So, what IS the future of… Money?
Nov15

So, what IS the future of… Money?

For nearly a decade, the Future of Money session at Sibos has been one of the most eagerly anticipated and keenly attended. It’s the forum where wise words have been shared and debated. It acts as a crystal ball, with top industry figures identifying and discussing the major disruptive trends likely to shape the financial services landscape and the notion of money itself. If you’re curious about what’s over the horizon, read on… This...

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IT’S ALL A QUESTION OF TRUST
Nov14

IT’S ALL A QUESTION OF TRUST

We talk to Alex Batlin, founder and CEO of Trustology, about the crypto space, Facebook’s Libra platform and building faith in decentralised finance THE FINTECH MAGAZINE: Where do you think we are now with blockchain-based decentralised finance? ALEX BATLIN: Decentralised finance (DeFi) is evolving quickly. What we’re seeing is the first wave of service platforms and providers interacting with decentralised currencies like Bitcoin and...

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Big changes ahead for small business banking
Nov13

Big changes ahead for small business banking

Anders la Cour, Cofounder and Chief Executive Officer of Banking Circle looks at the challenges and opportunities ahead for fintechs serving SMEs SME is a term that covers an incredible range of businesses, from one-man bands to chains with more than 200 employees; local businesses or companies trading internationally and seasonal pop-up shops, to permanent local favourites. What they do have in common, however, is that they all need...

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Halt! Who goes there?
Nov12

Halt! Who goes there?

Zac Cohen, General Manager of Trulioo, explains how companies can protect themselves against a growing army of imposters, while extending financial inclusion to those who legitimately need it Global identity verification provider Trulioo is already able to validate some five billion people in more than 100 countries – and its reach is only growing as its market expands. The fintech recently entered Georgia, Qatar, Iceland and Bahrain...

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YesWEcan!
Nov07

YesWEcan!

With PSD2 now in place, Ioana Guiman, Managing Partner at Allevo, based in one of Europe’s most opportunistic fintech markets, believes banks already have the tools to change their model forever. They just need to believe it European banks stand at the crossroads of threat and opportunity. Having fully implemented the technical requirements of the revised Payment Services Directive (PSD2) this month, allowing third-party service...

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The platform pulsar
Nov06

The platform pulsar

Finastra went into open banking orbit with its hybrid developer platform and API marketplace, FusionFabric.cloud. Now, CMO Martin Häring is charting a bold course to the financial stars The international team coordinating the Event Horizon Telescope released the world’s first image of a black hole in April – an awe-inspiring visual rendition of the universe’s complexity. In peering 500 million trillion kilometres into the cosmos,...

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EPICAI
Nov06

EPICAI

Cora, the first digital customer assistant to be launched by a bank, is reaching out to customers in new ways – and new forms. JP McKenna, Innovation Lead for Personal Banking at NatWest and RBS, explains how she’s reshaping CX ‘Hey Google! Talk to NatWest Voice’ is how 500 customers are currently interrogating their bank in the first public trial of its kind by a UK high street name. They’re greeted with a warm response from Cora,...

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In the business of doing business
Nov04

In the business of doing business

Running one of the world’s largest super computers, with the biggest courier service in Russia and a raft of non-financial services, Tinkoff makes its billions by behaving more like an ecommerce giant than a bank, says CEO Oliver Hughes When is a banking app not a banking app? Perhaps when it offers cinema tickets, access to stock markets, taxi rides, holidays, even a secure way to pay police fines. Tinkoff entered the financial...

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Chain of command
Oct31

Chain of command

As supply chain management software giant SAP prepares to test a DLT-augmented RTGS payment platform, Falk Reker, Global Head of the company’s Business Unit for Banking & Capital Markets, says corporates are hungry for change The mood music around blockchain is changing, as a world of new possibilities emerges for the technology, many of them beyond financial services. This fledgling innovation has had a somewhat Marmite-like...

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Stronger together
Oct31

Stronger together

CitiGroup’s new Payment Outlier Detection solution is just one example of how a more inclusive approach to innovation can produce positive results says Gulru Atak Gundem from the bank’s Dublin lab Artificial intelligence (AI) and its close cousin machine learning (ML) have myriad potential applications, perhaps the most prominent of which is the chatbots we’re all getting more and more used to interacting with daily, in lieu of real...

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Simply the best
Oct31

Simply the best

The UK’s biggest building society has risen from digital ground zero to become one of the fastest growing digital account providers on the back of a £4billion-plus transformation strategy to create ‘a building society in your pocket’. It’s a challenge, but it doesn’t have to be complicated, says Deputy CEO Tony Prestedge It’s easy to forget the breathtaking pace of digital innovation in financial services over the past five years....

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ING ON THE INSIDE
Oct30

ING ON THE INSIDE

Olivier Guillaumond, Global Head of Fintech for ING Bank, explains how a benign Trojan horse strategy is benefiting the wider financial ecosystem Open banking is driving root-and-branch change across the financial services landscape, particularly in payments. Traditional hierarchies and legacy systems are ripe for disruption, meaning incumbents have to resort to defensive tactics in order to fend off attack from newer, more...

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Innovation for all
Oct30

Innovation for all

Emma Huntington, Nationwide’s Director of Innovation and Ventures, is determined to help members run a better financial race in life The way people consume financial services is changing and providers need to keep innovating in order to stay relevant. That much we know. But, at Nationwide, innovation is nothing new! Founded by the Victorians to help working people pool resources to build better homes that they could own, the society...

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SPEAKING IN CODE
Oct28

SPEAKING IN CODE

Mark Bradbury, Managing Director of validation software company Apply Financial, set out to work with banks, ended up  partnering with fintechs and is now seeing renewed interest from institutions as bank-to-bank payments look set to emerge as the preferred method of transaction The Fintech Magazine: How has the payments industry changed over the past couple of years? Mark Bradbury: Payments has historically been the monopoly of banks...

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Staying relevant
Oct28

Staying relevant

James Smith, Director of Digital at Nationwide, is responsible for one of the biggest digital change programmes that Nationwide has ever seen.  But the technology is in service to only one goal Ask any fintech fan to list the benefits of an incumbent as opposed to a challenger bank and their response will almost certainly be: what benefits? In the eyes of the fintech community, being a mature institution established during a bygone...

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EDGING AHEAD
Oct24

EDGING AHEAD

As Vice President of Product, leading innovation and development at Western Union Business Solutions, Scott Johnson drove the launch of WU Edge, a trading platform that’s offering global opportunities to thousands of small businesses With more than 550,000 agent locations across the globe, Western Union’s distinctive black and yellow logo has inspired huge brand recognition and loyalty over the years. Be it at a kiosk in rural Africa...

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Speakingincode
Oct24

Speakingincode

What makes Asia so exciting as a fintech territory is that there is ‘no stagnant water’ when it comes to digital adoption, says Milind Sanghavi, Head of Digital Payments for OCBC, Singapore With its AI-enabled robots, self-driving vehicles, high-tech household systems, drone-enabled police force, and other hi-tech gadgets, Singapore has been the unofficial technology capital of Asia for quite some time. Singapore aims not just to be a...

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A global force for good
Oct24

A global force for good

BPC’s Angelo Bertini, MD for the MENA region, Santiago Egas, MD for North and Latin America and Peter Theunis, MD for Europe, on how digital money is changing lives BPC is a global payments company that builds digital technology that aims to make cash transactions obsolete in the not-too-distant future, thus bringing an end to a monetary system invented by the ancient Greeks more than 2,500 years ago. But far from disadvantaging the...

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The inconvenient truth
Oct24

The inconvenient truth

As bad actors become more sophisticated, financial services are finding it increasingly time-consuming weeding them out. Anatoly Kvitnitsky, Vice President of Growth at identity verification company Trulioo, and General Manager Zac Cohen, explain how they can save organisations the bother To find neighbourhoods of rich people head for the US, Japan, Germany and China. Between them, they shared 61.2 percent of the world’s high net...

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When East beats West
Oct23

When East beats West

With the notable exceptions of Alibaba and WeChat and their respective payment apps, much of China’s innovation in financial and related technology is perhaps underestimated and under observed by the West. Pascal Coppens, author of China’s New Normal, will use the Innotribe stage to explore what ‘team China’ has to teach us Is the world’s second-largest economy leaving everyone else in the digital slow lane? ‘Made in China’ used to be...

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Up the revolution!
Oct22

Up the revolution!

Digital banking trailblazer Anne Boden’s new book is a rallying cry to the common people – the ordinary account holders, modest savers and amateur speculators – to ‘pick up your apps and march!’ Alastair Paterson joins them It may have borrowed its distinctive brand colour of teal for the jacket, but Anne Boden’s new book The Money Revolution: Easy Ways To Manage Your Finances In A Digital World is not an...

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LIBERATING BANKING
Oct22

LIBERATING BANKING

Matt Cox, Head of Open Banking, and John Hutton, Director of Payments, at Nationwide, consider how the most transformational event in financial services will shape the society’s future The Fintech Magazine: What are some of the benefits of Open Banking and the revised Payment Services Directive (PSD2) for institutions like Nationwide? Matt Cox: This regulation is transformational. It’s going to require organisations to create an...

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Laying global pipes for money movement
Oct21

Laying global pipes for money movement

CEO Max Liu describes EMQ as the financial plumbers, laying pipes to transform the infrastructure behind capital movement around the world for businesses What do multinational companies, small-medium businesses, freelancers and digital nomads all have in common? They conduct crossborder payments like clock-work. In a hyper interconnected world, whether you’re an international enterprise, local startup or a business professional –...

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Meet ‘The Enabler’
Oct21

Meet ‘The Enabler’

Enfuce Cofounders Denise Johansson and Niklas Apellud on how Finnish tech is changing the world of payments Enfuce became Finland’s biggest fintech startup by revenue in 2018. In a respectably profitable 12 months, it turned over €4.1million. The universal nature of its services means Enfuce can operate wherever in the world that banking and electronic payment licences are available. That’s pretty much everywhere that uses...

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Do the maths
Oct21

Do the maths

In today’s financial market, keeping track of our personal finances across several different providers can be tricky, tedious and downright discouraging. But, according to fintech boss Samantha Seaton, all we need is a gentle ‘nudge’ in the right direction– and she intends to give it. The CEO of UK-based Moneyhub Enterprise is on a mission to harness technology to change our experience of financial services and management for the...

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MAKING A SUCCESS OF OPEN BANKING
Oct21

MAKING A SUCCESS OF OPEN BANKING

MAKING A SUCCESS OF OPEN BANKING It’s taken them a while, but institutions are at last responding intelligently to regulation that’s liberated financial services, says Kanika Hope, Global Strategic Business Development Director at Temenos. According to the recently published Economist Intelligence Unit (EIU) report, A Whole New World: How Technology Is Driving The Evolution Of Intelligent Banking, businesses see Open Banking as the...

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Joining The Dots
Oct18

Joining The Dots

Nadish Lad, Global Head of Payments Product describes how Volante is using Cloud-based payments technology to help banks monetise new opportunities arising from regulatory change Volante is the brainchild of a team of financial messaging experts who in 2001, realised that simplifying and automating the integration of financial messages and data to and from the back-office systems of financial institutions and trading platforms, would...

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A Chartist  movement for cash
Oct18

A Chartist movement for cash

The erosion of payment choice isn’t just inconvenient, it’s anti-democratic, argues Ron Delnevo, Executive Director Europe for ATMIA Are you tired of being told what to do all the time? If so, join the club! Many of us have exactly that feeling. Democracy isn’t the most common system of government in the world – but even where it is nominally in place, many so-called democratic governments seem to want to unnecessarily limit the...

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Portfolio for change
Oct17

Portfolio for change

Mario Aransay, who oversees Santander Innoventures’ portfolio, discusses fintech partnerships, AI-based predictive banking and the future of his industry The Santander Group is on a mission. The Spanish banking giant is investing heavily to climb the digital banking tree, shaking out the best fintechs and specialists to work with as it moves on up. Santander’s Innoventures portfolio was set up with $100million back in 2014 as a...

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Filling the gaps
Oct17

Filling the gaps

A trend towards outsourcing is redrawing the ATM cash replenishment map on the continent of Europe. Robert Chaundy, Associate at retail banking research group RBR, explores where the opportunities lie RBR’s latest global ATM survey has revealed how different European countries approach ATM cash replenishment. The study, Global ATM Market And Forecasts To 2023, shows how central Europe increasingly resembles western Europe, while...

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All aboard the  real-time express
Oct16

All aboard the real-time express

Bottomline Technologies is helping to supercharge transactions by offering an alternative plug-in to national and international payment rails. General Manager and Director of Payments Ed Adshead-Grant speculates on where this fast-moving journey could end Real-time everything is the destination for Ed Adshead-Grant. That’s because instant transactions have the power to not just transform payments but challenge the way companies do...

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OPEN FOR BUSINESS
Oct16

OPEN FOR BUSINESS

As Nationwide prepares to launch its first business account aimed at SMEs, Director of Payments, John Hutton, looks forward to the Open Banking journey After more than 170 years in financial services, Nationwide is making its first foray into business banking – with an account targeted at small and medium enterprises (SMEs). The building society is boosting competition in a sector traditionally dominated by big banks, where just five...

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Good vibrations
Oct15

Good vibrations

  Former banker David Reiling says it’s perfectly possible for financial institutions to do well by doing good. Tom Dickinson joins him on the road to digital Damascus I recently had a conversation with a representative of a fintech at a networking event that descended into us joyfully trading fintech clichés. It was perhaps a reflection of the hard slog that corporate networking events can be sometimes, or maybe my sarcastic...

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Time To Bite Back
Oct14

Time To Bite Back

Rivals are getting their claws into banks’ SME customers. But they don’t have to stand there and take it, say Mark Hartley and Conny Dorrestijn of BankiFi When a bunch of accountants looked at what was wrong with business banking, they started with four key things an SME does, day in and day out: invoice their customers, collect in the money, pay their suppliers and keep on top of their tax returns. Then they built a banking business...

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The change horizon
Oct14

The change horizon

Sarah Kocianski, Head of Research, looks at two of the key trends driving change in financial services The 11:FS research department is approached by firms in all areas of financial services, big and small, from all over the world with requests for insight. Over the past 18 months, we’ve noticed a number of trends in the industry that have captured the collective imagination. But two stand out. So, what are these heat spots and why...

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How you build the bank of tomorrow
Oct11

How you build the bank of tomorrow

  UOB’s new digital bank is very different in style and concept to what has gone before in South East Asia. Dennis Khoo, chief architect of TMRW, sets out the vision According to Dennis Khoo, ‘banks do projects; they don’t build software’. Which is why the chief architect of United Overseas Bank’s (UOB’s) latest digital consumer platform reached out to fintechs when trying to imagine what a financial service look like in the...

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Security: The end game
Oct10

Security: The end game

The digital age has seen banks drawn into an intense, brain-melting, 24/7 real-time strategy game against cyber criminals and the cyber curious. Harriet Rees, Head of Data Science, and Simon Waring, Chief Information Security Officer, at Starling Bank, discuss tactics. As more and more of us trust our finances and transactions to digital technology, an ongoing war of attrition is taking place between the global banking industry and...

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The defence of our finances
Oct09

The defence of our finances

Industrialised fraud, digital money mules, social engineering… BAE Systems’ Applied Intelligence Unit takes a military approach to cyberattacks on our assets. Gareth Evans, Senior Business Solutions Consultant for Fraud Prevention, says know your enemy, work with your allies and don’t be a sitting target. Open banking, artificial intelligence (AI) and big data are all transforming the way people bank. But while greater connectivity...

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ON-FLEEK FINANCE
Oct08

ON-FLEEK FINANCE

Toby Triebel, CEO Europe for Canada’s millennial-friendly Wealthsimple, is bringing a touch of street cred to the UK’s investment market On the face of it, designing a service to be appealing to millennials is as easy as ordering a vegan chai latte at an artisan coffee shop. The basic formula is as follows: choose a funky, one-word name (for ease of hashtags); offer signup and full control through a minimalist app that doesn’t devour...

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DAWN OF A NEW AIR-A
Oct08

DAWN OF A NEW AIR-A

SmartStream AIR has been hailed as a gamechanger – a reconciliation engine powered by artificial intelligence that has been trained on real-world data being used by global banks. We asked CEO Haytham Kaddoura, Global Head of Managed Services, Nick Smith, and CTO Andreas Burner what their (human) predictions were for the future The beauty of artificial intelligence (AI) is that the more it’s used, the better it gets. And, after months...

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FAST WORK!
Sep27

FAST WORK!

Speed is of the essence in cross-border transactions and the SWIFT/ACI #PaymentsforBreakfast Roadshow shows SWIFT gpi pulling ahead of the race The first meal of the day is typically spent over the morning post in the comfort of one’s home, but on nine dates in nine cities this year, groups of experts from banks and government bodies have been sharing it with two fintechs at the 2019 SWIFT & ACI Worldwide Partnership Roadshows. At...

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Banks and Fintechs Are Global Leaders in Payments Innovation, Study by  ACI Worldwide and Ovum Reveals
Sep11

Banks and Fintechs Are Global Leaders in Payments Innovation, Study by ACI Worldwide and Ovum Reveals

ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, and leading global research firm Ovum today launched the Culture of Innovation Index, a global cross value chain view of the factors that drive success across the banking, intermediary, merchant and corporate sectors.* The Index identifies five types of organizations, as defined by their approach to innovation and business transformation...

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Cashless courage
Sep10

Cashless courage

  SMEs in South East Asia are understandably jittery about going cashless. Jasmin Ng, Group Head of Cash Product Management at DBS Bank, explains what it’s doing to calm their nerves   In the past two years, global ecommerce and, consequently, fintech, has been eyeing the South East Asian markets with hunger. Ecommerce in the region has experienced explosive growth but, compared to elsewhere, the payments ecosystem that...

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Circle of trust
Sep09

Circle of trust

It’s no secret that SMEs struggle to access credit. But innovative financial utility Banking Circle wanted to know why and what impact financial exclusion had. So, it asked them… and concluded that a new approach was needed Every company was once a startup, an SME, a financial unknown and high-risk investment opportunity. For some, growth has taken many decades of prudent business decisions and gradual expansion. However, in the much...

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The inside track on payments rails
Sep06

The inside track on payments rails

Ebru Pakcan, Treasury and Trade Solutions Head for Citi, explains why SWIFT and blockchain both have roles in improving corporate payments   Instantaneous everything is fast becoming the norm in the consumer financial services space, but less so in the B2B world of corporate finance. A previous lack of demand combined with the lack of a technological hook to hang them on, mean institutional payments, and particularly cross-border...

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Mastering the  art of digital
Sep04

Mastering the art of digital

BNY Mellon’s Senior Executive Vice President and Head of Digital, Roman Regelman, has assembled a crack team to propel the bank’s digital transformation to the next level   In a business climate driven by strong digital forces, disruption and rapid innovation, every company is now a technology company – or, at least, it’s striving to become one. Customers are demanding new methods of engagement that are contextual and tailored...

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View from the top
Sep03

View from the top

Having kept a watching brief on potential applications for artificial intelligence, machine learning and blockchain in financial services, SmartStream announced towards the end of 2018 that it was to open two new innovation labs. Here, SmartStream CEO Haytham Kaddoura talks technology, strategy and company culture THE FINTECH MAGAZINE: There’s been a lot of expectation around what artificial intelligence (AI) and blockchain can...

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NO SWEAT!
Sep02

NO SWEAT!

The tiny city-state of Singapore has a big reputation when it comes to fintech acceleration. As Chief Data and Transformation Officer for DBS – one of the largest and best known of the South East Asian banks based there – we asked Paul Cobban how it keeps up   The Fintech Magazine: DBS has been busy re-engineering its services to be predictive and pre-emptive of customer needs, based on better collection and interrogation of...

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TFM: Finding Nirvana
Aug22

TFM: Finding Nirvana

Phil Hong, head of EMEA Channel Services for Treasury and Trade Solutions at Citi ponders the benefits and challenges raised by migration to a Cloud environment Citi’s technology chiefs have been outspoken in describing the digital watershed represented by the ‘ABCs’ of artificial intelligence, blockchain and Cloud computing as an ‘extinction event’ if they are not embraced by established institutions. Citi has been sizing up the...

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TFM: A secure stairway to heaven
Aug21

TFM: A secure stairway to heaven

    As the financial services industry migrates from the physical to the ethereal, Peter Martini, President of iBoss, explains why it’s important not to leave your security back down on earth Forced by the seemingly endless growth of data worldwide, the financial services industry is gradually joining the virtual mass exodus from terra firma to Cloud-based hosting. The problem comes, according to Peter Martini, president of...

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