How is technology changing the remittance industry?

Guest blogpost by Hugo Cuevas-Mohr of IMTC Conferences and Mohr World Consulting.

In the process of building the RemTECH Awards and asking ourselves what innovation in the remittances industry meant, I searched the internet and talked to colleagues, both in the traditional financial services sector, bank and non-bank, as well as in fintech start-ups.

I began with fintech and what is truly interesting is that there is a broad understanding of what fintech is but almost everyone doesn’t see eye-to-eye in the details. With no boundaries of how much technology has to change a financial service or a product or how much disruptive the company – or the idea is, to be labeled a “fintech”, almost anyone could call themselves a fintech nowadays if it applies technology, in a large measure, to all its processes.

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Topics: Bitcoin, fintech, money transfer, remittances, msb

Are you a FinTech Start-Up? Know Which AML Regulations Apply to You

 

U.S. anti-money laundering regulations are extensive, filled with explicit and implicit requests, and require studying. However, the benefit of knowing them is fundamental: It will save you time, money, and maybe your business. 

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Topics: Anti-Money Laundering, Fraud Prevention, Transaction Monitoring, regulatory compliance, fintech, regtech, aml transaction monitoring, startup, sanctions screening

IdentityMind’s New Platform Version makes RegTech and Machine Learning Accessible to All

For the past year, it’s been nearly impossible to read a fraud prevention or compliance article without “RegTech” and/or “Machine Learning” in it. In this article, we are going to talk about both; specifically, how the new version of IdentityMind’s platform helps deliver on the RegTech and machine learning promise.

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Topics: Fraud Prevention, fintech, regtech, eDNA, risk management, machine learning

The Rise and Potential Impact of Digital Identities

Guest blogpost by Travis Jarae, from One World Identity.

The first form of identity or individual consensus records dates back nearly 4000 B.C., with the Babylonians. We think they primarily used this for determining how much food they would need per person. Not much has changed since the Babylonians - we still use a census to determine macroeconomic decisions such as domestic social welfare needs and foreign aid.

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Topics: fintech, Trusted Digital Identities (TDI™)

The Digital Identity Evaluation Guide

Acquiring more customers and generating more revenue is the goal of all businesses. And, while the Internet has made this easier, not all sectors have moved forward at the same pace. For instance, ecommerce companies have led the charge, while Financial Services institutions are still catching up.

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Topics: Know Your Customer, Fraud Prevention, Trusted Digital Identities (TDI™), eDNA, onboarding

Our 6 Can't Miss Sessions at MRC Las Vegas 2017

It is no secret that fraud remained one of the top concerns for merchants around the world in 2016. Identity theft, card-not-present fraud, false declines, and chargebacks, are just a few of the top-of-mind issues payments and fraud professionals are tracking even more carefully in 2017.
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Topics: Merchant Risk, Conferences, Fraud Prevention, Payments

How not to onboard fraudulent customers - Minimizing onboarding risks with KYC and Fraud Prevention

You can have an amazing product or service, but without customers your offering won’t survive. In order to have access to your offering, new customers must be onboarded. To make sure you have the right customers, their information needs to be validated. However, the more tests you have to validate customers, the higher the likelihood of customer abandonment - a.k.a. quitting the onboarding process before they’re finished.

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Topics: Know Your Customer, Fraud Prevention, identity fraud, onboarding, risk management

Integrated Document Verification for Customer On-boarding

The ability to add new customers online while protecting your business from fraud and meeting regulatory requirements is both a necessity and a competitive advantage to any company providing financial services. Traditional financial institutions, remitters, and FinTech companies on-board clients online; especially considering that globalization allows all companies to expand their client base, foregoing the geographical and brick and mortar boundaries that once upon a time constrained your business from growing. Document verification is fundamental to address the identity verification requirements to serve millennials, foreign nationals, foreigners, etc.

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Topics: Know Your Customer, regtech, identity fraud, ID Verification, document verification

RegTech is hard - But nothing worth getting was ever easy

Following the 2008 Global Financial Crisis, regulators and policymakers set out to prevent future similar financial crashes. The initiative, however necessary and noble, had unintended consequences, exponentially increasing the compliance burden of financial institutions, increasing the industry requirements and making it difficult for it to serve consumers as intended. Enter Regulatory Technology or RegTech.

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Topics: regtech

Workforce Diversity – A Key to Succeed in FinTech

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.

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Topics: team