Michael Bystrov

FinTech Data Protection Officers (DPOs) showcase their impact by ensuring regulatory compliance and preventing fraud. They utilize KYC technologies for meticulous end-customer verification, vital for anti-money laundering and fraud prevention. At Noda, our DPOs implement solutions like Pay & Go for seamless customer onboarding, including non-ID upload and liveness detection, thus safeguarding and streamlining the client onboarding and deposit process.

To bolster FinTech cybersecurity: Threat Intelligence: Utilize real-time monitoring to counter Advanced Persistent Threats and protect data. Mobile Security: Implement end-to-end encryption, secure coding practices, and Multi-Factor Authentication. IoT Security: Standardize protocols and audit regularly. Regulatory Compliance: Maintain checklists for GDPR, CCPA, and continuously update security measures. Insider Threat Management: Establish strict policies and training. Emerging Threats: Monitor AI, enhance cloud security with encryption, and prepare for ransomware with backups and training. Cyber Insurance: Choose a policy aligned with your risk profile. These comprehensive strategies safeguard sensitive data and enhance client trust.

In 2024, cross-border mobile payments are reshaping global transactions, making them quicker and more economical. This shift benefits international trade and e-commerce, showcasing mobile payments' worldwide impact. The landscape is rapidly evolving with more smartphone usage, Generation Z's mobile payment adoption, and the rise of contactless and biometric security. These changes are steering us towards a seamless, secure, and intuitive payment environment, significantly altering digital financial transactions. This transformation not only reflects a major shift in handling finances but also fosters innovation and growth in the fintech sector, highlighting the extensive influence of mobile payment technology on the global economy.

2023 was a significant year for open banking. Open banking adoption is proliferating among businesses and consumers. A total of 9.7 million payments were made using this technology in the UK in June 2023, according to the Open Banking Impact Report. This is 88% higher than a year ago, in June 2022. This trend is likely to continue in 2024 and beyond. Consumers and companies worldwide reap the benefits of personalized products and efficient payments. Juniper Research, for example, predicted the total value of open banking transactions would reach $330bn by 2027. That’s from $57bn in 2023, a total growth of 479%.