Jorge Campos

Fintracking Launches Pay-as-You-Go ID Verification Platform Compliance firm Fintracking has debuted a “pay-as-you-go” platform for ID verification. “The new platform provides a flexible and efficient way for businesses to securely verify identities and transactions, ensuring compliance and fraud prevention,” the Toronto-based company said in a news release Thursday (June 6). Included in the platform are a variety of plans, such as KYC Lite for verifying government-issued photo IDs with advanced AI checks, KYC Full which also verifies addresses, emails and phone numbers, and KYB, designed to verify corporate documentation and beneficial owners. There are also options analyzing crypto and blockchain transactions, with the platform allowing payments via PayPal or credit card, automated volume discounts. The launch comes at a time when compliance, “often viewed as a cumbersome necessity, is being reimagined as a strategic asset,” as PYMNTS wrote last month. “By adhering to stringent regulatory standards and embracing digital solutions that facilitate seamless interaction with tax authorities and ensure adherence to evolving regulatory standards, companies can differentiate themselves in a crowded market.” But implementing a robust compliance framework isn’t a simple matter, but rather one requiring an understanding of the technical aspects of payment processing and the legal landscape of each market. With the proper approach, however, compliance can drive efficiency and scalability, helping businesses prevent manual errors and operational costs by using technology to automate compliance checks and streamline reporting. “Everything’s going more cross-border and getting regulated, so tax compliance regulation is huge for new business models in new markets,” Sovos CEO Kevin Akeroyd told PYMNTS in an interview in April. “Compliance has traditionally been a cost center designed to avoid risk and ensure compliance,” he added. “It has not been a force for growth — but now, it’s turning that corner and it really can be a force for growth.” Meanwhile, PYMNTS recently explored the “double-edged sword” of identity verification in a conversation with Bryan Lewis, CEO of Intellicheck, who stressed the importance of using verification solutions that balance security with ease of use. “We work with them [financial institutions] to provide basically frictionless ways for somebody to prove who they are,” Lewis said. He pointed to a recent study indicating that 62% of authentication processes require four or more steps, causing substantial drop-off rates. “People drop out,” Lewis said. “So we work with them [financial institutions] to figure out how to seamlessly integrate identity validation into their process.” #news #fintech #fintechnews #finance #financenews #trendingnews #dailynews #dailynewsupdates

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🚀 ISO20022 - HOW CANADA CAN BANK ON EUROPE'S SUCCESS As businesses across Canada are pushed further towards the full implementation of ISO 20022, Sandrine Garin, CPO at Intix, dives into the key lessons from Europe’s journey that provides a valuable roadmap to facilitating seamless integration into the global financial ecosystem. #TotalFinanceMagazine covers Sandrine's insights and key strategies including early strategic planning, upgrading technological infrastructure, forming new partnerships, and leveraging global experiences. Put simply, ISO 20022 is far more than a mere technical upgrade; it signifies a fundamental transformation in the way financial information is exchanged. 💡 Read more here https://lnkd.in/gtH5FaE4 #ISO20022 #TotalFinanceMagazine #CanadaBanks #EuropeBanks #globalbanks #crossborderpayments #regulation #seamlessintegration #globalfinancialecosystem Blaise Roulet Sandrine Garin Tina Fisher Harold Vanobbergen Antoine Cuypers Erik De Belder Andreas Rudorfer Wouter Van Santvliet Wouter Pauwels

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TD Bank’s $3 billion AML failure is proof that even massive investments can fall short without the right tools in place. Traditional methods just can’t keep up with today’s fast-moving and complex fraud schemes. That’s where ScanWriter AI steps in, revolutionizing fraud investigations. It automates data extraction and analysis, digging through massive datasets to reveal hidden patterns and suspicious activity that would otherwise go unnoticed. With its real-time data processing and advanced anomaly detection, ScanWriter AI enables investigators to act faster and more accurately, stopping fraud before it escalates. In a world where speed and precision are everything, ScanWriter AI gives fraud investigators the tools they need to stay ahead of criminals. Want to supercharge your investigations? Try ScanWriter AI today. #AML #FinancialCrime #FraudDetection #ScanWriterAI

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Stripe Adaptive Pricing to help Canada firms sell better globally: Global payments giant Stripe has just launched its no-code Stripe Adaptive Pricing in Canada, alongside about 25 other countries globally. Some of the other countries & regions included in the launch are US, EU, UK, India, UAE, Japan, Australia and Singapore. Business from these countries can use Stripe Adaptive Pricing to let their customers in more than 150 countries pay using local currencies. The company has built Stripe Adaptive Pricing in a no-code form for businesses. Accordingly, users can enable Stripe adaptive pricing from their dashboards, without needing engineering chops. As per Stripe, checkout conversion continues to be a massive roadblock for online ecommerce businesses. In an interaction, Matthew B., Head of GTM at Stripe Canada told The Tech Factor that the average ecommerce conversion rates in ecommerce stores were around 2.5% to 3% only. Further, it highlighted that according to Statista, overall ecommerce conversion rate in Canada were even lower at just 1.9% in 2023. Against this backdrop, the launch of Stripe Adaptive Pricing intends to reduce the friction for international customers in making a purchase online. In terms of the positive impact of the Stripe Adaptive Pricing on conversion rates, the company said that it initially tested the product in UK, US, EU and Canada. It claimed that the product led to an average 17.8% uplift in cross-border revenue for businesses. It added that when given the option, 90% of customers chose to check out using their local currency. #Stripe #Fintech #Payments #Canada #Ecommerce

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The Toronto-Dominion Bank is currently facing a significant fine for AML and compliance failures. Initially, the bank had set aside $450 million to address the fines, but financial experts are now predicting that Canada's second-largest bank could face a fine reaching a staggering $4 billion. This uncertainty about the final fine amount has asked questions about the bank's future. The investigations have uncovered serious breaches within the bank's operations, including several compliance failings, which have raised serious questions about the bank's overall operations and protocols. Read more ⬇️ https://lnkd.in/eDaSxpF3 #amlfailings #compliance #moneylaundering #finance #tdbank

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Strengthening Compliance: Injecting Quality at Every Step to Prevent Systemic Failures in Financial Institutions From a Quality Engineering Foundation (QEF) perspective, TD Bank’s recent case highlights the critical need for embedding quality at every step of the financial operations lifecycle. At QEF - Quality Engineering Foundation, we believe that strong controls and a proactive approach to compliance can prevent costly and damaging outcomes like these. The breakdown in TD Bank’s anti-money laundering (AML) program illustrates what happens when organizations prioritize short-term gains over foundational quality and compliance measures. By injecting quality at the inception - starting from the development of robust AML systems to continuous monitoring and auditing - organizations can prevent vulnerabilities from escalating into systemic failures. Air-tight controls, automated compliance checks, and real-time monitoring can ensure that transaction monitoring programs remain dynamic and evolve with emerging risks. Additionally, leveraging AI-powered tools, with quality engineering principles embedded, can help maintain vigilance over complex financial ecosystems. However, as QEF - Quality Engineering Foundation advocates, even the most sophisticated AI systems must be paired with strong ethical oversight and human intuition to navigate the nuances of compliance and risk management. True quality is achieved when technology, human insight, and rigorous controls work in concert to create systems that are resilient, transparent, and aligned with regulatory requirements. This case with TD Bank is a clear example of why organizations must continually evolve their compliance infrastructure and maintain air-tight controls- ensuring that no step in the process is neglected.

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Here we are Day 2 of The Payments Canada SUMMIT, continuing the conversation about PCI 4.0 requirements, 6.4.3 and 11.6.1. Did you know that as part of PCI 4.0 Compliance, all scripts on payments pages require justification and monitoring? That includes inline scripts, first-party scripts and third-party scripts. Needless to say, this is no easy feat and becomes unmanageable. Come join us today where our CTO, Derek Schenk will speak more about 6.4.3 and 11.6.1 and how you can easily manage these scripts and comply with the latest requirements. Don't delay, join us and get ahead of the PCI 4.0 deadline of April 1st, 2025. #PaymentsMatter

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🚀 Your Invitation to the Railsr Pilot Program 🚀 Railsr recognizes that launching a company branded wallet or card program is a high involvement decision, particularly for “The New Embedders'' - companies that do not have any obvious financial services element to their core business. If you want to step into the world of embedded finance with no prior experience, to lower the barrier to adoption and for peace of mind for your customers, we recently opened up a new Railsr Pilot Program for  enterprise brands. What’s involved? Work with the Railsr team to develop and personalise a branded demo, we will build your proof of concept in our test environment and then launch aMVP in our production environment using real money. 🌟 For more information, contact our Sales team to move a step closer to bringing branded experiences seamlessly to life for your consumers: https://lnkd.in/eczucKMz #Railsr #PilotProgram #EmbeddedFinance #Innovation #Fintech #DigitalTransformation #BrandedExperiences #EnterpriseSolutions #CustomerExperience

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They may not be as noisy, but fraudsters can be just as persistent as cicadas.   Fraudsters (like cicadas) work together and share information to become even stronger. It's important that financial institutions do the same, and a great place to start is understanding the types of fraud we're up against.    Check out this great resource on the top fraud trends from ComplyAdvantage 👉 https://lnkd.in/eidMNAg8 #cicada #cicadapocalypse #fraud #fraudtrends

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New Fraud Just Dropped: QR Code exploits. The volume of scams involving QR codes is exploding, especially exploiting legitimate banking apps to steal customer funds. In 2024, QR codes are now everywhere. They are cheap, simple and convenient. But they have a big problem. Fraud. (As Dave Birch rightly points out) 👉 The trend started in China, where in March 2017 90m Yuan were stolen in a single city (Guangdong) by replacing merchant QR codes with fake ones that steal personal information 👉 Today across China a quarter of viruses and trojans occur via QR codes 👉 Also in China scammers have been caught placing fake parking tickets — complete with QR codes for easy mobile fine payment — on parked cars This is now coming to Western markets and has exploded since the pandemic. 👉 In the Netherlands, a QR code scam exploited a legitimate feature within a mobile banking application 👉 In Germany, phony emails containing QR codes lured eBanking customers to malicious websites under the guise of reviewing privacy policy updates to their accounts 👉 In Belgium they are being use to trick people using electric car charging stations (pictured) 🐟 We’re now seeing this come to the UK and US where QR codes are used to initiate real-time payments (RTP), or collect card information via phishing pages. 🐟 With the rise of mobile wallets, the use of NFC (tap-to-pay) is always preferable because it is harder and more expensive to spoof 🐟 At Sardine we’re always looking for risky accounts, data, and transaction geolocations (like coming via a card from an unknown merchant while at a carpark).

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Introducing the inaugural CBC Crypto Compliance Directory - 2024 Edition! This Crypto Compliance Directory was created to be a free resource for the industry, with no cost to be listed, as a way to find technology and consulting companies specializing in providing compliance solutions to Crypto-Related Companies (CRCs), banks and credit unions, or government agencies. Download your free copy here: https://lnkd.in/ghv_Hr8P #cbcsummit #crypto #cryptobanking #cryptocompliance #cryptobankingecosystem #cbccommunity #cryptocurrency #banking #bankingcompliance #compliance #kyc #aml

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For the first time ever in North America — we're offering a comprehensive B2B cross-border payments network that makes real-time money movement a reality. 🚀 Introducing: 24/7 Real-Time Transfers with Finofo! Real-time business payments in Canada remain impossible, while US transfers still require slow and expensive international wires or local ACH's taking up to a business day. With Finofo, now you can: - Send payments to your US & Canadian suppliers instantly - Receive customer payments in real-time - Initiate inter-company transfers or move funds between your entities in real-time All this across Canada and the US, in any currency without any additional fees – we're not talking hours or minutes, but seconds! This isn't just a new feature; it's the most efficient way for mid-market companies to manage B2B payments across North America. Curious to see how Real-time transfers work with Finofo? Check out our detailed changelog in the comments below. 👇

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Did you know we are enhancing the cybersecurity of the Canadian financial sector to protect millions of customers and provide a more secure banking experience? A leading Canadian financial institution encountered significant vulnerabilities in its AS400 and Compass systems and required a comprehensive solution. We helped them tackle these critical challenges head-on by: ✅ Transitioning processes from FTP to SFTP, significantly enhancing data transfer security. ✅ Addressing severe security vulnerabilities identified through SNYK. ✅ Providing meticulous project management and proactive governance to ensure every goal was met and surpassed. By January 2025, we will have transformed their IT security framework from a liability into a formidable asset, setting a new standard in the banking industry. 🤔 Curious about how we are achieving this transformation? Swipe to learn more about our approach and results! You can find more information on our work in Canada in our latest release: https://lnkd.in/ejEwiAcr. #ITSecurity #Banking #CaseStudy #CyberSecurity #OperationalExcellence #ClientSuccess #Innovation #professionalservice

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Almost six years ago, Yoseph West and Paul Klicnik [VP of Engineering] founded a Toronto-based fintech startup, Relay. The US SMB market is highly competitive, with many native players vying to establish their presence within the sector and meet SMBs’ expectations through new offerings. So what motivated Relay’s Canadian founders to target the US market? West, Co-founder & CEO of Relay, shares insights into the company's target market in US SMBs, growth strategies, and the specific challenges associated with serving this segment. Read on for deeper insights from the story: https://t.ly/IrLPs #SMBs #CashFlow #Technology

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