The Record - Issue 18: Autumn 2020

126 www. t e c h n o l o g y r e c o r d . c om F E ATUR E “The speed at which banks should digitise their payments infrastructure and offerings has accelerated. However, this modernisation journey needs careful review at every juncture, including the fraud and financial crime elements. Banks are continuously being tested on their weakest link – if the fraud aspects and connectivity aren’t modernised properly and in parallel, the intention fails. The CIO, head of fraud and head of compliance are influential in tackling the three pillars of fraud modernisation: data, analytics and investigation, all of which profoundly impact fraud scoring outcomes. Let’s consider each in turn. Using advanced APIs to consume inbound and outbound (structured or unstructured) data, in real-time, will help correctly identify potential fraud. Upgraded analytics tools with artificial intelligence and machine learning capabilities will be instrumental in blocking anomalous transactions and user behaviour. Finally, automation also means easier data interrogation, slashing an eight minute fraud investigation to three. Tackled correctly, it’s a cohesive approach.” “At Finastra we see the momentum towards open banking and publicly available application programming interfaces now as universal. It’s a trend that reflects a wide array of factors – ranging from the move by banks to a more agile platform-based model, to the increasing customer demand for personalised experiences, to the creation of innovative new revenue streams. It’s truly a game changer for banking and opens up the market for ecosystem collaboration, enabling even the smaller banks to play at some level of parity. Secondly, with future revenue forecasts for banks a matter of concern, platform partnerships can demonstrate real revenue-adding capabilities. This is the reason our payment solutions integrate fully with our FusionFabric.cloud platform, opening up a world of possibilities for banks to grow and improve their payment processes.” “If nothing else, 2020 has taught us that we can’t predict the future. But we absolutely can and should prepare better for whatever the future may hold. For bankers, the lesson is to eliminate the business impact of unpredictable infrastructure, capacity and customer demands – with the cloud as a critical enabler for preparedness. The cloud’s inherent capability for ‘right-sizing’ capacity and resources offers banks and payments providers a first line of defence against the unpredictability associated with sudden changes to end-customer behaviours (such as a drop in consumerism due to Covid-19) or preferred methods of payment (such as real-time payments). At the same time, the cloud allows for a lower cost to build tailored solutions, providing a significant leverage point for the innovation and rapid product and service deployment that is critical to the institution remaining relevant and competitive in the minds and hearts of its customers.” Omri Kletter Global vice president of cyber crime and fraud management at Bottomline Robert Mancini Head of payments at Finastra Jim Casale Head of electronic fund transfer solutions at FIS