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Revamping Sanctions Screening: Essential Reasons for Modernization
As geopolitical tensions rise, financial institutions face increasing challenges in sanctions compliance due to outdated screening systems, higher alert volumes, and reliance on legacy processes. Napier AI, an AI-powered Anti-Money Laundering platform, highlights the importance of understanding the Total Cost of Ownership (TCO) for modern sanctions screening solutions, which includes operational and risk management costs. Traditional bi-daily screening methods are inadequate; continuous monitoring tools are now essential. Tailoring the TCO message to various departments—operations, risk management, technology, and business leaders—can secure investment in modern systems, enhancing compliance, reducing costs, and supporting growth in a complex regulatory environment.
Barclays to Sunset Rise Programme by Mid-2025: What It Means for Entrepreneurs
Barclays has announced the wind-down of its Rise programme, a key FinTech accelerator launched in 2015, set to conclude by mid-2025 due to changing market dynamics. The programme has supported over 120 start-ups, including notable names like ApTap and WealthOS, offering mentorship, networking, and locations in London and New York. To assist members, Barclays will transition London participants to its Eagle Labs and Business Banking divisions. A spokesperson noted the FinTech landscape has matured, with these companies now integral to the financial ecosystem, reaffirming Barclays’ commitment to scouting and partnering with innovative FinTech businesses.
SSBJ Unveils Groundbreaking Sustainability Disclosure Standards: A New Era in Eco-Transparency
The Sustainability Standards Board of Japan (SSBJ) has launched its first sustainability disclosure standards to align Japan’s practices with global norms. Established in July 2022, the SSBJ aims to ensure that sustainability disclosures meet international comparability standards. During its 49th Board Meeting, three key standards were introduced: the Universal Sustainability Disclosure Standard, the General Disclosures Standard, and the Climate-related Disclosures Standard. Currently available only in Japanese, the SSBJ plans to provide an English overview and a comparison with ISSB Standards. These initiatives are intended to enhance transparency, accountability, and international cooperation in sustainability practices.
Rain Secures $24.5 Million Funding to Accelerate Global Expansion of Stablecoin Card Services
Rain, a global card issuing platform for stablecoins, has raised $24.5 million in a funding round led by Norwest Venture Partners, alongside new investors like Galaxy Ventures and existing backers including Lightspeed Venture Partners. Founded in 2021, Rain provides physical and virtual payment cards linked to stablecoin balances, operating in over 100 countries. CEO Farooq Malik expressed excitement about the funding, which will enhance interoperability and expand their infrastructure. Industry expert Parker Barrile noted Rain’s leadership in stablecoin adoption amidst growing regulatory support. This funding positions Rain to strengthen its market presence in digital finance.
Tietoevry Commits to 100% Renewable Energy by 2026: A Bold Step Towards Sustainability
Tietoevry has released its Sustainability Statement 2024, marking a key development in its sustainability strategy. CFO Tomi Hyryläinen highlighted the report’s focus on transparency regarding sustainability impacts, risks, and opportunities. Key achievements include an 87% reduction in greenhouse gas emissions and 99% renewable energy usage across its operations. The company also launched a Responsible AI e-learning program, with 97% employee participation, and aims for 37% of new hires to be female by 2025. Looking ahead, Tietoevry plans to further reduce emissions, enhance diversity initiatives, and strengthen its sustainability commitments, emphasizing collaboration in driving positive change.
Revolutionizing Payments: LIFE CARD and IDEX Biometrics Launch Biometric Payment Cards in Japan
LIFE CARD has partnered with IDEX Biometrics to launch biometric payment cards in Japan, set to debut in the first half of 2025. This initiative aims to enhance the country’s already advanced payment landscape, where over 314 million credit cards facilitate over 80% of cashless transactions. LIFE CARD’s president, Keiji Masui, expressed enthusiasm for delivering secure and innovative payment solutions, while IDEX Biometrics’ CEO, Catharina Eklof, emphasized the collaboration’s potential to improve consumer payment experiences. The introduction of these biometric cards marks a significant advancement in transaction security and convenience in one of Asia’s largest payment markets.