Artificial Intelligence: competitive advantage for financial institutions - Shield Financial Compliance

The rise of financial technology has drawn the attention of regulators to FinTech firms and how they function. FinTech companies like any other regulated institutions are required to comply with a growing set of regulatory rules. One of the latest examples is the FCA's roll-out of Secure Customer Authentication (SCA) for e-commerce transactions. This will mean that card issuers, payments firms, and online retailers will have to follow more stringent authentication steps for European online payments over €30. However, the real regulatory pain for FinTech's is felt when scaling fast whilst entering new markets. Catering to new obligations from different jurisdictions places further regulatory scrutiny on their operations, ensuring that they are compliant with the various nuances of different regulators' rules.