#Financial #Services accounts for 10% of GDP and 5% of employment in #Switzerland and the country is a global leader in Wealth Management. So, what happens here really matters and what is happening is earth-shattering (and we normally avoid hyperbolic language on Daily #Fintech). I mean #radical in the positiveRead More
Bank Innovation
CyberRein, a cyber-security company has announced the launch of Assayer, a #next #generation cyber-fraud software. Targeted at #banks, Assayer uniquely stops criminals deceiving a bank’s existing defences.
Assayer is set to transform cyber-fraud #prevention. Banks existing defences prevent impersonation allowing criminals time to learn how to deceive and plan an attack. Assayer takes away this time, meaning criminals no-longer have months, but milliseconds to plan their attacks. This is ground-breaking and is due to Assayer’s multi-patented Transaction Cloaking #technology that constantly mutates and creates impossible puzzles that criminals must solve to be able to deceive defences.
Assayer’s mutating deception shields are a step-change for banks because they never protect transactions the same way twice. Therefore, anything criminals do learn instantly becomes useless a split-second later, including how to successfully use stolen credentials and biometrics – or even how to deceive Assayer itself.
Sat Birdi
“Banks aren’t losing the cyber-fraud battle because their defences are weak, but because criminals have too long to learn how to defeat them, which is why banking has a $ 100B cyber-fraud problem each year, despite using best-in-class defences. Assayer’s mutating defences eliminate this fundamental vulnerability of time, so criminals can’t learn how to deceive a bank’s defences in the first place,” said Sat Birdi, CEO of CyberRein.
“Assayer allows any bank to finally stop cyber-fraud, not because it prevents it through detection, but because its mutating deception shields never protect transactions the same way twice and cloak a bank and its customers in a way that criminals can’t solve. Assayer’s defence technology is very powerful, because it now allows banks to finally prevent the root cause of all cyber-fraud, the knowledge required to succeed &8211; and the implications are profound and far-reaching”.
As well as cloaking the transactions, Assayer does not affect the bank’s current defences and encompasses them into its deception shields, securing all channels and touchpoints against impersonation, the pre-cursor to all successful cyber-fraud. Assayer will protect anything that is placed within its deception shield and instantly means that a bank’s existing cyber-security investments are future-proofed. The bank’s current defences and customers are not aware that they are being protected – there is no interference, downloads and ultimately no successful cyber-fraud.
ASSAYER
Sat continued, “We live in a truly compromised world where criminals are always waiting for the next opportunity to defraud banks and their customers. At CyberRein, we can eliminate that threat and headache for eBanking executives, and make banking online safer for everyone. Consumers are increasingly asking their banks to do more to protect them, and through Assayer, we are giving the #financial community the chance to do exactly that.
The CyberRein team has over 30 years of expertise in cyber-security and enterprise business solutions delivery, making us a very knowledgeable partner to work with. Our research and technology has taken over four years to complete, because we realised that the problem of cyber-fraud prevention needed a whole new approach to bolster banking’s existing defences, and we’re very excited to be leading the way with the development of this new technology.”
The post The Next Generation of Financial Cyber-Fraud Prevention is Unveiled appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Currently more than 2 billion adults worldwide — mostly poor and disproportionately women &8212; lack access to formal #financial services. A…
A prototype currently being developed by Six Securities provides one of the #first examples of how FMIs are investigating #blockchain.
#Design plays a vital role in shaping the world we live in; from the objects around us to the services we consume daily.
With increasing competition for mindshare, design is often the only differentiator for elevating a product or service from an otherwise crowded market. Small wonder, then, that a growing number of companies are turning to design in their continuous fight for relevance and growth.
However, design and creativity don’t always sit comfortably with conventional business doctrine. The discovery process that precedes great design requires that rules be broken – which usually means mistakes, and these can be perceived as wasteful failures rather than the byproduct of healthy innovation. Businesses of this mindset tend to treat design as an afterthought; often just dressing up products with a last minute costume and therefore foregoing its full potential, which is often immeasurably greater.
Design is a potent catalyst for sparking innovation and maintaining growth, yet it must be ingrained in the core of the business and given time to produce results. The perpetual journey of discovery and learning requires empathy for users, patience, and commitment – so that the end product is efficient, effective, and desirable.
At FastFin, we believe in the power of great design in everything we do. We’ve observed that successful products result from a deliberate, well-rehearsed process that places users at the center of design thinking – drawing on domain knowledge, cutting-edge #technology, and agile delivery methods.
We’ve been fortunate to work with visionaries at global #financial firms who share our passion for great design, and look forward to working with others who seek differentiation – and disruption – through design.
[linkedinbadge URL=”https://www.linkedin.com/in/emintatosian” connections=”off” mode=”icon” liname=”Emin Tatosian”] is Co-founder, FastFin and this post was originally published here: http://fastfin.co/differentiation-and-disruption-through-design/
#China’s major #financial institutions believe governance should not be replaced in any larger transitions to #blockchain.
SIX Securities Services, the post-trade infrastructure operator for the #Swiss #financial sector, and Digital Asset Holdings, a developer of #distributed #ledger #technology for the financial #services industry, announced plans to develop a proof of concept that will demonstrate the commercial viability of distributed ledger technology across the Swiss financial #market, with an initial prototype for . The two firms will also develop a roadmap for future opportunities spanning the whole market infrastructure value chain.
SIX #Securities Services recognizes the potential of distributed ledger technology and after a competitive evaluation process has selected #Digital #Asset as the business and technology partner for the design of a solution for the Swiss market. The initial phase of the project will demonstrate the ability to build and incorporate distributed, encrypted, straight through processing tools into existing securities transaction flows, and propose a roadmap for extending this to a production-ready service.
The proof of concept will extend beyond the scope of the prototype, and Digital Asset will develop a product roadmap for future opportunities to include a wide range of applications that demonstrate how current, segregated processes could be streamlined and made more efficient for SIX Securities Services and post-trade ecosystem as a whole.
SIX Securities Services has already made significant strides in exploring distributed ledger technologies and currently has a prototype for Corporate Actions processing on display at Sibos, in Geneva #from 26-29 September, 2016.
According to Thomas Zeeb, Division CEO SIX Securities Services: «Distributed ledger technology and its potential role in post trading is key to our business. We need to understand it, and more importantly, its applicability and future flexibility in order to keep ahead of the game. Partnering with Digital Asset is a way to accelerate our own development plans and leverage their experience in this area.»
«Partnering with SIX brings this cutting edge technology another step closer to commercial reality,” said Blythe Masters, CEO of Digital Asset. “We believe this collaboration will provide exciting opportunities for SIX and its customers while reducing inefficiency, cost and risk in the financial services ecosystem.»
The post Distributed Ledger Technology For Swiss Financial Market From SIX Securities Services &038; Digital Asset appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Credit Suisse, Citi and HSBC are among seven #financial #firms to participate in a #blockchain #data #management trial.
Today I’m coming to you live from Xerocon South in Brisbane, Australia. Xerocon is cloud accounting behemoth Xero’s flagship event – a conference that brings together accountants, bookkeepers, cloud integrators and add-on partners from within its 500 strong global partner ecosystem, the latter all vying for the hearts and mindsRead More
Bank Innovation
#Blockchain #technology, also known as distributed ledger technology, has attracted the interest of the #financial #services ecosystem – and their money.
Over the past three years, the World Economic Forum (WEF) estimates that some US$ 1.4 billion have been invested into blockchain technology with companies having filled over 2,500 patents during that same period of time.
Over 90 corporations have joined blockchain consortia and 80% of #banks say they would initiate blockchain projects by 2017.
Image via http://www3.weforum.org/
As blockchain has become a buzzword in the financial services industry, WEF has conducted a 12-month research to better understand the implication and potential of blockchain technology in the sector.
In a new report titled “The future of financial infrastructure: An ambitious look at how blockchain can #reshape financial services,” WEF details its six key findings:
Blockchain technology has great potential to drive simplicity and efficiency through entirely new financial services infrastructure and processes.
For instance, it can reduce and even eliminate manual efforts required to perform reconciliation and resolve disputes. It can also enable real-time monitoring of financial activity between regulators and regulated entities, reduce counterparty risk, enable asset provenance and full transaction history, and disintermediate third parties that support transaction verification and validation thus accelerating settlement.
Distributed ledger technology should be viewed as one of the many technologies that will transform the foundation of next-generation financial services infrastructure. It should be seen as &8220;part of a toolbox&8221; that includes biometrics, cloud computing, cognitive computing, among other emerging technologies.
Image via http://www3.weforum.org/
Blockchain technology can be used in many different areas with each use case leveraging the technology in different ways.
For instance, in trade finance, blockchain enables real-time multi-party tracking and management of letters of credit, as well as faster automated settlement. For global payments, it allows for near real-time point-to-point transfer of funds between financial institutions, removing friction and accelerating settlement. For automated compliance, blockchain technology provides faster and more accurate reporting.
Blockchain technology can be used for digital identity, &8220;a critical enabler to broaden applications to new verticals,&8221; as well as digital fiat currencies.
A fully digital system for storing and transferring identity attributes, when directly integrated into a distributed financial infrastructure, can provide faster and accurate anti-money laundering (AML) and know-your-client (KYC) processes, as well as seamless customer onboarding.
Distributed fiat currencies issued by central banks, when employed within a distributed financial infrastructure, can eliminate the need for an inefficient bridge between cash and a new financial infrastructure.
The most impactful blockchain applications will require collaboration between all key stakeholders in the financial services ecosystem, including incumbents, innovators and regulators. This will require balancing competing interests, significant time and investment to replace existing financial infrastructure, as well as changing existing regulations, standards of practices and creating new legal and liability frameworks.
Image via http://www3.weforum.org/
New financial services infrastructure built on blockchain technology will redraw processes and &8220;call into question orthodoxies that are foundational to today’s business models.&8221; This includes question the need for individual books of record through immutable and distributed record-keeping, challenge existing competitive advantage models that leverage information asymmetry, allowing for on-demand and immediate monitoring and reducing the need to trust and rely on counterparties.
That said, there are still a number of questions that need to be answered in order to move forward. These include assessing blockchain’s feasibility, quantify benefits and analyzing implementation details.
&8220;Cost-benefit analyses need to be conducted to determine the financial viability of distributed ledger technology,&8221; the #report says. &8220;Roadmaps need to be developed to achieve market participant collaboration and establish standards; governance models, backed by societal-level discussions, need to be envisioned to support technology accountability; and regulatory, legal and jurisdictional-specific tax frameworks need to be established and well-understood.&8221;
The post WEF Report Addresses How Blockchain Can Reshape Financial Services appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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