Digital transformation and technology rank as the number one operational risk scenario for global banks in 2021 

ORX, the world’s largest operational risk association, new bank survey shows that digital transformation and technology rank as the biggest concern for global banks and insurers in 2021.  

Rapid digital change is shifting exposures across the main risk types: 

• The potential impact of failing to safeguard confidential customer information is a significant focus  

• There was an extension of technology risk to include third parties
• The library highlighted the importance of robust IT change management. 

• There is concern over failing to keep abreast of the evolving cyber threat environment.

The survey found that the two main types of risk in 2021 are:

• Conduct-related scenarios continue to pose the greatest overall material risk  
• Operational resilience and business continuity are a key industry focus.

 

New multi-currency solution enables ClearBank – a cloud bank - to power more businesses

ClearBank, the cloud-based clearing bank, announces the launch of a new multi-currency solution that will reduce friction for fintech and financial institutions who offer cross-border payments and FX capabilities.
ClearBank’s API-driven technology and Banking-as-a-Service (BaaS) capabilities have already created seamless payment solutions in Sterling, for use in partnerships with the Department for Work and Pensions and PayPoint, Tide and other multi-national brands, so the expansion into multi-currency and FX is a natural and pertinent progression for the clearing bank.
VertoFX, a B2B currency exchange marketplace and payments platform, is the first to use ClearBank’s multi-currency product.

Indonesia issues new payment regulation standard

The Central Bank of Indonesia ("BI") is continuing the implementation of its Payment System Blueprint 2025. BI has issued three new regulations which applicable to (i) Payment Service Operators/Penyelenggara Jasa Pembayaran ("PJP") and, (ii) Payment System Infrastructure Operators/ Penyelenggara Infrastruktur Sistem Pembayaran ("PIP").
The objective of these new provisions is to establish a safe, reliable, and economical electronic payment ecosystem.

 

MonotaRO optimizes checkout for business buyers in Southeast Asia with Adyen

Adyen’s payment and risk management solution, MonotaRO can now adjust market-specific risk profiles across Southeast Asia to optimize authorization rates while guarding against fraud.
MonotaRO, one of Japan’s biggest e-commerce companies for maintenance, repair and operation supplies, optimizes its offering for business buyers outside of Japan, adopting Adyen, the payments platform of choice for many of the world’s leading companies, as its online payments provider across multiple markets in Southeast Asia. Powered by Adyen’s single platform, MonotaRO offers a more intuitive checkout process and access to multiple payment methods popular in Singapore, Malaysia, Vietnam, Philippines and Thailand, expanding their potential reach.