Bank IT compliance: how financial services can stay compliant

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Financial services compliance is a big area. Prajit Nanu, CEO of B2B payments platform Nium, says it's in everybody's interest that payment transactions are as frictionless as possible, but many commonly used payment systems carry unnecessary layers of complexity, including when ensuring regulations and compliance. He says automation can help to resolve lags arising from risk and compliance checks, which can be a time-consuming and labour-intensive process, particularly for those dealing with cross region, cross country checks. An automated payment platform appropriately integrated with other business software can perform these checks much more seamlessly. Nanu says: "Digital tools, such as individualised transaction profiles, coupled with the output of machine learning processes, will be able to offer real-time solutions which significantly reduce the time required for risk and compliance checks, while still allowing effective identity verification and fraud detection checks."

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