FinTech is all about solving financial services problems in new ways. Some of these problems may be about providing access to financial services to groups in which banks have previously shown little interest. Or maybe it is about taking a typically clunky loan process and simplifying it to the point where customers can be instantly approved while sitting in their favorite chair at home. Or maybe it is about moving financial services to a more convenient place like an app on a mobile phone.
Aaah the holidays, a time of cheer, goodwill towards men, and credit-card fraud - 'Tis the season to be diligent.
Two weeks ago we were granted a patent in our core technology, Electronic DNA™, eDNA™ for short, the engine behind the creation of Trusted Digital Identities. We are thrilled!
This week is a pivotal one for US remitters. Presidential Candidate Donald Trump has said the country of Mexico will fund the $5B-$10B cost of a 'border wall' or he will use the USA PATRIOT Act to halt all US remittances to Mexico. Mexico is the largest beneficiary of US remittances, receiving $24B or slightly more than 18% of all remittances sent from the United States.
Money 2020 in Las Vegas brings you 10,000 participants from over 75 countries, 500 speakers, and 3000+ companies. By bringing in disruptors and innovators across financial services, payments, and e-commerce, Money 2020 promises to deliver some of the most productive days on the industry calendar.
This year, LendIt Europe brings together some of the most important people and largest companies in the space. There are over 150 speakers from 25 countries representing banks, online lenders, P2P lenders, law firms, and media. Of all of the sessions, listed below are the ones we found most interesting.
On August 25th, IdentityMind. in conjunction with the Lending Times, hosted a panel discussion in San Francisco, California. The panel was focused on the adoption of RegTech and how it can help companies as they scale. Here’s a look into what was discussed.
We recently wrote about how Identity Fraud Rings use compromised identities from data breaches to commit illegal activities. Last week, Yahoo! revealed it had suffered a massive data breach - 500 million user records were reportedly compromised — “the biggest known intrusion of one company’s network”.
Sanctions Screening review of a flagged individual or company isn't hard, but it does take time, on average more than 19 minutes per flag. That’s not a lot of time, but when Financial Institutions (FIs) have thousands of flagged applications to review every day, it becomes a fulltime job for a team of people. The operational burden of clearing a large number of flagged applications impacts your profit margins by potentially reducing the number of customers accepted, and by increasing the cost of compliance operations, including regulatory fines.
A Millennial Answer to the “Know Your Customer” question... Or a brief introduction to the future of trust