The Digital Operational Resilience Act (DORA) is set to transform the regulatory landscape for financial institutions and their service providers. Regtech companies, which specialize in regulatory technology solutions, must prepare for the changes DORA will bring to ensure compliance and operational resilience.

Understanding DORA

DORA aims to enhance the digital operational resilience of financial entities by establishing a comprehensive regulatory framework. Key aspects of DORA include:

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• Risk Management: Implementing robust risk management frameworks to address digital operational risks.
• Incident Reporting: Establishing processes for timely reporting of significant incidents.
• Third-Party Risk: Managing risks associated with third-party service providers, including cloud services and IT vendors.

Preparing for DORA

Regtech companies should take proactive steps to prepare for DORA, including:

• Enhancing Solutions: Developing and enhancing solutions that help financial institutions comply with DORA requirements, such as risk management tools and incident reporting systems.
• Collaboration: Collaborating with financial institutions to understand their specific needs and tailor solutions accordingly.
• Training and Education: Providing training and educational resources to help clients understand DORA requirements and implement necessary changes.

Challenges and Opportunities

While DORA presents challenges, it also offers opportunities for regtech companies. By developing innovative solutions that address DORA requirements, regtechs can differentiate themselves in the market and attract new clients.

The Path Forward

As the implementation date for DORA approaches, regtech companies must prioritize compliance and operational resilience. By staying ahead of regulatory changes and providing valuable solutions to their clients, regtechs can play a crucial role in enhancing the digital operational resilience of the financial sector.

Source of the news: Fintech Global

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The post How Should Regtechs Be Preparing for DORA? appeared first on HIPTHER Alerts.

Lenovo, a global leader in technology, has partnered with Trustly to integrate open banking solutions into its checkout process across the UK and Europe. This partnership aims to enhance the payment experience for customers, offering more secure and efficient transactions.

The Partnership

Trustly, a leading provider of open banking solutions, will enable Lenovo to offer direct bank transfers as a payment option at checkout. This integration leverages open banking technology to facilitate seamless and secure payments, improving the overall customer experience.

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Benefits for Customers

Customers purchasing Lenovo products in the UK and Europe can benefit from:

• Enhanced Security: Open banking solutions offer a secure alternative to traditional payment methods, reducing the risk of fraud.
• Faster Transactions: Direct bank transfers enable quicker payment processing, ensuring a smooth and efficient checkout experience.
• Convenience: Customers can complete transactions directly from their bank accounts, eliminating the need for credit or debit cards.

Impact on the Payment Industry

The partnership between Lenovo and Trustly highlights the growing adoption of open banking solutions in the payment industry. Open banking offers numerous advantages, including improved security, faster transactions, and enhanced customer convenience. As more companies integrate open banking solutions, the payment landscape is expected to evolve, offering more options and benefits to consumers.

Looking Ahead

Lenovo’s partnership with Trustly is a strategic move to stay ahead in the competitive technology market. By embracing open banking, Lenovo aims to provide a superior payment experience and build stronger relationships with its customers. Future developments may include the expansion of open banking solutions to additional regions and the integration of new payment features.

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Source of the news: Fintech Global

The post Lenovo Partners with Trustly to Introduce Open Banking at Checkout Across the UK and Europe appeared first on HIPTHER Alerts.

The Central Bank of Nigeria (CBN) has issued a call to fintech companies, emphasizing the importance of adhering to regulations and engaging with stakeholders. This directive aims to ensure that the fintech sector operates within a robust regulatory framework while fostering collaboration and innovation.

Regulatory Compliance

The CBN highlighted the necessity for fintech companies to comply with existing regulations to maintain the integrity and stability of the financial system. Compliance with anti-money laundering (AML) and know-your-customer (KYC) requirements is crucial in preventing financial crimes and protecting consumers.

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Stakeholder Engagement

Engaging with stakeholders, including regulators, customers, and industry partners, is essential for the growth and development of the fintech sector. The CBN encourages fintechs to participate in dialogues and collaborations that can lead to better regulatory policies and innovative solutions.

Challenges and Opportunities

While regulatory compliance can be challenging, it also presents opportunities for fintech companies to build trust and credibility. By demonstrating a commitment to regulatory standards, fintechs can attract more customers and partners. Additionally, stakeholder engagement can lead to valuable insights and partnerships that drive innovation.

The Future of Fintech in Nigeria

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As the fintech sector continues to grow, the CBN’s directive serves as a reminder of the importance of balancing innovation with regulatory compliance. By fostering a collaborative environment and adhering to regulations, fintech companies can contribute to a stable and dynamic financial ecosystem in Nigeria.

Source of the news: The Guardian

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