Amy Hodle, Director, Analytics and AI at Neo4j, highlights how data methods such as graph visualization could be a solution in order to prevent fraudulent activities related to Covid-19 financial support. The Coronavirus aid has opened the gate for cyberattacks, with a five-fold increase in illicit activities, according to WHO. One presented solution to combat such attacks is the graph database technology, which interprets not only individual data information (such as person, account number), but it also takes into account the relationship between these variables. Read more

According to Ajay Bhalla, president of Cyber & Intelligence for Mastercard, contactless transactions represent the future of finance. For Q1 2020, Mastercard reported 40% growth in contactless transactions globally. Although this trend started as a secure method for public health against Covid-19, 74% of consumers state they will continue to use contactless post-pandemic. One challenge that is faced by contactless payments on a global scale is the financial inclusion. Read more

According to Joe Norburn, CEO at Recordsure, the wealth management sector is facing a public image scrutiny, being viewed as one of the sectors resisting innovations and change. With wealth management prioritizing the adviser-client bond, new technology which facilitates a similar experience is required. Thus, there is an observed shift in perceptions across wealth managers, starting to operate now through video interactions. Read more

Steven Rackham, Senior Solutions Engineering Manager, EMEA Global at NetApp, explains why digital transformation is the key solution when it comes to staying ahead of the game in the financial sector. However, in a recent analysis from Digital Banking, only 21% of the respondents considered “deploying advanced technology” as a priority, with “operational excellence” (20% mention) and “culture development” (8% mention) rounding out the bottom three priorities. Thus, financial institutions are resorting to diverse strategies, such as cloud technology or hybrid methods (public cloud & AI), there are still shortcomings to be considered. Read more

Chris Skinner analyzes the post-Covid landscape for digital payments. In terms of banks and financial institutions, the biggest shift is to move the services online but also close down the physical branches. The advantages of digital payments are seen mostly in the costs, but also in terms of client offerings, who prefer having an online customer service rather than staying in a line to talk in-person with a representative. The question left for banks to determine after Covid-19 is whether traditional points of access are still required. Read more

The reconciliation software market opens the door for businesses to innovate, automate their processes and also risk mitigation. For financial reporting teams, reconciliation t offers best practice solutions capable of meeting industry specific requirements without heavy customisation. In order to implement reconciliation solutions, a client mapping is required, and also training the workforce in order to be able to manage the new tool and exploit its full potential. Read more

With the recent demise of Wirecard, the fintech sector is looking to fill in a $30bn budget gap and the Dutch companies might be up to the task. With players such as Adyen payments provider, which has publicly traded stock and a share price of 112% or Mollie, recently raising to the unicorn status with a $106m funding, the Netherlands is setting the scene with over 450 companies active in the fintech industry. Read more

According to Forbes, banks need to be on-guard for new fraudulent activities, which appear to be on the rise. With over $2 trillion laundered every year, the United Nations warns that less than 1% of criminals are caught with the help of banks. With new fines being imposed by regulators up to $8bn in 2019 only regarding anti-money laundering, banks need to start implementing new technologies and monitor illicit activities. This year, regulators in Germany, Australia, the U.S. have fined global institutions for lapses in their financial crime detection efforts. Read more

The Dutch Payment Association highlights the latest regulatory developments in terms of the EU Strong Customer Authentication (SCA) online card payments, which needs to be adopted by web merchants latest by 31st of December. With the new EMV 3DS Standard for SCA, the cardholders will benefit mostly in the process, by being able to have a smooth and easy verification process, only using their digital fingerprint or a PIN code. Read more

For open source software (OSS), new possibilities arise due to developments in terms of public offerings and acquisitions. With the growth of OSS, a shift happened in terms of solution offerings as well, such as infrastructure and database, to API management, automation, CMS, commerce and design. The current analysis offers a mapping of OSS start-ups conducted by Accel, which presents the companies with the highest growth, significance in open source, classified and selected based on community growth, commercial evolution, and innovative approaches to driving OSS adoption in new markets. Read more

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Read here our other sections of this week:

• Weekly news highlights 25 September 2020
• Weekly research highlights 25 September 2020
• Weekly funding highlights 25 September 2020

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