three-tiered communications compliance suite to enable financial firms of all sizes and risk profiles to effortlessly bring together, monitor and use their communications data. The new lite solution revolutionises how smaller firms meet their communications record keeping and oversight obligations – a move we think is delivering the right solution to those requiring it.”

The SteelEye platform is unique in its ability to bring together and make sense of large volumes of both structured and unstructured data covering any asset-class, communication type or system. This enables financial firms to effortlessly and accurately comply with a range of complex and ever-changing regulatory obligations, whilst also giving them complete control of their data.

 

Matt Storey, Chief Product Officer at SteelEye added: “Regardless of what tier a firm chooses, they can feel safe in the knowledge that our unique, fully integrated, and cloud-based platform will simplify communications archiving and oversight, whilst increasing automation, reducing risk, and saving cost.”

“By introducing three distinct product sets we can ensure all our customers, no matter their size or risk profile, have a sophisticated solution – rooted in advanced data management – that enables them to meet regulatory obligations more quickly, efficiently and accurately.”

 

News

Union Bank of India goes live with RuPay Credit Card on UPI with Kiya.ai as a technology partner

Published

on

By

Nitesh Ranjan, ED Union Bank of India with Rajesh Mirjankar, Managing Director & CEO, Kiya.ai at the launch

 

Kiya.ai, one of the most innovative digital solutions providers in India, announced that Union Bank of India was among the first banks to launch NPCI’s UPI linked to Rupay Credit Card and UPI Lite on the unified payments interface (UPI) platform with Kiya.ai as their technology partner in this achievement.

The announcement comes after the RBI Governor Shri Shaktikanta Das and National Payments Corporation of India (NPCI) launched RuPay credit card on UPI, UPI Lite and Cross Border payments for BBPS at Global Fintech Fest 2022.

Until now, UPI allowed the linking of bank accounts by mapping an account linked with a mobile number and an savings / current account. Earlier in June 2022, the RBI allowed the linking of credit cards with UPI, stating that RuPay credit cards would be initially linked with UPI “to provide additional convenience to users and enhance the scope of digital payments”.

Rajesh Mirjankar, Managing Director & CEO, Kiya.ai, “We are extremely delighted to partner with Union Bank of India in this pilot project of linking RuPay Credit card on UPI. Kiya.ai has partnered with Union Bank of India for various digital payment initiatives including UPI, UPI Lite, UPI linkage to credit card, and sandbox for API banking.  The linking of credit card to UPI will significantly enhance high-volume transactions while also increasing average amount per transaction given the ease of using credit facility on UPI. This is a game-changing initiative as it will ensure safe and contactless transactions, reducing the risk of credit card frauds too.”

Mr. Nitesh Ranjan, ED Union Bank of India said, “We are pleased to embrace the decision taken by the Reserve Bank of India and NPCI to enable Rupay credit cards through UPI. Union Bank of India is proud to be a part of this launch. This is a game changer as one would be able to use a credit card for doing payments using UPI. We are excited to partner with Kiya.ai on this journey, and together, we can provide a smooth user experience to customers and make India even more digitally advanced.”

As part of the pilot project, NPCI will integrate the UPI AutoPay feature with credit card transactions to reduce the risk of defaults on credit card payments.

Continue Reading

News

UK leaves Europe trailing in its embrace of digital banking

Published

on

By

  • People in the UK have embraced digital and online banking in a way that those across the rest of Europe have not, new research by CRIF finds
  • UK consumers are now twice as likely to prefer to apply for financial products and services online via website or in-app, compared to people in other parts of Europe
  • More than half of Europeans still prefer to apply for new financial products in-person
  • The research comes during the cost of living crisis where people in the UK are increasingly looking for greater support from their financial providers

UK consumers are significantly ahead of their European counterparts in their embrace of digital forms of banking, new data shows.

The research, commissioned by Europe’s leading provider of consumer and business credit information – CRIF – surveyed thousands of people in countries across the continent including France, the Czech Republic, Italy, Germany, Slovakia, and the UK, to better understand their attitudes towards financial services.

The findings show that people in the UK are nearly twice as likely as other Europeans to prefer applying for financial products and services online via website or app, including through online chat or video call functions (59% vs 33%)

It also finds that over half (53%) of Europeans still prefer to apply for new financial products – such as current accounts, credit cards or loans – in-person at a local bank branch. In comparison, in the UK only around one in five (23%) would now prefer to go in-person, showing consumers’ embrace of a digital-first approach to banking.

The data underlines the advancements and innovations that the UK’s financial services and fintech sectors have made when compared to other sectors across Europe. The UK continues to be Europe’s most attractive location for international investment into financial services*, with the UK’s fintech sector securing more than $9bn of investment in the first half of 2022, ahead of Germany, Europe’s second biggest fintech destination, with $2.4bn.**

Sara Costantini, CRIF’s Regional Director for the UK & Ireland, said:

“In a digitally dominated world, the way in which we go about our daily lives has changed. And nowhere more so than in banking and financial services. Our research shows that the UK leads the way in Europe when it comes to embracing digital and online methods, but there is still more we can do to utilise digital technologies to help more UK consumers to manage their finances.

“While some are reluctant to share data as they are worried about fraud and security, we should work to allay these fears. Technologies such as open banking are not only safe but can lay the foundations for increased financial support during the current economic crisis.

“Financial providers must do more to educate their customers about the benefits of online and other digital forms of banking to not only help them during the cost of living crisis, but also to drive widespread financial wellbeing and inclusion for all.”

While the UK’s embrace of digital financial services in comparison to the rest of Europe is positive, the research identifies several key challenges to furthering this progress and providing consumers with better services at a time when the cost of living is putting considerable pressure on people’s finances.

Despite growing demand in the UK for more tailored financial products and services – with 34% saying banks should doing more here to meet people’s specific needs at this time – nearly one in five (18%) are still concerned that they would be sold products which aren’t right for them.

When the issue of data is raised, over two-thirds of UK consumers (67%) express concerns that sharing financial data leaves them more open to fraud, underlining the need to educate and reassure customers that innovations like open banking have high security standards and enables a range of consumer benefits.

However, despite this hesitance, more UK consumers are acknowledging the benefits that sharing more of their financial information with providers can bring. CRIF’s research finds around a third of people in the UK would be prepared to share more financial information if it helped providers to better assess their financial situation and improve their ability to borrow (35%) or increase their credit limit (31%). The fact that there are more than 6 million active users of open banking services in the UK reflects this change*** and makes the country the leading adopter of open banking in Europe. ****

The research also shows that younger generations (18-34s) in the UK are significantly more willing to share their data with financial providers, with 53% saying they’d be comfortable doing so if it enabled them to qualify for higher levels of borrowing.

These findings are part of wider research by CRIF into the cost of living crisis in Europe, and its impact on consumer attitudes towards banking and financial services. The full report, Banking on Banks, will be published later this month.

 

Continue Reading

Magazine

Trending

Finance2 days ago

Mini-Budget 2022:

Tax giveaway is a boost for business, but will it drive growth or fuel inflation?   Chancellor Kwasi Kwarteng has...

Finance2 days ago

A zero trust environment is critical for financial services

Boris Bialek, Managing Director of Industry Solutions at MongoDB Not long ago security professionals were still focused on protecting their...

Banking2 days ago

Digital Banking – a hedge against uncertainty?

Ankit Shah, Head of Digital Banking, Apex Group   The story of the 2020’s thus far is one of crisis....

News3 days ago

Union Bank of India goes live with RuPay Credit Card on UPI with Kiya.ai as a technology partner

Nitesh Ranjan, ED Union Bank of India with Rajesh Mirjankar, Managing Director & CEO, Kiya.ai at the launch   Kiya.ai,...

Finance3 days ago

Anyone Can Become an R&D Tax Expert with the Right Foundations

Ian Cashin is a Customer Success Manager at Fintech company and R&D tax software provider WhisperClaims   For accounting firms,...

Business3 days ago

Addressing the ongoing global pilot shortage issue

By Bhanu Choudhrie, Founder of Alpha Aviation   The Covid-19 pandemic brought the aviation industry to a halt, causing vast...

Business3 days ago

How exporters can mitigate risks and operate smoothly in stormy, post-Brexit waters

By Morgan Terigi is Co-Founder and CEO of Incomlend   The past few years have presented a series of hurdles...

Business3 days ago

From employees to customers, workforce management can benefit the entire banking ecosystem

Michael Cupps, SVP of Marketing of ActiveOps explores the significant impact workforce management can have on the employees and customers...

Business4 days ago

Redefining the human touch with digital transformation

Simon Kearsley, CEO of bluQube   It may not be a new phrase, but digital transformation is still inducing anxiety...

Finance7 days ago

CFOs – the forgotten ally in the fight against ransomware

Justin Vaughan-Brown, VP Market Insight at Deep Instinct   Ransomware attacks have nearly doubled in the past couple of years....

Technology1 week ago

7 cost benefits of cloud accounting software

By Paul Sparkes, Commercial Director of iplicit, an award-winning accounting software developer   Is your accounting software having a laugh...

Business1 week ago

How does Identity Access & Privileged Access Management help in PCI DSS Compliance?

Narendra Sahoo is a director of VISTA InfoSec. Introduction The Payment Card Industry Data Security Standard also commonly referred to...

Finance1 week ago

Listed private debt deserves a closer look from investors

By Michel Degosciu, Managing Partner, LPX AG Over the past few years, the private debt asset class is attracting serious...

Banking1 week ago

Security vs online payment convenience: which one is tipping the scales for customers?

 Chirag Patel, President of Digital Wallets at Paysafe.   While keeping their payment details safe is a top priority for...

Business1 week ago

The Tool and Tips to Truly Get Started with No-Code Development

Author: Chris Obdam, CEO of Betty Blocks   Throughout the legal industry, firms and in-house departments are leveraging legal tech...

That’s where Netcall’s Liberty Create came in. Create is a new breed of low-code software solution, built for both business users and professional developers That’s where Netcall’s Liberty Create came in. Create is a new breed of low-code software solution, built for both business users and professional developers
Business2 weeks ago

How ReFi Will Transform Finance

– by Ransu Salovaara, CEO of carbon platform Likvidi   Humanity faces a multitude of threats, many of which are...

Business2 weeks ago

THE NEXT WAVE OF FINTECH IS HERE

Much has been made of the ‘second generation’ fintech movement recently, but what have these businesses learned from those entering...

News2 weeks ago

UK leaves Europe trailing in its embrace of digital banking

People in the UK have embraced digital and online banking in a way that those across the rest of Europe...

Business2 weeks ago

The rise of automation and its impact on the CFO & CIO

By: Gert-Jan Wijman, VP Europe, Middle East and Africa at Celigo   On the back of the pandemic, organisations have...

News2 weeks ago

Managing fuel spend during unprecedented volatility

Attributed to Paul Holland, MD of UK Fleet, Allstar Business Solutions   With the price of fuel on everybody’s minds,...

Trending