Banks have been gradually moving towards a more agile, customer-centric model, adopting cloud-based technologies powered by artificial intelligence (AI). This emerges from the findings of the report ‘The Digital Horizon: Banking’s Shift from Mainframe to AI-Driven Cloud Infrastructure’, presented by NTT DATA, a digital business and IT services firm.

The research, which surveyed 650 leaders of financial institutions worldwide, reveals a growing collaboration with artificial intelligence and cloud services. While legacy systems based on legacy infrastructure still persist, the report highlights that 63 % of banks still operate on legacy systems, despite 89 % identifying themselves as innovators.

However, more than 60 % of respondents say that generative AI is facilitating the transition of applications to the cloud, marking a significant shift in adoption of these technologies.

The report also highlights that board support is high, with nine out of ten executives reporting that their AI and cloud initiatives are backed by their respective boards. While most banks are already integrating AI into their technologies, 30% are still in the early stages of adoption. In addition, it is highlighted that 80 percent% lack a strategic framework for the adoption of generative AI.

As for the cloud, 36 % of respondents cite flexibility and scalability as key factors for migration, indicating a shift in concerns beyond costs. On the other hand, 25 % recognise a growing trend in migration to the cloud driven by advances in AI.

José Manuel Pérez Bajo, Banking Partner at NTT DATA, commented: “Driving change, while a great challenge, is also an opportunity for banking transformation. Understanding the current landscape, the options available and recognising the barriers makes it easier to modernise technology with greater clarity and fewer risks.”

Kaz Nishihata, Director and Senior Executive Vice President of NTT DATA Group Corporation, noted that “this technological force is driving banks towards a deeper understanding of customer needs, enabling them to deliver faster, safer and more personalized services.”

K. Tovar

Source: Yahoo Finanzas

(Reference image: Hitesh Choudhary, Unsplash)

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Despite the energy of the Zulian who supported his team at all times, the Navegantes del Magallanes ninth team beat the Águilas del Zulia 7-3 on Tuesday night, reaching the Bancamiga Cup for the first time.

Two weeks ago, Navegantes made a first attempt to add the Cup to their awards, but fell to the Leones at the Monumental Simón Bolívar stadium in La Rinconada. Last night everything was different.

Bancamiga’s Marketing VP, Paula Vargas, made the initial launch and at the end handed the trophy to manager Ramón Hernández. It was a day in which Bancamiga had a high brand positioning, which began early with a media tour and continued later in the stadium with different activations that included prizes.

The public had the opportunity to open their accounts in bolivars and foreign currency at Bancamiga Móvil, strategically located at the Luis Aparicio stadium, and receive the Mastercard Debit Card, which with Contactless technology allows you to make online purchases and pay consumption abroad. He was also able to immediately acquire the Bancamiga Points of Sale, which, in alliance with Soluciones Integrales Tecnológica SITCA, are the most modern and versatile on the market.

The innovative payment bracelet of the Águilas, which, among other advantages, allows you to buy food and drinks in the stadium, was one of the aspects that stood out the most during the day.

At the meeting, Bancamiga carried out four activations in episodes two, four, six and eight that excited the attendees. The presence of the Bancamiga Móvil, which will be this week in Maracaibo, an inflatable, pennants, promoters and the dolls dressed as a Mastercard Debit Card and a Bancamiga Point of Sale made the game special.

Bancamiga: raising people’s quality of life and promoting the construction of a better country

The Executive President of Bancamiga Banco Universal, Ariel José Martínez, said that baseball is the main pastime of Venezuelans and for the financial institution it is essential to support initiatives that bring recreation and well-being, especially on dates full of unity and peace such as those of the December holidays.

“With our financial solutions and support for sectors such as sports, we are sure that we raise people’s quality of life and promote the construction of a better country,” he indicated.

Martínez recalled that Bancamiga and Águilas del Zulia maintain a close alliance, which allowed 112 children from the Águilas del Zulia Academy to compete in the Bancamiga-Simple TV Mini Cup, at the close of the 2023 season in the month of July. And this Tuesday, dozens of children belonging to the Águilas Vamos al Estadio and the School goes to the Stadium initiatives witnessed the sporting clash.

The imposing 54-centimeter glass, which Navegantes added to his conquests, reflects the solidity and innovative character of Bancamiga, two characteristics that have become synonymous with the institution.

Bancamiga currently has two agencies in the state of Zulia, one located in the Bulevar Delicias shopping center, in Maracaibo; and another in the Oliva shopping center in Ciudad Ojeda, in addition to an External Ticket Office in the main building of Corpoelec, in the northern area of ​​Maracaibo. It is expected that in 2024 it will open an agency in San Francisco.

With information and images from Bancamiga

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La entrada Navegantes del Magallanes got a new trophy: the Bancamiga Cup apareció primero en Bitfinance.

In compliance with the official schedule of the Superintendency of Banking Institutions (Sudeban), next Monday, December 11, 2023, the national banking sector will suspend its operations in celebration of the “Day of the Immaculate Conception”.

During this holiday, users of various financial institutions should take into account that operations will not be carried out at ticket offices or bank branches throughout the country.

However, the banking community is informed that certain services and transactions, such as queries, withdrawals, deposits and payments, will continue to be available through ATMs, telephone services and the Internet. It should be noted that some banking entities could operate external ticket offices on public holidays, especially those located in shopping centres.

Customers are advised to keep abreast of updates by checking their respective bank’s website for specific details on the offices and ticket offices that will remain operational during this period.

K. Tovar

Source: Descifrado

(Source image reference: @contrapuntovzla, social network X)

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La entrada This December 11 the Venezuelan bank will not work apareció primero en Bitfinance.

Brazil’s digital currency (CBDC) will be launched in 2024. The country’s Central Bank has indicated that its launch is scheduled to boost financial services.

The DREX CBDC will be based on “distributed ledger technology (DLT) to settle wholesale interbank transactions, while retail access will be based on tokenized bank deposits.”

The BCB authorities had already anticipated that once the tests were completed, the coin would be launched on the market at the end of 2024. Fabio Araujo, coordinator of the initiative at the bank, pointed out that the purpose of DREX is to improve citizen access to financial services.

 “By enabling easy and reliable access to registered securities through DLT technology, we reduce costs and democratize access to financial services,” he emphasized.

Likewise, the BDV executive “highlighted that Brazilians already make numerous digital payments through the Pix instant payment platform, launched at the end of 2021 and which has been well received.”

DREX design refers to the strength of digital real

Regarding the choice and design of the name, DREX, it is known that it is an acronym formed by the letters “D” and “r”, both referring to the Real Digital which is the national currency, combined with the “e”, which means electronic in addition to the “x”, which “conveys the idea of ​​modernity and connection, the use of distributed ledger technology (DLT)”, according to the digital medium Tekios.

The logo shows the capital D, which transmits “the evolution of the national fiat currency, the real, to its digital version.” Inside, it has two arrow-shaped triangles in blue and green, where the transition “represents the transaction completed message.”

M.Pine

With information from national and international media, news agencies and social networks

(Reference image source: engin akyurt, Unsplash)

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Japan’s leading bank, Mitsubishi UFJ Group, recently announced that from 2023 its clients will be provided with innovative financial services from the metaverse.

The information was released after the financial institution reached a strategic alliance with the firms ANA Holdings and Sompo Japan Insurance, which will allow it to venture into the almost unlimited world of the metaverse in the financial field.

As published by the Nikkei newspaper, “starting next March, users of the Japanese bank will be able to attend the bank through their avatars. Within the bank’s virtual space, users will be able to access financial services and carry out various activities”.

With this innovative initiative, the Mitsubishi UFJ Group will bet on modernizing its platform, which covers 38 million users “who have air miles from the airline holding company ANA Holdings”, one of the companies with which it has partnered.

M.Pino

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Source: news.bit2me

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Visa, the main financial services company, announced its new alliances with Latin American companies and startups to launch its crypto debit cards and thus develop a global payment network that will allow it to consolidate its commitment to the crypto ecosystem in the region.

The senior vice president of products and innovation for Visa Latin America and the Caribbean, Romina Seltzer, explained that “the cryptocurrency ecosystem continues to gain momentum in the region with increased investment, more consumer adoption and more cryptocurrency-enabled use cases, and we will continue to build on our strong strategy to build the future of cryptocurrency and payments for our customers, partners, and consumers.”

According to the new policies of the financial institution for the crypto market, the purpose is to ensure that many people can use cryptocurrencies through its global payment network.

Strategic alliances in Latin America

Several months ago, the Visa company made partnerships with various startups such as Lemon Cash that have allowed it to launch its debit card, with which users can accumulate cryptocurrencies and receive cashback in BTC for each purchase made.

Moreover, Visa established alliances with other startups such as Crypto.com, Alterbank and Zro Bank in Brazil, where “generally, these associations present cards to include payment with cryptocurrencies, the purchase of crypto assets through crypto-enabled points of sale by Visa, and also the receipt of the return – cashback – in Bitcoin”.

The financial company recently announced that it will launch its new crypto card in the coming weeks in partnership with the Argentine exchange Satoshi Tango.

M. Rodríguez

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Source: cripto247.com

La entrada Visa to launch debit crypto cards in Latin America apareció primero en Bitfinance.

Google announced that it will extend its new policy on financial services Ads to more countries to combat fraud linked to them, after verifying the success that the new measure has had in the United Kingdom.

The technology company implemented a new measure in its Google Ads financial products and services policy last year in the United Kingdom, requiring advertisers to demonstrate that they had authorization from the competent authority.

The company says that since making this policy change, it has seen a “considerable decline” in reports of ads promoting financial scams. For this reason, as stated in a communication, it plans to extend it to more countries, starting with Australia, Singapore and Taiwan.

In this way, advertisers must demonstrate that they have the authorization of the regulators of the respective countries to be able to operate the services they promote, in addition to having completed the verification of the Google advertiser program.

K. Tovar

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Source: ElComercio

La entrada Google Ads will fight financial scams attempts apareció primero en Bitfinance.

The Russian Ministry of Finance presented a bill called “On Digital News“, which aims to regulate the use of cryptocurrencies as an alternative means of payment to the monetary unit of the Russian Federation.

The document addresses issues on digital assets that have not been explored so far by Russian legislation for this type of currency. It is expected, if approved, that it provide a legal foundation for both citizens and investors in the crypto ecosystem.

With the bill, greater clarity is expected regarding the management of crypto assets, digital mining, as well as “providing a legal framework for their legal issuance and circulation in Russia, certifications, trade, and more.”

Another aspect addressed in the document is related to the permission of the actors that will participate in the system and establishes that “Russian entities will have to receive a permit to trade with cryptocurrencies and must comply with a rigorous and strict identification process”. Within The aspects to consider include: the creation of separate units, annual reports, internal control, audits, and complete records in specialized entities for the fight against money laundering.”

Platforms with minimum capital

The bill also highlights that cryptocurrency platforms will have to meet a minimum capital to offer their services in Russia. The amount established in the document is in the order of “40,000 dollars for exchange operators and more than 100,000 dollars for digital trading platforms.”

Another of the requirements established in the documents for exchange houses is to complete the registration process and obtain a license that will be granted by the “authorized body”, which will be designated by the government for that purpose. Additionally, the exchanges must keep a “strict control” of all the data of each of the clients that demand cryptographic assets.

Like any bill, it has its detractors. Some analysts are already sharing their impressions, some believe that the project is “useless” and the procedures quite “cumbersome”, especially for small and medium-sized companies.

According to the document, it is not possible to “sell or buy digital currencies” without taking into account the identification, and it will only be possible to “deposit and withdraw fiduciary currencies through banks through a bank account”.

The regulation of the use of cryptocurrencies in Russia can be a very good sign to establish a legal foundation for the cryptographic system in the country, but it is also important to listen to criticism in order to improve the final document.

M. Rodríguez

Source: crypto247.com

La entrada Russia submits bill for cryptocurrency payments apareció primero en Bitfinance.

The National Securities Market Commission (CNMV), the entity responsible for regulating and supervising the Spanish stock market, requires Internet companies such as search engines and social networks to stop providing advertising services for those investment platforms in cryptocurrencies that they do not comply with legal regulations or are not registered to offer this type of financial services.

The regulatory body explained that large internet service providers are granting important advertising space to different investment platforms that are not authorized to provide financial services with cryptocurrencies.

The president of the CNMV, Rodrigo Buenaventura, stated that “it is unjustifiable that companies that broadcast paid advertising on social networks or search engines profit by admitting advertisements from pirate entities, which are publicly warned as unregistered platforms.”

Users under risk

According to Buenaventura, this situation is very worrying because in addition to incurring in the violation of the entity’s regulations, the population runs a very high risk because they can go to request the services of a company that does not comply with all legal regulations, and be defrauded.

Unregistered companies “are endangering their own customers by advertising these services, making them fall for various scams.” Bonaventure explained

According to the information, the CNMV will provide time for companies to take the pertinent measures and make the necessary changes to protect their users. However, he warned that if his demands are not resolved, “actions on the matter will be taken as proposing regulations that oblige companies to comply with these requirements.”

The CNMV already has regulations requiring advertising campaigns linked to cryptocurrencies aimed at more than 100K users to previously inform the regulatory body of their scope.

M. Rodríguez

Source: crypto247.com

La entrada Spain demands control of cryptocurrency advertising apareció primero en Bitfinance.

A study carried out by Backbase, a banking platform, and Americas Market Intelligence (AMI), revealed that 75 % of young people between 18 and 21 years old consider that neo-banks and fintech offer more attractive services for the young population than traditional banks in Latin America.

Mijael Feldman, executive director of Getxerpa, highlighted that with the emergence of fintech companies, competition and user demands for personalized services increased, where products are offered according to the profiles and preferences of each client. That is why “banks have to jump on the digitization bandwagon, with differentiated proposals.”

With the Application Programming Interface (APIs), or application programming interface, financial institutions are able to integrate user data and structure service offers according to their preferences and needs and thus improve services.

In Latin America, the law requires, in article 76 of the Fintech Law, more than 2,200 financial entities, fintech and even the Credit Bureau to provide information through APIS, which is classified into three types: open financial data, aggregates and transactional.

Opportunities for the financial sector

The traditional financial sector in Latin America has great opportunities beyond offering services digitally”. According to the information provided by Finerio Connect, 68 % of Mexican companies predict that open banking will promote the growth of the financial sector, 65 % that it will create greater competition and 92 % of the companies surveyed observe that associations with open banking providers banking will be successful.

The director of operations for the Americas of BPC, Mauricio Fernández, considers that the role of the user of open banking must be actively responsible. “The client is the owner of his data.”

While the users of the banking system want to have access to additional services. According to Backbase, “65 % of respondents want products that help consolidate savings and optimize finances and 72 % expect to use loyalty points or receive discounts when shopping online.”

For Mijael Feldman, banking must be digitized and it is not just moving services to the cloud. It is necessary to provide new digital channels for its users, as well as new products.

M. Rodríguez

Source: eleconomista.com.mx

La entrada Neo banks and fintech attract the young population apareció primero en Bitfinance.