Connect with us

Featured

Open banking revolution coming

Published

on

New regulations encouraging open banking may bring additional operational challenges, but research shows open banking has the power to transform the global banking landscape over the next decade, writes JACOB MORGAN of Forrester.

Open banking is the next step in the digital banking evolution. By participating in partnerships and collaborative ecosystems, banks will be able to further their drive to enable customer outcomes.

Digital technologies such as APIs will sit at the heart of open banking as software and accessibility drives further disruption and business models evolve. Open banking blows apart the insular nature of many banks and will transform the banking landscape, as noted in the new report: The Open Banking Revolution is Imminent.

There have been a number of moves from global regulators and banking advisory committees pushing for a move towards open banking over the past few years. Europe is less than a year away from implementing the second phase of the Payment Services Directive (PSD2). The Open Banking Development Group was set up to devise a global Open Banking Standard late 2016 and Australia and the UK have also seen moves towards legislated open banking standards.

The regulators are promoting open banking to drive innovation and increase competition in the market, to benefit the customer.

While these are lofty ideals, few understand either the full implications or the opportunities offered by open banking.

Among the common misunderstandings is confusing open access with a relinquishing of control. While interfaces are public facing, banks do not need to relinquish access control, management of data and services, or the ability to monetise access.

APIs will open up collaborative ecosystems which can enable real-time connections and collaboration opportunities for banks and their partners. Allowing third parties access to product catalogues, business processes, data and business processes, banks can expand their presence, boost sales and increase revenues. Moreover, some banks are already experimenting with open developer platforms which are driving innovation.

However, there are potential downsides to the new requirements, unless banks put their customers at the heart of their future strategies.

Open data will allow for granular product and service comparisons, which could lead to dissatisfied customers switching banks.  Open standards will also amplify interoperability which will, in turn, foster collaboration. New products and services will drive competition into the market and could pose a threat to banks which are complacent. A more open environment will also make barriers of entry far lower. For banks which have been used to the prohibitive licensing and regulatory hurdles, having a flood of nimble, new entrants could pose a further business threat.

True open banking transformation will not happen overnight and Forrester believes that this may only materialise over the next decade. However, the report details some actions which banks can take in the shorter-term to prepare for the future.

This includes building a strategy which is centred around what future partners will need from the engagement, including developers and third-party partners. The company has also advised banking professionals to spend some time determining how they will build their future ecosystems as well as the role they would like to play in it.

Finally, the research cautions that banks should build flexibility into their strategy. Prioritising investments that will ensure fast response times in the technology as well as the processes and skills will drive agility into the organisation and better prepare it for the future.

Continue Reading

Featured

Bring your network with you

At last week’s Critical Communications World, Motorola unveiled the LXN 500 LTE Ultra Portable Network Infrastructure. It allows rescue personal to set up dedicated LTE networks for communication in an emergency, writes SEAN BACHER.

Published

on

In the event of an emergency, communications are absolutely critical, but the availability of public phone networks are limited due to weather conditions or congestion.

Motorola realised that this caused a problem when trying to get rescue personnel to those in need and so developed its LXN 500 LTE Ultra Portable Network Infrastructure. The product is the smallest and lightest full powered broadband network to date and allows the first person on the scene to set up an LTE network in a matter of minutes, allowing other rescue team members to communicate with each other.

“The LXN 500 weighs six kilograms and comes in a backpack with two batteries. It offers a range of 1km and allows up to 100 connections at the same time. However, in many situations the disaster area may span more than 1km which is why they can be connected to each other in a mesh formation,” says Tunde Williams, Head of Field and Solutions Marketing EMEA, Motorola Solutions.

The LXN 500 solution offers communication through two-way radios, and includes mapping, messaging, push-to-talk, video and imaging features onboard, thus eliminating the need for any additional hardware.

Data collected on the device can then be sent through to a central control room where an operator can deploy additional rescue personnel where needed. Once video is streamed into the control room, realtime analytics and augmented reality can be applied to it to help predict where future problem points may arise. Video images and other multimedia can also be made available for rescuers on the ground.

“Although the LXN 500 was designed for the seamless communications between on ground rescue teams and their respective control rooms, it has made its way into the police force and in places where there is little or no cellular signal such as oil rigs,” says Williams.

He gave a hostage scenario: “In the event of a hostage situation, it is important for the police to relay information in realtime to ensure no one is hurt. However the perpetrators often use their mobile phones to try and foil any rescue attempts. Should the police have the correct partnerships in place they are able to disable cellular towers in the vicinity, preventing any in or outgoing calls on a public network and allowing the police get their job done quickly and more effectively.”

By disabling any public networks in the area, police are also able to eliminate any cellular detonated bombs from going off but still stay in touch with each other he says.

The LXN 500 offers a wide range of mission critical cases and is sure to transform communications and improve safety for first responders and the people they are trying to protect.

Continue Reading

Featured

Kaspersky moves to Switzerland

As part of its Global Transparency Initiative, Kaspersky Lab is adapting its infrastructure to move a number of core processes from Russia to Switzerland.

Published

on

This includes customer data storage and processing for most regions, as well as software assembly, including threat detection updates. To ensure full transparency and integrity, Kaspersky Lab is arranging for this activity to be supervised by an independent third party, also based in Switzerland.

Global transparency and collaboration for an ultra-connected world

The Global Transparency Initiative, announced in October 2017, reflects Kaspersky Lab’s ongoing commitment to assuring the integrity and trustworthiness of its products. The new measures are the next steps in the development of the initiative, but they also reflect the company’s commitment to working with others to address the growing challenges of industry fragmentation and a breakdown of trust. Trust is essential in cybersecurity, and Kaspersky Lab understands that trust is not a given; it must be repeatedly earned through transparency and accountability.

The new measures comprise the move of data storage and processing for a number of regions, the relocation of software assembly and the opening of the first Transparency Center.

Relocation of customer data storage and processing

By the end of 2019, Kaspersky Lab will have established a data center in Zurich and in this facility, will store and process all information for users in Europe, North America, Singapore, Australia, Japan and South Korea, with more countries to follow. This information is shared voluntarily by users with the Kaspersky Security Network (KSN) an advanced, cloud-based system that automatically processes cyberthreat-related data.

Relocation of software assembly

Kaspersky Lab will relocate to Zurich its ‘software build conveyer’ — a set of programming tools used to assemble ready to use software out of source code. Before the end of 2018, Kaspersky Lab products and threat detection rule databases (AV databases) will start to be assembled and signed with a digital signature in Switzerland, before being distributed to the endpoints of customers worldwide. The relocation will ensure that all newly assembled software can be verified by an independent organisation and show that software builds and updates received by customers match the source code provided for audit.

Establishment of the first Transparency Center

The source code of Kaspersky Lab products and software updates will be available for review by responsible stakeholders in a dedicated Transparency Center that will also be hosted in Switzerland and is expected to open this year. This approach will further show that generation after generation of Kaspersky Lab products were built and used for one purpose only: protecting the company’s customers from cyberthreats.

Independent supervision and review

Kaspersky Lab is arranging for the data storage and processing, software assembly, and source code to be independently supervised by a third party qualified to conduct technical software reviews. Since transparency and trust are becoming universal requirements across the cybersecurity industry, Kaspersky Lab supports the creation of a new, non-profit organisation to take on this responsibility, not just for the company, but for other partners and members who wish to join.

Continue Reading

Trending

Copyright © 2018 World Wide Worx