Money Laundering and Wash Trading in NFT – Taking a Deeper Look

Wash trading is becoming common practice for a number of reasons. The trader or company may be trying to promote buying to raise prices, or to get people to sell at lower prices. The real reason is that the trader wants a tax refund whenever they engage in wash trading. This helps them in collecting […]

Micro Deposit Verification for Bank Accounts – Alternatives to Micro Deposit Verification

Micro deposits are the legacy system for the verification of customer bank accounts. As far as customers could remember, banks have been using micro deposit verification to verify bank account ownership. But being one of the oldest and most used methods doesn’t mean that it’s the perfect solution. There are some flaws in the micro […]

alternatives for micro deposit verification

Rise of Open Banking – New Innovations for Small and Medium Sized Businesses

Small businesses of today aren’t like the old days, limited to a particular market. Today’s small to medium-sized businesses (SMB) are evolving and leveraging emerging technologies to keep up with the giants. While some businesses are still stuck with old and traditional methods for customer acquisition, capital access, and more. Businesses using digital apps and […]

How does Bank Data Validation Process Work?

Now that the financial industry has completely embraced technologies into their processes, it’s important for them to make sure that payments are error-proof. Customers make mistakes. Instead of trying to teach customers the right way, banks should employ a bank data validation tool. Banks should try to make every part of a customer’s journey as […]

Why Open Banking for Income Verification?

Going through a loan application process is one of the most daunting things you can go through. Whether you’re looking forward to buying a home, or automobile or have to go through a mortgage lending process, you have to sit through this process. The biggest part of the loan approval process is income verification. It […]

Basic Mistakes in ID Verification Process

Now that the financial industry is on the wave of digitization, the lives of consumers are changing. With the rise of digital banking, and cloud-based financial services, the number of data breaches also grew. 2016 reached a record of 35 breaches every second. 64% of these data breaches were successful, and they stole users’ personal […]

Guide for Choosing the Best Online Document Verification Solution

Introduction Your business has to verify a lot of customer identity using online documents, you choose a solution, integrate it with your systems, and now it’s time to go live and see how the solution performs. After deploying the solution, you can see that your customer onboarding number has taken a dip. Let’s say most […]

How MasterCard is Using Open Banking to Make Fasten ACH Payments?

The payments industry is continuing to shift, and the latest technologies are bringing changes every single day. The switch from cash to checks and digital payments such as ACH has increased significantly. Especially in high-dollar or recurring payments such as rents and utility bills. These technological advancements provide a great experience for both merchants and […]

Money Laundering Stats and Data

Money laundering is known for making financial organizations fight hard for preventing crime. It has become a universal concern for regulatory bodies like the Financial Action Task Force (FATF), Financial Conduct Authority (FCA), and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Financial organizations have somehow succeeded in their fight against money laundering by […]

Banking-as-a-Service (BaaS) Revolution

Traditional banking is extremely limiting, and it requires users to go through a lot of hoops. Opening a bank account, applying for loans, or any other thing forces users to go to a physical branch. Fortunately, the recent wave of modernization in the banking sector is all set to change the traditional norms. Today, banking […]

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