FFCON Week 5 Wrap-up: Digital Identity & Convergence Marketplaces
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Digital Identity, Privacy, KYC, AML/ATF
Law reform to move identity verification online
The Law Society Gazette | | Sep 2020
The need to produce original official documents in order to prove identity could finally become obsolete under ambitions for electronic identity verification announced by the government today. The Department for Digital, Culture, Media & Sport revealed that the government plans to update existing laws 'to enable digital identity to be used as widely as possible'.
It will consult on developing legislation for consumer protection relating to digital identity, specific rights for individuals, an ability to seek redress if something goes wrong, and set out where the responsibility for oversight should lie. It will also consult on the appropriate privacy and technical standards for administering and processing secure digital identities.
The announcement formed part of the government’s response to a call for evidence on digital identity conducted last year. A summary of responses claims that: 'You told us you wanted the government to take a lead role in developing the UK’s digital identity economy.'
See: FFCON Week 5 Wrap-up: Digital Identity & Convergence Marketplaces
Identity checks during home buying and selling were highlighted in the consultation, which suggested that 'Effective use of digital identities (and digital signatures) would help simplify a lengthy process and enable more - if not all - of what is acknowledged to be one of life’s most stressful experiences to be moved online.'
In a statement, the Cabinet Office minister Julia Lopez said:
'It is clear that there is a need and an expectation for the government to make it easier for people to use digital identities quickly, safely and securely and we are committed to enabling this. We want to ensure there is transparency for people when they create and use digital identities so that they are always in control of who has access to their data and for what purpose.’
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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KABN North America and Loop Insights Partner to Launch AI Driven Merchant and Consumer Rewards Programs, Secured by Biometrics and Blockchain
KABN Systems North America and Loop Insights.ai | Release | Aug 25, 2020
TORONTO, ON and VANCOUVER, BC / ACCESSWIRE / August 25, 2020 / KABN Systems NA Holdings Corp. (CSE:KABN) ("KABN NA" or "KABN North America"), a Canadian Fintech company that specializes in continuous online identity verification, management and monetization in Canada and the US , is pleased to announce an initial partnership agreement with Loop Insights Inc. (MTRX:TSXV) ("Loop"), a provider of contactless solutions and artificial intelligence ("AI") to drive automated marketing, contact tracing, and contactless solutions to the brick and mortar space.
TOGETHER, THE COMPANIES WILL CREATE A VERIFIED DIGITAL ID CHECK-IN SYSTEM FOR LARGE SCALE VENUES
As the world goes more digital and more "check-ins" are required for contact tracing purposes, KABN NA can also enhance Loop's contact tracing check-in solution with its proprietary blockchain technology. The global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an impressive Compound Annual Growth Rate (CAGR) of 67.3% during 2020-2025 (source: www.marketsandmarkets.com).
KABN NA's Liquid Avatar program increases the security within Loop's services. Customer information and identities are protected by blockchain technology- the highest level of protection. This identity verification enhancement for Loop comes at a great time. It accelerates conversations with large scale business development opportunities, such as schools, stadiums, and governments that are reopening and seek fast and secure contact tracing check-in platforms.
COMBINATION OF LOOP AND KABN NA TECHNOLOGIES RESULTS IN POWERFUL AND COMPLIANT SOLUTION FOR MERCHANTS
KABN NA, in its simplest form, turns the major problem of data privacy into a profit for individuals by giving them complete control over what data is visible on sites and platforms throughout the web.
In order to deliver this level of control, KABN has created Liquid Avatar, a powerful platform that allows users to create digital icons representing their online personas. An individual can create different Liquid Avatars to share different levels of private data with different facets of their life, such as social media, professional, business, e-commerce, and banking.
Every Liquid Avatar is biometric and blockchain secured.
See:
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FFCON20 DIGITAL Attendees to Receive Exclusive Digital Icon and Early Access to Liquid Avatar
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Liquid Avatar Demo
On the other hand, Loop Insights provides merchants with a turnkey solution, driven by artificial intelligence. This allows them to unlock their bricks and mortar data in real-time to make smarter, faster, data-driven decisions that deliver personalized promotions and targeted engagement-leading to higher conversions and transaction revenue in professional sports, entertainment, and retail industries.
As a result of the partnership that converges the powerful technologies of both Loop and KABN NA, the tremendous value will be created for retailers and e-commerce stores due to transacting with known users who have been biometrically verified identity with a blockchain-enabled digital wallet.
In turn, this will provide merchants with the ability to push, customized offers, promotions, and other incentives based on permission-based data to a known, real person. This is extremely valuable in an environment fraught by bots and fake accounts.
NEW BUSINESS MODELS AND REVENUE STREAMS FULLY COMPLIANT WITH GLOBAL DATA PRIVACY LAWS
Moreover, the combination of these powerful standalone technologies will provide Loop and KABN NA with new business models that are compliant with jurisdictional privacy laws and regulations, where the user has management and control over the data.
KABN NA CEO, Ben Kessler: "We are very excited to partner with Loop to create a more interactive and rewarding experience for consumers. We believe that combining our efforts and solutions builds both a robust data and identity verification platform as well as, a personalized, customer-first loyalty solution. We look forward to leveraging all of these enhanced capabilities to expand our retail client and brand partner opportunities."
Loop CEO Rob Anson: "The convergence of Loop's IoT and AI technology with KABN NA's Blockchain and digital identity platform is compelling and will lead to many new possible global revenue opportunities. This exciting partnership unlocks potential new ways for us to monetize our services, expand our client networks, and further accelerate our pursuit on a global scale."
PARTNERSHIP UNLOCKS NEW WAYS FOR LOOP TO FURTHER MONETIZE ITS INSIGHTS AND ENGAGEMENT PLATFORM THROUGH RETAIL CLIENTS AND BRAND PARTNERS
Under the partnership, Loop will participate in potential revenue generated from KABN NA's Liquid Avatar program, which includes a percentage of the sign-ups, commissions, and service fees that KABN generates from brands, retailers, other businesses, and affiliates. Loop intends to leverage brand and corporate interest to gain revenue from its third-party programmatic advertising platform.
See: A new denim collection gives jeans a digital identity
Combining Loop's AI-powered retail analytics and engagement with KABN's Liquid Avatar digital identity platform, KABN KASH, a cashback and loyalty engine, and the KABN Visa card program, the partnership will create new revenue-generating opportunities for Loop. In addition to Loop's current engagement service offerings, Loop will now be able to offer KABN KASH (cashback and rewards) and the KABN Card to its growing base of retailers and in so doing, expand its monetization efforts, while also growing its base of users and user-generated data.
Source release: here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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KABN’s Liquid Avatar partners with Geon Network for Augmented Reality
KABN Systems North America | Release | Aug 19, 2020
TORONTO, ON & GIBRALTAR / ACCESSWIRE / August 19, 2020 / KABN Systems NA Holdings Corp. (CSE:KABN) (the "Company" or "KABN" or "KABN North America"), a Canadian Fintech company that specializes in continuous online identity verification, management and monetization in Canada and the US, is pleased to announce that it has signed an initial agreement with Europe-based, Geon Network ("Geon") (www.geon.network), a global leader in Augmented Reality ("AR") technologies to provide Liquid Avatar and KABN users with a host of innovative AR applications, including Geon's patent pending AR-based geo-location mining ("Geo-mining") rewards platform. This technology allows users to interact with a predetermined "real" location and see a series of virtual objects, interactive images, beacons, tasks, and events using their mobile device. Liquid Avatar (www.liquidavatar.com) will be partnering with GEON to create proprietary AR solutions to enhance its value proposition to consumers and commercial partners.
See: FFCON20 Week 5 Wrap-up: Digital Identity and Convergence Marketplaces
According to a July 24th, 2020 report posted on Benzinga.com, the global augmented reality services market is expected to reach $148.72 billion in 2023 (Business Research Company's Augmented Reality Services Market Global Report 2020-30: Covid 19 Growth and Change).
Predominantly in the EU, Geon has over 200,000 app downloads on iOS and Android as well as over 1.7 million pre-set AR locations with over 80,000 created by the Geon community and business partners. Geon users visit over 3,700 locations weekly. This year at the World Economic Forum in Davos, Switzerland, Geon successfully launched an Augmented Reality mapping and location platform for visitors. Further, during the recent presidential elections in Poland, the Geon platform was used to promote voting locations, with over 5,800 Geon users visiting voting booths.
Geon's gamification program allows users to set up or visit predetermined virtual objects, beacons or events at specific geographic locations and earn rewards, like "coins", discounts, and other items, for time spent and / or tasks completed. In early testing, over 6,000 users redeemed business products and services in the Geon in-app store using Geon coins.
In North America, KABN will be partnering and adapting this technology to create AR experiences with Liquid Avatar for sharing, shopping, dining, tourism and more. The platform will generate virtual, location-based offers, games, and tasks for users to engage with, on a permission basis, delivering value to Liquid Avatar's known and verified userbase. Liquid Avatar users will benefit from finding virtual "Easter Eggs", receiving potential rewards like coupons, discounts, loyalty points and more, supporting both digital and conventional engagement.
Video: FFCON20 Aug 6: How Businesses and Government Need to Adapt to Consumer Ownership of Data
Using complimentary technology, Liquid Avatar users will also be able to send AR-based messaging to other users, creating a host of new interactive ways to communicate with each other on the Liquid Avatar platform.
"We believe that Augmented Reality will play a big part of the evolution of online consumer engagement and insight analysis. Consumers can visit real locations, interact with virtual objects like logos, displays, menus, information and receive special offers and incentives," said Ben Kessler, CEO. "Our partnership with Geon will allow us to accelerate the AR integration process and create new and innovative ways to build value and revenue for Liquid Avatar users and the KABN suite of services."
Original release: here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FFCON Week 5 Wrap-up: Digital Identity & Convergence Marketplaces
NCFA | Samuel He | Aug 17, 2020
FFCON Week 5 Wrap-up: Digital Identity & Convergence Marketplaces
Digital identity has become particularly relevant in our modern age with the rise in technology, and the trend isn’t slowing down. This means it is crucial to deliver new frameworks and infrastructure to support digital commerce, online interactions and social identification in more secure and robust ways. This poses some important questions – What exactly is digital identity and why does it matter? How important is consumer ownership of their own data and how can businesses and government adapt to this?
Liquid Avatar Demo
See: FFCON20 DIGITAL Attendees to Receive Exclusive Digital Icon and Early Access to Liquid Avatar
TEDx: Why Digital Identity Matters Globally 2020 and Beyond (Info | Video)
The session kicked off with a presentation by David Lucatch of KABN about the importance of protecting one’s digital identity. David is a strong advocate, and the main point that he wants to emphasize is that our everyday actions online generate lots of data that have tremendous value. In his words, we as users are data generating machines. Different businesses and corporations have generated a lot of profit with the usage of this data. Lucatch believes that ownership of data should be a basic human right that the government should protect. He believes that data needs to be treated as currency for transactions for organizations that want to deal with them.
“You are a data generating machine,” David Lucatch, Co-founder, Director and President, KABN Systems North America
KABN followed up with a demo of their app called Liquid Avatar that functions as the digital identity of the customer. Utilizing biometrics and blockchain, Liquid Avatar provides the tools to set permissions and control for the customer’s private data, potentially reducing any opportunity for digital identity fraud. You can learn more about their app here: https://liquidavatar.com/
See: A new denim collection gives jeans a digital identity
Panel: How Businesses and Government Need to Adapt to Consumer Ownership of Data (Info | Video)
Later in the session featured a panel that offered different insights from four distinct perspectives on digital identity from the point of view of government, investor, technology, and the user. Each exhibited support for the idea of decentralized identity and moving ownership of data from the corporation to the user. In addition, it was discussed that data protection is crucial to protect new entrants into the market. This is because incumbents have lots of power if consumers are not in authority to control data streams.
“The key to the adoption of any technology is you have to develop value,” Senator Colin Deacon, Senate of Canada
4 important roles in digital ecosystems to create value
As was the case with all emerging technologies in the past, the idea of building trust with the consumer was promoted as a crucial step in delivering value and making digital identity usable for the average user.
Panel: Blockchain as the Foundation for Market Convergence: A Peak Into the Future (Info | Video)
Neoflow Screenshot:
Before the panel, Patrick Mandic of Mavennet gave a demo on his product NeoFlow. The aim of the product is to offer efficient solutions and bridge digital islands in the oil and gas industry. Patrick believes that the building blocks of transparency in the industry are identity, trust, and finance, all relevant factors to the topic of the panel. Neoflow is used by border control agencies and relevant government entities and provides tracking of key value chain events as well as digitization of relevant documents. You can learn more about Neoflow here: https://www.mavennet.com/solutions/neoflow/
See: US DHS Awards Mavennet $182K for Cross-Border Oil Import Tracking Using Blockchain
This next panel featured different perspectives on what the future may look like with markets. One idea discussed was to encourage different competitors to collaborate, with the end result being a better market for everyone. This involves finding the right individuals and government organizations that align with a shared vision/initiative. The panelists believe blockchain will have a lot of significance and will play a big role in transactions in the future. They believe that government and the central bank will play a vital role in innovation and cooperation that can speed up the adoption of blockchain.
Conclusion
An important takeaway from the panels is the importance of having transparency and having consumer ownership of their data. Moving ownership of data from the corporation to the user is an important step in being able to deliver value. The idea of transparency is also relevant with regards to the future of markets. Building a good rapport between government and competitors will play a key role.
Be sure to join us for the next session about Currency Wars, Digital Assets, and the Rise of Decentralized Finance! Learn more here: https://fintechandfunding.com/ffcon20-whats-on-this-week/
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FFCON20 This Week: Thur, August 6: DIGITAL IDENTITY & CONVERGENCE MARKETPLACES
NCFA Canada | Team FFCON20 | Aug 3, 2020
Join us Thursday, August 6, 2020! As the digital economy grows and the world increasingly moves online, the future of digital identity will deliver new frameworks and infrastructure to support digital commerce, online interactions and social identification in more secure and robust ways than ever thought before. This future is here today where individuals and businesses can establish digital representations of their identities to serve as the gateway to store and protect sensitive data, manage permissions and ultimately enable the future of Convergence Marketplaces.
- Why digital identity matters globally in 2020 – where is it taking us and what’s the future
- How businesses and government need to adapt to consumer ownership of data
- Are consumers ready to control their own data?
- How blockchain technology and other core tenants are the foundation for Convergence Marketplaces – A peak into the future
- Liquid Avatar and and convergent marketplace DEMOs
FFCON20 Week 5: In Focus
NEXT UP --> Aug 6, 2020
Digital Identity & Convergence Marketplaces
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Fintech & Cybersecurity: Key Risks and Solutions
Guest Post | July 21, 2020
Fintech companies have dramatically improved financial services worldwide. The sum of innovative technologies is offering groundbreaking banking and financial services to both consumers and B2B clients. In terms of funding, payments, investments, and other processes, the financial sector has never been more streamlined.
But in line with increased performance, there is increased risk. The fintech industry is on a quest to ensure optimal cybersecurity and safeguard customers’ financial and personal data; as well it should because it seems every month we hear about another major data breach.
See: Cybercrime and Covid-19: Preying on Fear
While we may pat ourselves on the bank and point to the positive aspects of fintech and open banking, we shouldn’t lose sight of the fact that critical technical dependencies on third parties in the integrated fintech ecosystem have made it uniquely vulnerable to several cybersecurity risks.
Here we shed light on some of those risks and go over a few actionable solutions to improve the landscape.
Key Fintech Cybersecurity Risks
Malware Attacks and Hacking
If you want to categorize cybersecurity risks in the fintech industry, malware attacks and hacking are among the most prominent. In one key example of the latter, bad actors are launching sophisticated cyberattacks on SWIFT infrastructure, a financial telecommunication system used worldwide by banks and other financial institutions to transfer transaction-related information.
The “insane” (as Wired termed it) $81 million bank heist incident in Bangladesh incident took place because of exploitable vulnerabilities that are prevalent in many banks. A similar attack is probably a matter of time as the risk here is directly related to financial operations such as domestic and international funds transfers.
Lack of Regulatory Compliance
The rapid rise of fintech companies is associated with an overall transformation in information technology and related fields. Legacy banking regulations don’t cover technological risks in a comprehensive manner, which means the fintech industry is largely unregulated.
Regulatory bodies are catching up but there is a lot left to cover to minimize the risk. In the meantime, a lack of regtech means organizations at risk of breaches include both those handling financial and personal data and peer to peer loan data.
Digital Identity Theft
In the fintech ecosystem, most applications and financial services are web-based with iOS or Android mobile devices at the front end. Fintech technology uses one-time passwords (OTPs) as security codes to verify customer authenticity during online marketplace transactions. Unfortunately, these OTPs are easily accessible by cyber attackers and critical information is easily traceable by bad actors. Faulty fintech software solutions are mostly liable in these cases.
See: Comparison of UK banking providers’ fraud controls
The risk of digital identity theft is directly related to online marketplaces. When a customer shares sensitive financial and personal information on online platforms or in e-banking solutions, this information is far too easy to garner.
A Few Solutions
Reputable Third-Party Service Providers
The fintech industry is largely dependent on various third-party service providers, from malware and cyberattack protection, cloud computing, to digital data services, to name just a few. Many IT risks arise due to weak software management by third-party service providers. Always go for reputable providers for fintech solutions as it ensures greater safety and security across the board.
Ensure Regulatory Compliance
Regulatory compliance for the fintech industry is still scant, particularly when compared to the size of the landscape. However, applying what compliance is available should save fintech companies from cross-border legal issues, potential loss of reputation, and the often hefty regulatory fines imposed by jurisdictional authorities. At the same time, regulators should review regulation perimeters routinely. Some key regulations to follow include:
- GDPR — Worldwise
- PSD2 — European Union
- eIDAS — European Union
- PCI DSS — Worldwide
- NCUA — Americas
Robust E-banking Security Architecture
In order to maintain customers’ privacy on web applications, online marketplaces, and when using e-banking solutions, banks and financial institutions should periodically update their security framework and architecture. This will mitigate some of the risk factors and pave the way for effective fintech implementation.
In addition, the industry as a whole needs to do a bit more to protect application users on-site. Companies can’t always rely on users to download a secure and effective VPN so apps should have VPN protection in place to secure connections and prevent unauthorized access. System firewalls, antivirus, and other steps are fundamental to stopping breaches.
The bottom line is that fintech will never be free from security vulnerabilities. However, by fostering appropriate security measures the industry can stay strong.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Digital IDs Help Open Banking Reach Its Fullest Potential
PYMTS | July 10, 2020
Open banking
comes in several flavors, yet its rise requires robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, Zac Cohen, chief operating officer at identity verification firm Trulioo told Karen Webster in a recent interview.
As financial institutions (FIs) work with FinTechs, they need to know that these tech-nimble startups are not only enabling access to customers’ account data but also in a manner that embraces KYC and AML. The end goal: to speed innovation toward new products and services while keeping fraudsters out.
Regulation Vs. Market Forces
The need for both innovation and security comes at a time when open banking is gaining a foothold in the United States due in part to the pandemic. It’s also growing across the pond in the European Union, albeit with some important distinctions.
“In recent years, we’ve seen the heavily regulated version of open banking in the E.U.,” Cohen said. “It’s been a coordinated effort — regulatory-driven, highly standardized and thrust upon the banking community. In the U.S., it’s been an organic-but-inevitable exercise, driven primarily by innovation and consumer demand.”
That’s due in part to the fact that America has a more fragmented banking and regulatory landscape, he said. But despite the differences, Cohen said he believes open banking is here to stay in the U.S.
Just consider all the recent acquisitions from major payments players. For instance, Mastercard last month bought Finicity, while Visa earlier this year acquired Plaid. Through those acquisitions, the networks have shown their interest in serving as intermediaries between banks, their customers and FinTechs that want access to important account-related data.
See: Refusal to embrace open banking puts Canada behind yet another curve
After all, the financial services ecosystem is striving to give consumers access to their financial records and leverage tech-driven innovations to improve their lives.
Cohen said that if banks don’t jump on board with those goals, they risk losing significant numbers of customers. Consumers want to share and access data to make such things as applying for a mortgage or tracking spending across various accounts easier.
Protecting Consumer Data
But with an ever-greater exchange of data must come an increased FI focus on data privacy, data ownership and how information gets used, he said. At a high-level view, banks must have robust ID verification procedures in place, making sure that the right people are showing up at the right time to do the right thing.
Webster noted that KYC and AML procedures aren’t governed by global standards. However, Cohen said that in the U.S., various forms of privacy legislation have been making headway. For instance, he pointed to statewide initiatives in California and Illinois that have focused on biometrics.
“It’s a good move for organizations that are involved in open banking and driving that innovation to have similar high privacy standards in that regard,” said Cohen.
Checks And Balances
He recommended that organizations have checks and balances to make sure consumers are protected and data is secured via coordinated efforts between banks and FinTechs.
Along those lines, financial services players — banks and FinTechs among them — are entering into data exchange agreements that operationalize tenets around what can be done with data, what information is needed and how long it can be stored.
See: FFCON20 DIGITAL Attendees to Receive Exclusive Digital Icon and Early Access to Liquid Avatar
“You’re confirming pieces of information on demand, but you’re not maintaining an open channel, nor are you retaining information nor sharing it or using it for any other purpose other than strictly what has been stated,” he said.
Generally speaking, firms shouldn’t retain data in searchable format, but should keep it in anonymized formats and quickly expunge it, Cohen said.
“When you feed that information back or you provide that connectivity and access, there’s no reason to retain it,” he said. “As long as you’re following strong data retention principles and as long as you’re securing those networks and channels, that’s the basic foundation that you want when operationalizing open banking.”
The Pandemic Is Speeding Innovation Up
Dialogue and close coordination between financial services players have spurred the equivalent of three years of innovation during the pandemic’s past three months, Cohen said.
“There’s been a huge amount of volume and demand for these types of digital journeys, as opposed to being able to walk into a branch and do things in person,” he said.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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