Alvantia held the third edition of its annual Working Breakfast with the Spanish Factoring Association (AEF) on November 27th at the Puerta América Hotel (Madrid). On this occasion the event looked at disruptive innovation and data protection in the Trade Financing sector and focused on three particular areas: Blockchain, Machine Learning and the latest GDPR developments and new Spanish Data Protection Act.
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Know-Your-Customer (KYC) defines the controls and procedures of Obliged Entities to ensure both the identification of their customers and the nature of their funds, in order to avoid business relationships with individuals or entities that may be committing money laundering or terrorist financing crimes. These procedures, which come into effect as soon as a new customer is acquired, must remain in force (e.g. updating documents) for the entire duration of the business relationship.
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There is an ever-increasing range of innovative tools to streamline software development and web technologies have evolved at lightning speed in recent years. And, not wanting to be left behind, each version of Angular offers very different concepts and ways of working even if they may share some similar features.
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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.