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How can technology be leveraged to further simplify and streamline KYC/AML processes in Open Banking?

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How can technology be leveraged to streamline KYC/AML processes using Open Banking? There are a number of ways that technology can be leveraged to further simplify and streamline KYC/AML processes in Open Banking, while also reducing the risk of fraud and other financial crimes. Automated ID verification This uses a variety of data points, such as facial recognition, biometrics, and document verification, to quickly and easily verify the identity of customers. This can help to reduce the risk of fraud and identity theft, as well as the time and effort required for manual KYC/AML processes. Facial recognition This technology uses a person's facial features to identify them. It can be used to verify a person's identity by comparing their facial features to a photo or video of them. Facial recognition is becoming increasingly accurate, and it is now being used by a variety of businesses, including banks, retailers, and government agencies. Biometrics This technology uses a person&
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Bankableapi Joins Berlin Group’s openFinance Advisory Group & Board to Shape the Future of OpenFinance Adoption

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Press Release     Bankableapi Joins Berlin Group’s OpenFinance Advisory Group & Board, Fueling Open Banking Standardization and Monetization   Dubai, UAE – 19 Oct 2023 – Bankableapi, the leading SaaS platform for rapid Open Banking API implementation and monetization, announces its strategic partnership with the Berlin Group, joining their OpenFinance Advisory Group & Board. This collaboration aims to accelerate the standardization and adoption of Open Banking across UAE, Middle East & EU, empowering businesses to leverage its full potential. The Berlin Group, a pan-European initiative established in 2004, plays a crucial role in shaping the future of Open Banking through its collaborative efforts to define and harmonize technical standards. Their OpenFinance Framework extends beyond PSD2 regulations, enabling secure access to bank account data for innovative financial services and data-driven solutions. Bankableapi's expertise in Open Banking API integration and monet
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Location: Dubai - United Arab Emirates
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How Open Banking in UAE Can Shape the Future of Banking by 2035

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How Open Banking in UAE Can Shape the Future of Banking by 2035   This report about the future of banking in 2035, based on a project by Economist Impact and sponsored by SAS looks at the big picture and five mega-trends impacting the banking sector by Open Banking. Focuses on how major forces such as digitization, climate change, economic fragmentation and social inequality are reshaping the banking sector by 2035.    There are three possible scenarios for how banks could evolve their mission and business models to deliver value to customers, shareholders, communities and the environment. Scenario 1: transformed banks regain trust:  How fintech and big tech disrupted the banking industry and how banks adapted The first scenario is called "transformed banks regain trust". In this scenario, fintech and big tech companies have taken over the banking industry in Europe and the US by offering a superior customer experience built around trusted smartphone apps and free, frictionle
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