Video interview: The impact of PSD II on the Financial Services community
Listen to our interview at Sibos with Hamish Thomas, EMEIA Payments Leader at EY.
Hamish will give a brief background on what PSD II is and what changes (if any) consumers and bank customers will see. He'll also talk about the key points that financial institutions need to be aware of ahead of it coming into force.
RecordedOct 17 20167 mins
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Mor Ahuvia, Authentication Product Marketing at Gemalto
Cloud apps are being pulled into the enterprise hand-over-fist, with 93% of organizations using cloud-based IT services. But the efficiencies and convenience offered by cloud apps come at a price. While organizations have long been applying two-factor authentication to their network, VPN and email portals, they have failed to extend that same level of security to cloud-based applications, such as Office 365, AWS and Salesforce.
But the need for stronger cloud access security is only part of the story. Businesses looking to scale and increase their cloud adoption find there are other issues to contend with. Visibility into cloud access events and regulatory compliance become challenging to maintain. Helpdesk staff are burdened with password resets, and the most important link in the chain—users—are plagued with password fatigue.
This webinar explains:
•Challenges to greater cloud adoption in the enterprise
•What cloud access management is
•How strong authentication complements access management
•Why cloud access management is critical to an organization’s cloud adoption strategy
You order an Uber through your phone. You get in, complete your ride, get out and say goodbye. You don't even take out a credit card or cash anymore but you know it's been paid for. So how does it work? Is it safe? And what's the future of our financial interactions?
Uber and many other Fintechs have taken the interaction out of transactions but it's often unclear how they actually work, and many of them still reply on a traditional bank. So we've sent Eric Hazard to discover the ins, outs and dirty secrets of your favorite taxi apps, food delivery hubs and fintechs!
Kristian Sørensen (Norfico), Tim Richards (Consult Hyperion), Adam Kissane (Deloitte), Marten Nelson (Token)
With the new European Payment Service Directive (PSD2) the most talked about topics are the new access to account (XS2A) options that Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs) will get. But as the Directive not only aims to open the banking infrastructure to foster innovation but at the same time it also aims to increase security and reduce fraud.
To achieve this ambition new requirements for the use of Strong User Authentication (SCA) play a central role of the Directive. The Commission have given the European Banking Authority (EBA) the responsibility to develop Regulatory Technical Standards (RTS) for SCA. The process has involved discussion papers, 250+ comments from different parties and by the end of February, the "final draft" version of the SCA RTS was published.
The panel will make sense of the alphabet soup of acronyms and discuss the requirements, the interpretations and the implications of SCA and the RTS.
*What is SCA?
*How can SCA be done?
*Who must do SCA?
*Who can do SCA?
*How will SCA impact transactions and commerce?
Patrick Grillo, Senior Director, Security Solutions, Fortinet
Using Authentication and Identity Management to Secure a Financial Network:
The Door is Still Open and the Horse is Almost out of the Barn
Carbanak. JP Morgan/Chase. Dyre Wolf. Bank of America. Bangladesh. Tesco Bank. This roll call should be proof enough of the attractiveness of the FSI to the hacker/cyber criminal community. While not all of them can be associated with Authentication and Identity Management issues, it’s undeniable that they have played a prominent role.
An increased focus on authentication and identity management is a right step forward but just confirming a user’s identify is only half the task. With the concept of Zero Trust gaining momentum, authentication and identification must be reinforced by the network itself through policy based access and segmentation.
This session will look back at some of the data breaches that have been attributed to weak authentication methods and how they might have been prevented. At the same time, the concept of internal network segmentation will be presented to show how both halves of the equation need to be brought together to effectively close off this common attack vector.
Remember the days when IT had full control of which applications were used across your organisation? Today’s reality is that business moves faster than ever before, and teams need to be agile and able to easily collaborate together. How do organisations embrace the advantages of the cloud while keeping security and compliance tight?
In this session we discuss:
-How modern working practices might not be secured by traditional means
-The scale of Shadow IT; even in organisations that have no ‘official’ cloud infrastructure
-The risk posed by well-meaning employees and why modern authentication matters
Ben Matthews (BCS Consulting), Taylor Gerring (Ethereum), Greg Jendroszczyk (Piwik PRO), George Wilson (Tallysticks)
The discussion of data and identity rights is not a new one. However, with the upcoming GDPR in May 2018, the questions on the future of self-sovereignty are on the rise.
Blockchain technology has been predicted to become a major gamechanger to how we address security concerns with data protection and authentication. With banks and other financial institutions holding some very precious data, it has never been more apt than now, to discuss the challenges head-on.
Join this panel where experts will tackle:
-How is Blockchain securing the Internet?
-Biometrics vs password authentication
-Should users have full control of their identity?
-How can Blockchain help with KYC/AML challenges?
-The Impact of GDPR on the Financial Services community: How do banks and FinTech start-ups prepare?
Deloitte UK's Head of FinTech Louise Brett, launches the interim Global FinTech Hub Review, compiled in collaboration with the Global FinTech Hubs Federation at the Innovate Finance Global Summit 2017.
Pretotyping is a growing technique for fast innovation, faster than developing an MVP. Pretotying is about doing the hardest part first, and the hardest part is almost always getting people to change their habits and try something new. Pretotyping allows you to experiment cheaply and look for market signals that you can then build into.
In this one-hour webinar, you'll learn what pretotyping is, the six main forms, how to iterate quickly, and much more. You'll learn why pretotyping is usually better than building a prototype or an MVP, and how several of today's successful products came out of a pretotyping experiment. Applies equally to physical and digital products and services.
This is for anyone interested in fast innovation: start-ups, marketers, intrapreneurs, product managers, and more. Pretotyping is a powerful tool that should be in every innovator's toolkit.
David Siegel is a Silicon Valley serial entrepreneur living in Switzerland. He played a significant role in the development of the Worldwide Web, has written five books, and coaches startups. He is now leading an open-innovation company focused on blockchain and the decentralized economy.
-What are the impacts of the new changes with the regulatory technical standards (RTS)?
-Open banking vs screen scraping, what is the impact?
-What are some of the benefits that end-users, fintechs and banks can expect from PSD2?
Markos Zachariadis, Steve Kirsch, Markku Mehtälä, Natasha Kyprianides, Vincent Jansen
Join this session where a panel of experts will discuss both practical and strategic solutions for challenges and opportunities brought about by PSD2.
Topics up for discussion include:
-What are the options for PSD2 compliance at a bank?
-What are the best ways to monetize your PSD2 API?
-Will banks all have different APIs?
-Which API should I support?
-What are the business models/strategies people can adopt as we move towards the open API economy?
-How to build an ecosystem that will add value to the organisation and to your customers and what are the things to consider? (degree of openness, platform curation, etc.)
-What will be the new rules of competition and competitive threats, and how banking and non-banking institutions can respond to the new developments.
Alex Kwiatkowski (Misys), Phill Gillespie (Money Dashboard), Morten Kriek (Moven)
Having the discipline to set – and stick to – a budget is a hard task for many. Whether it’s because facing up to reality is sobering, or that the task at hand produces feelings of unbearable ennui, there’s considerable scope for improvement among customers when it comes to planning their short, medium and long-term financial futures.
In a world where the population is both growing and living longer, actions need to be taken which encourage saving and help people to live within their means. Fortunately, this is a world which is increasingly connected, where technological innovations make the previously difficult become easy: the gamification of financial services for instance.
During this webinar, a panel of opinionated experts will discuss – and doubtless disagree in an entertaining manner – as to how gamification potentially makes life easier for customers and the firms which they maintain relationships with. Bye-bye boring budgets, it’s time to welcome a new era of financial responsibility.
Charlie Leahy, Head of Software Architecture and Data Science (Hufsy)
Banks have a vast wealth of mineable data available to them, but traditionally have provided their customers with little feedback beyond a balance and list of transactions.
In this talk Charles Leahy, Tech Lead at Hufsy, looks at ways in which tools such as visualisation and machine learning can be employed to give users meaningful insights, helping them make the most of their money.
As businesses begin to rely more on data-driven Artificial Intelligence applications, the new applications lead to new business issues, security, and privacy concerns. Each bank also needs to have a transparent system for total audit-ability so one can see who did what, and when. Bank can use AI Deep Learning techniques to identify erroneous or incomplete data to avoid misleading decisions.The new AI applications introduce a number of business, security and privacy issues which will have to be addressed. Neural Network, Natural Language Processing, Image Recognition, Speech Recognition and Sentimental Analysis techniques are Deep Learning techniques used in Banks and Financial Services. AI Deep Learning techniques are used to help with anti-money laundering programs, know-your-customer checks, sanctions list monitoring, billing fraud oversight or other general compliance functions, artificial intelligence can:
- Improve efficiency
- Weed out false-positive results
- Reduce costs and increase profits.
- Make better use of workers’ time and company resources
- Help banks handle their compliance monitoring
- Automate some legal and regulatory work
- Handle most customer service and improve customer experience
- Help in detection of Fraud
- Creates a massive competitive advantage
Bhagvan Kommadi, Founder, Architect Corner has around 20 years experience spanning in the creation of products & incubation of Product Startups. He has done Masters in Industrial Systems Engineering at Georgia Institute of Technology (1997) and Bachelors in Aerospace Engineering from Indian Institute of Technology, Madras (1993).Architect Corner is in CIO Advisor Top 25 Fast Growing AI startups in APAC for 2017. Architect Corner is part of Citi T4I Growth Accelerator.
Marieke Flament, Managing Director Europe at Circle
Listen in for a short interview with the team at Circle where we'll cover:
-What are some of the key trends when it comes to social payments?
-What makes Circle different from other apps that allow cross-border payments?
-What are some of the trust issues you've had to overcome with getting people to use digital payments?
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