Open banking's PSD2: Open Trust vs. Open Abuse
Open banking is what it says on the tin. It empowers retail consumers and SMEs within the EU to have open access to their bank accounts through FinTechs intermediary functionality, then takes control of their current account data to view or initiate payments permitted via registered or regulated TTPs (Third Party Providers). Enabling consumers to be better informed of what products and services outside the offering of their traditional banking relationships.
Case Study: LYSIS & NAPIER Transaction Monitoring
Lysis Operations Case Study. The challenge: A requirement to have an effective transaction monitoring framework, operational controls and processing to manage and monitor payments across Europe and to establish a solution which can adapt and iterate with the constantly-changing regulations and requirements.
In this paper, we take a closer look at the numbers relating to payments, transactions, and the world of compliance to help explain why some of the current transaction monitoring technologies and operational controls struggle to identify illicit activity. We then look at the role of technology and what future developments will bring to transaction monitoring.