Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Open banking data tapped to speed up laundering checks
Conveyancing firms are testing a mobile app that uses data made available by new open banking regulations to comply with ‘source of funds’ checks, the Gazette can reveal.
The automated check is conducted by a client-verification system developed by lawtech startup Thirdfort. The system aims to improve the speed and rigour of identity checks by removing the need for firms to inspect physical passports and documents.
London firm Streathers Solicitors LLP is among those testing the system. Clients receive a text message asking them to download Thirdfort’s app, which guides them through photographing a relevant identity document and recording a short video. The client can then permit the app access to their bank account income and outgoing transaction data.
See:
-
Why Open Banking Represents a Seismic Shift for Fintech
-
Open Banking: What’s Really at Stake
-
Canada’s financial upstarts are lining up behind open banking, but bigger players may need convincing
The app compiles a list of the user’s top 20 transactions over the past 12 months and identifies providers of significant unexplained sums for further checks. This forms part of a comprehensive identity report, along with checks on documents and alerts of politically exposed persons.
Oliver Thornton-Berry, Thirdfort’s co-founder, said this process, combined with remote checking of documents, takes two to three minutes.
‘It is significantly better than relying on certified copies of documents,’ he said.
Since last year, the Competition and Markets Authority has required the nine largest UK banks to make data about transactions available with the approval of the data holder to comply with the EU Payment Services Directive.
According to James Danaher, Streathers Solicitors partner, early trials show the system saves time. ‘It has the potential to save a lot of chasing of bank statements,’ he said. The system also detected that a passport scan was of a photocopy rather than the original document, 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
 |  |  |
Want to get insider access to some of the most innovative advances happening in #fintech. Register for #FFCON23 and hear from global thought leaders what’s next! Click below for Open Access tickets to all virtual programming and on-demand content from FFCON23. |
Guest Post | March 30, 2023 Unexpected expenses may be hard to predict, but there’s a good chance you’ll have to deal with a surprise bill or repair eventually. With the odds against you, it’s important you budget for these surprises in advance. Otherwise, the unexpected can be a lot harder to handle. Budgeting for the Unexpected in Mind Every budget should cover the basics — rent, food, medical expenses, and bills — but don’t forget about savings. An emergency fund should take a portion of each budget’s cash. By putting a little bit of money aside for the unexpected each month, you can eventually grow a fund large enough to take on life’s biggest surprises. For extra security, some people pair their emergency funds with lines of credit. If approved for a line of credit, you may get extra cash on standby as a backup to your savings. You can dip into your line of credit any time your emergency fund falls short of the unexpected. Armed with an emergency fund and a line of credit, you’ll have a better chance of being prepared for anything — even if you don’t see it coming. 5 Common Unexpected Expenses Here ...
Read More
Betakit | Kelsey Rolfe | Mar 29, 2023 Working groups resume April 14th, but open banking lead departs in September Canadian FinTech CEO Andrew Graham is tired of waiting for open banking to become a reality in Canada. He’s not alone. More than half a year after Borrowell launched an offering that allows Canadians to use their rent payments to build their credit score, Graham said it has seen significant challenges — ones that a formalized open banking system could resolve. Borrowell’s Rent Advantage program, announced in July 2022, allows users to report their monthly rent payments, using data from their bank accounts, to Equifax Canada, the country’s largest consumer credit bureau. Without a formal open banking system in place to dictate a standard API—a secure way for FinTech startups and other third parties to access users’ financial data—Borrowell has had to rely instead on screen scraping. With one large bank, which Graham declined to name, the company is seeing a 75 percent failure rate. And over time, he said, using screen scraping for bank account connections tends to stop working: more than 40 percent of the company’s Rent Advantage users have to reconnect their account each month. See: FFCON21 ...
Read More
Guest Post | March 30, 2023 Homeowners insurance can feel like a lifesaver when something goes wrong. If your roof springs a leak in a storm, your insurance policy should help you cover the repair costs. If a burglar breaks through your front door and steals your valuables, your policy should help you replace the items that you lost. And if your house goes up in flames, the policy should help you manage the monumental costs to recover from the disaster — including the costs of temporary accommodations. Homeowners insurance can do a lot, but it can’t do everything. Learn these three crucial facts about this type of insurance so that you’re fully prepared when disaster strikes. 1. Not All Damages Are Covered Homeowners insurance doesn’t cover all household damages. One common exclusion from standard policies is overland flooding. If a heavy storm forces floodwater into your basement, you can’t depend on your homeowners insurance to help you with the damages. You’ll have to sign up for a separate flood insurance policy to protect yourself from this circumstance. These are some more popular exclusions from homeowners insurance: Earthquakes Landslides Hurricanes (in certain states) Pest infestation 2. Not All Costs Will ...
Read More
March 30, 2023 Canadian homeowners are always looking for ways to save on their insurance premiums. With the recent changes in the economy, many insurers have been forced to re-evaluate their rates and coverage options. As a result, there are a few new trends emerging in the Canadian home insurance market. Here's an overview of what's new and not so new. The latest trends in home insurance in Canada The home insurance market in Canada has seen some interesting changes recently. Many companies are now offering comprehensive packages that can help protect homeowners from a variety of risks, such as flooding and earthquakes. These new plans often also come with additional perks like identity theft protection and discounts for installing certain upgrades like smoke detectors or water shut-off valves. Furthermore, some providers are beginning to offer coverage for losses related to the use of shared economy services like AirBnB or car sharing. Overall, these new developments in the Canadian home insurance market make it easier than ever before to customize a plan that will provide you with the necessary protection at an affordable rate. New regulations and policies affecting home insurance in Canada Homeowners in Canada need to be aware ...
Read More
Coindesk | Aoyon Ashraf | Mar 28, 2023 Canada's national government said federally regulated pension funds in the country will need to disclose their crypto assets exposure to the Office of the Superintendent of Financial Institutions (OSFI), as Ottawa tightens its regulatory oversight on the volatile industry. "To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI," the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures by the country's largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets, the budget plan added. The move comes after several high-profile bankruptcies such as the FTX exchange and the recent collapse of crypto-friendly U.S. lenders Silvergate Bank and Signature Bank exposed the extreme volatility investors face in the industry. See: Digital Asset Experts School Senate Banking Committee Members on Silvergate Debacle Some of the pension funds in the country have already felt the burn of investing in crypto. Last year, Quebec-based pension fund Caisse de Depot et Placement du Quebec said that it ...
Read More
March 29, 2023 Blockchain technology has been around for over a decade now and has the potential to revolutionize a wide variety of industries. However, using blockchain technology in the gaming industry is a relatively new concept for many people. Blockchain games use blockchain technology in their design and development, making them unique and potentially more valuable than traditional games. Top-notch blockchain technology gives gamers a whole new experience with some amazing features. So, if you’re looking for a profitable investment option, take a look at these ten reasons why you should definitely invest in blockchain games. 1. Ownership and Asset Monetization One of the most significant advantages of blockchain games is that they allow players to own and monetize their in-game assets. In traditional games, players invest time and money to acquire in-game assets but have no ownership over them. With blockchain games, players can own their in-game assets, which are recorded on the blockchain and become the player's property. This means players can sell, trade, or even rent out their in-game assets for profit, just like real-life properties. 2. Secured Environment Another reason to invest money in some of the best blockchain games is that they provide the ...
Read More
March 29, 2023 Forex trading involves changing one currency into another. While some people undertake this action purely for tourism reasons, others make a living out of it. There can be many benefits associated with forex trading, such as low costs, easy short-term sales, and an abundance of currency options. However, forex investment can be risky, and you might like to align yourself with a forex trading broker for some of the following reasons. You’re New to Forex Trading We all have to start somewhere in the investment world, but the complexities surrounding forex methodology and forex markets can make it easy for beginners to make costly mistakes. Many beginner forex traders entrust their money with forex brokers to make sound investment decisions on their behalf. This can be a worthwhile decision when you lack the skills to undertake trading yourself but understand the many benefits of getting involved. You Don’t Have Time Forex trading takes a considerable amount of time and effort. While the investment itself can take just a few seconds, you also have to study and analyze forex market data to ensure you’re making wise investment decisions. Hiring a forex broker can sometimes be in your best ...
Read More
Coindesk | Sam Reynolds | Mar 29, 2023 Decentralized autonomous organizations (DAO) are beginning to look like general partnerships in the eyes of U.S. courts. A U.S. court in California has ruled in favor of plaintiffs who alleged that the bZx protocol, and governance token-holding members of its decentralized autonomous organization (DAO), were negligent and liable for losses resulting from a hack that drained its treasury. The putative class action against bZx, its founders, software developers Leveragebox LLC and Hashed Labs LLC was initiated in July 2022. Drained wallets: The case stems from the $55 million hack of decentralized finance (DeFi) lender bZx in 2021, which resulted because a developer downloaded an email attachment containing malware. Not only did the attacker drain the wallet of the BZRX token, but other digital assets like ether. This is on top of other hacks the protocol suffered in 2020, one of which was for $8 million, while two others that occurred were for $630,000 and $350,000. See: Sushi DAO Head Chef Served With SEC Subpoena While the court dismissed some of the claims, such as claims that founders Tom Bean and Kyle Kistner are personally liable for breaching fiduciary duty, the fact that ...
Read More
Guest Post | March 28, 2023 Introduction Since the 1970s, global finance has seen significant changes that have impacted millions of people. The development of mobile phones and other technologies has enabled new ways to make and manage payments, invest money, and take out loans. But not everyone has been able to benefit from these technological advances. In particular, marginalized communities often lack access to financial services that can help improve their lives. The importance of financial systems The importance of financial systems is often overlooked in the development community. While there have been many innovations in technology and business models, we've failed to keep up with the rapid pace of change in the financial sector. As a result, millions of people still lack access to essential banking products and services, and even more so if you look at those living on less than $2 per day. What's most alarming is that this trend isn't new: it has been going on for decades. In fact, according to data from the World Bank Group's Global Financial Development Database (GDFD), only 1% of all adults worldwide had access to formal savings accounts as recently as 1990 - a number which rose by ...
Read More
March 28, 2023 Companies across the world are using data science in a variety of ways so that they can find effective solutions to their problems. This means that there is a greater demand for data scientists than ever before, so if you are thinking about becoming a data scientist, now could be a great time to explore this opportunity. The good news is that there are plenty of effective ways to learn more about analyzing and interpreting data. Within this article, you will find some of our best tips on developing your data science skills and launching a successful career as a data scientist, even if you don’t have much experience at the moment. Develop The Right Skills The first thing that you will need to think about is developing the right soft and hard skills to succeed in the data science world. For example, you might want to start by working on your technical skills, including your knowledge of statistics and mathematics, machine learning, big data, natural language processing, and cloud computing. As you will be dealing with large amounts of data every day, it’s essential to familiarize yourself with statistical methods and algorithms. When it comes to ...
Read More
Guest Post | March 30, 2023 Unexpected expenses may be hard to predict, but there’s a good chance you’ll have to deal with a surprise bill or repair eventually. With the odds against you, it’s important you budget for these surprises in advance. Otherwise, the unexpected can be a lot harder to handle. Budgeting for the Unexpected in Mind Every budget should cover the basics — rent, food, medical expenses, and bills — but don’t forget about savings. An emergency fund should take a portion of each budget’s cash. By putting a little bit of money aside for the unexpected each month, you can eventually grow a fund large enough to take on life’s biggest surprises. For extra security, some people pair their emergency funds with lines of credit. If approved for a line of credit, you may get extra cash on standby as a backup to your savings. You can dip into your line of credit any time your emergency fund falls short of the unexpected. Armed with an emergency fund and a line of credit, you’ll have a better chance of being prepared for anything — even if you don’t see it coming. 5 Common Unexpected Expenses Here ...
Read More
Read More
Betakit | Kelsey Rolfe | Mar 29, 2023 Working groups resume April 14th, but open banking lead departs in September Canadian FinTech CEO Andrew Graham is tired of waiting for open banking to become a reality in Canada. He’s not alone. More than half a year after Borrowell launched an offering that allows Canadians to use their rent payments to build their credit score, Graham said it has seen significant challenges — ones that a formalized open banking system could resolve. Borrowell’s Rent Advantage program, announced in July 2022, allows users to report their monthly rent payments, using data from their bank accounts, to Equifax Canada, the country’s largest consumer credit bureau. Without a formal open banking system in place to dictate a standard API—a secure way for FinTech startups and other third parties to access users’ financial data—Borrowell has had to rely instead on screen scraping. With one large bank, which Graham declined to name, the company is seeing a 75 percent failure rate. And over time, he said, using screen scraping for bank account connections tends to stop working: more than 40 percent of the company’s Rent Advantage users have to reconnect their account each month. See: FFCON21 ...
Read More
Read More
Guest Post | March 30, 2023 Homeowners insurance can feel like a lifesaver when something goes wrong. If your roof springs a leak in a storm, your insurance policy should help you cover the repair costs. If a burglar breaks through your front door and steals your valuables, your policy should help you replace the items that you lost. And if your house goes up in flames, the policy should help you manage the monumental costs to recover from the disaster — including the costs of temporary accommodations. Homeowners insurance can do a lot, but it can’t do everything. Learn these three crucial facts about this type of insurance so that you’re fully prepared when disaster strikes. 1. Not All Damages Are Covered Homeowners insurance doesn’t cover all household damages. One common exclusion from standard policies is overland flooding. If a heavy storm forces floodwater into your basement, you can’t depend on your homeowners insurance to help you with the damages. You’ll have to sign up for a separate flood insurance policy to protect yourself from this circumstance. These are some more popular exclusions from homeowners insurance: Earthquakes Landslides Hurricanes (in certain states) Pest infestation 2. Not All Costs Will ...
Read More
Read More
March 30, 2023 Canadian homeowners are always looking for ways to save on their insurance premiums. With the recent changes in the economy, many insurers have been forced to re-evaluate their rates and coverage options. As a result, there are a few new trends emerging in the Canadian home insurance market. Here's an overview of what's new and not so new. The latest trends in home insurance in Canada The home insurance market in Canada has seen some interesting changes recently. Many companies are now offering comprehensive packages that can help protect homeowners from a variety of risks, such as flooding and earthquakes. These new plans often also come with additional perks like identity theft protection and discounts for installing certain upgrades like smoke detectors or water shut-off valves. Furthermore, some providers are beginning to offer coverage for losses related to the use of shared economy services like AirBnB or car sharing. Overall, these new developments in the Canadian home insurance market make it easier than ever before to customize a plan that will provide you with the necessary protection at an affordable rate. New regulations and policies affecting home insurance in Canada Homeowners in Canada need to be aware ...
Read More
Read More
Coindesk | Aoyon Ashraf | Mar 28, 2023 Canada's national government said federally regulated pension funds in the country will need to disclose their crypto assets exposure to the Office of the Superintendent of Financial Institutions (OSFI), as Ottawa tightens its regulatory oversight on the volatile industry. "To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI," the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures by the country's largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets, the budget plan added. The move comes after several high-profile bankruptcies such as the FTX exchange and the recent collapse of crypto-friendly U.S. lenders Silvergate Bank and Signature Bank exposed the extreme volatility investors face in the industry. See: Digital Asset Experts School Senate Banking Committee Members on Silvergate Debacle Some of the pension funds in the country have already felt the burn of investing in crypto. Last year, Quebec-based pension fund Caisse de Depot et Placement du Quebec said that it ...
Read More
Read More
March 29, 2023 Blockchain technology has been around for over a decade now and has the potential to revolutionize a wide variety of industries. However, using blockchain technology in the gaming industry is a relatively new concept for many people. Blockchain games use blockchain technology in their design and development, making them unique and potentially more valuable than traditional games. Top-notch blockchain technology gives gamers a whole new experience with some amazing features. So, if you’re looking for a profitable investment option, take a look at these ten reasons why you should definitely invest in blockchain games. 1. Ownership and Asset Monetization One of the most significant advantages of blockchain games is that they allow players to own and monetize their in-game assets. In traditional games, players invest time and money to acquire in-game assets but have no ownership over them. With blockchain games, players can own their in-game assets, which are recorded on the blockchain and become the player's property. This means players can sell, trade, or even rent out their in-game assets for profit, just like real-life properties. 2. Secured Environment Another reason to invest money in some of the best blockchain games is that they provide the ...
Read More
Read More
March 29, 2023 Forex trading involves changing one currency into another. While some people undertake this action purely for tourism reasons, others make a living out of it. There can be many benefits associated with forex trading, such as low costs, easy short-term sales, and an abundance of currency options. However, forex investment can be risky, and you might like to align yourself with a forex trading broker for some of the following reasons. You’re New to Forex Trading We all have to start somewhere in the investment world, but the complexities surrounding forex methodology and forex markets can make it easy for beginners to make costly mistakes. Many beginner forex traders entrust their money with forex brokers to make sound investment decisions on their behalf. This can be a worthwhile decision when you lack the skills to undertake trading yourself but understand the many benefits of getting involved. You Don’t Have Time Forex trading takes a considerable amount of time and effort. While the investment itself can take just a few seconds, you also have to study and analyze forex market data to ensure you’re making wise investment decisions. Hiring a forex broker can sometimes be in your best ...
Read More
Read More
Coindesk | Sam Reynolds | Mar 29, 2023 Decentralized autonomous organizations (DAO) are beginning to look like general partnerships in the eyes of U.S. courts. A U.S. court in California has ruled in favor of plaintiffs who alleged that the bZx protocol, and governance token-holding members of its decentralized autonomous organization (DAO), were negligent and liable for losses resulting from a hack that drained its treasury. The putative class action against bZx, its founders, software developers Leveragebox LLC and Hashed Labs LLC was initiated in July 2022. Drained wallets: The case stems from the $55 million hack of decentralized finance (DeFi) lender bZx in 2021, which resulted because a developer downloaded an email attachment containing malware. Not only did the attacker drain the wallet of the BZRX token, but other digital assets like ether. This is on top of other hacks the protocol suffered in 2020, one of which was for $8 million, while two others that occurred were for $630,000 and $350,000. See: Sushi DAO Head Chef Served With SEC Subpoena While the court dismissed some of the claims, such as claims that founders Tom Bean and Kyle Kistner are personally liable for breaching fiduciary duty, the fact that ...
Read More
Read More
Guest Post | March 28, 2023 Introduction Since the 1970s, global finance has seen significant changes that have impacted millions of people. The development of mobile phones and other technologies has enabled new ways to make and manage payments, invest money, and take out loans. But not everyone has been able to benefit from these technological advances. In particular, marginalized communities often lack access to financial services that can help improve their lives. The importance of financial systems The importance of financial systems is often overlooked in the development community. While there have been many innovations in technology and business models, we've failed to keep up with the rapid pace of change in the financial sector. As a result, millions of people still lack access to essential banking products and services, and even more so if you look at those living on less than $2 per day. What's most alarming is that this trend isn't new: it has been going on for decades. In fact, according to data from the World Bank Group's Global Financial Development Database (GDFD), only 1% of all adults worldwide had access to formal savings accounts as recently as 1990 - a number which rose by ...
Read More
Read More
March 28, 2023 Companies across the world are using data science in a variety of ways so that they can find effective solutions to their problems. This means that there is a greater demand for data scientists than ever before, so if you are thinking about becoming a data scientist, now could be a great time to explore this opportunity. The good news is that there are plenty of effective ways to learn more about analyzing and interpreting data. Within this article, you will find some of our best tips on developing your data science skills and launching a successful career as a data scientist, even if you don’t have much experience at the moment. Develop The Right Skills The first thing that you will need to think about is developing the right soft and hard skills to succeed in the data science world. For example, you might want to start by working on your technical skills, including your knowledge of statistics and mathematics, machine learning, big data, natural language processing, and cloud computing. As you will be dealing with large amounts of data every day, it’s essential to familiarize yourself with statistical methods and algorithms. When it comes to ...
Read More
Read More
Related Posts
Canadian banks are following in BlackBerry’s footsteps, and that’s not very good news
3 examples of what open finance can do right now
Mastercard to Acquire Finicity to Advance Open Banking Strategy
Is Digital Banking Safe? Which is safer, Fintechs vs Incumbents?
Banks, fintech startups clash over ‘the new oil’ — your data
How Banks, Fintechs, and Customers Win Together
Leave a Reply