BCR Publishing
We are the leading provider of news, market intelligence, events and training for the global receivables finance industry.
Working with industry leading organisations, experts, governments and universities, BCR Publications delivers expertise in factoring, receivables and supply chain finance to a global audience.
BCR has long been a beacon of innovation and excellence in the realm of receivables finance, playing an instrumental role in shaping the industry’s international landscape. Through its comprehensive conferences, insightful publications, and thought leadership, BCR has facilitated crucial dialogues and connections among industry professionals, driving forward the development of receivables finance globally.
Follow BCR Publishing
Free passes
For corporate treasurer roles/functions!
Treasury Policies & Processes for Crypto Transactions
02-02-2023 | treasuryXL | ComplexCountries | LinkedIn |
This call took place five days after FTX filed for bankruptcy. However our discussion did not dwell on crypto as an investment (We haven’t found a treasurer who would). The interest for treasurers is to help their companies understand the business opportunities of the metaverse, and that isn’t going away.
Source
According to Gartner,’ [https://www.gartner.com/en/articles/what-is-a-metaverse] by 2026, 25% of people will spend at least one hour per day in a metaverse for work, shopping, education, social media and/or entertainment’, and…’A metaverse is not device-independent, nor owned by a single vendor. It is an independent virtual economy, enabled by digital currencies and non-fungible tokens (NFTs).’
So it’s no surprise that many companies are developing strategies to capitalise on what could be a massive business opportunity. Participants in this call comprised treasurers representing companies at different stages of this journey, all facing the challenge that the regulatory and financial infrastructure available is at an early stage of evolution.
Crypto has clearly not gone away for corporate treasurers and I’m certain we’ll see further uses going forward. There is a huge amount of detail in this report, which is essential reading for any treasurer wishing to understand the challenges or benchmark their processes.
Contributors:
To access this report
Acces to the full report is only available to subscribers to “Treasury Practice”. If you would like to request a subscription to this topic, please message [email protected].
Training PSD2 & Open banking: impact on the financial ecosystem and new challenges
31-01-2023 | François de Witte | treasuryXL | LinkedIn |
treasuryXL expert François de Witte will lead the upcoming advanced training on PSD2 & Open Banking, exploring its impact on finance and new challenges. Read below more
This training program prepares participants for 2 major challenges of the upcoming years in banking: PSD2 and Open Banking. This will have a major impact on the financial ecosystem and will create new challenges.
The goal of this training course is to:
François de Witte
How are fintechs combating anti-money laundering challenges?
30-01-2023 | treasuryXL | Refinitiv | LinkedIn |
A recent white paper from Refinitiv – produced in collaboration with global consultancy, FINTRAIL – discusses the key elements currently shaping the evolving fintech space and the key trends that will be shaping the fintech landscape in 2023.
For more data-driven insights in your Inbox, subscribe to the Refinitiv Perspectives weekly newsletter.
Constant evolution
The fintech industry is one of dynamism and innovation; a space where agile players harness new technology and challenge the status quo of the traditional financial services industry every day.
Undoubtedly, this delivers substantial opportunity for those involved in the sector, but at the same time, financial criminals are similarly leveraging technology and using advancements to devise new ways to further their illicit activities.
In this fast-paced space, characterised by evolution and a growing financial crime threat, what key elements are at play and what factors have shaped and defined the industry in 2022, and will continue to do so in 2023?
Findings from Refinitiv and FINTRAIL, based on interviews with experts from different fintechs across a range of geographies, have identified five key factors that are shaping fintechs today.
Five factors shaping fintechs today
Technology
The fintechs we spoke to stress that the right technology can make all the difference when it comes to managing financial crime, with some describing machine learning and artificial intelligence (AI) as “indispensable tools”.
This view is in line with the recommendations of the Financial Action Task Force (FATF).
Interviewees also stress the importance of “explainability” – in other words being able to explain what data is used to reach different conclusions and why the results can be trusted – when introducing technology.
Data
Leading technology needs trusted, comprehensive data, but fintechs highlight that striking a balance is key. Requiring too much information can damage the customer experience, while not enough leaves fintechs vulnerable to financial crime.
Collecting the right data – and the right amount of data – and then building a complete picture of risk is key to the combined fintech goals of maximising efficiency, keeping customers happy and protecting against financial crime.
Talent
Technology and data are critical in managing financial crime threats, but a third and equally critical element is invaluable human expertise. The right people across difference disciplines can make all the difference.
Those we interviewed said that engineers and data scientists are key, and further that the compliance profession is considered “recession-proof” – upskilling compliance team members should be a key priority for those in the sector.
Interviewees also highlighted that fintechs should concentrate on attracting and retaining key staff, but should also consider outsourced solutions for additional support and expertise.
Governance
Effective governance is a key consideration for fintechs as they grow and evolve. The nature of the industry and the rapid growth trajectories often followed by sector participants mean that effective AML controls and good governance need due attention.
Plus, fintechs agree that governance models should not be static – they need to adapt over time.
Efficiency
Efficiencies are increasing in the industry, with new technology now enabling fintechs to integrate specific data points alongside behavioural biometrics to help them spot suspicious activity.
For example, device identification data can identify if an account is accessed from a new device and this can be compared to a client’s history.
To further boost efficiencies, fintechs say that adopting a dynamic approach to risk is key and avoids wasting often scarce resources.
Discover more about our KYC and anti-money laundering solutions for the fintech industry
Keeping pace with changes in fintech
Fintechs can expect these top trends to continue in the year ahead and should especially take note of the powerful combination of tech, data and human expertise that are not only shaping the sector, but can enable better compliance and good governance, while boosting efficiencies.
As the industry continues to grow and develop at pace, many players are rightly concerned with ensuring an engaging and positive customer experience that offers connectivity and seamless interaction. They must, however, also keep tight control of the AML processes they will need to protect against widespread illicit activity and ensure regulatory compliance.
Read the full white paper. AML challenges for fintechs: Insights for the future