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Comment: Banks Waste Billions on AML Compliance
Dean Curtis, Managing Director at LexisNexis® Risk Solutions, comments on Fortytwo Data’s research that shows that banks are wasting £2.7 billion a year chasing false leads due to outdated AML systems
“Financial services firms are growing increasingly concerned over the mounting costs and reduced effectiveness associated with customer due diligence. Not only do banks have outdated legacy systems, they are plying them with poor quality data when analysing customer risk. This is what generates such high numbers of false positives.
“These ineffective systems and processes therefore continue to act as costly barriers to fighting financial crime. However, firms are unwilling to spend millions overhauling these legacy systems until industry confidence in next generation systems’ track record is far higher, and they offer genuine value for money.
“Instead, firms should be looking to continuously improve the quality of their input data, and in effect using their pre-existing data more intelligently. This approach will allow banks to resolve many more AML alerts with fewer people. As it stands, firms are throwing time, money and people at the wrong solution, which is already proving to be a costly mistake.”
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Bitget Launches QR-Based Payments for Daily Needs, Targets 2.2 billion Users Globally
Bitget, the world’s largest Universal Exchange (UEX), has introduced its Scan to Pay feature on Bitget Pay, enabling users to spend USDT directly at offline merchants by scanning QR codes through the Bitget App.
Belize Bank Expands e-commerce Acceptance in the Cloud with BPC, Marking a Decade of Payments Modernization
The Belize Bank Limited is redefining the country's digital economy with the launch of cloud-based e-commerce acquiring. By expanding its SmartVista-powered capabilities to include secure online transactions, the country’s most enduring full-service bank is removing barriers for Belizean merchants. This milestone marks ten years of payments innovation alongside BPC, reinforcing The Belize Bank’s commitment to driving a modern, secure, and accessible financial future.
Alkami and Cornerstone Advisors Release the 2026 Digital Banking Performance Metrics Report for Retail and Business Banking
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced the release of its new research, the 2026 Digital Banking Performance Metrics Report, commissioned by Alkami and conducted by Cornerstone Advisors. Now in its seventh year, the report expands beyond retail banking for the first time to include new benchmarks for business digital banking, while continuing to deliver insights into digital banking adoption, user engagement, and performance trends.
UK Fintech Payments Company Icon Solutions Honoured With King’s Award For Enterprise
Icon Solutions, the UK fintech enabling banks to design and implement state-of-the-art payment systems, has been awarded a prestigious King’s Award for Enterprise in the Innovation category.
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