State of Europe Open Banking Revolution

While the open banking APIs are being used commonly in the EU, the APIs in Europe still have a long way to go. There are some fragmentation-related challenges that have to be overcome and several challenges around stability and availability. Open Banking payments still have to reach a tipping point, what is required now is […]

ACH Payment

Payments have come a long way over several decades. All the way back in 1974, people had to carry dimes with them to make calls from payphones, and copies were made on a mimeograph. Over time, payments have changed and so has ACH payment. The ACH payment method has improved with the help of technologies […]

AML and KYC Compliance with Open Banking

Regulatory compliance is the biggest challenge for most financial institutions as it keeps changing. Financial services must have regulations that minimize the risks of customers engaging in illicit financial activities such as money laundering. Every financial institution is aware that collecting and leveraging financial data is costly. The time taken to onboarding customers tends to […]

Health Insurance Verification Process: All You Should Know

Verifying patient insurance data has multiple benefits, even though it is an overwhelming task for most institutions. No medical professional wants to deal with insurance as it’s an enormous hassle. It’s difficult to comply with and verifying insurance means going through a plethora of steps. With the rising amount of insurance fraud since the global […]

How to Prevent Fraud Proactively?

Today’s topic is related to the three important and effective ways to prevent the risk of fraud with a proactive approach. In order to use anti-fraud strategies, you need to be more alert and look around the corners to detect such happenings before they happen. Since the rise of Covid-19, Fintech companies and other financial […]

Customers Onboarding Under KYC & AML Requirements

Financial institutions have to comply with various AML, CFT, and KYC regulations while onboarding customers. Businesses operating in the financial industry have to provide a risk assessment to their new customers. The reason why these compliances are vital is to enable companies to identify the level of risk a customer poses to the business. They […]

Remote Customer Identification in Banking

The banking process has been evolving, and the pandemic has forced the banking industry towards digital transformation. While the integration of technology has made some things easier, some banks and financial institutions take things one step beyond. Instead of using normal yet effective identity verification solutions, banks overcomplicate the process with biometrics and other not-needed […]

What is Signature Verification?

The widespread use of digital signatures has raised tons of questions. Most of these questions are related to user security. Numerous individuals and businesses see the benefit of transitioning from the traditional method of signing documents. The traditional method requires printing, scanning, hand-signing, and re-scanning of the documents and they are a huge security threat. […]

Steps to Streamline KYB Process

To ensure the success of a business and the elimination of fraud, effective KYB measures need to be established throughout the organization. The Know Your Business (KYB) process begins with the onboarding of corporate clients and since the pandemic, the integration of digital solutions has become a vital step for KYB compliance. Regardless of the […]

Tips to Protect your Business from Scammers

Businesses of all kinds face various internal and external attacks that can harm the businesses financially and in other ways. False invoices, money laundering, and phishing attempts are some of the most common examples of fraud. With the whole world forced to shift toward digital transformation, online scams aimed at businesses are getting more sophisticated. […]

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