On 26 September, Alvantia participated in the Annual Convention of the Mexican Factoring Association (AMEFAC), held this year at the Marriott Reforma Hotel in Mexico City. At the event, companies, authorities and institutions involved in the factoring field analysed global trends in the sector in terms of regulations, legal framework, macroeconomic perspectives and new markets, as well as funding alternatives.
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• The launch of this platform completes the implementation of the bank’s new Confirming system, a project developed over the last two years
• The application, which is multi-enterprise, multi-currency and totally integrated into Liberbank’s systems, incorporates every commercial function and digitises physical transactions
In March 2018, an investigation by The Guardian and The New York Times revealed one of the most serious technological scandals of the decade: consultancy firm Cambridge Analytica had illegally obtained the personal data of up to 87 million users through Facebook. The data leak originated from an application called “This is your digital life”, a seemingly harmless online personality test which the consultancy firm used to search for and establish socio-political profiles thanks to Big Data, therefore predicting and influencing election results.
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As we saw previously in the first post, Fintechs (business players that combine ICT and finance) undoubtedly offer multiple advantages to consumers by positioning them at the heart of financial products and services. However, some concerns are arising with regards to regulation, supervision, compliance and security.
9 September is International Software Tester Day, which commemorates the discovery of the first official computer defect. The origins of the most famous incident date back to 1947, when the team in charge of working on Harvard University’s Mark II supercomputer shared the first report of an error, caused by nothing less than what is known in the computer world as a “bug”.
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There is a symbiotic relationship between payment methods and economic activity: the evolution of means of payment has historically favoured economic development, and similarly, the evolution of economic activity has led to the modernisation of means of payment.
Cash is the most popular means of payment worldwide, used in 85% of all transactions. However, despite the overwhelming prevalence of cash as a payment method, it is slowly declining. And that 15% of non-cash transactions (9.1% credit/debit cards and 4.6% direct debits/bank transfers) is where a disruption is now occurring which will affect the entire means of payment system.
According to the Charter of Fundamental Rights of the European Union, the protection of natural persons with regard to the processing of personal data is a fundamental right. However, rapid technological change and globalisation have posed new challenges in this area. The scale of the collection and exchange of personal data has increased significantly, and technology now enables both private companies and public authorities to use personal data on an unprecedented scale in carrying on their activities. At the same time, awareness of personal information is growing, and there is clearly a growing concern for security, privacy and the protection of personal data.
For some years now, commercial transactions have been moving towards the digital world. However, we still maintain processes that reduce the agility and competitiveness of companies and entail an additional cost for them. One of them is physical or manual billing, which is still used in many organisations in our country.
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Latin America has enormous potential for Factoring development (according to FCI, it represents 5% of the volume worldwide) which, based on the region’s status as global leader in the implementation of e-invoicing, will be conducive to the necessary financial inclusion of its SMEs, a requirement for achieving greater and balanced socio-economic development.
