Tag: Financial Services

The Digital Operational Resilience Act (DORA) is a pan-European legislative framework on operational resilience and cyber resilience. DORA outlines improvements in information and communications technology (ICT) and security risk-management requirements, a harmonization regime for ICT incident reporting, development of a digital operational resilience testing framework, and an oversight framework for critical ICT third-party providers. DORA does not set any […]

As the proposed regime for critical third parties (CTPs) to the UK financial services sector continues to progress, financial institutions are interested in assessing and understanding the impact that working with a designated CTP will have on their reporting requirements and regulatory expectations around operational resilience. The Financial Services and Markets Act 2023 allows HM […]

The needs for dedicated card machines (or readers) tied to point-of-sale (POS) systems have historically restricted certain micro-merchants from adoption of electronic payments. New advancements in payments technology and standards have led to the development of software point-of-sale (SoftPOS). SoftPOS is a software-based solution that transforms near field communication (NFC)-enabled smartphones into a contactless payment […]

The COVID pandemic accelerated the customer demand seeking hyper-connected digital experiences, which could cut even across other industries. We highlighted this trend in our “Banking on the Cloud” ebook. Banks are accelerating the development of their strategies and solutions to deliver banking as a service (BaaS) and ecosystem banking capabilities to their customers and partners. […]

In June, the Financial Stability Board (FSB) published a consultation, Enhancing Third-Party Risk Management and Oversight: A toolkit for financial institutions and financial authorities, that aims to reduce fragmentation of regulatory and supervisory approaches to financial institutions’ (FIs) third-party risk management (TPRM) and deliver and support a more harmonized approach across all jurisdictions. The consultation […]

Welcome to the Financial Services Industry (FSI) Service Spotlight monthly blog series. Each month, we look at five key considerations that FSI customers should focus on to help streamline cloud service approval for one particular service. Each of the five key considerations includes specific guidance, suggested reference architectures, and technical code that can be used […]

For decades, Financial Services Industry (FSI) organizations have been relying on various messaging standards to send and receive payments. For example, credit card payments leverage ISO 8583, cross-border payments have been relying on ISO 15022, while various depository institutions or market payments operators have developed their own proprietary messaging standards. FSI organizations are adopting an industry-standard […]

Welcome back to the Financial Services Industry (FSI) Service Spotlight monthly blog series. Each month we look at five key considerations that FSI customers should focus on to help streamline cloud service approval for one particular service. Each of the five key considerations includes specific guidance, suggested reference architectures, and technical code that can be […]

A McKinsey study found that Fortune 500 financial institutions could generate as much as $60 billion to $80 billion in run-rate EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) in 2030 by making the most of the cost-optimization levers and business use cases unlocked by the cloud. Given the numbers at stake, financial institutions are […]

The Financial Services Industry (FSI) is in the midst of a significant transformation and given the key role digitization plays, electronic payments are at the epicenter of this transformation. Payments are becoming increasingly cashless, and the industry’s role in fostering inclusion has become a significant priority. Innovation and development of digital economies are supported by […]