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EBA Streamlines ICT Risk Management Requirements Under DORA: What You Need to Know
The European Banking Authority (EBA) has updated its Guidelines on ICT and security risk management to align with the Digital Operational Resilience Act (DORA), effective January 17, 2025. The revisions narrow the focus to credit institutions, payment institutions, and exempted entities, aiming to eliminate overlaps with existing regulations. Key changes include a streamlined approach to relationship management for payment service users and a refined scope that excludes certain payment service providers under the Payment Services Directive (PSD2). These updates reflect the evolving regulatory landscape as the financial sector prepares for DORA’s implementation.
Revolutionizing Compliance: KYC Portal Introduces KYCP Managed Service to Slash Costs
KYC Portal has launched KYCP as a Managed Service to help organizations streamline compliance processes and reduce operational costs. This solution is particularly beneficial for businesses looking to avoid the financial burden of extensive IT infrastructure. The service provides access to compliance programs via a fully-managed shared instance, allowing clients to focus on compliance, risk assessments, and workflow management. It features a transparent pricing model that includes hosting fees and ongoing maintenance. While offering various advantages, limitations include the lack of access to certain tools and direct integration capabilities. Ideal for non-regulated firms facing reputational risks, KYCP simplifies compliance management for diverse organizations.
Navro Secures $41M Series B Funding to Accelerate Global Expansion in Cross-Border Payments FinTech
Navro, a London-based FinTech firm, has raised $41 million in a Series B funding round led by Jump Capital, with participation from Bain Capital Ventures, Motive Partners, and Unusual Ventures. The funding will enhance Navro’s global growth strategy and innovative payment solutions, including a unique platform that simplifies access to local payment services through a single API. Key features include reducing working capital needs by up to 70%, real-time global payouts, and easing cross-border transactions. The company plans to expand its market presence in regions like the U.S. and India, while also focusing on compliance-driven industries.
Lightkeeper Secures Strategic Growth Investment from PSG to Propel Innovation Forward
Lightkeeper, a data analytics and risk management provider for investment managers, has secured a growth investment from PSG, which will boost its expansion and innovation. Dean Schaffer, a senior advisor at PSG, has been appointed as CEO, while co-founder Danny Dias transitions to Chief Product Officer. This partnership aims to accelerate product development and enhance the Portfolio Intelligence platform. Lightkeeper’s offerings include a centralized platform for actionable insights, custom queries, and data visualization, along with an Idea Analytics Software for tracking investment ideas. Schaffer emphasizes the importance of data-driven decisions in today’s financial markets.
Navigating the Double-Edged Sword of AI in Compliance: Opportunities and Challenges
Artificial intelligence (AI) is revolutionizing compliance, enhancing efficiency and reducing manual processes. Compliance officers must adapt to AI’s capabilities while adhering to regulatory standards. Key benefits include increased data processing speed, reduced human error, and improved work-life balance. However, challenges such as AI bias, regulatory scrutiny, and data privacy must be addressed. A robust governance framework is essential, involving regular audits, bias assessments, and protocols for malfunctioning AI. As compliance evolves, AI will augment human judgment, making mastery of AI applications and regulatory adherence crucial for compliance professionals to harness AI’s full potential.
Mastercard Champions Unified Payment System for Seamless EV Charging Experience
Mastercard is addressing the fragmentation in electric vehicle (EV) charging payment systems as global EV sales soared by 25.6% in 2024, reaching over 17 million units. In North America, sales increased nearly 9%, fueled by expanding charging networks and government incentives. To improve user convenience, Mastercard is promoting an open-loop payment system, allowing drivers to use contactless cards or digital wallets without needing multiple apps. This initiative draws on successful public transit payment models and aims for greater interoperability in EV charging. Collaborating with partners, including Norway’s DEFA, Mastercard is working towards standardization and enhanced charging experiences.