Banking-as-a-Service, or more commonly known as BaaS, is an end-to-end process that enables third parties to directly connect with banks systems so they can build products on top of the banks’ regulated infrastructure.
Understanding the intricacies of global best practices and adapting to it will set machine learning (ML) on a successful course; highly skilled accountants are vital to that process – including those in the banking industry.
Security measures and user protection
From a systems perspective, open APIs mean that a new communications path is being established to link the information systems of financial institutions with the outside world.
Returning to a global perspective, both US and European open API trends, as well as regulatory and market participant responses, are valuable reference points for Japanese market players looking for insight.
Artificial intelligence has been a topic of conversation and a part of business for years, from rogue robots in movies to neural networks that detect fraud at credit card companies, but only recently have companies really started experimenting with and implementing it more widely.
In general, an API refers to a technical specification for operating a specific program by another program, and it defines command statements (commands and functions) used when the program is operated, a format of data to be transmitted and received, and the like.
It is almost a cliché by now when banks cite Know-Your-Customer (KYC) processes and controls as the biggest risk management challenge when going digital but it might be even more so in the case of the Philippines.
The proposed Shanghai-Hong Kong Connect is a potential game-changer for the world's second-largest economy to entrench itself as Asia's dominant financial hub, but don't count Singapore out of contention.
To cope with an increased number of large distributed denial of service attacks, banks must not only have plans in place - they should consider a broad set of defensive tools that combine on-premise technologies and cloud-based scrubbing services.
The RBI cut the repo rate by 25 basis points as expected.The unexpected hawkish stance was a shock for most commentators,what with the inflation ebbing and international crude oil prices too coming down below the pschological $100 barrel level.
The global financial and economic meltdown has created a new world with its own array of threats, opportunities and sustainability factors which call for fresh thinking to capitalize new horizons, damage control and preempt fallouts.