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March 22, 2024 at 7:03 am in reply to: What measures do fintech companies take to safeguard customer data? #2709Diparna BiswasParticipant
Fintech companies employ a range of strategies to safeguard customer data and maintain security. These practices include:
Encryption: Fintech firms utilize robust encryption techniques to encode sensitive data, rendering it indecipherable to unauthorized individuals or cyber threats.
Multi-Factor Authentication (MFA): Employing MFA protocols, fintech platforms verify user identities through multiple verification methods, such as passwords combined with biometric scans or one-time codes.
Firewalls: Fintech enterprises implement firewalls to shield their networks from unauthorized access, monitoring both incoming and outgoing traffic to block suspicious or potentially harmful sources.
Routine Security Audits: Conducting periodic security assessments enables fintech companies to detect and address system vulnerabilities promptly, fortifying their defenses against potential cyberattacks.
Data Segregation: Through data segregation practices, fintech organizations isolate sensitive information from other data sets, minimizing the risk of unauthorized access to critical data assets.
Regulatory Compliance: Fintech firms adhere to regulatory frameworks such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS), ensuring compliance with data protection and security mandates.
In summary, fintech companies adopt a blend of technological and procedural measures to uphold the integrity and confidentiality of customer data, bolstering overall security protocols.
March 21, 2024 at 11:16 am in reply to: I’m interested in hearing about your opinions on the leading FinTech APIs in India. Any suggestions or experiences you’d like to share? #2642Diparna BiswasParticipantConsider exploring the FinArt SMS Platform APIs for a range of services:
1.Automated bank statement retrieval
2.Credit underwriting and lending APIs
3.Customer insurance profile retrieval
4.Customer investment profile retrieval
5.Competitor analysis APIs
6.Purchase journey APIs
7.Employment verification APIs
8.Income tax and GST profile retrieval APIs”Diparna BiswasParticipantHey there, let’s talk about some exciting fintech startups that are shaking up the financial industry:
1.Stripe – Known for its seamless payment processing platform, Stripe helps businesses worldwide accept online payments effortlessly.
2.Square – With its user-friendly mobile payments system, Square offers point-of-sale services and additional financial solutions like loans and invoicing.
3.Robinhood – Making investing accessible to all, Robinhood’s commission-free stock trading app has gained immense popularity for its simplicity and convenience.
4.SoFi – Offering a range of financial services including student loan refinancing, mortgages, and investment advice, SoFi aims to empower individuals with smart financial solutions.
5.Klarna – Klarna revolutionizes online shopping by allowing customers to pay for purchases in convenient installments, attracting millions of users globally.
6.TransferWise – With its cost-effective and speedy international money transfer service, TransferWise has become a go-to choice for sending money across borders.
These startups are just the tip of the iceberg in the fintech world, where innovation is constantly reshaping how we handle our finances.
Diparna BiswasParticipantSupply chain finance (SCF) is important for connecting buyers and suppliers with financing institutions to reduce financing costs, improve cash flow efficiency, and reduce risks. SCF helps promote global import and export activities by adding flexibility and protection to commercial transactions. PO financing and invoice financing solutions are the most common products used in SCF. Buyers and suppliers are the typical players in SCF, and the buyer’s involvement adds weight to evaluating the supplier’s credit limit. SCF benefits both buyers and suppliers by improving their cash flow management and helps strengthen their business relationship. The financial institution is responsible for due diligence and KYC procedures to minimise risks and charges a commission and fee based on the transaction amount to oversee the financing process.
January 25, 2023 at 5:51 am in reply to: In what ways do embargoes and sanctions hinder the operations of trade finance firms? #1904Diparna BiswasParticipantYou must first learn the meaning of the terms sanctions and embargos. Sanctions are limited actions that may be implemented generally, to whole sectors or nations, or selectively, to particular people. Sanctions may be used to hinder commodity trade or meet international responsibilities. States are increasingly fighting economically with sanctions. Although embargoes are implemented more generally, they frequently ban commerce with a target nation, including imports and exports. Both may prohibit trade with a person, institution, or nation due to political or economic issues.
Businesses might easily concentrate on headline”” sanctions risks in media-covered crises. Instead, organisations must be aware of all potential risks and also have data access and tools that limit their risk of unforeseen exposures. Breaches happen regardless of the reason. Teams must monitor the growing list of embargoes and restrictions and determine what personnel and resources are required to comply in the medium-to-long term.
January 19, 2023 at 10:00 am in reply to: How do I get started in a trade finance career, and what do I need to know? #1818Diparna BiswasParticipantThe specifics of trade finance regulations can change based on the nature of the traded goods. Some products, such as weapons and controlled substances, may be subject to stricter regulations on the market than others because of their potential for abuse. The trade finance rules also may differ depending on the location of the trade. Triterras is a publicly traded fintech company that has developed a blockchain-based trading and financing platform. The laws and jurisdictions in which the company operates will determine the details of its regulations.
January 11, 2023 at 10:59 am in reply to: What are the methods for reducing the impact of political risk on international trade financing? #1996Diparna BiswasParticipantIn my opinion, these methods of managing political risk may save you time and money while protecting your company from potential negative consequences. Here are five essential techniques to avoid political risk:
Risk analysis – Before investing in an area, it is essential to do a study and make an analysis of the local infrastructure there.
Discuss the matter with local businesses – Establish ties with local groups in order to get a deeper understanding of the local market, the regional political system, and the particular risks involved.
Local financing – If you want to reduce the amount of political and financial risk in the area in which you are doing business, you should work with the local banks there.
Insurance against political risk – Invest in insurance to guard the financial stability of your firm.
Monitor global concerns. Maintain a proactive awareness of local challenges and policies, and do so in order to plan and be ready for future problems.
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