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ISO 20022: What Financial Institutions Need to Know, A New Era for Global Payments 

ISO 20022: A New Era for Global Payments 

There are big changes on the horizon for the payments industry as, at the end of this year, global payments messaging will begin a transition to the new ISO 20022 standard. And over the next five years, the new standard will replace the existing patchwork of message formats to create a universal language and common platform.     So What is it Exactly?    Simply put, ISO 20022 is a set of XML

How to Successfully Augment Your Bank’s Digital Team For Effective Implementation of New Fintech Solutions

How to Successfully Augment Your Bank’s Digital Team For Effective Implementation of New Solutions 

Leading bankers are seeking out the innovative solutions that will allow their business to keep up with the rapidly changing world we live in – ones that can help them respond to changing compliance requirements, possible changes in federal legislation that could come with a new administration, and the changing needs of the clientele they serve.     Fortunately, there are a number of innovative new solutions out there, but the process of

The Future of Financial Data Sharing

There is an ongoing conversation amongst key players in the financial services space about the future of financial data sharing. We recently wrote a white paper that explores this topic in depth and offers a clear path forward for financial institutions and fintech firms. The Future of Fintech’s Access to Financial Data with Open Banking: What Open Banking in the U.S. Means for Financial Institutions, Fintechs and the Consumers and Small Businesses They Serve At the heart of the issue

Xtensifi Achieves ISO 27001 Certification, Demonstrating Commitment to Data Security

Atlanta, Nov 18, 2020 – Xtensifi, a digital consulting and development firm that enables financial institutions and fintech providers to create and execute their mobile and online strategies, announced it has achieved ISO 27001 Certification, the only internationally recognized certifiable information security standard. ISO 27001 certification demonstrates that an organization has invested in its people, processes, and technology to ensure the confidentiality, integrity, and availability of all corporate data. It also demonstrates that an organization has identified risks, assessed the

How to Prepare for Post-Election Compliance Changes

Financial services is among the most regulated industries. Oversight occurs on every level of government and compliance mistakes can be incredibly costly. While the nation’s largest banks maintain large teams of compliance attorneys and other experts, most financial institutions must do their best to stay within the lines. On a global basis, banks spend $270 billion per year on compliance. Some 10 percent or more of most bank operating costs can be attributed to compliance, and some estimates suggest

4 Ways Financial Institutions Benefit from Sharing Data Across Financial Platforms

We’ve written a fair amount about open banking and the many changes it will bring to the financial services industry. By now, it should be apparent that nothing will stop this evolution in financial services. Even so, some institutions continue to resist it in a misplaced effort to protect their institutions from perceived threats.   While there are serious threats involved in the movement towards open banking, they can be managed and the benefits it brings far outweigh

Headless Banking: The Next Generation of Corporate Banking Services

It’s a common misconception that a company’s ability to connect its technology platforms directly to a financial institution without the need for a traditional banking portal is something new that fintech firms are bringing to market. However, this kind of metal on metal integration between corporations and financial institutions is not new.  What is new is the way the data is flowing between the parties. In

How Financial Institutions are Finding Protection as They Face an Increase in Fraud Risk Due to COVID-19

The current health crisis has exposed businesses across the world to many risks that didn’t exist before. Many small businesses are struggling to survive while navigating how to remain relevant without the ability to typically meet customers face-to-face. Even as the country reopens and when this crisis comes to an end, it will take a signification amount of time before everyone feels comfortable returning to their normal lives. The financial services industry hasn’t been spared from the realities of this pandemic.

Bringing True Open Banking to the Small Business Banking Environment

Until now, consumers and small businesses have provided credentials to fintech firms in order to use their applications. The firms use these credentials to collect data from the consumer’s accounts via screen scraping. And although consumers and small businesses alike have now fully embraced the functionality provided by third-party fintech firms, financial institutions are opposed to the practice of screen scraping as they