FinTech – Page 5

3 01, 2017

Robo-advice: ESAs’ conclusions on automation in financial advice

By Legália| 2017-02-13T12:51:05+00:00 January 3rd, 2017|Finance, FinTech, Newsletter|

[Newsletter n. 6]

IT-related and web-based automation is transforming the provision of financial services and FinTech is rapidly and intensely developing worldwide.

In particular, a growing number of financial institutions, often referred to as “robo-advisors”, now provide advice or recommendations to consumers through automated tools, “which can potentially change the way consumers and financial institutions interact when buying or selling financial products”. Therefore, automation, specifically in the provision of […]

20 12, 2016

The Bank of Italy and ABI sign an agreement to enhance cybersecurity

By Legália| 2017-02-13T12:51:05+00:00 December 20th, 2016|Finance, FinTech|

Rome, 20 December 2016

CERTFin, the new organization highly specialized in cybersecurity for the banking and financial sectors, has been established to prevent and combat cyber threats linked to the development of new technologies and to the digital economy.

The Bank of Italy, together with […]

19 12, 2016

European Supervisory Authorities consult on Big Data

By Legália| 2017-03-20T08:18:30+00:00 December 19th, 2016|Commercial, Finance, FinTech|

On 19 December 2016, the Joint Committee of the European Supervisory Authorities (ESAs) launched a public consultation about the potential benefits and risks of Big Data for consumers and financial firms to determine whether any further regulatory or supervisory actions may be needed.

Big Data is a phenomenon linked to the ever increasing availability of data and advances in […]

16 12, 2016

Distributed ledger technology in payments, clearing, and settlement

By Legália| 2017-01-16T10:22:38+00:00 December 16th, 2016|Commercial, Finance, FinTech, Technology, Communications and Payments|

Digital innovations in finance, loosely known as fintech, have garnered a great deal of attention across the financial industry. Distributed ledger technology (DLT) is one such innovation that has been cited as a means of transforming payment, clearing, and settlement processes, including how funds are transferred and how securities, commodities, and derivatives are cleared and […]

16 12, 2016

EBA publishes the final draft of the Regulatory Technical Standards (RTS) on passporting pursuant to PSD2

By Legália| 2017-02-13T12:51:07+00:00 December 16th, 2016|Commercial, Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 22]

Last 11th of December EBA launched a consultation on the draft Regulatory Technical Standards (RTS) on passporting pursuant to article 28(5) of the Payment Services Directive 2 (PSD2).

The PSD2 came into force on 12 January 2016 and is due to be implemented in all Member States on the 13th of January 2018.

The directive […]

13 12, 2016

Guidelines on cryptography and key management, and requirements on privacy shielding for PIN entry

By Legália| 2017-02-13T12:51:07+00:00 December 13th, 2016|Commercial, Data Protection, Finance, FinTech, Technology, Communications and Payments|

The EPC publishes today two updated documents useful for payment services providers and their technical suppliers, in particular professionals dealing with payment security issues.

The “Guidelines on cryptographic algorithms usage and key management” specifies a number of recommendations on crypto algorithms, digital signatures, security protocols, cryptographic transformations and key management, used […]

6 12, 2016

Social lending: Bank of Italy issues provisions on savings collection by non-banks

By Legália| 2017-02-13T12:51:07+00:00 December 6th, 2016|Commercial, Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 21]

Social lending has now been recognized as official financing tool.

On 8 November 2016, Bank of Italy published the long-awaited Provisions concerning Savings Collection by Non-Banks (“Provisions”), which will enter into force as of 1 January 2017. The Provisions (which technically are an update of the Bank of […]

11 10, 2016

EBA launches consultation on Retail Payment Services

By Legália| 2017-02-13T12:51:08+00:00 October 11th, 2016|Capital Markets, Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 14]

On the 22nd of September 2016, the European Banking Authority (EBA) launched a consultation on its draft guidelines on the criteria competent authorities should consider when stipulating the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for payment initiation and account information service providers under the revised Payment Service […]

14 12, 2015

EC to improve retail financial services (with a light on digitalization)

By LegaliAdmin| 2017-02-13T12:51:08+00:00 December 14th, 2015|Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 3]

Better products, more choice, and greater opportunities for consumers and businesses

On 10 December, the European Commission published a Green Paper* on retail financial services.

The paper analyses the current state of the retail financial services markets, highlighting the current market fragmentation and insufficient competition, as well as the increased impact of digital technology on […]

4 12, 2015

European Regulators turn attention on “robo-advising”

By LegaliAdmin| 2016-09-06T14:10:05+00:00 December 4th, 2015|Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 2]

Today, 4 December 2015, the Joint Committee of the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – has launched a Discussion Paper on automation in financial advice to assess what action, if any, is needed to enhance the potential benefits of this innovation and mitigate its risks.

Automation in financial advice – […]