Fintech

ComplyCube and Signicat add features to strengthen fintech AML capabilities

Published

7 months ago

20 June, 2024

ComplyCube and Signicat add features to strengthen fintech AML capabilities

The financial technology industry is seeing a wave of strategic collaborations and innovative solutions aimed at improving security and compliance. From strengthening Know Your Customer (KYC) and anti-money laundering (AML) processes to introducing advanced biometric identification capabilities, companies are making strides to safeguard their operations and customer transactions. ComplyCube and Signicat each have additional features that benefit regulated businesses, while Identomat announced two new customers and iDenfy revealed an acquired customer.

ComplyCube adds Trust Center to KYC and AML platform

ComplyCube launched a Trust Center to enhance its identity verification, KYC and AML platform and help customers navigate complex regulatory landscapes.

The company says compliance failures end up costing companies more than 2.7 times more than maintaining regulatory obligations, and those with robust compliance programs suffer 30% lower costs for security incidents.

The new Trust Center features a real-time compliance dashboard and resource hub with documents, certification information and regulatory guidance. It also offers incident reporting and tracking.

“Customers and partners can find answers to many data protection questions, view active controls and request due diligence documents,” says Joshua Dent, head of ComplyCube Business & Partnerships. “It’s great to see this platform live following our recent certifications, such as UK DIATF, ISO 9001, PAD Level 2 ISO 30107-3 and ISO 27001:2022 update.”

Signicat launches biometric selfie authentication

Biometric facial authentication is now an integral part Meaning‘s MobileID platform to improve mobile app security for financial and regulated services customers.

Signicat’s Face Authentication consists of 3D liveness checking and face matching and, according to the announcement, represents effective protection against photo fraud, deepfake videos and other spoofing.

Identity fraud powered by artificial intelligence it is a growing threat, accounting for more than 42% of total attacks, as Signicat’s recent report shows.

“As anti-fraud tactics evolve, our solutions must evolve as well,” says Simone Andersson, Signicat Product Manager for Mobile Identity. “This new feature is a testament to our commitment to staying ahead of the curve and ensuring our customers can operate securely in the digital landscape. Our MobileID solution is PSD2 compliant and meets all the requirements of regulated industries.”

NovaPay and WARD Ops each select Identomat

NovaPay, a provider of online and offline financial services in Ukraine, collaborated with Identomat to improve their KYC and AML processes. This collaboration aims to strengthen NovaPay’s ability to offer safe and efficient financial services.

Identomat’s AI-powered technology supports remote identity verification, ensuring compliance with regulatory requirements in over 200 countries and mitigating financial transaction risks. In just six months NovaPay and Identomat have already served almost a quarter of a million customers.

David Lomiashvili, CEO of Identomat, expresses enthusiasm for the partnership, underlining the company’s commitment to optimizing identity verification processes. Identomat has passed several security and compliance assessments, including iBeta level 2, ISO/IEC 30107-3 e ISO/IEC27001. Together, NovaPay and Identomat aim to set new standards in customer verification and fraud prevention in the Ukrainian financial sector.

WARD Ops, an IT outsourcing provider, announced a strategic partnership with Identomat to improve digital operations. WARD Ops offers services such as monitoring, incident management, QA, robotic process automation, software implementation and integrations.

Identomat provides AI-powered identity verification and KYC solutions to support secure and compliant operations. The partnership aims to improve security protocols and provide integrated solutions, representing a significant step forward in providing businesses with a seamless, secure and efficient operating environment.

iDenfy chosen by Watchdreamer for greater security

Watchdreamer, an e-commerce watch marketplace in Switzerland, has chosen the Lithuanian location iDenfy to improve customer verification processes. iDenfy’s KYC software will ensure the authenticity of Watchdreamer customers, simplifying the user registration process and providing a secure shopping experience.

The partnership aims to address the challenges of fraud and money laundering in the luxury watch market. iDenfy’s advanced biometric and facial recognition algorithms will help verify users’ identities, ensuring compliance with legal requirements and increasing transparency.

Ronan Pensivy, COO of Watchdreamer, emphasizes the importance of compliance and delivering an exceptional customer experience. Domantas Ciulde, CEO of iDenfy, highlights the collaboration’s goal of offering Watchdreamer customers a safe and efficient online shopping journey.

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Fintech

Lloyds and Nationwide invest in Scottish fintech AI Aveni

Published

6 months ago

29 July, 2024

FinCrypto Staff

Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

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Fintech

Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

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Fintech

Rakuten Delays FinTech Business Reorganization to 2025

Published

6 months ago

29 July, 2024

FinCrypto Staff

Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

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Fintech

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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