The fourth Anti-Money Laundering Directive of the European Union was adopted on June 26, 2015, as a response to the changing requirements involved in the fight against money laundering. The EEA states had until June 26, 2017, to transpose the minimum requirements stipulated into national legislation.Continue
Leading German and European companies have stated their intention to cooperate more closely to establish a joint, pan-industry platform for online registration, e-identity and data services. The aim is to make online registration simpler and more secure for clients. The participating companies have signed a corresponding declaration of intent. The initiative was set up by Allianz, Axel Springer, Daimler and Deutsche Bank with Postbank as well as the technology think-tank Core, and Here Technologies, the location services provider.Continue
Christine Lagarde, head of the IMF, held an open lecture at the ESMT in Berlin on April 11. The event entitled “Innovation, Technology and Growth” focused on the opportunities and risks of technological progress as well as recommendations by the IMF to governments on how to handle these risks.Continue
On 16 March 2017, BaFin – Germany’s financial regulator – held its fourth information meeting on the supervision of IT for banks with roughly 500 attendees. The press and media coverage (FAZ, Handelsblatt, Börsenzeitung) placed emphasis on the vulnerability of bank IT systems to attacks and the need for them to improve their IT security, whereas BaFin and the Bundesbank announced important details regarding future supervision and monitoring of bank IT, with keynote presentations on BAIT (supervisory requirements for bank IT), monitoring of IT matters in practice by banking regulators, and the implementation of the IT Security Act by means of the Federal Office for In- formation Security Act (BSI) and the Payment Service Directive (PSD) II.Continue
On 21 March 2017 the expert conference “Customer identification and conclusion of contracts without media disruption“ has taken place. Two topics were in the focus of discussion: (1) video identification methods and (2) trust services (with focus on qualified electronic signatures QES), following the overarching question if video identification and QES provide viable solutions for the digital future of banks. First, the legal frameworks have been presented with additional pratical examples about introducing a video identifation method and finally outlining application scenari-os for trust servies.Continue
In August 2016, the EBA published the draft RTS for consultation, and spelled out the details in a public hearing on 23 September 2016, especially regarding the points on “Use of strong customer authentication for account access (one-month discussion)” and “Using a risk-based approach as a replacement for the second factor”. On 23 February 2017, after taking account of 224 comments received back from the market, the EBA published the final version of the RTS.Continue
The following database gives an overview of innovative products and services in the market for financial services. Based on the product, the database provides company information, a short description, and the respective segment.
The following database gives an overview of innovative products and services in the automotive market. Based on the service, the database provides company information, a short description, and the respective segment.
The following database provides an overview of the suppliers of banking standardsoftware. Supplementary to the product portfolio of the providers, the focus is especially on the banking segments, the functional domains, and the business areas, which can be realized by these products.
The following database provides an overview of technology driven companies and startups with main focus on services in the German insurance industry. Based on the company’s role model (e.g. broker) the database provides company business model information, a short description, and the respective insurance segment.
The market for financial services as well as banking as a whole are changing fundamentally. The COREtechmonitor deals with the technologically innovative developments on this market. The consequences for the banking and financial industry are discussed, especially concerning the established players. The publications of COREtechmonitor are based on technological innovations and market observations, as well as the interdisciplinary research of COREinstitute.
COREinstitute conducts research on the dynamics and systematics of complex transformations in various industries and sectors in order to develop new solutions in transformation management for industry experts, scholars, and engineers. With its analyses and research projects the COREinstitute supports COREtransform. COREtransform is a consultancy focusing on enterprises in the financial industry and supports strategic as well as IT-driven transformations of complex systems.