How to Unlock the Future of Financial Services with Decentralized Identity (DID)Our lives become increasingly digital. We often need to verify our identities for various activities: buying a car, applying for a mortgage, or signing up for new services. However, the current methods of authenticating users and establishing trust online are inconvenient and burdensome for both users and businesses. These methods also compromise users’ privacy. The security and trust of …
Boost Your Fintech Integration Game: The Power of Bi-Directional ApproachFor fintech solutions, data management and synchronization are as crucial as security or seamless processes. This article in particular is about the latter. I will unravel the complex and niche matter of bi-directional approach and how it can change fintech. After reading this blog post you’ll learn what bi-direcational integration is. Discover how it can help you smooth out business processes and …
Revolutionizing Business Operations: The Power of Smart ContractsFinancial technology, or ‘fintech,’ refers to the use of computer algorithms or technology to enhance the financial industry. Since early 2014, government agencies, businesses, customers, and researchers have been closely monitoring the sector. Although blockchain initially gained recognition as the distributed ledger for Bitcoin, it has now gained popularity for use in other fintech …
Banking and Cybersecurity: How to Avoid Threats?The rise of digital banking has brought many benefits to the banking and financial industry, including convenience, speed, and increased accessibility to financial services. However, it has also increased the risk of cybersecurity threats for banks and their customers. With the increasing sophistication and frequency of cyber attacks, it is more important than ever for banks to prioritize …
Cybersecurity in Banking: Main Threats and Challenges in 2023The banking industry, like any other, has now been progressively moving into the technological era. The days of physically going to your neighborhood bank to cash or deposit checks are long gone. Hence data security in banking industry is an essential topic today since almost any transaction can be completed online via the bank’s application or website. With the ongoing shift into the world …
How to Scale Fintech InternationallyScalability usually becomes an issue for late-seed fintech startups that have achieved success in their homescape and want to conquer new horizons. And, in terms of the current market state, different markets give different opportunities. In some countries, the revenue generation would be higher as for example the Asia Pacific region, which is expected to generate $96 billion in revenue by 2024. …
Top Priorities for Finance Leaders 2023Much discussion has concerned the chief financial officer’s (CFO) evolving function and duties. There is a lot for advanced finance leaders to deal with, from social and regulatory efficiency to personnel management. If you’re a CFO who needs help figuring out where to begin or a C-suite executive who wants to assist your finance executives in easing into their new positions, …
Best Practices for Account Verification ProcedureIn the face of fintech software development practice, account and identity are almost the same. Related institutions empowered to monitor banking activities don’t recognize individuals or organizations—they process transactions. However, before validating any notable digital movement, they need to verify your identity. Fortunately, present-day banking operations are easier to perform with the help …
The Value of Plaid in the Fintech Industry: An Open Banking PlayerWhat if you were told that not all fintech companies have access to your sensitive banking information? Would you be surprised to learn that Personal Capital, Mint, Chase, and Bank of America use Plaid as a secure intermediary entrusted with your private data? What is Plaid, after all? Originally launched by Zach Perret and William Hockey as a bookkeeping and budgeting platform, Plaid is present …
How Does a Digital Ledger Work in the Banking Sphere?A distributed ledger, shared ledger, distributed ledger technology, digital ledger, or virtual ledger — you may come across all these words as variations related to one umbrella term. So, what is a digital ledger? In simple terms, that’s a book of record that serves the perfect data storage and shares it among the different sites, network entities, and geographies. Still not absolutely clear …
Tokenization vs. Encryption: Pros and Cons in Payments ProcessingWhat 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 …
