A secure, compliant and high performant cloud foundation to enhance performance and security of banking and financial services
Tata Communications, a global digital ecosystem enabler, today announced the launch of ‘IZOTM Financial Cloud’, a purpose-built community cloud platform, enabling next-gen digital transformation, customised to meet the stringent data privacy and protection compliance and security guidelines defined by India’s regulators for the Banking, Financial Services and Insurance (BFSI) sector. Developed on Tata Communications IZOTM Private Cloud, this platform aids in building an open banking ecosystem that offers BFSI and FinTechs, the foundation to enable advanced digital services. It also allows international banks to expand their footprint in India by meeting the country’s data residency requirements.
With IZOTM Financial Cloud, the financial service providers are able to strengthen their customers trust by operating on a platform that is secure, compliant and supported by a transparent cloud model. It also enriches the end-user experience by enabling BFSIs to launch advanced services with agility.
This purpose-built cloud platform will assist financial organisations to modernise their legacy systems to support the next-gen banking services and accelerate their digital transformation. It will embed security for data, application, and perimeter to manage industry specific cyber risks. It will also fuel future growth in the industry by serving as the execution venue for new technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Blockchain.
Rajesh Awasthi, Associate Vice President and Global Head, Managed Hosting and Cloud Services, Tata Communications, said, “Being at the forefront of digital transformation is vital to survive in today’s competitive environment where digital is not only an enabler but a differentiator. Financial institutions in India have significantly shifted to digital, providing highly personalised digital experience to their consumers with round-the-clock access to banking services through online platforms and mobile apps. We at Tata Communications recognise the journey they are undertaking and aim to assist the financial industry with a catalytic solution. IZOTM Financial Cloud supports to simplify the modernisation charter, fuel innovation employing new technologies and plan business continuity through a geo-resilient redundancy to manage disaster situations.”
Enterprises today are aggressively looking at achieving competitive operations and customer experiences to get an edge in their offerings and services. The IZOTM Financial Cloud will help mature the BFSI industry and make it conducive for constant innovation. It will provide resiliency by embedding security controls and adherence to key industry compliances, uptime assurance through high availability of Disaster Recovery (DR) and service assurance through managed cloud infrastructure, and agility to manage dynamic changes in cloud infrastructure requirements and swifter Development and Operations (DevOps) by using emerging technologies. The IZOTM Financial Cloud Command Portal comes with an integrated dashboard for network, cloud and security services along with a personalised, proactive notification and timely information enabled system.
Tata Communications’ cloud capabilities are underpinned by 17 cloud nodes along with its tier-1 network, which carries around 30% of the world’s Internet routes. Tata Communications has also been awarded the best Managed Multi-cloud service provider of the year by Frost & Sullivan 3 times in a row. The company has partnerships with leading ISPs and major cloud providers.
FINTECH COMPANY PAYEN CHOOSES AQILLA FOR ITS LIMITLESS SCALABILITY AND SUPERIOR MULTI-CURRENCY FEATURES
Payen is a fast-growing FinTech company that provides gateway Payment and FX services to online merchants. Having launched in 2010, the business has grown steadily, winning three UK high-growth awards in 2019 and now has an annual revenue of over £14 million. As a global payments company, Payen deals with huge volumes of complex multi-currency transactions on a daily basis. Their accounting system needs to be able to scale effortlessly to these volumes as well as handle the unique nuances of multi-currency and foreign exchange.
Payen’s vision is to provide innovative solutions with a personal touch. As such they’ve continuously improved their 100% proprietary technology to enhance the process at every step in the payment value chain. Most recently, this includes extending their global options for alternative payment methods, as well as offering business bank accounts and forex services. As a cloud-based service, Aqilla effortlessly scales to handle Payen’s growing number of currencies and transactions.
Global payment transactions involve numerous touchpoints. As a payment gateway, Payen sits in the middle of this process, but Aqilla has the flexibility to handle this. Payen also offers foreign exchange services, so multi-currency is key to their finance function. Aqilla features simple but sophisticated handling of multi-currency transactions with extensive multi-currency capabilities throughout its ledgers.
Hugh Scantlebury, Aqilla’s CEO and Founder, explains further: “Aqilla’s reporting system features an easy to use report editor and query builder that lets you create custom reports that can easily be extended across multiple companies and currencies. Aqilla’s API also allows it to connect to other business apps, which Payen plans to use in the future to consolidate reports for its two UK-based entities.”
Payen’s Head of Finance Hannah James endorses Aqilla as an adaptable and easy to use accounting solution to support Payen as it grows: “As a fast-growing business, we need lean processes that can scale. Aqilla has continued to deliver this, even as we’ve added more services, currencies, and transactions. We’ve had no issues with the volume of transactions, and Aqilla’s support team has always been prompt and helpful. On the whole, we don’t notice any problems because Aqilla just works. And we know it has the features and flexibility in place to keep up with our evolving requirements,” she explained.
Hannah continues: “Aqilla meets all of our reporting needs. I particularly find the ability to drill into accounting categories very useful, avoiding the need to manipulate data outside of the system, downloading it every time. I can see the detail I need through simple navigation. We hope to continue to build on the reporting capabilities in Aqilla by creating a more automated method of consolidation using Sharperlight, however, we already have a good level of business intelligence and the information is easy to extract.”
NEW RESEARCH REVEALS KEY ROLE OF KYC COMPLIANCE IN DRIVING CUSTOMER LOYALTY, ADVOCACY AND NEW BUSINESS
The impact of financial crime for institutions goes beyond crippling fines
A piece of original research conducted by RegTech Associates on behalf of PassFort, the SaaS RegTech provider, whose platform automates financial crime and compliance processes, has revealed that customers who reported a better than expected compliance onboarding experience in the last 12 months were much more likely to remain loyal, advocate for their brands and acquire more products than those whose experience was worse than expected. These results underline the importance of delivering outstanding service along the whole customer lifecycle.
The survey was conducted in July and August 2021 and addressed a representative sample of 500 UK financial services consumers who had acquired a new financial product in the past twelve months. Products had been acquired from a mix of high street banks, challenger banks, mobile and digital banks and building societies. Those who had a worse than expected compliance onboarding experience were much more likely than their peers to believe their providers did little to protect them from financial crime. They were also much more likely to underestimate the penalties facing providers, with one-third (32 percent) assuming they would get no more than a “slap on the wrist”.
Announced today to coincide with Donald Gillies’, CEO, PassFort, panel discussion at Money 20/20, the research highlights consumer attitudes towards their providers and the outcomes they drive, as well as digging more broadly into their perceptions of risk, their experiences of fraud and views on the current UK debate around digital identity.
Regulatory technology that supports know your customer (KYC) compliance in financial institutions has historically been viewed as a cost burden. However, the findings revealed today clearly show a positive trend for those providers who execute well. The case for business benefit or value-add can clearly be seen in the correlation between consumer attitudes towards positive compliance onboarding experiences and a likelihood to go on to purchase additional products.
In fact, as a result of their interactions, those customers who received a better than expected experience of compliance onboarding described themselves as:
- more likely to recommend their provider (77 percent, which was more than double the rate of 32 percent for those whose experience had been worse than expected)
- more likely to buy more products (60 percent, which was almost 3.0x the rate of 21 percent for those whose experience had been worse than expected)
- less likely to make a complaint (50 percent, versus only 14 percent for those whose experience had been worse than expected)
- less likely to switch providers (49 percent, more than 2.5x the rate of 18 percent for those whose experience had been worse than expected)
“The complex compliance landscape has been under even more pressure with the impact of the pandemic. There were more than 1,330 pieces of covid related regulation introduced by August 2020 alone. Couple this with the enforced financial pressures on consumers and a global increase in fraud and financial crime and we have to understand that the perceptions and demands of consumers have shifted,” said Dr Christine Bailey, CMO, PassFort. “The compliance onboarding process shouldn’t be seen as a cost burden to financial institutions. Instead, what this research starkly demonstrates is the importance of onboarding at the beginning of the customer lifecycle in terms of how it influences customer loyalty, advocacy and future buying decisions.”
Far from being an unseen element of the customer journey, KYC at onboarding can be a differentiator for financial institutions. As financial crime increasingly dominates our headlines, the public are becoming aware of the value and vulnerability of their digital identity. One of the many legacies of Covid is that consumers are demanding more from the organisations they engage with across the board and trust ranks highly on that list of expectations.
“A stand-out result from the survey is the clear connection between the ability of leaders to exceed the customer’s expectations of what their compliance journey should look like, and the positive outcomes that follow. For example, in 90 percent of cases, customers who received a better than expected compliance journey would describe their provider as “trustworthy”, while 88 percent would say their provider was “efficient”. In contrast, for those whose experiences undershot expectations, the figures drop sharply, to 64 percent and 39 percent respectively,” commented Rob Stubbs, Head of Research at RegTech Associates. “Despite many customers telling us their experience was ‘as expected’ it’s clearly important that providers don’t rest on their laurels.”
“Against this backdrop, firms cannot afford to view satisfactory delivery as being good enough. There is a very real opportunity for engaging valuable revenue streams and enhancing reputation for those who step up,” continued Dr Bailey. “The regulatory landscape is ever changing and incredibly complex, yet we still see an ad hoc approach to regulatory technology across the industry with many firms still relying on heavily manual processes. In the same way we have seen marketing automation revolutionise the marketing function, it’s time to digitise compliance and streamline the entire customer journey.”
Payen is a fast-growing FinTech company that provides gateway Payment and FX services to online merchants. Having launched in 2010,...
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