Smooth and secure payments are essential for any business to succeed. With the boom in online shopping and digital wallets, competition in payments has grown faster than ever. To keep things organized, the European Commission created rules to regulate Electronic Money Institutions (EMIs) and Payment Institutions (PIs)—two key players in modern payments.
In this article, we’ll cover:
- What are EMIs …
From a certain point of view, software systems are like neighbors who don’t know each other and, therefore, have trouble getting along. Integration testing is exactly what can help here. It serves as the binding agent, enabling the many parts of a software ecosystem to function as a unit. In fact, 65% of defects detected in the testing phase are related to integration issues, highlighting the …
KYC solutions market has a big pool of providers that offer options capable of helping your business enhance the security and improve customer expereince. Currently, the market size is projected to reach USD 15.81 billion by 2030, and is rapidly expanding at a CAGR of 20.8% from 2022 to 2030.
However, it’s easy to get lost in this multitude of choices, and many of my customers, partners, …
The world is in the era of an alarming rise in cyber risks. Government officials warn that losses from cybercrimes will grow more than 2.7 times from 2022 to 2027. International institutions call cyber incidents a threat to global financial stability.
Are you aware that 83% of organizations that suffered from a data breach in 2022 experienced such incidents more than once? As it turns out, the …
Biometric authentication is on the rise in 2024, with many digital finance companies and service providers claiming it for their business. For example, according to The Coolest Gadgets, worldwide revenue from the sales of biometric authentication systems reached roughly $15.1 billion in 2023.
In this article, I seek to explore what biometric authentication means for fintech businesses in the …
Modern banks handle a variety of financial transactions. They deal with a huge number of money flows and enormous money volumes. It is no surprise that banks have become prime targets of fraudulent activities. Impressive $10bn loss was reported because of fraud in 2023 with nearly 1 in 5 people affected by the imposter scam.
A serious problem for banks is that modern criminals are highly …
As of 2024, there are almost 30,000 notable fintech startups worldwide. No wonder that nowadays, launching a fintech startup is one of the lucrative ways to enter the market. While fintech product ideas are many, lots of them involve handling customers’ financial data. If you’re not well-versed in integrating various banking solutions into your future product, you will need an …
Despite tons of innovative security measures, fintech companies always face different types of fraud. From April to June in 2023, investment fraud emerged as the most financially impactful compared to other cyber crimes, resulting in losses of £135.2 million.
Can you imagine your business losing tons of money just in one wrong click? Unfortunately, it happens every day. On average, fintech …
Bitcoin, the world’s leading cryptocurrency, has captured the hearts of millions, with its user base growing extremely fast during the last decade. As of the latest statistics, over 400 million people actively engage with Bitcoin worldwide as of 2023, showcasing the rising influence of decentralized digital currencies.
On the other side of the spectrum stands Revolut, a trailblazer in …
Does money laundering sound like a practice directly from a detective novel? Or maybe it’s a well-crafted fictional scheme laid out in, say, Ozark, a TV series by Netflix where a financial advisor helps launder money for his drug boss? No matter how obviously illegal and fraudful this may seem to occur in the present-day world, when large criminal enterprises get too much cash, they need to clean …
What if we picture our world as a place where all the input data on any device flows through fiber-optic cables and servers in its original form? Although the roots of encryption reach Ancient Egypt of about 1900 BCE, its digital variant emerges on a par with first computers. Already in 1977, the U.S. National Bureau of Standards approved the first encryption standard. By the way, it has already …
