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Technology Focus

Disruption Is the Status Quo

Payments Summit highlights next-generation technology.

By Michael Scheibach

If you are not familiar with the acronym FIDO, it’s time to learn. FIDO — Fast IDentity Online — consists of open standards for simpler, stronger authentication. As explained by Brett McDowell, executive director of the FIDO Alliance (www.fidoalliance.org), “With FIDO protection, you are totally protected against hackers.” In contrast, OTP credentials (i.e., one-time six-digit codes) go over the internet and can be compromised; and PAN, or primary account number, credentials are vulnerable to data breaches. The goal of the FIDO Alliance, said McDowell, is to reduce the reliance on passwords and enhance the protection against such threats as phishing, man-in-the-middle and replay attacks using stolen passwords — an important step to counteract the growth in card-not-present fraud, estimated to hit $5.6 billion by 2019.

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Security, Storage and the Cloud

Now’s the time to explore the benefits of the cloud.

By Michael Scheibach

Two years ago, a survey conducted by Netwrix, a data security company, found that financial institutions were not able to keep up with regulatory requirements and often failed to establish IT auditing and reporting processes in a timely and efficient manner. More alarming, 75 percent of respondents had partial or no visibility into their cloud and hybrid IT environments.

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The 2018 Payments Technology Checklist – Five to Follow

March 2 — With a new year comes new resolutions, disruptors and trends. This will especially ring true in the payments space, which boasts one of the biggest growth markets in the world — fintech. Research estimates that global fintech solution usage is currently at 33 percent and is expected to increase to 52 percent in 2018. As the business world hangs up their calendars for 2018, Dave Yohe, VP of Marketing at BillingTree looks at five key technology developments shaking up some key markets in 2018.

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Get Ready for Artificial Intelligence

AI Promises to Transform the Banking Industry…Again

By Michael Scheibach

The past few years have seen myriad advances in the banking industry, from remote deposit to omnichannel services to mobile banking to cybersecurity solutions to e-payments and, most recently, to fintech. Now the industry is advancing into the realm of artificial intelligence.

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Banking in a Pocket

Varo takes mobile approach to financial services

By Michael Scheibach

What has always seemed to be in the distant future — the predicted disruption of traditional banking in 2020 — is now just a little more than two years away. And despite the advances being made to become more agile and streamlined, banks as a whole are still in jeopardy, says Colin Walsh, co-founder and CEO of Varo Money (www.varomoney.com), a fintech startup.

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