Fintech

B-Hive launches Trusted Fintech - Program to encourage startups and scale-ups to put more focus on security

A collaborative fintech platform, B-Hive, is launching a cyber security program, Trusted Fintech, to help startups and scale-ups embed cyber awareness into their core values. By providing a thorough, five-module program, B-Hive aims to increase the CyberSecurity resilience and compliance of fintech startups and scale-ups. Trusted Fintech was announced at Digital Finance Europe ’18 in Brussels.

The program aims to increase the trust within the general public in the fintech market space by improving the companies’ skills and processes and offering them practical insights and innovative technologies, delivered by cybersecurity members of the B-Hive community. Overall, the program includes five core modules that focus on three different dimensions - people, process and technology.

The main goals of the Trusted Fintech Program are to encourage startups to look at security from day one, embed it in their startup DNA and create a collective responsibility in their rapidly-growing organizations. Upon successful completion of the program they will receive the “Trusted Fintech” label, showing to their partners and customers that they take cybersecurity seriously.

“I am very excited about this program as it reflects what B-Hive is all about: connecting the dots in Finance. The program leverages know-how and technical capabilities of one part of our ecosystem to benefit the other part for the greater good of increased levels of trust in Financial Services, bottom line making it easier for our community to do business.”, says Patrick Coomans, CyberHive and TrustedFintech Program Manager. “I also want to thank our CyberSecurity members for their contributions: Bitsensor, Cranium, Digitribe, ICT Control, iGuards, Intigriti, NVISO, Onegini, Secure Code Warrior and Sweepatic.”

“There is a strong demand from our startup and scaleup community for specific services that shorten the sales cycle with financial service clients. The TrustedFintech initiative will contribute greatly to accelerate the due diligence and procurement process. This will benefit financial services institutions and fintechs alike.”, says Fabian Vandenreydt, Executive Chairman of B-Hive.

“It is a misconception that fintechs and banks are opponents. Banks need fintechs for their digitisation projects and fintechs need to leverage the expertise of banks to deliver on their selling proposition. However, lack of visibility about cyber risk management capacity and strict rules, including in the area of outsourcing, are often a stumbling block to smooth cooperation between fintechs and banks. With this label, we offer a solution to this problem. A quality label will help fintechs and banks to work together more quickly. This is a unique initiative in Europe that has Febelfin’s full support.”, says Karel Van Eetvelt, CEO of Febelfin.

“The result of Digital transformation and Open Banking is that our risk landscape is more and more including external solutions that we don’t operate and protect ourselves. We see that with smaller startups and scaleups there is often a gap between their notion of CyberSecurity and the level of protection we require them to have. That is why we are so supportive of the B-Hive Trusted Fintech program, as it really aims to immerse the staff of those companies, from the developers to the founders, in the world of Information Protection. Organizations joining this program give us an important signal of how much they value the safeguarding of information, ultimately protecting brand and reputation.” says Jan Nys, General Manager Information Risk and Infrastructure Architecture of KBC Group.

“Our customers expect banking solutions that are easy and safe to use. We do this by applying high standards in the areas of quality, reliability, security, and the protection of data and privacy – both for internally developed solutions, as well as for those that are built with partners. For that reason, we welcome B-Hive’s TrustedFintech Program. It will raise awareness among FinTechs, and enable them to design solutions that integrate security and privacy requirements from the start.”, says Jan De Blauwe, Head of Global Security at BNP Paribas Fortis.

About B-Hive:

B-Hive is a European collaborative innovation fintech platform that brings together major banks, insurers and market infrastructure players. Together, we work on common innovation programs and build bridges between our corporate partners and our start-up and scale-up community members. We aim to put Brussels on the map as the smart gateway to Europe and leverage on the opportunities offered by the digital transformation for the financial services industry. We believe that building bridges between important fintech hubs and the Eurozone enables both European and non-European companies to grow and expand.

TrustedFintech contact:

E-mail: patrick.coomans@b-hive.eu

Phone: +32-(0)477.40.53.09

Website: https://b-hive.eu/trusted-fintech/

Banking Tech for Millennials


Banking Tech for Humans

By Frédéric Olivier (B-Hive) and Trendwolves


Artificial intelligence (AI) will become the primary way banks interact with their customers within the next three years, according to three-quarters of the 600 US bankers surveyed by consultancy Accenture in a recent report. 


The hype surrounding AI, blockchain and data intelligence in finance is only going up, fueled by fintech and the big tech companies that are developing AI technology at top speed. AI could be the holy grail, the solution to personalised and instant customer service, the answer to the question of how to survive in a fast-changing world. 


Some of the AI examples out there are Capital One’s co-op with Amazon Echo’s Alexa, allowing people to check their accounts and pay credit card bills via the Echo device, and HSBC’s virtual assistant Olivia, who answers questions about credit cards or current accounts.
So far, so good. One would agree that bankers are finally getting the point that tech companies have long since understood: putting the consumer first - designing products and services starting from their interests, behaviour and moods -  is the key to success. It’s no coincidence that Millennials trust tech companies more than they do banks. Believe us, youngsters know that tech companies are no holy saints, and that the Googles and Facebooks are not using the knowledge they gather in consumer’s best interests. Even so, they trust banks even less and a big part of the explanation is that the apps and the services banks provide their young consumers, aren’t as user-centered as they should be. 


In order to design in a way that truly taps into human behaviour, banks need to start using their data to analyse human behaviour. There are fintech out there that match financial transactions with personality traits through HR, so banks would know how, when and with what products they have to approach that specific consumer. 
Introducing AI to fully understand customer’s needs and goals will be a game changer for the banking industry, if banks will put the same amount of effort into designing apps, services, products and communication that fit their consumers’ life, desires and needs. 

KYC & Identity on the blockchain

Financial digital identity within the realm of financial services , is one of the most important concerns of our time. Financial institutions (FI’s) around the world are required by law to conduct a process known as KYC (know your customer) to establish that a company or a natural person is who they say they are. The problem is that this process can be extremely tedious for FI’s and account holders (both legal entities and natural persons) alike. And as a response, several large companies are attempting to control and own all of the world's most important financial data.

Will Black Friday kill Sinterklaas?

Ingenico ePayments processed 29% more payments during this year’s Black Friday weekend compared to the same weekend in 2015. Over the course of the weekend, starting on Thanksgiving Day (24th November) in the US and finishing on Cyber Monday (28th November), we actually twice broke our record for most payments processed in a single day. 

Blockchain – Where trust relies on the technology

Blockchain based  technologies  (distributed  ledgers,  also  called DistributedLedger  Technologies DLTs) enable transactions between participants in a secure, trusted and immutable way, without relying  on  a third  party.  The blockchain is  distributed  and  replicated  between  all participants, allowing unforgettable and fully traceable transactions.