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RedCompass Labs Insights

Operational Resilience: Be alert. Be prepared.

  It’s no news that the financial sector is heavily dependent on interconnected technology ecosystems. But did you know that in the first quarter of 2020, the number of large-scale cybersecurity breaches increased by 273%?
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Request-to-Pay: Ignore it at your own risk

From EBADay to our banks board rooms: Request-to-Pay is on everybody’s lips! But why has this overlay messaging functionality become a real buzzword? Request-to-Pay is the key missing ingredient to the end-to-end payment ecosystem of the future! But with ISO 20022 and Open Finance on the horizon, why should banks invest...
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Using big data to hunt down human traffickers.

We are proud to share that the RedCompass Labs RedFlag Accelerator, available via the Traffik Analysis Hub (TA Hub), was featured on CNN during the interview with Neil Giles, CEO of TA Hub. In this segment, Neil talks about how the richest store of data of human trafficking works and what purpose does it serve.
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6AMLD: The EU's crackdown on money laundering

The European Union is about to implement arguably the toughest measures it has ever put forward to deter money laundering. The 6th Anti-Money Laundering Directive, or 6AMLD, which will be written into national laws across the EU by December 2020, goes to the heart of AML by harmonising offences and toughening the...
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Consulting Secrets: Interview with Kusum Prabhakar & Tom Hewson

  This month, two of our RedCompass Labs partners, Kusum Prabhakar and Tom Hewson were interviewed by Aby Fairfield from JBM  to share their experience of working for a boutique consulting company.
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Next gen cross-border payments focused on customer experience

A strong shift towards digitalization triggered by the outbreak of Covid-19 has enhanced the need for banks to improve the process of cross-border payments. Today’s customers require their international payments to be equally seamless as domestic transactions. To satisfy their needs, banks need to effectively compete in...
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Business Model Strategy: Prepare for the “New Normal”, Plan for Success

2020 will be remembered as the year when business models changed. The pandemic has forced all of us, including, financial services organizations, to rethink how to do business effectively. Our industry proved it can respond quickly, efficiently and empathetically to the immediate business continuity needs imposed by...
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How banks can use Regulatory Payments Programmes to Innovate

Banks typically use around 70 to 80% of their payment change budget to comply with regulations and industry changes. For example: the annual European SEPA rulebook and global SWIFT upgrades, the multi-year ISO 20022 migration, or in the UK the implementation of Open Banking and the New Payment Architecture. With only a...
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Insights: ECB's Target2 down for 11 hours. Now what?

On Friday 23rd of October, the European Central Bank Target2 system collapsed for eleven hours, leaving commercial banks critically exposed and unable to serve their customers through institutional rails. While another page in payments’ history has been written, we have looked beyond the headlines and analysed two...
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Insights: Pay.UK consultation on ISO: What does it mean for banks?

Last month, Pay.UK published their mid-term consultation update on the ‘Next Generation Standard [Ed. ISO 20022] for UK Retail Payments’. The report brings exciting news as it confirms that Pay.UK will not only replace their legacy systems but will also leverage the new formats to realise some key benefits for...
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