Compare KYC Providers to Protect Your Clients: Veriff, Onfido, or PlaidKYC 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, and …
Guide to Financial Data Aggregation and Open BankingThe world of fintech is fast-paced and ever-evolving. One of the current necessities in the business landscape is to collect and integrate data incoming from various sources more efficiently. Financial data aggregation is what should come in assistance here. I’m Vladyslav Slipchenko, a .Net engineer at DashDevs, and I am willing to share my expertise on data aggregators with you. Whether you’re …
A Digital Ledger: How To Transform Your Financial Product With It?As of 2024 and most likely beyond, having a centralized ledger as your primary database and reporting solution is hardly effective. The fintech market is heading towards decentralization and a blockchain-based model of collaboration and asset exchange. And other industries don’t fall behind significantly. So, let’s pay some attention to an alternative solution — a decentralized ledger technology …
Cybersecurity Incident Response Plan: Preparing for the UnwantedThe 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 …
Is Biometric Authentication a Revolution in Fintech Security?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 …
Managing Bank Fraud and High-Risk Customers: A-Z GuideModern 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 …
Electronic Money Institution vs. Payment InstitutionBack in 2020, The European Commission aimed to improve the way payment processing is handled in Europe. They introduced two directives (legal acts): one about Electronic money and the other about Payment Services. These directives, or ‘rules,’ changed electronic payment competition, especially with the rise of online shopping and digital money. In this post, you’ll discover what Electronic …
Jailbreaking iOS device. Tech approach and how it impacts businessiPhone and iPad users often look for ways to expand the functionality of their devices beyond what Apple allows. In particular, they want to download applications that are not available in the standard App Store and customize the look of their device. Jailbreaking allows them to do this. What is jailbreak? It is the way to gain access to the file system and device manager. As a result, users can …
Plaid’s Legacy In The Fintech Industry: Insights, Value, And SecurityAs 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 …
Cybersecurity in Banking: Main Threats and Challenges in 2024The 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. According to the survey of the year …
Top Priorities for Finance Leaders 2024Much 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, here’s a useful guide …
How to Scale Fintech InternationallyConstant scaling is how a fintech startup manages to keep up with the tempo in the industry. Going global is probably the most challenging part of the scaling strategy and must be approached wisely. But answer yourself: are you willing to put an effort and investment into scaling to potentially multiply your revenue? If so, this article can your your starting point. South America, Asia, and Europe …
ISO 20022: Transforming the Financial Industry with Standardized MessagingThe adoption of ISO 20022 brings to mind the tale of the Tower of Babel, but with a twist — instead of confusion, it’s about creating a unified language. No matter how brilliant your idea, years of effort can go to waste if your team communicates in different languages, just like people in Babel. However, imagine a scenario where everyone communicates in the same language and understands …
How to Secure Your Mobile App: Best Practices for Developers and BusinessesAs the VP of Engineering at DashDevs, I’ve been in the tech trenches for over a decade, getting my hands dirty with everything from fintech products in the UK, US, and MENA region to integrating a whopping 250+ payment methods. I’ve had the privilege of collaborating with financial institutions all over the globe, and let me tell you, it’s been quite a ride! But no matter what …
KYC: Fraud Detection In Fintech AppDespite 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 …
Revolut's SegWit Wallet Integration: A Win for Bitcoin UsersBitcoin, 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 …
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 …
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 …
Money Laundering in Dark Business: Who, Why, and HowDoes 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 …
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 …
Fintech Risk Management: Protect Your Company In a CrisisCOVID has reshaped the global economy, and fintech startups are not immune. The enormous global downturn has put pressure on businesses in every sector, and many are struggling to survive. But the pandemic is not the only crisis fintech has faced or will face. Some of those crises are external, as with COVID, but many are caused by internal factors. Risk assessment and risk management are key for …
All You Need to Know About California Consumer Privacy Act 2020Before the 1st of January 2020, many world-wide businesses had started to update their digital assets to become compliant with a California Consumer Privacy Act that recently has taken effect and amended the California Civil Code. Application users are snowed under email and mobile app notifications with Privacy Policy updates. For the last few years, all countries have started to pay additional …