Insights success the 10 fastest growing financial solution provider companies

The way of business solutions
www.insightssuccess.comwww.insightssuccess.com August 2016August 2016
IoT Business Will
Boost The Economy
In The Next Decades
Provider Companies
10Fastest
GrowingThe
FINANCIAL
SOLUTIONProvider Companies
10Fastest
GrowingThe
FINANCIAL
SOLUTION
Jeff Carkhuff
Itron
Mark Nunnikhoven
Trend Micro
Are You Staying In
Network
Secure Zone?
The Way of IoT’s, Smart Grid,
Smart Cities, Future goes
through Technology and
Network Convergence
José Antônio Scodiero
FAST COMPANY BRAZIL
Quartal Financial Solutions:
Technological Excellence for Fee &
Commission Management
Thierry Zuppinger
CEO
Chalk TalkChalk Talk
On the Finance
Grounds
On the Finance
Grounds
FinTech: The Next
Gen Technology
Financial Immunity
From Ination

echnology is affecting every part of market affirmatively.
TFinancial Industry is advancing every way of functioning
according to the relative progress in technology. As the
primary motive remains to create user-friendly ways for day-to-day
activities, financial institutes are making considerable moves
towards providing convenient ways for Money Transaction, Market
Provisioning, Investment Management, Insurance, Deposits &
Lending, Capital Raising making payments, etc.
Mobile Payments, Streamlined Payments, Integrated Billing, Mobile
Banking, P2P Payments, etc. are few popular and emerging
techniques which are degrading the use of cash as a physical form.
The risk of being theft, problem related to storage and troubles
occurred during carrying money in large quantities are some of the
reasons behind the boost of wireless technology’s effects on financial
trades. Among many hurdles, security threat remains the most
concerned area for the recent innovations. Possibilities of accounts
being hacked due to sharing the details online is one of the most
common fear of audience. To ensure the security, the technics like
cryptography and biometrics are being promoted.
Smarter, Faster Machines are being built; Machine Accessible Data,
Artificial Intelligence, Big Data, etc. are used for enhancing the
speed. Having different extent of Convenience, Efficiency,
Traceability and Protection, there are few solutions like- Open-Loop
Mobile Payment Solutions, Closed-Loop Mobile Payment Solutions,
Mobile Merchant Payment Solutions, Integrated Payment Apps,
Streamlined Payment Solutions, etc.
The inventors are working on key characteristic like Cashless, Back
of Mind, Engagement, Data-Driven, Increased Access to Loan and
Reduced Costs for the future of Payment Solutions. It is very
difficult for Financial Institutes to regulate their traditional services,
management of team and upgrading the solutions all by themselves.
It opens the gates for the Finance Solution Providers to enter the
field to help these institutes to manage various parameters like,
Security, Big Data, Technological Improvement, Digital
Transformation, etc.
With the combined efforts of all the different parts of Industry, it can
be convenient to assert that- all the ways of handling financial assets
will be changed completely in near future.
Predictable
Future of
Finance
Industry
Editorial

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CONTENT
On the Finance Grounds22
34 Chalk Talk
08
26
40
Cover
Story
10 Ronald Barcellos
Financial Immunity From Inflation
FinTech: The Next Gen Technology
Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
FAST COMPANY BRAZIL
Jeff Carkhuff
Itron
Mark Nunnikhoven
Trend Micro

42
38
36
32
30
28
24
20
BACKBASE:
The Next Generation Digital
Banking Software
CASHBOOK:
MAKING BANKS & ERPS TALK
FAST:
FLEXIBLE ARCHITECTURE.
SIMPLIFIED TECHNOLOGY.
G2 WEB SERVICES:
ENABLING BETTER ONBOARDING.
STRONGER COMPLIANCE.
FASTER DECISIONS.
PAYSETT CORPORATION:
CHANGING THE WAY MONEY
MOVES
PAYVERIS:
DISRUPTING THE DISRUPTORS
IN DIGITAL PAYMENTS
SECURONIX:
SECURITY ANALYTICS.
DELIVERED.
SQREAM TECHNOLOGIES:
RISING ABOVE NEW BIG
DATA CHALLENGES

IoT Business Will Boost The Economy
In The Next Decades
The world of the Internet of
Things promises to be the
main engine of the global
economy in the next years. In
developing countries, such as Brazil,
the opportunities will be even bigger.
Considering the size of the local
market and the pressing need that
Brazil has in increasing the innovation
rhythm, technology usage and
development, the country can already
be seen as a big global player by
companies from this sector. In this
moment, the more accurate motto for
companies that want to act or are
acting in Brazil is “Innovate or Die.”
After a cycle of more than 10 years of
continuous growth, that put the country
in evidence on the global landscape as
part of the select group of so-called
BRICs (Brasil, Russia, India and
China) and that stressed even more its
leadership in Latin America, Brazil is
now entering, in the past two years, a
moment of political tension that has
reﬂected directly in the economy. The
moment now is of reviewing and
restructuring. But in spite of the
perception of some foreign executives
and entrepreneurs that this is not a
good time to invest in the country, it is
clear that Brazil had a virtuous cycle of
many years and reached a higher level.
All this indicates that, for sure, not all
is lost. Far from it. The time is for
opportunities.
With the stabilization of the
smartphone market, there’s a great
potential for the technology industry -
especially in the semiconductors area -
in business involving connected cars,
agriculture, livestock, smart cities,
among others. To fully use this
opportunities, it is necessary to
understand in which ways it is possible
to develop the best technological
solutions to different regions. And the
solutions to problems from different
countries can only be found locally.
Investing in the Right Time and in
the Right Moment
Despite the low participation of Brazil
in the semiconductors industry, the
country has a great potential to use the
Internet of Things and to develop in
this sector. It is a ﬁeld in which no one
has the advantage yet: we are,
theoretically, in the same level as
United States and China. Besides that,
a chip to a sensor for IoT is cheaper
and easier to develop than one made
for smartphones. Therefore, it is less
costly to invest in IoT.
In the technology world, the innovation
chain has inverted itself recently, with
the large domain of big multinational
companies giving space to startups and
new entrepreneurs. This movement
creates a pulverization of
opportunities. It is no longer something
concentrated, in the domain of few big
players like it used to be. There is
space for companies from outside the
country and also for the appearance of
new local players that can learn and
develop their own systems and foment
the industry.
The technology giants, that lost a wave
of opportunities that emerged with the
mobile business (smartphones, tablets
and M2M), now are moving rapidly so
they don’t miss out on the
opportunities that the IoT segment will
CXO Standpoint
-By José Antônio Scodiero, Director & Founding Partner of FAST COMPANY BRAZIL
| AUGUST 201608

bring. There are several examples in
this direction and IBM is one of them, since its
announcement, in December of 2015, to return to the
consumer electronics market, ten years after selling its
computer division to the Chinese Lenovo. The problem is
that there are a lot of companies, big and small, repeating
the same strategies in the search of its own space in the
technology market. This needs to change. The motto
“Innovate or Die” also needs to be applied in the planning.
IoT as a Transforming Agent of an Economy
As well as in great transformations of the past, the
revolution caused by IoT will change the entire landscape
of the career scenario. It is estimated that in time, it will be
possible to see 20 to 30 million jobs migrate, and some
functions might disappear, thanks to robotics, intelligent
machines and artificial intelligence (AI), that will infiltrate
in new corporate areas and automate the positions that are
repetitive and transitional.
But what it seems like bad news is in fact a readaptation,
from work stations focused on operational to opportunities
in areas that demands data analysis, ability to solve
problems, think creatively, innovate and work within a
team. Nothing too distant from the profile that today is
comprehended as a good professional. It is an evolutionary
movement, driven by technology.
If the job openings in operational work stations tend to
drop, the opportunities to professionals that seek
qualification and even reinvention will grow a lot. It is a
market that, according to IDC, will grow about US$1, 7
trillion until 2020. This amount needs, and will be, shared
among the professionals that manage to keep up with the
demands of the market.
Director - Founding Partner of FAST COMPANY
BRAZIL
With over 30 years of experience in areas like information
technology, personal computing, semiconductors,
entrepreneurship and startups, José Antônio Scodiero has
already acted as a high level executive in several big and
successful international corporations like: IBM; Apple
Computer; OkiData, where he was president of the
Brazilian subsidiary, and more recently; AMD, leader in
the semiconductors segment, where he held the position
of Vice-President for the Latin America region. José
Antônio Scodiero is graduated in Electronics Engineering
with specialization in hardware and microelectronics and
has an MBA in Corporate Administrations by Fundação
Armando Álvares Penteado (FAAP).
As an entrepreneur, he founded lots of startup companies
since the 90’s, having created his first company when he
was only 24 years old. In 2009 he founded Fast Company
Brazil, with the objective of catapulting multinational
organizations, from sectors like digital technology,
semiconductors and software that are seeking to install
subsidiaries in the Brazilian and Latin American markets.
In 2010 he obtained the certification of Corporate
Governance from the Brazilian Institute of Corporate
Governance (IBGC) and started acting as a consulting
advisor in companies in 2011. In 2012, he became
president of the task force of semiconductors of
AMCHAM - American Chamber for Brazil and USA.
Still in 2012, Scodiero was also elected Director of
SBMICRO - Brazilian Society of Microelectronics, where
he remains until the end of 2016.
Director - Founding Partner
AUGUST 2016 |09
CXO Standpoint

Cover Story
Thierry Zuppinger
CEO

he traditional ‘Revenue and Expense Management Market’ definitely claims to provide efficient output but fails
Tto mark up to the expectations. Today, there is a competitive space where multiple, specialized suppliers offer
similar, predominantly buy-side focused, and software based solutions. Traditional in-house software or Excel-
based solutions come along with software problems such as poor visibility of processes, late report submission, time
consuming processes, inaccuracy in data, lack of policies and incompatibility with changing processes, etc.
Conquering the problems caused by traditional revenue and expense management solutions, Quartal Financial
Solutions (Quartal) is seeking to offer a disruptive approach to solve the revenue and expense management challenges
of the established segment of the financial markets. Existing revenue and expense management solutions tend to focus
on the calculation of fees and costs emanating from a single point-point interaction within the buy and sell side supply
chain, (e.g. trade desk to exchange, asset manager to investor, fund manager to distributor, etc.). Quartal’s vision is
based on a Service on Demand S-T-P model that can handle the revenue and expenses generated from any supply chain
interaction from a single cloud-based Utility- Harnessing this with a partner ecosystem, it can also offer value-added
services around business analytics (e.g. sales, fund distribution, client profitability), fee or expense reconciliation (e.g.
exchange fees, distribution expense, etc.), smart contract management (e.g. digitization of trade agreements, IMAs,
distribution agreements, service level agreements, etc.), operational managed services (e.g. outsourcing of fee or
expense calculation processes) and data services (e.g. collection, aggregation, scrubbing or enrichment, etc.).
Regulations and profitability pressure cause financial organizations to revisit historic fee structures, operating models
and distribution supply chains hence the traditional approach to revenue and expense management is no longer fit for
the purpose.
Cover Story

The wave of technological advancement is forcing business
models to reconstruct themselves completely, rather than
just enabling IT to support existing business models. This is
creating a vacuum for the right solution. Quartal’s offering
is based upon the ability to fill this newly created void with
a disruptive proposition based on a solid foundation that
continues to enable the prevalent change and brings value
to the customers that established solutions and competitors
cannot. Quartal has marked its uniqueness and established
itself as the leading European supplier and is now moving
ahead to become the leading global solution provider for
revenue and expense management.
CEO of Quartal Financial Solutions
Thierry Zuppinger, CEO of Quartal Financial Solutions,
has studied Management at HEC and University of St.
Gallen in Switzerland. Thierry joined Quartal 10 years ago,
when the company was a small IT consulting company, and
didn't yet have a standard product or solution to a particular
problem. Thierry has a major contribution in the
establishment of Quartal as a leading revenue and expense
management solution provider with a standard product
offering to the financial services industry that nowadays
serves industry leading clients all around the globe. As a
CEO, Thierry together with Quartal’s executive
management team is responsible for all major decisions
around Quartal’s business including the release of new
products, closing deals and the company's future strategy,
etc.
Products
Quartal offers the most comprehensive and innovative
solutions available in the market. It combines both,
commission and fee management on one single platform,
from calculations and payments to invoicing, controlling,
allocations, modeling, forecasting and reporting. As such,
they currently offer two leading products based on a single
technology stack with one shared core- Quartal FEE
MANAGER and Quartal COMMISSION. The Product is
installed in multiple market segments covering asset
management, wealth management and securities services.
It has the ability to cover all aspects of the processing
requirements for both the buy side and sell side operations
with standard configurations available for each of the
addressable industry sectors (e.g. asset management fee
billing, third-party commission management, transaction
fees, custody fees, servicing fees / expenses etc.) and
constitutes a componentized product that is scalable across
small to large enterprises offering comprehensive value-
added functionality and reporting along with a full audit
trail and comprehensive workflow support.
Quartal COMMISSION is a multi-asset class commission
and distribution fee management solution that increases
transparency and accuracy in commission processing while
reducing associated costs and risks. Being a flexible and
innovative solution, it automates the calculation, allocation
and reconciliation of distribution commissions and sales
costs.
Our products are used worldwide by
key players in the industry to reduce operating costs
improve accuracy and performance,
and achieve faster return on investment
“ “
Cover Story

The system offers a calculation and processing engine
specifically designed and configured for all aspects of
commission and retrocession management, allowing for
rapid, reliable and transparent data processing, calculations
and real-time reporting.
Quartal COMMISSION benefits from great modularity
enabling clients to have a solution tailored to their specific
needs.
Quartal FEE MANAGER is a multi-asset class fee and
revenue management solution that increases transparency
and accuracy in fee processing while reducing associated
costs, risks and revenue leakage. It is a market-leading one-
stop solution that automates the entire process from
calculation to invoicing and all the way to reporting.
It offers a flexible and innovative solution for fee, revenue
and expense management with a calculation and processing
engine specifically designed for all aspects of
billing/revenue management. This allows for rapid, reliable
and transparent data processing and calculations along with
a comprehensive suite of pre-defined reports presenting
actionable data through dashboards, tables and charts.
Solutions
Quartal Financial Solutions provide solutions for Asset
Management which includes Intuitional Billing and
Distribution Commission Management; Wealth
Management which includes Third-Party Distribution,
External Asset Management and Client Fee Charging;
Security Services which includes Fund Administrators,
Transfer Agents, Custody, Clearing and Fund Platforms;
Capital Market which includes Trade Fee Management and
Execution & Clearing Commission Management; and
Insurance which includes Distribution Commission
Management.
Key Characteristics
Automated calculation of payable/receivable commissions,
allocations and reconciliation on payments and holdings,
contract management and workflow, sales controlling and
scenario modeling VAT/tax management, flexible user
interface and ad-hoc reporting, BI capabilities through
dashboards and KPI controls based on leading technology,
compliance with current regulations and provide a platform
for future regulation compliance in relevant markets,
customizable, modular offering provides flexibility to meet
client requirements, global implementation capability based
on a strong team of industry and product experts as well as
local implementation partners for the market, are few of the
key characteristics of Quartal’s Products and Solutions.
Cover Story

Benefits for the Clients
QFS’s revenue and expense management products offer the
following measurable and well documented benefits to its
clients:
• Reduction of costs and operational risk
• End to end process auditability
• Improved operational efficiency through the facilitation
of an exception-based operating model
• Reduced reliance on key workers through the
embedding of knowledge within the solution
• Regulatory compliance (e.g. MiFID II)
• Avoidance of revenue leakage
• Increased process and reporting transparency
• Comprehensive information at the most granular level
possible
• Improved cash flow views and projections
• Faster client onboarding
• More flexible and more profitable SLAs
• Straight through Processing
• Business Oversight
• Better availability and insight of customer data,
allowing the introduction of new value-added services
• Analytics for client profitability, distribution, fund,
distributor performance, fund flows, asset classes, etc.
• Possibilities for cost effective functional lift outs (white
labeling) delivering greater value and increased profitability
• Replacement of consolidation of numerous disparate
legacy systems
Bird’s Eye View on the Future
Quartal have been in the revenue and expense management
space for a long time and therefore comprehensively
understands the market and have established a blue-chip
customer base that uses their fee and commission solutions
to meet their current point-to-point needs. Having recently
extended their management team with some highly
experienced members with proven experience of
transforming and growing Fintech businesses, they have re-
engineered their operating model, developed the vision and
the delivery roadmap, initiated market testing and are now
set to implement that vision via a clear, well-defined but
aggressive and exciting growth plan. During the course of
the last two years, they have won a significant amount of
new business and have recently entered the US market by
adding one of the world's largest banks to their client
portfolio.
Cover Story

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The 10 Fastest Growing Financial
Solution Provider Companies
inance being the most crucial part of the society as well as the industry; possess many complications within the
Fadministration. Corporate giants have cash flow of much extent that cannot be physically accumulated. In
recent times, the traditional financial institutes are confronting with the changes in technology, which is
influencing the institutes to drop the comprehended ways of processing and to grasp the changing techniques.
Furthermore, financial corporates are endeavoring to take the reward of globalization.
In this edition of The 10 Fastest Growing Financial Solution Provider Companies, we have listed finest 10
financial solution providers, which plays crucial role in the development of financial institutes. Backbase creates
Digital Banking software that empowers banks to accelerate their digital transformation. Cashbook provides cash
management software delivering more Automation, Functionality & Control. Payveris provides a cloud based open
API digital payment and money movement platform. PaySett focuses on providing innovative payment software
solutions. Securonix radically transforms enterprise security with actionable intelligence. G2 Web Services is a
leading global provider of merchant risk management solutions. FAST is widely recognized as a leader of both on
premise and cloud-based software solutions for the insurance industry. SQream Technologies provides organizations
with an ultra-fast new generation GPU database capable of handling enormously large datasets with the lowest TCO
available on the market today. C2FO enables collaboration between buyers and suppliers in a real-time marketplace to
discover the unique price for early payment that’s profitable for both.
We have listed Quartal Financial Solutions as the Cover Story for this issue because of its comprehensive solutions
and the remarkable business presence. Quartal is a market leading provider of award-winning fee and commission
management, and revenue and expense lifecycle management software for the financial and insurance industry.
This issue includes Financial Immunity from Inflation and FinTech- The Next Gen Technology, from the editorial’s
desk. The Evolution Revolution, Technology and Network Convergence and IoT Business will boost the economy
in the next decades are included-CXOs from the Thought Leaders.
In this issue we have listed the Companies based on their performance, their innovative solutions and their
contribution in the changing scenario of financial market. The articles and the CXOs are included to get the insights
into the different areas of this particular market.
Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION

Cashbook
cashbook.com
Greg Coulter
CEO & MD
Cashbook provides cash management software delivering more
Automation, Functionality & Control.
Payveris provides a cloud based open API digital payment and money
movement platform designed to enable financial institutions transform
their customers’ digital payment experience, focus on real benefits and
remain at the center of commerce.
Payveris
payveris.com
Jeff Weikert
President
PaySett
paysett.com
Benny Cooley
Founder
PaySett Corporation is a global company focused on providing
the most advanced Payment software on a global basis in the
most cost effective manner.
Securonix
securonix.com
Sachin Nayyar
Co-founder & CEO
Securonix radically transforms enterprise security with
actionable intelligence. Its purpose-built security analytics
platforms detect data security, insider threat and fraud attacks
automatically and accurately.
G2 Web Services is a leading global provider of merchant risk
management solutions, including due diligence, compliance
and fraud protection.
G2 Web Services
g2webservices.com
Allison Guidette
CEO
FAST
fasttechnology.com
Tom Famularo
CEO
FAST is widely recognized as a leader of both on premise and
cloud-based software solutions for the insurance industry.
Ami Gal
Co-founder & CEO
Qream Technologies provides organizations with an ultra-fast
new generation GPU database capable of handling enormously
large datasets with the lowest TCO available on the market
today.
Qream Technologies
sqream.com
Backbase creates next generation Digital Banking software that
empowers banks to accelerate their digital transformation.
Backbase
backbase.com
Jouk Pleiter
CEO & Co-founder
Quartal Financial Solutions is a market leading provider of
award-winning fee and commission management, and revenue
and expense lifecycle management software for the financial
and insurance industry.
Quartal Financial Solutions
quartalfs.com
Thierry Zuppinger
CEO
C2FO
c2fo.com
Alexander C. Kemper
Chairman & CEO
C2FO is a financial technology company and the creator of the
first market for working capital. C2FO enables collaboration
between buyers and suppliers in a real-time marketplace to
discover the unique price for early payment that’s profitable for
both.
S
Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
S

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
New emerging technologies and
user friendly applications have
given rise to world
digitalization. While every industry is
striving to become digital friendly,
Financial Institutions are still lacking
in progress. Even more so, FI’s need to
react now if they wish to become in par
with the ever increasing customer
demand as well as the new
technologies disrupting the market.
The financial industry is trying to
increase their innovation efforts and
digital investments to keep up with the
new players in the market. The biggest
threat of industry disruption is coming
from tech companies, startups and
neobanks. In addition, customers are
becoming more demanding and more
informed, expecting convenience and
simplicity when it comes to financial
services, particularly online and via
mobile devices.
To succeed in the market and beat the
disrupters, banks should regain control
of business strategy, and be able to
build and deliver unique experiences to
their customers. Their journey to
digital transformation is about
fundamentally changing how they
attract, interact with and satisfy
consumers, and it affects all levels of
the organization.
On a Mission to Empower Financial
Institutions
Backbase is on a mission to empower
financial institutions to accelerate their
digital transformation and effectively
compete in a digital-first world. They
created the Backbase Omni-Channel
Banking Platform, a state-of-the-art
digital banking software solution that
unifies data and functionality from
traditional core systems and new
fintech players into a seamless digital
customer experience.
Backbase gives financials the speed
and flexibility to create and manage
seamless customer experiences across
any device, and deliver measurable
business results.
Backbase comes with widget
20
BACKBASE:
e Next Generation Digital Banking Soware
JOUK PLEITER
CEO & CO-FOUNDER
| AUGUST 2016

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
collections for retail banking,
commercial banking and wealth
management. It can be used on top of
any of the existing systems and helps
financials to create customer-centric
digital propositions.
Industry analysts Gartner, Forrester
and Ovum recognize Backbase as an
industry leader in terms of omni-
channel banking platform capabilities,
and award the company with high
marks for its deep focus on customer
experience management and
unparalleled speed of implementation.
Forrester named them a leader in the
Forrester Wave for Omni-Channel
Banking.
Jouk Pleiter, the CEO and Co-
founder of Backbase
Jouk Pleiter CEO and Co-founder of
Backbase, the company which created
the Backbase Omni-channel Banking
Platform, the award-winning customer
experience platform that helps
enterprises create, manage, and
optimize digital experiences across any
device.
Backbase was founded in 2003 and is
privately funded with operations in
Amsterdam, Atlanta, London,
Singapore and Mumbai. Global
organizations such as ABN AMRO
Bank, Barclays, Fidelity, GE,
Hapoalim, Hiscox, ING, Legal &
General, Nationwide, Westpac, OTP
Bank, PostFinance, PZU, Sberbank, Al
Rajhi Bank and SwissCard have all
improved their online customer
interactions and maximized online
customer experience, retention and
conversion, by leveraging Backbase’s
technology.
Before Backbase, Mr. Pleiter was
President and Co-founder of Tridion,
one of the world’s leading WCM
software vendors, later acquired by
SDL and renamed SDL Tridion. Before
Tridion, Mr. Pleiter co-founded
Twinspark Consultancy, one of the first
interactive web agencies in the
Netherlands.
Allowing Institutes to Leverage its
Previous Investments
The Backbase Omni-channel Banking
Platform helps to create rich,
interactive web portals and mobile
applications allowing clients to create,
and manage deeply relevant customer
experiences on any device.
Backbase comes with a complete set of
integrated customer experience
management functions, including-
integrated content management, what-
you-see-is-what-you-get editing,
intelligent forms-based dialogs, secure
application integration, cross device
delivery, smart targeting, digital
marketing tools, and integrated
analytics. At the same time, Backbase
offers robust enterprise security and
application integration technology that
help clients integrate their existing
systems and applications with ease,
enabling them to leverage their
previous IT investments.
Powered by Widgets
The Backbase Omni-Channel Banking
Platform is powered by widgets, which
are essentially stand-alone mini
applications. They work like modular
building blocks, taking the content and
functionality they need from different
underlying systems and combining it
into completely new applications.
Widgets are incredibly flexible and
they can be reused across multiple
devices, combined with each other to
create more dynamic contextual
experiences, and wrapped in OS
specific mobile containers to be
deployed to any mobile device,
channel, or app store.
Customer Success
Backbase helps banks modernize and
orchestrate all the customer touch
points, transforming multiple siloed
banking channels and legacy
applications into a consistent brand
experience that is easy to use and
always available. It is optimized for
easy integration with the existing
business applications and a delivery of
a unified and seamless customer
experience across any device.
Backbase has developed digital
banking solutions optimized for retail
banking, commercial banking, wealth
management and insurance specific
scenarios. These customized solutions
dramatically decrease the time-to-
market by leveraging industry best
practices and ready-to-go
implementation accelerators.
Backbase puts banks in control of their
own digital strategy, allowing them to
create, manage, and optimize the end-
to-end customer experience across
every device. Backbase has invested in
many years of R&D to give banks the
right editing and digital marketing
tools, and they need to take full control
of optimizing the customer experience,
resulting in more sales conversions,
and greater customer satisfaction.
More than 70 large financials around
the world have standardized on the
Backbase platform to streamline their
digital self-service and online sales
operations across all digital touch
points. Working with all of them,
Backbase is continuously making
progress in the technology and
constantly offering new capabilities to
more institutes.
“
“
AUGUST 2016 |21
We create software that
is used by leading
financials of all sizes
across the world to
create customer-centric
digital experiences that
drive self-service and
engagement, fuel online
revenues, and maximize
their customers’
online experience

FINANCIAL
IMMUNITY FROM
INFLATION
On the Finance Grounds
Hence, some of the best companies to
own during inflation would also be
those companies that can increase their
prices naturally during inflationary
periods. One should attempt to seek
out the lowest cost producer. Look for
businesses like commodity companies
or healthcare names that possess the
strongest profit margins. Finally, never
underestimate the value of dividends
during periods of inflation.
Invest in a Home
Real estate is a great investment when
done for the right reasons. The problem
in real estate occurs when one’s goal to
trade a home versus buying a home to
live in. Although many experienced
real estate investors are able to find
hidden values in properties, most
individuals should focus on purchasing
a home with the intent of holding it,
even if for only a couple years. Real
estate investments usually do not come
to fruition over several months or
weeks, but normally involve an
extensive waiting period in order for
values to increase.
There are many definitions of
inflation, but in easy words,
inflation is a decrease in the
value of unit currency. To understand
this phenomenon lets us consider the
number of candies one can but with
one dollar. Today one can buy 2
candies for one dollar but ten years
ago, one could have bought ten candies
for one dollar. Now, the dollar is same
and the candies are same, what
changes here is the value of dollar.
From the above example, we can also
learn that inflation is directly
influenced by time and is continuously
growing. In addition to the permanent
rise in inflation by time, many other
factors causing inflation to raise
temporary at the domestic or
international level. Inflation is
generally categorized into Demand
pull inflation and Cost push inflation.
In Demand pull inflation the economy
is at or close to full employment, and it
leads to an increase in the price level.
When firms reach to its full capacity,
they respond by putting up prices
leading to inflation. In Cost pull
inflation; if there is an increase in the
costs of firms, the firms passes it on to
consumers.
Cost push inflation can be caused due
to Rising Wages, Import Prices, Raw
Material Prices, Profit Push Inflation,
Declining Productivity and Higher
Taxes. Rising House Prices and
Printing More Money also contributes
for rising inflations.
There is no proven way to beat
Inflation as there always lays some risk
while investing for future. But
following are the least risky ways to
save you from inflation.
Invest in Stocks
Despite the lack of confidence that
most people often have about stocks,
owning some equities can be a very
good way to combat inflation.
Corporations will sell their goods at
increasing prices, which will lead to
elevated revenues, earnings, and
inevitably, stock prices.
22 | AUGUST 2016

Like land, home prices tend to increase
in value on an average year-over-year
basis. Real estate bubbles are usually
followed by correctional periods,
sometimes causing homes to lose over
half of their value. But on average,
housing prices tend to increase,
counteracting the effects of inflation.
Rather than holding money in a saving
account, which will cause a major loss
in purchasing power by retirement, real
estate investments have the opposite
effect.
Inflation-Indexed
Bonds
These bonds are a great way
to beat inflation as they are
designed to protect both principal and
interest.
The basic mechanism of an IIB is quite
easy to understand. Assume that the
annual coupon, that is, the amount the
investor receives at the end of the year
on his bond investment, is 7%, and he
has invested Rs 1,000 (his principal);
in this case, he originally would have
been paid Rs 70 at the end of the year.
However, assume that the inflation
index for the year is 10%. Through an
IIB, the 7% coupon is then applied to
the new principal of Rs 1,100 (10% of
Rs 1,000 + Rs 1,000), which comes to
Rs 77 plus Rs 100 increment on the
principal. Thus, the investor is sure to
generate a return higher than the
inflation rate.
Diversify Geographically
Asset allocation is critical. In this, one
can look at an opportunity is to
diversify globally. This will make your
portfolio more stable and less
vulnerable to domestic volatility and
inflation.
Invest in Yourself
By far, the absolute best investment
you can use to deal with an uncertain
future that may include higher prices is
to invest in yourself. Nothing is more
effective in combating inflation than
investing in yourself in order to
increase your future earnings power
potential.
This investment begins with getting a
quality education and then constantly
striving to learn new skills that will
match those most needed in the future.
It's not mere coincidence that higher
the level of education, higher the pay
and greater the chance for
employment. Further education allows
one to not only inflation-proof his/her
salary, but also recession-proof his/her
career.
More than stocks, bonds or houses,
investi
ng in oneself is the
easiest and most
effective way to
combat inflation, and
any form of economic
turmoil is to increase
your future potential
earnings power by investing in
yourself today.
By learning from the past experiences
and by understanding the algorithm of
the causes and various effects of
inflation, one can at least lower the
effects of inflation.
On the Finance Grounds
AUGUST 2016 |23

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
CASHBOOK:
MAKING BANKS & ERPS TALK
Money being a basic
necessity of any company,
financial services plays a
crucial role for Management. With the
purpose to build super intelligent cash
management software solutions,
Cashbook is a successful provider of
services which maximize the
automation of high volume financial
transactions. Reduction in time spent
on cash management by 70% is
achieved with the application of
Cashbook.
“More of the Same”
Why should a business write-off hard-
won revenue every year because of
outdated, inadequate processes and
systems that no longer suit their needs?
Cashbook has an Order-to-Cash
solution that talks to any ERP and any
bank, replacing legacy processes in
ERP’s with configurable work-flows
which can be flexed to meet client
needs. Knowing that, as businesses
grow, their customers don’t respond by
hiring additional finance people and
writing-off more deductions every
year, Cashbook has removed the
assumption that deduction write-offs
need to be a certain percentage of
sales.
The Cash Management suite provided
by Cashbook competes against the
standard, built-in processes offered by
ERP’s and “more of the same” in
Finance departments. The Cashbook
approach is to address the full Order-
to-Cash cycle, so they regularly
compete with and beat Accounts
GREG COULTER
CEO & MD
24 | AUGUST 2016

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
Receivable solutions such as Open
Scan and High Radius. In the Accounts
Payable Automation area they compete
with Bottomline, in Bank
Reconciliation it’s Trintech, and for the
treasury solution, Cash Manager, it
would be Sungard.
Leading Cashbook since 2002
Greg Coulter, CEO & Managing
Director of Cashbook holds a 1st
Class Honours degree in Economics
and Finance from the University of
Otago in New Zealand and is a CIMA
qualified Accountant. Greg joined
Cashbook in 1999. He has completed
Cashbook cash management software
implementations in England, The
Netherlands, America, Belgium,
Ireland, Germany and Switzerland. In
2001, he was promoted to the role of
Client Director and in 2002 to the role
of CEO.
All of the Cash in One Location
The complete cash processing
approach makes Cashbook a Cash
Management mini-ERP. They are a
bolt-on system to any ERP, and can
take over the full Order-to-Cash cycle.
The key difference is that it all happens
on a single platform: there aren’t
separate systems looking at Accounts
Receivable, Accounts Payable and
Reconciliations. It’s just another day at
the office for them when they handle
partial payments and deductions, net
across subsidiaries in different
locations, drill down into individual
transactions and then consolidate
across business units.
To have all of the information residing
on a single platform means that
Cashbook is in a unique position to
generate extremely insightful and
highly actionable views around cash
management for any company. With
each new version release, they are
moving closer to the vision of the
future of cash management: True,
Predictive Cash Forecasting.
With great firmness, Greg states, “I
want every company to be able to use
their live and historical data to generate
a genuine picture of their cash position
months in advance. This kind of
predictive cash management capability
will be an incredibly powerful tool for
companies and an absolute game
changer for finance departments.”
Tasting Success at Every Step
“We’ve been developing, expanding
and refining our algorithms for 25
years. That’s a sophisticated and
immensely reliable resource for any
company. Clients’ accounting talent
and experience can never simply walk
out the door with our automation and
workflow capability. Customers vote
with their feet and ours have never left
us. Outside of a single example of a
complete ERP change, we’ve never
had a customer leave us”, answers
Greg on a question about the
customers’ satisfaction.
Typically, the customers see a drop in
resource requirements for their daily
accounting needs, or they can defer
any headcount increases. A further
common benefit is extra cash available
from a drop in the Days Sales
Outstanding (DSO). That comes with a
corresponding drop in financing
requirements and charges. If a business
can decrease their DSO by 2 days, it’s
the equivalent of getting a free line of
credit from the bank, but better, since
it's the company’s own money coming
back to them faster. Cashbook also
makes it easier for companies to pay as
late as terms allow, further improving
working capital.
“Additionally, over these 25 years
Cashbook have accumulated a library
of customer remittance and bank
formats. Whether their customers use
EDI or CSV, their banks use MT940 or
BAI2, Cashbook customers can be
confident that their investment is
secure because it’s so adaptable.”
Extending Feats all Over the World
Cashbook can deal with elaborate
Multi-code Deductions, Cash and
Check Deposits in North America,
Automate Drafts and Promissory notes
in Europe and while at the same time
Automate Factoring and complex
Reporting Requirements in Asia. They
have localized Cashbook into more
than 50 languages, have sales and
support teams in 4 countries and have
the ability to offer support in over 15
languages.
At the moment, they have projects in
North America and the Caribbean,
Europe, Asia and the Middle East.
They’ve expanded the technical and
support teams by 35% in the last year
to service the growing client base. And
to top it all off, along with their CTO,
Greg recently announced the Cashbook
cloud solution which will be available
in Q4 2016!
In a nutshell,
Cashbook is
to cash what
Salesforce is
to sales but
with true ERP
integration
“
“
AUGUST 2016 |25
www.cashbook.com

n North America, utilities have installed nearly 70
Imillion smart meters over the last decade. This
technology investment has delivered tangible value to
both utilities and consumers. But utilities have yet to realize
the full potential of this platform and the value of the data
these systems generate. This is primarily due to common
challenges that utilities as well as technology providers
have struggled with:
• Smart meters are viewed mainly as a cash registers and
instruments of customer billing rather than as sophisticated
sensors that provide a rich source of data and insight to
improve grid operations.
• For the most part, smart metering systems have been
deployed in technology “silos,” meaning they run on
purpose-built, largely proprietary networks that were
designed for meter reading rather than on a standards-
based, multi-application IP-platform.
• These systems have created a relative tsunami of new
data-more frequent and detailed usage data, event data from
power outages and voltage anomalies and meter tamper
alerts-data that utilities are struggling to manage and create
new business value from.
• More than smart meters, the term “smart grid” implies
grid devices, assets and data interacting in real time and
with less human intervention to respond to changing grid
conditions. This degree of interoperability and automation
has been elusive or cost-prohibitive thus far for the low-
voltage level of the network.
Most of these challenges are technology-centered, while
some are cultural and organizational, but the upside is that
these challenges are being solved. Information technology
and operational technology are converging rapidly in the
utility and energy space to create a new strategic and
operational reality. This comes none too soon in light of
significant business challenges utilities worldwide are
facing as well as the economic and environmental
challenges we all face.
Led by companies such as Cisco and Itron, a growing
ecosystem of smart grid technology providers have
collaborated to evolve network architecture so that utility
field area networks look and behave much more like
enterprise IT networks. Solution providers are also
introducing more distributed intelligence to grid operations
that enable grid assets and devices that are currently
“siloed” to work in concert with one another. In addition,
the available value stream of this network infrastructure
investment is broadening by connecting to emerging
markets and applications such as smart cities and the
Internet of Things (IoT).
The heavy lifting really began four years ago when Itron
and Cisco announced an agreement to work together to re-
architect Itron’s widely-deployed OpenWay smart grid
network to IPv6 architecture from Cisco. This joint
development effort, undertaken by the industry leaders in
utility automation and networking, was a watershed effort
in the industry. The smart metering network became a
multi-application smart grid and smart city network,
broadening significantly its usefulness and value. A growing
ecosystem of leading smart grid technology providers can
now build to a common reference architecture through the
Connected Grid Cisco Developer Network to accelerate
adoption and spark innovation.
But standards-based, multi-application network architecture
by itself was not enough to address all those challenges.
Itron believes that for the smart grid to deliver on its
promised value, data analysis and action must take place
where it makes most sense-increasingly at the edge of the
network rather than in the utility back office. That's the
whole idea behind ITRON RIVA™, a new distributed
intelligence and advanced communication platform the
company launched this fall.
Distributing intelligence across the network allows us to
economically solve utility problems that couldn’t be
feasibly solved before, greatly increasing the value and
timeliness of smart grid analytic applications as well as the
26
CXO STAND POINT
The Way of IoT’s, Smart Grid, Smart Cities, Future goes
through Technology and Network Convergence
| AUGUST 2016

utilization of network capacity. Specifically, these
development efforts yield a new and common set of
technology attributes for meters, grid sensors and other
types of intelligent devices, whether they come from Itron
or third-party partners who embed the technology or build
to the standard.
• Locational Awareness: For the first time, smart meters
and grid devices know where they are in relation to other
grid assets (feeders, phases, substations, transformers,
distributed generation, other meters, etc.). This “self-
awareness” opens up an entirely new approach to smart grid
use cases and applications.
• “Multilingual” Devices: A unified software platform
supports multiple communication/application protocols,
allowing a single meter or grid device to simultaneously
speak the language of distribution automation, load control
and smart metering. This enables highly localized
communication and action among diverse devices, assets
and grid control systems to respond to changing conditions
at the edge of the network.
• Edge Processing Power: Thanks to Moore’s Law, Itron
is embedding the computing equivalent of a recent
generation smart phone in high-volume meters and grid
devices to enable advanced communications, data
processing and analysis in the edge device.
The ability for edge devices to know exactly where they
are, process and analyze data independently and
communicate with other types of devices creates many new
possibilities for improving the accuracy, resolution and
timeliness of analytic applications. A clear opportunity
exists to deliver new business value in areas such as
localized demand response/load control, asset monitoring
and management, outage detection and response,
renewables integration and diversion detection. This
approach allows utilities to put intelligence where it makes
the most sense, whether that’s in the edge device, the field
area network itself or at the enterprise level, meaning
analytics no longer must always take place in the back
office where “tomorrow” or “next week” is no longer good
enough.
Perhaps most interestingly, the Itron Riva distributed
intelligence platform has enabled Itron to revolutionize grid
communications. Known as adaptive communications
technology, this capability incorporates multiple
communications media-RF Mesh, Wi-Fi and Power Line
Carrier-on the same chipset, working in concert to solve
key network performance and connectivity challenges.
Running on the OpenWay smart grid network, adaptive
communications technology always utilizes the fastest and
most reliable communication path for every message and
every link based on location, network operating conditions
and the nature of the application or data. This is true
whether communicating with an office application or
another device on the grid.
This makes deployment of network infrastructure easier,
faster and less costly, while offering a single
communications solution for both dense and difficult urban
environments as well as lower-density areas. Adaptive
communications technology flattens the cost curve during
the latter stages of network deployment when the “hard-to-
reach” devices and areas must be addressed. In other words,
it provides a network that continuously self-optimizes based
on geography, topology, operating conditions and business
requirements.
Together, these developments mean that many utilities
throughout the world are in a good position to leverage
these recent and significant advancements in network
architecture, edge intelligence and analytics as they
implement their grid modernization strategies and connect
to broader opportunities such as smart cities and IoT.
There is absolutely no doubt that the convergence of
information technology and operational technology in the
global utility industry will continue and accelerate, and that
technology advancement will continue to outpace the asset
lifecycle paradigm utilities have so long operated within.
Nevertheless, thresholds are reached that warrant a shift in
thinking about how to approach and solve problems. For
tomorrow's grid, that time is now.
AUGUST 2016 |27

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
As the market grows
increasingly competitive
insurers around the globe are
re-evaluating their strategies to identify
new avenues for growth while
sustaining current business. Based on
the lessons learned from the difficult
years of economical downturn,
insurance companies are equipping
themselves for the future by relying on
advanced technology applications and
solutions. Although insurers are
looking for ways to upgrade their
systems, reducing risk while fitting
new applications seamlessly into the
existing application portfolio seems to
be a key challenge. In order to help
insurers automate their legacy systems,
get a better handle on risk, and meet
future demands, FAST offers a unique
componentized service-oriented
architecture technology framework
with pre-built insurance rules,
workflows, and implementation
services.
Improving Legacy Administration
Systems
Founded in 2009, FAST is deeply
rooted in the prior experience and
knowledge of cutting edge technology
in architectural concepts of its CEO,
Tom Famularo. For Famularo,
innovation is the driving force that has
led his company's emphasis on
automating solutions for insurance
companies to simplify their complex
technology environment and bloated
business process. “We wanted to use
FLEXIBLE ARCHITECTURE.
SIMPLIFIED TECHNOLOGY.
FAST:
TOM FAMULARO
CEO
28 | AUGUST 2016

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
our experience and modern technology
for building applications that will
transform the insurance industry,” adds
Famularo. By combining great
software with deep expertise in
technology and insurance processing,
the company provides its clients with
solutions ranging for smaller, targeted
projects to broader legacy system
transformation.
Pioneer of FAST
Tom Famularo, CEO of FAST
oversees the strategy and ongoing
operations. He is particularly focused
on the company’s long-term product
development strategy. Prior to FAST,
Tom was the Head of Product
Development at NaviSys, where he and
his team built what went on to be the
leading life and annuity system in the
market for many years. Tom was
instrumental in designing the NaviSys
Front Office system and led the re-
architecture of NaviSys Home Office.
After Accenture acquired NaviSys,
Tom was the global lead for the life
insurance software unit.
Set of Services
FAST offers a robust set of insurance
software components that help
augment or replace existing core
legacy administration systems. Their
offering is designed to provide
insurance carriers various options to
support their modernization strategy.
These components can be used as the
fundamental building blocks for
carriers as well as a launch pad for
customization. They may also be used
to surround and starve smaller parts of
larger legacy systems, or replace old
systems entirely.
FAST has a true modern Service
Oriented Architecture. This allows
them to take a componentized
approach to updating legacy systems
rather than forcing carriers into
completely replacing systems. This
approach costs less, requires less
resources to build and manage, and
dramatically lowers project risk. FAST
has won several awards for their
innovative architecture and the way
they support carriers in their
modernization strategy, making them
truly unique in the market.
Lowers the Risk of Failures
For the FAST team, it’s fun to solve
hard problems. They look for people
who have the resourcefulness,
creativity and perseverance needed to
solve the difficult issues insurance
companies face in today’s marketplace.
FAST clients are seeing many benefits
of using the FAST Insurance
Components. These organizations are
finally realizing that they can have a
system that provides the fundamental
building blocks they need yet still be
able to customize areas that make them
stand out from their competition.
Insurance companies are also seeing
that a componentized approach lowers
the risk of failure. These components
allow them to take on smaller projects
where they can see immediate value
rather than waiting years for a single
big payoff. FAST also has a specialized
implementation plan that ensures their
clients are successful with their
purchases. This plan includes the use
of highly trained partners like EY,
Cognizant, PWC and Edgewater that
support the project where needed.
Leveraging the Changing Scenario
Twenty years ago carriers had teams of
developers internally building and
supporting systems. Since the financial
crisis, carriers have dramatically
reduced their internal IT resources and
their internal core systems are paying
the price. These legacy systems use
obsolete code and are prone to break,
presenting major roadblocks when it
comes to new innovation. Carriers
know they must make changes and are
allocating more in their budgets to
modernize and reduce maintenance
costs to become more competitive in
today’s ever-changing digital world.
Today these same insurance carriers
are finally realizing that they don’t
have to replace entire systems to meet
their end goals of modernizing core
systems. This makes the team at FAST
more confident about the company’s
future. They are also excited that
carriers are starting to embrace
technology again seeing that it adds
real value. In addition, they see the
introduction of IoT with more and
more carriers and have started
embracing these new technologies into
their components.
“
“We enjoy
building things -
building great
systems for
our clients,
building great
software for our
industry and
building a great
company
AUGUST 2016 |29

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
Financial institutions (FIs)
supporting global payments
must remain vigilant in the face
of rapidly-changing risks and fraud.
With consumer demand, payment
options, channels and places to shop
evolving at a dizzying rate, fraudsters
act before risk practices can catch up.
Hundreds of acquiring and commercial
banks, and their value chain partners,
turn to G2 Web Services for help.
Industry Innovator
G2 is a Seattle-based global
information and services business
providing merchant risk insight that
helps financial institutions conduct
safer, more profitable commerce.
Founded in 2004, G2 derives its name
from intelligence community jargon
that describes mission-critical, risk-
reducing intelligence.
G2 is growing and innovating to help
clients work smarter and face emerging
risk challenges. Recently, G2 improved
its industry-leading merchant
monitoring solution, Persistent
Merchant Monitoring (PMM), by
expanding into new hazards. PMM is
the industry’s leading solution to
monitor merchant websites for non-
compliant, illegal and brand damaging
content. This month, G2 will unveil to
a group of pilot clients the next-
generation PMM portal, which offers
significant speed, functionality and
benchmarking improvements.
Pioneer of G2
Allison Guidette, CEO of G2 Web
Services is responsible for setting the
strategic direction and for driving
customer-centric innovation and
growth. Allison brings nearly 20 years
of general management experience in
information and technology for
professional services industries.
ENABLING BETTER ONBOARDING.
STRONGER COMPLIANCE. FASTER DECISIONS.
G2 WEB SERVICES:
ALLISON GUIDETTE
CEO
30 | AUGUST 2016

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
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SOLUTION
Allison is one of the few women CEOs
in the Fintech industry. In two years
she has built deep client connections as
well as launched award-winning
services solving pervasive risk issues.
As a result of Allison’s leadership and
her support for a flexible workplace
environment, G2 has won the When
Work Works Award, recognizing its
employee-centric HR policies, for the
past two years.
“Initially, G2 focused solely on helping
acquiring banks spot illegal and brand
damaging content in websites of their
e-commerce merchants. Over time
we’ve expanded our services, namely
into identifying risk at onboarding of
new merchants and transaction
laundering detection,” says Allison.
“Today we also serve risk and
compliance teams at commercial banks
and third-party payment processors
(TPPPs) by exposing unknown risk in
their business customer portfolios,” she
adds.
Preventing or Removing Merchant
Risk
The foundation for G2’s merchant risk
intelligence solutions is the G2
™
Merchant Risk Platform , which
combines web crawling, processing,
classification and modeling to provide
the most comprehensive view of
merchant risk available in the market
today. The platform houses the
®
Merchant Map , a proprietary risk
history database built through over a
decade of partnership with acquiring
banks around the world. The Merchant
Map powers G2’s customer due
diligence, compliance and fraud
detection solutions, with data on
millions of merchants and connections
made through data science. The
Merchant Map helps banks and
processors discover bad actors and
determine the likelihood that a
merchant will engage in fraudulent
activity. G2’s combination of
technology, data and experienced
analysts allows financial institutions to
improve regulatory and card brand
compliance, gain portfolio
transparency, and transform the way
they monitor and manage merchant
and business risk.
G2 also pioneered Transaction
Laundering Detection (TLD), which
identifies illegal merchants that are
processing transactions through known
merchants. Since the launch of TLD,
G2 has continued to innovate detection
techniques, leveraging data science and
proprietary merchant risk history data,
and has rolled out a new client portal.
G2’s Know Your Customer (KYC)
Solutions help commercial banks and
third-party payment processors
improve their regulatory compliance,
increase their operational efficiency
and better manage risks that are
difficult for financial institutions to
detect with commonly used KYC tools.
Applying its industry expertise,
technology platform and expert
analysts, G2 exposes hidden risks that
could subject an FI to regulatory
scrutiny and fines.
In one recent example, G2 used its
Business Classification solution to
uncover numerous businesses lurking
in a bank’s portfolio that were on its
“prohibited” category list. These
included a military-grade arms seller
misclassified as a “hardware store,” a
gambling business classified as “food
and drink”, an adult entertainment
business classified as “catering” and a
bank that had warnings about
excessive debit card fraud classified as
“other.” The bank had far more risk in
its portfolio than it was aware of,
creating a disconnect on how it treated
and monitored those businesses—and
exposing itself to regulatory action.
In another case, G2’s Negative News
solution revealed banks unwittingly
doing business with individuals
convicted of fraud related to
reconstruction projects in the Middle
East, a person on the Most Wanted List
in Mexico for involvement in a major
drug cartel and a company using
deceptive and abusive advertising
practices in violation of Federal
regulations.
G2 offers these capabilities to
acquiring banks through Portfolio
Review, a menu of services that help
banks validate merchant category
codes and evaluate reputational risks
with their merchants. Portfolio Review
solutions help banks to Know Your
Merchant, addressing regulator and
sponsor bank requirements for periodic
reviews of their entire portfolio.
A Future of Industry Collaboration
As Allison looks towards the future of
G2 and the evolution of the payments
industry, she is excited for the
opportunity to help drive the
collaboration needed to combat
emerging threats. “Fraudsters
increasingly use technology to commit
their crimes as well as to network with
like-minded organizations,” she
explains. “G2 is committed to
continuing to listen to clients, invest in
innovation and partner with other
“white hats” to ensure that our network
and defenses are the strongest to meet
these threats to the payments system
head on.”
“
“Our platform has been
built through over a
decade of partnership
with leading organizations,
and uses advanced
technologies combined
with expert analysts to
deliver value to
our customers
AUGUST 2016 |31

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
Recognizing that the
International market required
a more modern payment
software product, easier to implement
and more cost effective at moving
payments between organizations,
Benny took the responsibility to
provide one. Benny Cooley, Founder
of PaySett Corporation worked in
banking and electronic payment
software companies prior to founding
PaySett.
PaySett Corporation was founded in
2001 as a company focused on
payment and settlement processing for
financial entities. PaySett Corporation
is a well capitalized, highly profitable
company with no debt, operating in 13
countries and committed to changing
“The Way Money Moves®”.
Innovating New Ways of Payment
PaySett offers a complete suite of
products designed for the movement of
money between financial institutions,
corporations and individuals. At the
National level PaySett offers both
batch (PaySwitch®) and real-time
payment systems (PayExpedite®) for
the movement of money between
financial institutions. At the individual
bank level, PaySett offers a complete
payment engine (PayBank® and
PayExpedite®) for the processing of
internal payments for the global and
the regional banks across their entire
organization. Providing the financial
institutions a product called PayCorp®
which allows for the seamless
integration of corporate payments into
the banks internal and global payment
PAYSETT CORPORATION:
CHANGING THE WAY MONEY MOVES
BENNY COOLEY
FOUNDER
32 | AUGUST 2016

Provider Companies
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10Fastest
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SOLUTION
channels. PaySett also offers the
financial institutions PayNow® which
allows for the real-time processing of
payments for consumers making online
purchases and bill payments.
In addition to all the above services,
PaySett also provides a range of
supporting products such as
PayCheque® for the processing of
cheque images and PayAnalysis® for
the data analysis of payments for fraud
controls and marketing purposes.
Meeting the Needs of the Clients
PaySett offers a range of products and
services for both real-time and batch
processing of electronic payments.
These products and services are offered
for National payment switches, large
global financial institutions, Central
Banks and corporations. At a national
payment switch level, PaySett products
connect all the banks within a country
into a real-time and batch environment
that allows for the movement of money
between the banks in the most secure,
efficient and cost effective manner
possible. Transactions requiring
immediate processing flow over a real
time network and transactions whose
time sensitivity is less critical flow
over a batch network at a more cost
effective price. This gives the financial
institutions and their customers the
options to move money at the speed
and cost that best meet their specific
business requirements.
PaySett also offers a full range of
products for providing a global
payments cloud for global banks.
These products and services allow a
Global bank to operate across borders
between their regional offices
providing for the movement of money
in both the real time and batch
environments similar to what occurs at
the national level. The benefits for the
global bank are: Consistency and
Control in the movement of money
throughout their organization while
Insuring funds are moved at the speed,
and Cost necessary for their
organization. This allows the bank to
create additional products and services
on top of their payment infrastructure
for the global market to meet the needs
of their corporate and consumer
clients.
Effective, Secure and Cost Effective
Services
All along with products and services,
the clients of PaySett are benefited in
many ways. For instance, the national
payment system allows an entire
country to benefit by the movement of
money out of paper based systems
(cheques, cash) into electronic
payments. Electronic payments offer
reduced costs, increased speed of
transactions, more security and more
transparency of the movement of
money within a country. These benefits
allow the country to be more
competitive in the area of eCommerce.
For the Global bank customers the
standardization of the movement of
money across their entire organization
allows them better insight into their
payment processing needs of their
customers. These institutions have a
better platform on which they can add
new products and services for their
clients and insure that those
transactions are processed efficiently,
securely and cost effectively.
Succeeding all over the World
PaySett provides support and software
products for clients in the USA, Latin
America, Caribbean and Asia. Some of
these are among the largest most
trusted financial institutions in the
world. Organizations such as ABN
Amro, Royal Bank of Canada, CIBC,
Barclays and Scotiabank depend on
PaySett for their Payment processing
needs. In addition to this, Paysett
provides electronic payment, clearing
products and services to 8 National
payment networks in Latin America,
Caribbean and Asia.
PaySett is currently investing in the
area of digital ledger systems to
enhance the movement of money
within a country at a national level.
Digital ledgers offer a potential
increase in the speed of settlement of
transactions for the movement of
money. PaySett believes that the
financial institutions will struggle with
the concept of open access digital
ledgers/blockchain, however, they will
be more aligned to pursue private
digital ledgers/blockchain systems.
Benny adds, “There are payment
inefficiencies that can be eliminated in
our client's core banking and national
network switches by the use of
private/permissioned digital
ledgers.”
“
“We empower
Organizations
to Change
The Way
Money Moves
AUGUST 2016 |33

FinTech:
TECHNOLOGY
GENThe Next
TECHNOLOGY
companies are attracting customers in
mass.
FinTech Advancements in 2016
FinTech firms propound digital
financial services and alternative
financial instruments via the internet,
digital payments including electricity,
mobile bill payments etc., cross-
border peer-to-peer payments and
e-Commerce transactions. Businesses
use FinTech for marketplace lending
(peer-to-peer platforms) as well as
personal loans. Recently, Robo-
advisors are engineered for effective
wealth management services. Online
Crowdfunding (equity-based) and
Venture Financing are the two major
services FinTech focus on. Recent
statistics accounted the Transaction
Value in the FinTech market to mUSD
769,323.4, and the average transaction
value per user in the Digital Payments
segment sums to USD 2,683.82 in
2016. The transaction peak value
globally reached is in the U.S.
Financial Technology or FinTech
is completely transforming the
way financial services
companies function and how the
businesses buy, protect and manage
wealth in this FinTech era. In 2016, the
greatest challenge for the banking
industry is FinTech. FinTech is
although the latest trend in this
domain, it cannot be said as a new one.
In the past, it referred to a group of
modest startups offering online lending
or retail-payment services.
FinTech has entered the mainstream
swiftly. Now, it is not constrained with
mere startups. Some prominent
FinTech companies include Lending
Club, business giants such as Google,
Apple, and Samsung. The novel
services delivered by such companies
comprise Financial Services
Applications, which are often more
effective and less expensive than the
conventional companies. With the
copious services offered, FinTech
Financial Growth through FinTech
Modern businesses can reap great
profits by the effective utilization of
the new technology. Apart from
spending more money on in-house
product development, evaluating third-
party technology providers on the basis
of what they provide and how well the
technology suits the business, software
and applications that fit for the
business can be integrated into it.
Before selecting any solution, an
organization must identify its
investment themes, evaluate credit card
exposure, manage the counterparty risk
and so on. Entering into a FinTech pool
hassle-free leads the business to the
market's paramount, expanding upon
the organization’s core market.
Every organization should widen their
institutional expertise to screen
pioneering technologies that arrive in
the market, in a constant manner. The
expertise must include perception into
client preferences, the features to
integrate new technologies and undo
when newer ones arrive and to
establish external links with other
companies. Many of the well
established companies have adapted
this technique to amalgamate new
technology with their business. They
train their employees and mentor
properly in order to acquire the
necessary skills.
Bank-FinTech Effective Association
The Bank-FinTech association is an
effective way for the banks to enter the
FinTech ecosystem, which aids in
smooth functioning and positioning
them at the very core of the industry
that redefine payments. FinTech
startups are always open to receive
support and investment from the banks
in order to initiate their business,
Chalk Talk
34 | AUGUST 2016

develop and achieve their targets.
Without any doubt, FinTech brings in-
depth technology expertise along with
enhanced design speed and
manufacture rate. However, bank’s
expertise in the ins and outs of the
payment systems and choice of
services is matchless.
Up-And-Coming FinTech Future
Certainly, FinTech is going to have a
bright future in 2016 as well as in the
upcoming years. FinTech companies
assist in instructing consumers to make
better financial decisions, protect their
assets from frauds, enhanced online
shopping experience, encourage
investment and much more. Innovative
FinTech companies like Invoice Ninja
provides services for helping small
business owners get their invoice bills
paid faster. And several other
companies like Trulioo is seeking new
solutions that make financial
institutions and businesses integrate
with new compliance directives within
their transaction processing software.
Wealthfront, Addepar and Robinhood
aim at empowering investors by
making them feel comfortable and
relax enjoying the splendid benefits
from FinTech. Firms like LendUp offer
customers, that banks usually decline,
providing them with lower credit
scores access to short term loans
without any rollovers or hidden rates
and also in low interest rates. Similarly,
companies like SoFi are supporting
businesses and customers to refinance
the existing loans, education loans and
mortgages to get better rates, thereby
increase financial status. Another
FinTech company LendFriend gives
opportunity to individuals to borrow
and lend money to their friends, family
or relatives, or whomsoever they wish.
FinTech innovation has the potential to
transform financial service firms. The
smart and fast technology has the
capability to win the market, whether it
is alone or whether they sell into or
collaborate with existing providers.
The ultimate beneficiary of FinTech is
literally the customer. There is no
doubt that FinTech will reign the
financial services firm with its utmost
powerful services and tactics that lead
to supreme successes.
Chalk Talk
AUGUST 2016 |35

Provider Companies
10Fastest
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FINANCIAL
10Fastest
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FINANCIAL
SOLUTION
Payveris offers an industry
leading cloud based open API
digital payment and money
movement platform designed to enable
financial institutions to transform their
customers’ digital payment experience
and capabilities. The platform enables
banks and credit unions to take
complete control of their users’
experience, reduce operating overhead,
costs, and risk; and accelerate the
creation of new innovative payment
experiences. The company’s secure
cloud-based platform supports a broad
ecosystem of digital payment and
money movement services including
electronic bill payment, presentment
and management, person to person
(P2P) transfers, external (A2A)
account to account transfers and
business payments all through a single
unified platform.
Along with their open API, cloud
delivery model and single platform
approach to digital payments, Payveris
brings extensive financial services
industry and deep payments
technology experience to everything
they develop. They focus on
developing solutions to empower their
financial institution clients and partners
to capitalize on the emerging market
trends in payments while continually
enhancing their solutions to provide
their clients and partners a competitive
edge.
A Unified Digital Payment Hub and
Platform Approach
While Payveris’ competitors in the
payments space offer payment services
through disparate point solutions,
Payveris’ separates itself by providing
an innovative digital payments solution
PAYVERIS:
DISRUPTING THE DISRUPTORS IN DIGITAL PAYMENTS
JEFF WEIKERT
PRESIDENT
36 | AUGUST 2016

Provider Companies
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10Fastest
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SOLUTION
that supports a full range of payment
and money movement use cases all
from a single unified platform. The
platform supports multiple funding
methods, intelligent payment routing,
an integrated messaging engine, and
integrated fraud and transition risk
management to support a wide range of
consumer and business payments.
Additionally, Payveris’ unified
approach offers financial institutions
the ability to consolidate redundant
payment systems, reduce operating
costs, improve fraud mitigation, and
simplify access to user and
transactional data across all payment
types with the most advanced FI-
centric digital payments platform in the
market today.
Leveraging the Cloud and Open
API’s
Working with Payveris provides banks
and credit unions with the opportunity
to regain control of their destiny and
better compete in today’s highly
competitive landscape while improving
the user experience and reducing
operational costs.
Payveris’ digital payments platform
features a 100% open API approach
that provides their clients with the
ability to take complete control of and
reduce friction in user experience and
create innovative new payment
services much quicker. Through its
open API structure, the Payveris digital
payments platform enables clients to
connect to internal and external
applications and add features and
transaction types without
compromising the user experience.
By capitalizing on the value of cloud
computing, Payveris is able to offer
cost effective, high availability, secure,
and scalable digital payment services
at a fraction of the cost of its
competitors. This enables Payveris to
offer its services at a lower cost than
their competitors and focus more of its
capital on payments innovation rather
than system maintenance.
Continuous Innovation is the Key
Payveris believes that technology can
be the great equalizer for banks and
credit unions seeking to protect their
customers or members from
disintermediation by the alternative
and nonbank providers. However,
banks and credit unions will need the
technology a technology partner that
not only enables them to innovate
faster and keep up with consumer and
business demands but in future, take
the lead. Through their unique
platform, Payveris believes that they
can empower the traditional financial
institution to innovate faster, take
control of their destiny, transform the
way their customers make payments,
and recapture their position at the
center of digital commerce.
The Benefits of Partnering with
Payveris
Clients and partners value the control,
extensibility and flexibility of the
Payveris digital payments platform. By
utilizing the Payveris payments
platform, financial institutions can
provide a completely integrated and
seamless payments experience into
their online and mobile banking
channels. Financial institutions have
also used the platform to solve unique
and specific business challenges related
to their business customers’ payment
experience. Financial institutions value
the positive user experience that it
enables them to offer to their
customers or members and appreciate
the competitive advantage the
technology offers them, particularly the
ability to differentiate their payments
offering from large money center
banks and non-bank FinTech
companies. This differentiation is
highly valued to Payveris’ financial
institution clients and the consumers
they serve.
The Leader behind Payveris
Jeff Weikert, President of Payveris is
responsible for leading all aspects of
the company’s growing digital
payment enterprise. Before joining
Payveris, he spent 30 years in the
financial services and technology
industry in a variety of executive roles
at notable firms such as Deloitte and
Touche, Bank of America, SunTrust,
Deluxe, CheckFree and
RewardsNOW as well as innovative
payment start-up, Verient. He has
served and supported more than 3,500
banks, credit unions and service
providers in his various roles.
Weikert earned his MBA in business
administration and management from
Georgia State University and a
Bachelor’s degree in business and
psychology from the University of
Dayton.
www.payveris.com
“
“To compete in a dynamic
and evolving payments
environment, banks and
credit unions need to
start thinking more like
technology companies and
take a close look at their
digital payments experience
from the customer’s or
member’s point of view
AUGUST 2016 |37

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
Why do robbers rob banks?
Because that’s where the
money is. Just as financial
institutions have always been prime
targets for traditional heists, they are
also bombarded by cyber-attacks, data
theft, insider abuse and fraud. That’s
why financial services organizations
invest heavily in cutting edge, best-of-
breed security solutions like Securonix.
One in three Fortune 100 financial
services companies are now Securonix
customers.
Securonix Solves Critical Security
Problems With Behavior Analytics
Securonix was the first to apply user
and entity behavior analytics (UEBA)
to information security and is now the
industry leader in the UEBA security
space. UEBA is a machine-learning
capability based on a number of
technical components including data
analytics, data integration, data
visualization and source systems
analyses. Securonix solutions analyze
volumes of data-at-scale to establish
baselines of normal user and system
behavior, and flag suspicious behavior
outliers that indicate high risk of a
threat. The result is a sophisticated
security analytics platform that detects
cyber threats, advanced persistent
threats, insider threats and fraud in
near real-time.
Securonix is fast becoming the next big
thing in financial services security
because it answers the question chief
information security officers (CISOs)
have been asking since day one: How
do I know when something is
happening in my environment that
shouldn’t be?
End-to-End Security
Securonix provides the industry’s first
complete, end-to-end, UEBA cyber
security solution. Securonix solutions
are purpose-built to mine, enrich,
analyze, score and visualize data into
actionable intelligence on the highest
risk threats from within and outside an
enterprise environment, models threats
SACHIN NAYYAR
CO-FOUNDER & CEO
SECURONIX:
SECURITY ANALYTICS. DELIVERED.
38 | AUGUST 2016

Provider Companies
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and provide complete case
management. That’s end-to-end
security in one place, on one platform.
There is no Perimeter. Securonix
Detects Any Threat. Anywhere.
Traditional information security
measures such as firewalls, access
controls, security event information
management systems (SEIMs) and data
loss prevention (DLP) solutions are
marginally effective at logging
malicious intrusions, unauthorized data
exfiltration and other breaches to an
abstract enterprise perimeter. But the
fact is, there is no perimeter and there
never was.
Securonix was purpose-built to detect
any threat from anywhere using
sophisticated behavior analytics. Its
first big win was a solution to the
critical problem of insider threats.
Malicious or negligent insiders pose a
particular threat to organizations
because they enjoy the advantage trust,
legitimate credentials, familiarity with
security hurdles and inside-knowledge
on how to circumvent them. To counter
this advantage, Securonix applies
UEBA to detect insider threats
automatically and accurately in near
real-time. It accomplishes this by
mining and analyzing a diverse set of
user, system, application, security log,
physical access, and even telephone
activity to identify abnormal behavior
associated with data theft, misuse,
fraud and IT sabotage.
Since then, Securonix has worked with
its customers to understand their
critical security problems and expand
its use cases to applications that solve
them. The core technology can ingest
and analyze data from any endpoint
and is flexible enough to adapt to the
evolving threat landscape. The
Securonix team has worked with the
world’s leading enterprises in finance,
pharmaceuticals, healthcare,
manufacturing, and technology to
develop robust enterprise-class security
analytics solutions for:
• Insider Threat Detection
• Behavior Analytics
• Trade Surveillance
• Fraud Detection
• Data Security
• Privileged Account Analytics
• Application Security
• Identity & Access Analytics
• Cyber Security Analytics
Recent Advancements
This year, Securonix released SNYPR,
a security analytics platform that
transforms big data into actionable
security intelligence. It delivers the
proven power of Securonix analytics
with the speed, scale, and affordable,
long-term storage of Hadoop in a
single, out-of-the box solution.
SNYPR fulfills the promise of big data
for security by detecting the most
complex, unknown, and impactful
internal and external threats with a
data-driven approach that is purpose
built for security analytics. The result
is a groundbreaking new threat
detection capability that harnesses the
power of big data environments.
Global Influence
Securonix is experiencing tremendous
growth and expansion across the global
market. This year, the company opened
new offices in London and Bangalore,
an Asian hub for many of the globe’s
largest multinational organizations, one
third of which are Securonix
customers.
“India and the greater Asian region is
one of the fastest growing markets in
the world,” says Securonix CEO
Sachin Nayyar. “As the largest and
most influential global enterprises
expand throughout the region, we’ll be
right there beside them to deliver the
threat prevention and detection
capabilities they need to protect
themselves against the most advanced
threats.”
The Road Ahead
In July of 2016, Securonix announced
the launch of its channel partner and
alliance program, Cyber Path Alliance.
The company will deliver its solutions
to the market exclusively through
Cyber Path Alliance member
organizations.
The move to focus sales on a 100
percent channel-driven strategy comes
after Securonix’s early success with
solid channel partners. The company’s
rapid growth is due in large part to its
partner ecosystem that boasts some of
the largest technology resellers and
integrators in the world.
The White Hat Against Cyber Crime
Securonix was co-founded by CEO
Sachin Nayyar and CTO Tanuj Gulati.
Nayyar drives the vision and overall
strategy at Securonix. Previously, he
was CEO of VAAU, a company he
founded and led until its acquisition by
Sun Microsystems. Nayyar is a
renowned thought leader in areas of
risk, regulations, identity and access,
compliance and governance. In 2016,
he was named “visionary CEO of the
year” by the prestigious CEO World
Awards.
Gulati is a thought leader in security
applications of big data analytics. He
leads engineering and product
management at Securonix. Internally,
he is known as the “Chief Inventor” of
the company’s most innovative
solutions.
AUGUST 2016 |39

AreYouStayinginNetworkSecureZone?
paper.” However, it’s not all unicorns and rainbows.
Crumbling Walls
While productivity might be up, it is extremely difficult to
maintain a strong perimeter around this new blend of
traditional, mobile and cloud infrastructure. There action to
this is: “Then why try? Isn’t there a better approach?” This
response is rational, but not the sentiment of a vast majority
of the security industry.
Just as with mobile adoption, the common security response
to cloud services is to attempt to block user’s access and,
instead, guide them toward an “approved” (and typically
less usable) server. That isn’t embracing reality and, quite
simply, is no longer feasible.
The architecture diagram for current networks no longer fits
cleanly into a simple box. Trying to wedge it into one is
ne word can sum up the most common strategy for
Onetwork defense - “boxy.” Building and
maintaining a strong perimeter has a long and
storied history. Consider a castle with its moat, high walls
and drawbridge. That is how most networks are defended.
In a box. Currently, the mentality is: “Do you want to
protect a new system?” Put it inside the box. “Processing
personal information?” Put it inside the box.
While the “box” approach was successful in the past, it’s an
antiquated model. And, while the conventional approach
has been occupied with defending the castle from a ground
attack, adversaries have deployed an air assault with the
latest modern weapons.
User’s Choice
Over the past decade, there has been a quiet revolution with
how IT systems and services are used within organizations.
Fed up with a lack of options, viable solutions and a general
disconnect with the business, users have taken matters into
their own hands.
This evolution started with the rise in mobile usage. Early
on, traditional security teams focused efforts on stopping
mobile usage. Eventually, they acquiesced and accepted
mobile devices, but only those that were “approved.”
Ultimately, reason triumphed and mobile is now treated in a
more logical fashion. While still four letters, “BYOD” is no
longer a bad word. Unfortunately, we are now seeing the
same cycle with cloud services.
Consumer is the New Business
Consumer-focused services are making significant inroads
into enterprises around the world. It is fairly common to see
large volumes of outbound network traffic utilizing services
such as Dropbox, Google Apps, Github or any number of
other cloud-based applications. In fact, these services have
begun to incorporate features and functionality specifically
targeted to the size and scope of various business
operations.
Think of this as a “bottom-up” approach. It is a sign that
users in organizations are pushing technology adoption just
as much - if not more - than a traditional “top-down”
approach. Overall, this should be seen as a positive. The
shift is now aligning IT with the actual focus of the
organization. It is a move toward technology that works in
the “real world,” instead of simply looking good “on
Mark Nunnikhoven
Leader’s Thought
40 | AUGUST 2016

It is immediately apparent that there is a variety of
information shared across multiple systems. Some of the
systems are controlled by the enterprise, some are not.
With this view, the real challenge comes to the forefront -
how can the safety of orders (items purchased, quantities,
shipping info, etc.) and processing data be ensured by at
least three different entities? In addition, payment
information resides on at least two systems. How does that
affect Payment Card Industry compliance? This is the
level where security should be applied-and it must be
acted upon holistically.
Next Steps
The top priority for security must be monitoring. It is clear
that controlling every element of the network can be
overwhelming. With the variety of services, endpoints and
connections, the aforementioned “box” model has been
demolished. Thus, the traditional perimeter is gone. What
takes place in networks requires more transparency to read
and react accordingly.
A modern monitoring practice not only pulls in log data
from network devices and application servers (as has
traditionally occurred), but also logs and reports from
IaaS, PaaS, SaaS and mobile systems. This in itself cteates
a new challenge with an immense amount of diverse data
needing to be processed. Fortunately, “big data” analytics
can be applied to resolve this issue.
There is very little value in denying where network
infrastructure design, and access, is headed. The
soundest strategy is to welcome this reality and
work to increase security of the current network to
focus on monitoring. It is essential to be cognizant
of data workflows
within the overall
enterprise. Once
that is established,
taking steps to
protect data,
regardless of where
it is stored and
processed, is far
less daunting.
counterproductive and can lead to frustration among
employees. It is imperative to accept the fact that the
perimeter as it has been known is now gone. Which leads
to the core of the issue - what strategies can be adopted to
defend today’s networks?
Level Up
First, it is important to understand that traditional controls
still have a place in modern defense. There is a need for
firewalls, intrusion prevention, anti-malware, filtering, etc.
These traditional elements serve as a strong component,
but they play a smaller role and cannot be considered the
end-all, be-all of security. Instead of focusing on
individual components of the network, it should be
viewed according to the way specific data flows.
Security in Isolation
Take a typical e-commerce transaction, for example:
In a traditional approach, each of these systems would
reside in relative isolation. First, there must be a firewall
on the site and anti-malware so it is “secure.” Second, the
shopping cart is delivered to the user via HTTPS so it is
“secure.” Third, the payment information is encrypted,
thus it is “secure.” Finally, the shipping system is only
internal so it is “secure” through access control.
While none of these controls are bad, they do not take into
account the realities of today's networks. Now, shopping
carts are provided via PaaS, payments are
provided via SaaS ans all shipping is
done through a third-party API.
These providers inherently
change over time cteating
more variables and avenues
for breaches.
Data Flow
In addition to adding
basic security to
each system or
service, it is
critical to examine
how data flows.
When a high-level
view of data flow is
incorporated into the
typical e-commerce transaction,
the following occurs:
Network
Security
AUGUST 2016 |41

Provider Companies
10Fastest
GrowingThe
FINANCIAL
10Fastest
GrowingThe
FINANCIAL
SOLUTION
Finance is rapidly evolving with
the proliferation of vast
amounts of data used and
collected across almost every type of
consumer and commercial financial
interaction. The advent of the internet,
mobile technology and the
transformation of how businesses
around the world work with interacted
financial instruments has created
enormous amounts of event based and
behavioral data. In order to create
value for their customers and
shareholders, financial institutions are
working to harness this potential. The
quantities of data being generated don’t
only accumulate over time - as time
goes on, the amounts being generated
only expand.
The key to a competitive edge for
businesses in general and for financial
institutions specifically, is to prepare
for new challenges that are already
arising when needing to master
overwhelming amounts of new data.
Big data analytics can help financial
organizations to better understand the
information contained within the data
and also help to identify the data that is
most important for the business and
future business decisions. Using the
latest technology for data analysis can
identify future threads and can
eliminate illegitimate activities.
When it comes to the financial
industry, service providers having the
ability to implement all kinds of
applications such as risk management,
behavior analysis, cyber security, fraud
detection, predictive analytics,
forensics capabilities, auditing, etc.
must be enrolled.
Harnessing the Potential of Big Data
Big Data Analytics Software Vendor,
SQream Technologies delivers a high-
performing next generation GPU
database that quickly relieves Big Data
and complex Analytics pains enabling
entities such as financial institutions,
telecoms and defense to easily ingest,
store and analyze heavy analytical
workloads in near real-time.
SQream’s technology delivers speed
and scalability capabilities surpassing
SQREAM TECHNOLOGIES:
RISING ABOVE NEW BIG DATA CHALLENGES
AMI GAL
CO-FOUNDER
CEO
42 | AUGUST 2016

Insights success the 10 fastest growing financial solution provider companies

Insights success the 10 fastest growing financial solution provider companies

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