Trulioo is truly honored to announce that we have won the LendIt 2017 Award as International Innovator of the Year! “We are incredibly proud to be honored with the first-ever Lendit Award for International Innovator of the Year,” said Stephen Ufford, CEO of Trulioo. “Marketplace lending is growing by leaps and bounds and our team is dedicated to removing compliance barriers to help enable product innovation for both emerging and established players in the space. ” RegTech innovations like Trulioo’s GlobalGateway help solve the friction related to cross-border transactions by enabling lending clients to verify the identities of their customers within seconds. Eliminating the long drawn out customer onboarding process has become an essential component for growth and expansion plans for businesses looking to scale as it becomes increasingly complex and burdensome to navigate and meet tightening compliance international regulations. Trulioo was selected as the winner from hundreds of applicants worldwide vying for top honors within the lending and fintech industry. The LendIt Industry Awards is where outstanding achievements by lending and fintech market leaders, innovators and top talent is celebrated. Over the last several weeks, 30 industry thought leaders including CEOs, investors and media, evaluated finalists to determine 18 category winners. The International Innovator of the Year Award recognizes and honors companies domiciled outside the US that have demonstrated a strong culture of innovation, and achievements in producing ground-breaking technologies in the industry over the past year. Trulioo is by all definition an International Innovator, powering fraud and compliance systems across borders, with coverage in over 60 countries, verifying more than 4 billion identities globally through a single API. Awards were announced during the LendIt Industry Awards Show & Dinner that took place on Tuesday, March 7th at 6:30PM at the Edison Ballroom in the heart of New York City. Living in a beautiful multi-cultural country, Canada welcomes diverse people who have emigrated here from places around the corners of the world. Many foreigners travel all the way here in hopes of making a better living to send money back home to their loved ones. In 2015, a total amount of $23.4 billion was sent from Canada to other countries according to Pew Research Center. Unfortunately, a huge part of this hard-earned money is lost during the journey due to fees and transaction costs and moving from agency to agency — from 5% up to as much as 20% of the total sum. Enter nTrust — A Vancouver fintech that helps people access, move, and use their money, instantly. Using cloud money, users can link up their bank accounts and start sending money to friends, banks and even exchange currency easily. When it comes to security, nTrust is no joke. Their service meets the gold standard for FINTRAC, secured with SSL encryption and rated level one in data security by PCI Security Standards Council. In addition to all that, nTrust uses professional fraud prevention services that shuts down theft before it even starts. Earlier this year, nTrust was also featured on a PYMNTS article on fraud prevention for P2P payments. Fraud Management Specialist Darcy Berringer shares in more detail about how they tackle the challenges the sector faces. We had a chance to chat with Rod Hsu, the president of the company, to learn more about how nTrust helps their customers, his thoughts on RegTech for the remittance industry, and well — how to be a good person in general. Trulioo: What is the biggest challenge people face sending money overseas and how does nTrust help? Rod: The biggest challenge people face when sending money abroad is overall cost. People want their funds to get to their destination, without being dinged by fees along the way. Those charges can include anything from the foreign exchange spread, to added costs incurred for the actual remittance services. At nTrust, we stitch together different services and networks to keep the overall expense low for our customers. We focus on the technology of moving money, rather than creating additional overhead costs that are passed down to the user. By focusing on technical integrations, we can keep our own costs down, and provide a better (and cheaper) service for our members. Trulioo: One of the many hurdles fintechs have to jump through are regulations and compliance. What are your thoughts on RegTech and how it would help companies in remittance specifically? Rod: Fintech means financial technology, and often times it’s more “tech” than “fin.” Fintechs are always looking for efficient, streamlined ways to leverage technology and serve their customers. That drives every aspect of Fintech, from operations, to marketing, to regulatory and everything in between. That’s why “It makes sense for #fintechs to turn to #RegTechs to navigate the challenging waters of #compliance and regulation — @rod_hsu” it makes sense for fintechs to turn to RegTechs to navigate the challenging waters of compliance and regulation. Every location enforces slightly different rules, and even those guidelines are constantly changing. The regulatory space requires niche, knowledgeable experts; RegTech companies operate in that niche, and play an important role in the life cycle of any fintech. Most importantly, leveraging RegTechs allows fintechs to focus on their core business. KYC (know your customer), AML (anti money laundering), and CTF (counter terrorist financing), along with Fraud and Risk Preventions, are all key to understanding customers and behaviors. However, they take time and resources. RegTechs provide the technology to help facilitate all of these processes, whether that means automation, or other ways to satisfy compliance. Trulioo: Last question! Can you tell us about the story behind Beatrice the Truck and what your favorite random act of kindness of hers is? Rod: Before she came to nTrust, Beatrice the Truck was a working truck – she was first owned by the Canada Post. We bought her and gave her a complete revamp, from body modifications to a customized paint job and nTrust decals. Beatrice was a key part of every Be Good event. My favorite has to be our initiative with Vancouver radio station 102.7 The Peak. We gifted $1000 to listener Lara and her students at Clayton Heights Secondary; they asked for donations to create holiday gift bags for their local senior center. Some of the seniors don’t have family to visit them over the holidays, and the students wanted to bring them some happiness. Our team was invited out to help assemble the gift bags and meet the Grade 8 class behind the whole initiative. That was a great Be Good moment. Check out the full story on the nTrust blog here. To get the latest updates from nTrust, follow them on Twitter, Facebook and LinkedIn! If there’s a fintech company you’d like to see featured in our Fintechs in Vancouver blog series, please submit your request to [email protected]. Other Fintechs in Vancouver we featured Koho: Secure, Simple, Mobile and a Free Financial Life. Tired of paying a fee for every little thing you do with your credit card and debit card? Sick of big financial institutions charging you hidden fees that just don’t make sense? Meet Koho, a Fintech in Vancouver who offers a prepaid card solution — without all the exorbitant charges. NetCents: Your Bitcoin Wallet, for Everything. NetCents is a spunky financial services company offering a suite of products leveraging traditional capital markets infrastructure and blockchain technology. NetCents helps their users pay, their way. With the NetCents app, you can move, purchase, transfer, withdraw funds and even buy or sell Bitcoins — all in one place. FrontFundr: Investing for Everyone If crowdfunding and venture capital ever had a child, it would probably be something like this startup. FrontFundr is an investment platform that taps into a much larger investor community consisting of seasoned investors and the wider public versus your traditional startup investors, like angels, venture capital firms and wealthy individuals. Regulators, by their nature, regulate. And, with so much technological, political and financial change happening, it’s no wonder why EU financial regulators are so busy. To add to the recent changes such as Basel III and SEPA, compliance officers need to pay attention to a host of topics. Brexit Unless you’ve been hiding under a rock for the past four months, you no doubt know about the UK referendum to leave the EU. What you don’t know (and no-one does yet), is how it will affect compliance and regulations both in Europe and the UK. One thing to consider is where to locate. Is the era of London being the leader in World finance about to end? The reasons behind its leadership success; an inviting legislation regime, a broad and diverse financial ecosystem and access to vast sums of capital, are difficult to reproduce. While jurisdictions can pass more accommodating laws, other elements require a network effect and there’s not one clear-cut choice. Some have touted Frankfurt, while others look to Paris, but Dublin has the advantage of being English-speaking. Some even suggest that Brexit won’t end up happening, so perhaps, wait and see on this one. MiFID II We’ve covered the new round of European regulation, Markets in Financial Instruments Directive (MiFID 2), in a recent post. MiFID 2 extends transparency requirements, amends requirements regarding trading venues and technology and strengthens investor protection via stronger inducements, additional clients’ assets safeguards, rules on product governance, and intervention powers. “MiFID II will affect corporate treasury functions significantly,” said Chris Leonard-Appleton, Director, Regulation at Thomson Reuters. IFRS 9 IFRS 9 is an International Financial Reporting Standard that replaces IAS 39, effective for annual periods beginning on or after January 1, 2018. It passed the EU Parliament final hurdle October 6, 2016, after being launched back in 2009. The issue revolves around the classification and measurement of financial assets, and impairment of those assets. It is in response to the reporting of losses ‘too little, too late’ and will require banks to model credit loss risk based on expected rather than incurred losses. IFRS 9 is not some minor tax code change; according to Adrian Docherty, head of FIG advisory at BNP Paribas, “This is a big deal — Volatility of provisions, either in hypothetical stress tests or in real stress, could be significant. You are bringing forward the bad news.” There is confusion around IFRS 9, especially how that will impact capital requirements. There might be huge volatility around the risk measurements of loans and therefore huge volatility around the capital requirements. 60% of banks, according to a May 2016 Deloitte survey, “either did not or could not” quantify the impact of the new rules. This confusion does not seem to have diminished since then; at a recent global banking conference, some 44% of the audience said they had “no understanding” of IFRS 9. We can only hope that specific recommendations come about before implementation, or we face a situation where every treasury will base their numbers on their own risk models. Other changes There are other EU regulatory changes, either proposed, or on their way. Regulators are looking at money market fund regulations to match those in the US. The implementation date for PSD2 (which we’ll look at in an upcoming post) is January 13, 2018. And, the proposal of new tax transparency rules in April, would require country-by-country revenue disclosures. While all these new requirements might seem daunting, the rapid advancement of RegTech promises to make life easier for compliance workers. Automating many aspects of AML and KYC compliance, improving risk identification and improving data analytics and transparency, all offer ways to improve compliance productivity. As Ruth Wandhöfer, global head of regulatory and market strategy at Citi, comments, “The emergence of RegTech as a focused fintech approach to solving regulatory challenges for firms is an area that should be kept in mind by corporates”. Posts navigation Previous 1 … 32 33 34 Next
Trulioo is truly honored to announce that we have won the LendIt 2017 Award as International Innovator of the Year! “We are incredibly proud to be honored with the first-ever Lendit Award for International Innovator of the Year,” said Stephen Ufford, CEO of Trulioo. “Marketplace lending is growing by leaps and bounds and our team is dedicated to removing compliance barriers to help enable product innovation for both emerging and established players in the space. ” RegTech innovations like Trulioo’s GlobalGateway help solve the friction related to cross-border transactions by enabling lending clients to verify the identities of their customers within seconds. Eliminating the long drawn out customer onboarding process has become an essential component for growth and expansion plans for businesses looking to scale as it becomes increasingly complex and burdensome to navigate and meet tightening compliance international regulations. Trulioo was selected as the winner from hundreds of applicants worldwide vying for top honors within the lending and fintech industry. The LendIt Industry Awards is where outstanding achievements by lending and fintech market leaders, innovators and top talent is celebrated. Over the last several weeks, 30 industry thought leaders including CEOs, investors and media, evaluated finalists to determine 18 category winners. The International Innovator of the Year Award recognizes and honors companies domiciled outside the US that have demonstrated a strong culture of innovation, and achievements in producing ground-breaking technologies in the industry over the past year. Trulioo is by all definition an International Innovator, powering fraud and compliance systems across borders, with coverage in over 60 countries, verifying more than 4 billion identities globally through a single API. Awards were announced during the LendIt Industry Awards Show & Dinner that took place on Tuesday, March 7th at 6:30PM at the Edison Ballroom in the heart of New York City.
Living in a beautiful multi-cultural country, Canada welcomes diverse people who have emigrated here from places around the corners of the world. Many foreigners travel all the way here in hopes of making a better living to send money back home to their loved ones. In 2015, a total amount of $23.4 billion was sent from Canada to other countries according to Pew Research Center. Unfortunately, a huge part of this hard-earned money is lost during the journey due to fees and transaction costs and moving from agency to agency — from 5% up to as much as 20% of the total sum. Enter nTrust — A Vancouver fintech that helps people access, move, and use their money, instantly. Using cloud money, users can link up their bank accounts and start sending money to friends, banks and even exchange currency easily. When it comes to security, nTrust is no joke. Their service meets the gold standard for FINTRAC, secured with SSL encryption and rated level one in data security by PCI Security Standards Council. In addition to all that, nTrust uses professional fraud prevention services that shuts down theft before it even starts. Earlier this year, nTrust was also featured on a PYMNTS article on fraud prevention for P2P payments. Fraud Management Specialist Darcy Berringer shares in more detail about how they tackle the challenges the sector faces. We had a chance to chat with Rod Hsu, the president of the company, to learn more about how nTrust helps their customers, his thoughts on RegTech for the remittance industry, and well — how to be a good person in general. Trulioo: What is the biggest challenge people face sending money overseas and how does nTrust help? Rod: The biggest challenge people face when sending money abroad is overall cost. People want their funds to get to their destination, without being dinged by fees along the way. Those charges can include anything from the foreign exchange spread, to added costs incurred for the actual remittance services. At nTrust, we stitch together different services and networks to keep the overall expense low for our customers. We focus on the technology of moving money, rather than creating additional overhead costs that are passed down to the user. By focusing on technical integrations, we can keep our own costs down, and provide a better (and cheaper) service for our members. Trulioo: One of the many hurdles fintechs have to jump through are regulations and compliance. What are your thoughts on RegTech and how it would help companies in remittance specifically? Rod: Fintech means financial technology, and often times it’s more “tech” than “fin.” Fintechs are always looking for efficient, streamlined ways to leverage technology and serve their customers. That drives every aspect of Fintech, from operations, to marketing, to regulatory and everything in between. That’s why “It makes sense for #fintechs to turn to #RegTechs to navigate the challenging waters of #compliance and regulation — @rod_hsu” it makes sense for fintechs to turn to RegTechs to navigate the challenging waters of compliance and regulation. Every location enforces slightly different rules, and even those guidelines are constantly changing. The regulatory space requires niche, knowledgeable experts; RegTech companies operate in that niche, and play an important role in the life cycle of any fintech. Most importantly, leveraging RegTechs allows fintechs to focus on their core business. KYC (know your customer), AML (anti money laundering), and CTF (counter terrorist financing), along with Fraud and Risk Preventions, are all key to understanding customers and behaviors. However, they take time and resources. RegTechs provide the technology to help facilitate all of these processes, whether that means automation, or other ways to satisfy compliance. Trulioo: Last question! Can you tell us about the story behind Beatrice the Truck and what your favorite random act of kindness of hers is? Rod: Before she came to nTrust, Beatrice the Truck was a working truck – she was first owned by the Canada Post. We bought her and gave her a complete revamp, from body modifications to a customized paint job and nTrust decals. Beatrice was a key part of every Be Good event. My favorite has to be our initiative with Vancouver radio station 102.7 The Peak. We gifted $1000 to listener Lara and her students at Clayton Heights Secondary; they asked for donations to create holiday gift bags for their local senior center. Some of the seniors don’t have family to visit them over the holidays, and the students wanted to bring them some happiness. Our team was invited out to help assemble the gift bags and meet the Grade 8 class behind the whole initiative. That was a great Be Good moment. Check out the full story on the nTrust blog here. To get the latest updates from nTrust, follow them on Twitter, Facebook and LinkedIn! If there’s a fintech company you’d like to see featured in our Fintechs in Vancouver blog series, please submit your request to [email protected]. Other Fintechs in Vancouver we featured Koho: Secure, Simple, Mobile and a Free Financial Life. Tired of paying a fee for every little thing you do with your credit card and debit card? Sick of big financial institutions charging you hidden fees that just don’t make sense? Meet Koho, a Fintech in Vancouver who offers a prepaid card solution — without all the exorbitant charges. NetCents: Your Bitcoin Wallet, for Everything. NetCents is a spunky financial services company offering a suite of products leveraging traditional capital markets infrastructure and blockchain technology. NetCents helps their users pay, their way. With the NetCents app, you can move, purchase, transfer, withdraw funds and even buy or sell Bitcoins — all in one place. FrontFundr: Investing for Everyone If crowdfunding and venture capital ever had a child, it would probably be something like this startup. FrontFundr is an investment platform that taps into a much larger investor community consisting of seasoned investors and the wider public versus your traditional startup investors, like angels, venture capital firms and wealthy individuals.
Regulators, by their nature, regulate. And, with so much technological, political and financial change happening, it’s no wonder why EU financial regulators are so busy. To add to the recent changes such as Basel III and SEPA, compliance officers need to pay attention to a host of topics. Brexit Unless you’ve been hiding under a rock for the past four months, you no doubt know about the UK referendum to leave the EU. What you don’t know (and no-one does yet), is how it will affect compliance and regulations both in Europe and the UK. One thing to consider is where to locate. Is the era of London being the leader in World finance about to end? The reasons behind its leadership success; an inviting legislation regime, a broad and diverse financial ecosystem and access to vast sums of capital, are difficult to reproduce. While jurisdictions can pass more accommodating laws, other elements require a network effect and there’s not one clear-cut choice. Some have touted Frankfurt, while others look to Paris, but Dublin has the advantage of being English-speaking. Some even suggest that Brexit won’t end up happening, so perhaps, wait and see on this one. MiFID II We’ve covered the new round of European regulation, Markets in Financial Instruments Directive (MiFID 2), in a recent post. MiFID 2 extends transparency requirements, amends requirements regarding trading venues and technology and strengthens investor protection via stronger inducements, additional clients’ assets safeguards, rules on product governance, and intervention powers. “MiFID II will affect corporate treasury functions significantly,” said Chris Leonard-Appleton, Director, Regulation at Thomson Reuters. IFRS 9 IFRS 9 is an International Financial Reporting Standard that replaces IAS 39, effective for annual periods beginning on or after January 1, 2018. It passed the EU Parliament final hurdle October 6, 2016, after being launched back in 2009. The issue revolves around the classification and measurement of financial assets, and impairment of those assets. It is in response to the reporting of losses ‘too little, too late’ and will require banks to model credit loss risk based on expected rather than incurred losses. IFRS 9 is not some minor tax code change; according to Adrian Docherty, head of FIG advisory at BNP Paribas, “This is a big deal — Volatility of provisions, either in hypothetical stress tests or in real stress, could be significant. You are bringing forward the bad news.” There is confusion around IFRS 9, especially how that will impact capital requirements. There might be huge volatility around the risk measurements of loans and therefore huge volatility around the capital requirements. 60% of banks, according to a May 2016 Deloitte survey, “either did not or could not” quantify the impact of the new rules. This confusion does not seem to have diminished since then; at a recent global banking conference, some 44% of the audience said they had “no understanding” of IFRS 9. We can only hope that specific recommendations come about before implementation, or we face a situation where every treasury will base their numbers on their own risk models. Other changes There are other EU regulatory changes, either proposed, or on their way. Regulators are looking at money market fund regulations to match those in the US. The implementation date for PSD2 (which we’ll look at in an upcoming post) is January 13, 2018. And, the proposal of new tax transparency rules in April, would require country-by-country revenue disclosures. While all these new requirements might seem daunting, the rapid advancement of RegTech promises to make life easier for compliance workers. Automating many aspects of AML and KYC compliance, improving risk identification and improving data analytics and transparency, all offer ways to improve compliance productivity. As Ruth Wandhöfer, global head of regulatory and market strategy at Citi, comments, “The emergence of RegTech as a focused fintech approach to solving regulatory challenges for firms is an area that should be kept in mind by corporates”.