Financial technology (fintech) is already changing the way that we use our money. Whether it’s pay- ments, investing, or

banking, there is a high likelihood that your transaction has been influenced in some way by fintech, even if you are still doing business with a traditional financial institution. Fintech innovations such as mobile money transfer and automated investment portfolio management using robo-advisers have found their way into mainstream use.

As more money moves to fintech from both consumers and investors alike, the industry will gain greater attention from those who have less than noble intentions seeking to make gains at another’s expense. Like all financial services, there is a need for regulatory oversight for fintech solutions. This is to protect consumers from fraudulent activity and also to prevent other illicit transactions like money laundering or terrorist financing.

Regulatory technology (RegTech) has emerged as a distinct industry sector from fintech as regulations worldwide become more complex. Many of the regulatory updates are in response to both how the fi- nancial services business and criminals are evolving as a result of the emergence of new technology.

Businesses are only as strong as their weakest link, which is often outside of their direct sphere of influence. Any RegTech solution needs to be fully transparent and trusted in regards to data flow, data retention, data use – all elements that we take to heart, the only types of products that Storm IT Financial use. How can RegTech make fintech safer for service providers and consumers?

Identity Verification

One requirement that comes from AML regulations is the need for customer due diligence (CDD) that is fulfilled using methods like the know your customer (KYC) process. The Financial Action Task Force (FATF), an international body that defines and promotes AML, has developed a set of KYC standards but these may be implemented differently depending on the country. In some cases, cross-border re- strictions on the usage, storage, and transfer of data may limit where these utilities may be used. RegTech solutions that leverage dif- ferent forms of online identity verification, where personally identifiable information (PII) is not stored in a single storage location but rather queried from the original data source only as needed, are able to circumvent these restrictions.

Keeping Up with New Regulations

In a regulatory environment that is continually changing, financial services companies & fintech providers (like Storm IT Financial) need to stay abreast of new regulations in order to stay compliant for them and their clients. This can be especially challenging for multina- tional financial institutions that operate in several jurisdictions. Just as fintech has pushed the envelope for financial services innova- tion, the same is also true for RegTech and regulatory compliance. It seems only fitting that how businesses comply with ever-changing regulations in the face of fintech should be driven by one of its close relatives.

Storm IT Financial FinTech News & Trends picks: Week 20th-24th Feb 2017

KPMG’s releases it’s ‘Pulse of FinTech Report Q4’16’

The Pulse of Fintech – Q3 2016 is KPMG’s Quarterly analysis report of global venture capital trends in the fintech sector:

https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2017/02/pulse-of-fintech-q4-2016.pdf

Infographics – KPMG’s The Pulse of Fintech – Q4 2016

The following infographics provide a global & regional overview of key findings uncovered from The Pulse of Fintech Q4’16, created by KPMG Enterprise & KPMG Fintech:

https://home.kpmg.com/xx/en/home/insights/2017/02/infographics-the-pulse-of-fintech-q4-2016.html

Microsoft announces new Azure Functions capabilities to accelerate development of serverless applications

ntegration with Serverless Framework:

https://azure.microsoft.com/en-us/blog/announcing-new-azure-functions-capabilities-to-accelerate-development-of-serverless-applications/

How the IoT and mobility has made cloud more than a ‘nice to have’

How the IoT and mobility has made cloud more than a ‘nice to have’:

http://www.cloudcomputing-news.net/news/2017/feb/24/how-iot-and-mobility-has-made-cloud-more-nice-have/

Northern Trust Collaborates With IBM On Groundbreaking Blockchain Application

Global financial services giant Northern Trust has collaborated with IBM to launch blockchain technology:

http://www.finalternatives.com/node/34672

Open Source IoT on Steady Enterprise March

Enterprise IT decision makers have been exploring the potential of Inter- net of Things technologies:

http://www.technewsworld.com/story/Open-Source-IoT-on-Steady-Enterprise-March-84322.html

Microsoft Seeks Global Cybersecurity Accord

Microsoft has called on governments around the world to create a “digital Geneva Convention”:

http://www.ecommercetimes.com/story/Microsoft-Seeks-Global-Cybersecurity-Accord-84311.html

Battle of the clouds: Amazon Web Services vs. Microsoft Azure vs. Google Cloud Platform

Which flavor of IaaS public cloud has what you need?

http://www.cio.com/article/3173251/cloud-computing/battle-of-the-clouds-amazon-web-services-vs-microsoft-azure-vs-google-cloud-platform.html

Trump’s Not the Only One With a Phone Security Problem

Is your Android phone secure? President Trump’s smartphone reportedly has Security concerns….:

http://www.ecommercetimes.com/story/Trumps-Not-the-Only-One-With-a-Phone-Security-Problem-84315.html

Leading the Way in Digital Banking

Some of the ways Bank of America has kept pace with, and anticipated, the needs of their clients:

https://thefinancialbrand.com/63816/digital-mobile-banking-strategies-bank-of-america/

Big three clouds, are buying all the best cloud tech

Tip for entrepreneurs: World could soon need automat- ed cloud-sueball-flinger:

http://bit.ly/2lCxFQA