Nivedh R Iyer

Sharing a great new channel set up by my former colleague of a great many years, Abhijit Patharkar. Really interesting and informative set of explainer videos tackling a range of topics across banking and leadership, in easy to digest, bite sized chunks. Really useful resource for anyone wanting to penetrate the mystique of the world of banking and financial services. https://lnkd.in/gaYFpYj8

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A Regulatory Information Management System (RIMS) can be a game-changer, offering a centralized solution to streamline processes, boost efficiency, and minimize compliance risks. However, implementing RIMS isn't without its challenges. This article dives deep into those key hurdles organizations face during RIMS implementation Infosys Consulting Infosys

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#Amaiz NAVIGATING THE GLOBAL FRAUD LANDSCAPE: IMPERATIVES FOR PAYMENT PROFESSIONALS The latest report from Open Banking Expo, in partnership with Bottomline, highlights the urgent issue of fraud in the financial sector. UK Finance reports that fraud losses soared to £580 million in the first half of 2023. This statistic shows the critical importance for payment professionals to understand the rapidly growing fraud landscape. One alarming trend is the increase in authorised push payment (APP) fraud. In these scams, fraudsters deceive individuals into authorising payments to accounts controlled by them. To tackle these challenges, payment professionals must stay ahead of the latest fraud tactics and implement advanced strategies and cutting-edge technologies. This involves implementing real-time fraud detection systems, using strong authentication methods and keeping up with regulatory changes. Have you come across similar frauds? Wishing you a fraudless business! #Amaiz #Bottomline #FraudPrevention #PaymentSecurity #CyberSecurity #APPFraud #OpenBanking #DigitalPayments #FraudDetection 🚀🔒 📚 Discover more, download the report 👉https://lnkd.in/ekTkfbhZ

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Thanks to Chloe Jenkins and the UK PMPG for inviting me to talk about Barclays’ migration to #ISO20022, some of the challenges we face with interoperability across schemes and how collectively we move the industry towards harmonization. Some of the key points made: -When we all started on this journey we spoke of common standards, harmonization and interoperability but we are already seeing incompatibility between scheme format requirements in addition to lack of clarity on enforcement of the formatting standards. -The majority of banks are not on ISO native infrastructures and translation and transformation is often required, these incompatibilities result in friction and manual handling. -Management of these issues will continue to be challenging. Initiatives such as the ‘Interoperability Charter’ advocated by the Bank of England will certainly help and there should be an aim by the industry to iron out the kinks between scheme formats over the coming years to reach the level of harmonization we all seek. From a client perspective 1. There will always be a role for the bank to play in terms of supporting the data required to be sent by the client even if this sometimes required some creative mapping. For example supporting an LEI on a pain001.v3. 2. Banks need to keep pushing the benefits of ISO20022 to drive up adoption of enhanced data across the industry. 3. The end of co-existence maybe a little further off than planned but there is a long tail of banks who remain on MT and will need to migrate to MX. This could represent a concentration risk as we near the end, and hence lower STP and a high, albeit short term impact on operations and servicing teams. In summary it was a good session and thanks to Howard Middleton who was covering off topics from a wholesale perspective. Also, always nice to bump into some old colleagues too, it’s a small world in payments 😄 #iso20022 #payments #pmpg Andrew Peck , Julie Timpson , Jemma Parker , Paul Strachan , Barry Trowbridge , Sanjeev Bhatti , Adam Smart , Adam Bealey

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How cloud technology is revolutionising financial crime compliance In the evolving financial landscape, institutions are increasingly harnessing cloud technology to bolster their financial crime compliance strategies. https://buff.ly/4enmXGR #FinTech #FinServ #Banking #CloudComputing

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Very encouraged by HM Treasury's National Payments Vision policy paper published this morning, outlining its ambition for a world-leading payments ecosystem for the UK to drive economic growth and maintain its global leadership in financial services - enabled through tackling regulatory inefficiencies, modernising infrastructure, increasing security and fostering innovation. This resonates very well with the groundbreaking UK Regulated Liability Network (RLN) experimentation phase initiative we at DXC Technology and our partners delivered for UK Finance and 11 of its member institutions in September this year enabling the support of tokenised commercial bank deposits/digital currencies, integrating distributed ledger technology (DLT) with existing payment rails and frameworks like Open Banking/FPS to improve transaction efficiency and combat fraud (e.g. delivery vs payment), increase security and encourage new fintech products. We are excited to keep collaborating with our partners, industry bodies, financial services institutions, regulators and fintechs to contribute to the realization of the National Payments Vision! https://lnkd.in/eGWvMASt #payments #financialservices #innovation #digitaltransfomation #RLN #RegulatedLiabilityNetwork #UKRLN #weareDXC

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Bank of England, London Institute of Banking and Finance, “Building operational resilience at the heart of the financial system − speech by Sasha Mills” First, FMIs are important to financial stability. Firms providing infrastructure for the UK’s financial markets and payments are critical to the resilience and safe functioning of those financial markets and the real economy – and so vital to the UK economic vibrance and growth. Second, operational disruption will happen. It’s very important to the financial stability of the UK’s financial system and economy that FMIs are operationally resilient – while we expect FMIs to have processes in place to prevent their occurrence, bad events will inevitably occur so firms need to be able to respond to and recover from these incidents. Third, deep and collaborative thinking is required. In their work preventing and preparing to recover from incidents, FMIs need to really think deeply about (and test) their business’ impact on both their participants and on the wider financial system. Testing of scenarios should involve FMI participants and critical third parties. Fourth, detail is important. FMIs must ensure their testing of scenarios is sufficiently mature, incorporating granular and consistent testing approaches. Testing must provide precision around (a) the cause and scale of the incident, and (b) the key risk factors and vulnerabilities. ——— #dataaccess #datainteroperability #FMI #globalsupplychain #crossboarderpayments #securefinancing #fraudprevention #tradefinance #openbanking #fintechdataplatform #tradematters #sustainability #digitaltrade #globaltrade #technology #LEI #digitalidentity #C4DTI #paperless #digitalidentities  #BankofEngland #FinancialMarketInfrastructure #innovation  #digitalisation #paperlesstrade #digitaltransformation   #digitaltradechampion #digitaltradeevangelist #openfinance #internationaltrade #digital #crossbordertrade #cbdc #regtech #suptech #payments #innovation #banks #digitalrevenueimpact #risk #regulations #digital #m2mi #cybersecurity #risk #banking #embeddedfinance #openbanking #sustainablefinance #iot #money #bankofengland #digitaleconomy #fintech #multicurrency #privacy #artificialintelligence

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The latest issue of UK Regulatory Radar brings you a veritable smorgasbord of industry and regulatory updates affecting financial services firms in the UK, including proposals for portfolio managers under the FCA’s Sustainability Disclosure Requirements regime, UK regulators’ AI strategies, and the expanding remit of solvent exit and resolution. Read the new edition here: #financialservices #regulation 

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We’re proud to have GETPAID and Revenue Insight named finalists for this year’s Payments Awards, best use of AI and data in payments. The Payments Awards recognize and celebrate companies which have demonstrated excellence and innovation in the payments industry. GETPAID is an AI-powered and fully integrated credit-to-cash solution that optimizes cash-flow and improves working capital. Revenue Insight (formerly Predictive Metrics) is FIS’ proprietary AI and ML solution offering actionable insights into cash at risk, allowing businesses to proactively identify risk, accelerate revenue and drive business growth. GETPAID and Revenue Insight are part of FIS Automated Finance suite of solutions transforming the office of the CFO from a cost center to a growth partner. Discover our best-in-class AI-powered solutions. http://spr.ly/6042WKOPn #FISAutomatedFinance #PaymentsAwards #GETPAID #AI #Revenueinsight

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Great work by the members of FINOS in championing transformation in #RegTech. A couple of days ago I reposted the McKinsey & Company study on how to better obtain value from tech investments. In that repost I shared my opinion that I would have liked the burden of #RegTech to be outlined much more clearly in the document. What I love about this is industry leaders - BNP Paribas, JPMorganChase and RBC - coming together to propose practical solutions! #FINOS | #CDM | #DRR | #OpenSource | #RegTech | #Compliance | #Innovation | #OSSF2024 | #FinancialServices

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The Data Driven Forecourt of the Future #Mustread #quickread With longer dwell times becoming the norm in the wake of EV (Electric Vehicles) charging, customers now expect a broad range of quality products from brands they know and love and a pleasant and inviting environment. Find out more 👉 https://lnkd.in/d9sumUMM Infosys Infosys Consulting Infosys Energy Practice #forecourt #retail #customerexperience #EV #electricvehicles #fuels #foodandbeverage #nonfuelretail #retailstrategy #businessstrategy Neil Thomas Deepak Malhotra Ian Gaylard Sundara S Sambasivam Panos Tsiakis

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Today on Deciphered: The #Fintech Podcast, host Adam Davis is joined by Wendy Redshaw, chief digital information officer at NatWest, and Jason Maude, chief technology advocate at Starling Bank, to get to the heart of the question: Is there a technology gap between incumbents and challengers in the financial services space? Tune in to the full episode here. https://atbain.co/3wJ3QXI

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Today on Deciphered: The #Fintech Podcast, host Adam Davis is joined by Wendy Redshaw, chief digital information officer at NatWest, and Jason Maude, chief technology advocate at Starling Bank, to get to the heart of the question: Is there a technology gap between incumbents and challengers in the financial services space? Tune in to the full episode here. https://atbain.co/3wJ3QXI

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Citi Gets $136M Butt-Kick - Radical Compliance We are not sure exactly what the problem was in Citi’s case. Here are some common areas to help with data governance. - Redundant systems and redundant data, to see where you could simplify that part of the IT infrastructure; - Data validation mechanisms, for greater assurance that the data being provided to management and regulators, or being used to guide automated risk management triggers, is correct; - Internal control design, to find the right combination of automated, preventative controls for risks such as fat-finger errors; and - Better reporting systems, so senior management in both the First Line operations and Second Line risk management functions can have a more complete, accurate picture of Citi’s risks and regulatory compliance. https://lnkd.in/eK_qaJXQ

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Eric S. Raymond's essay, 𝐓𝐡𝐞 𝐂𝐚𝐭𝐡𝐞𝐝𝐫𝐚𝐥 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐁𝐚𝐳𝐚𝐚𝐫, fundamentally reshaped how we view software development by comparing two models: 𝐓𝐡𝐞 𝐂𝐚𝐭𝐡𝐞𝐝𝐫𝐚𝐥 represents the traditional, closed, and hierarchical approach. In this model, developers work like architects, behind closed doors. While structured, the model often results in longer development cycles and slower innovation. In contrast, 𝐭𝐡𝐞 𝐁𝐚𝐳𝐚𝐚𝐫, exemplified by Linux, results in rapid innovation through public contribution in an open, decentralized environment where software evolves organically. The future belongs to the 𝒕𝒉𝒆 𝑩𝒂𝒛𝒂𝒂𝒓 —open, collaborative, and ever-evolving. Interested in contributing to open source in FinTech? Join the Citi Hackathon, powered by FINOS. 𝐖𝐡𝐨 𝐂𝐚𝐧 𝐏𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞? ▸ Employees from FINOS Member Companies ▸ Students from academic institutions in India #Fintech #hackathon #FINOS #OpenSource #fdc3 #OSS #OSPO

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My take on this insightful post: the ability to drill down in the analysis of vast amount of data is essential for modern banking risk management.

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Drive your enterprise forward with Obeya! 🚀 Obeya is the brain of lean organizations, centralizing key data and fostering collaboration. 💼 Learn, act, and succeed together with our whitepaper insights! 💡 #Obeya #Lean #Success #eraneos

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