Fintechs – Products, Community, News
Fintechs – Products, Community, News
ISO 8583 is a widely adopted international standard for financial transaction messaging. It was established by the International Organization for Standardization (ISO) and serves as a framework for electronic financial transactions, primarily in the banking and payment card industries. The standard defines a format for messages that convey transaction data between various entities involved in […]
Banks and fintech companies must acquire several certifications and comply with regulations to ensure security, risk management, and user data protection. These certifications differ across regions, such as India, Europe, and North America, but generally cover compliance, fraud prevention, and data security. Here’s a detailed analysis of key certifications: 1. PCI-DSS (Payment Card Industry Data […]
Fraud and Risk Management (FRM) solutions are critical for safeguarding fintechs and banks from evolving financial crimes, including identity theft, data breaches, and unauthorized transactions. These solutions help identify, monitor, and mitigate risks in real-time by analyzing data and employing AI-based algorithms. Key Benefits: 1. Fraud Prevention: FRM solutions detect suspicious activities early, reducing financial […]
RBI’s monetary Policy – April 2024 – Click Here – Reserve Bank of India
The Reserve Bank of India had instructed the Card Networks like VISA, Mastercard etc. to stop Commercial Card Payments. The reason is not clear yet but this might be because of compliance. Here are some hypothetical reasons why RBI might consider such a directive: It’s important to note that any directive from RBI regarding commercial […]
National Payments Corporation of India (NPCI) is an apex organization in India that plays a crucial role in the country’s digital payments landscape. Established in 2008 as a not-for-profit company under Section 25 of the Companies Act, NPCI is owned by a consortium of major banks and is tasked with providing robust and efficient payment […]
Introduction to RegTech: Regulatory Technology, commonly known as RegTech, is an innovative and technology-driven approach to managing regulatory compliance and addressing challenges related to risk management within the financial industry. As financial regulations become more complex and stringent, the need for efficient and automated solutions to ensure compliance has grown significantly. RegTech aims to streamline […]
Data security is of paramount importance for financial institutions due to the sensitive nature of the information they handle, including customer financial data, personal details, and transaction records. The significance of data security for financial institutions can be outlined through several key aspects: 1. Protection of Customer Information: 2. Prevention of Financial Fraud: 3. Maintaining […]