Financial-IT buzzwords and trends 2014


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Brief description about buzz words in finance and technology

Financial-IT buzzwords and trends 2014

  1. 1. WHAT IS BUZZING AROUND 1 Sandeep Gupta | PM
  2. 2. Mobile banking NFC E- Wallet KYC CDD PCI- DSS 2 BUZZ WORDS MFA
  3. 3. Mobile banking 3
  4. 4. Mobile banking provides a secure, instinctive and faster method for accessing banking and payments to customers. It runs on different type of devices and mobile. With the emerging cutting edge technology we leverage the capabilities of mobile, tablet and multitude of devices. It will help to generate a deep customer relationship and would help in achieve a great customer experience of mobile banking. 4
  5. 5. E-wallet 5
  6. 6. Example : Google Wallet is a mobile payment system developed by Google that allows its users to store debit cards, credit cards, loyalty cards, and gift cards among other things, as well as redeeming sales promotions on their mobile phone. A digital wallet refers to an electronic device that allows an individual to make electronic commerce transactions. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital-wallet could potentially verify the age of the buyer to the store while purchasing alcohol. It is useful to approach the term "digital wallet" not as a singular technology but as three major parts: o The system (the electronic infrastructure) o The application (the software that operates on top) o The device (the individual portion) 6 DIGITAL WALLET
  7. 7. NFC 7
  8. 8. Near field communication (NFC) is a set of standards for smartphones and similar devices to establish radio communication with each other by touching them together or bringing them into proximity, usually no more than a few inches. 8
  9. 9. PCI-DSS 9
  10. 10. PCI-DSS: Payment Card Industry Data Security Standard - The Payment Card Industry Data Security Standard (PCI DSS) is a proprietary information security standard for organizations that handle cardholder information for the major debit, credit, prepaid, e-purse, ATM, and POS cards. 10
  11. 11. MFA 11
  12. 12. Multi-factor authentication (also MFA, two-factor authentication, two-step verification, TFA, T-FA or 2FA) is an approach to authentication which requires the presentation of two or more of the three authentication factors: a knowledge factor ("something only the user knows"), a possession factor ("something only the user has"), and an inherence factor ("something only the user is"). After presentation, each factor must be validated by the other party for authentication to occur. 12
  13. 13. Money Laundering 13
  14. 14. Money laundering An act which: A person also commits an offence of money laundering if he enters into or becomes concerned in an arrangement which facilitates the retention or control by or on behalf of another person of terrorist property: • By concealment • By removal from the jurisdiction • By transfer to nominees, or • In any other way 14
  15. 15. KYC 15
  16. 16. Know your customer (KYC) is the process of due diligence that Financial Services Institutions and regulated companies need to undertake around certain types of transactions. The objective of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities. 16
  17. 17. CDD 17
  18. 18. Customer due diligence Before onboarding customer, a due diligence needs to take place. These could be simple or extended to access the customer’s identity and risks associated. Due diligence is required under money laundering regulation. In this process customer’s evidence of identity is obtained and verified to comply with money laundering regulations. 18
  19. 19. What are the types ? Simplified : It applies where the customer is considered to present a low risk of money laundering. Enhanced : In situations that present a higher risk of money-laundering, enhanced due diligence is applicable. 19 Simplified due diligence Enhanced due diligence
  20. 20. Thank you very much 20
  21. 21. Sandeep Gupta Email: