The momentous referendum of June 23, 2016 set the stage for the U.K. to leave the European Union within a period of two years, something that will provide discussion fodder at industry events for at least five more years. So, besides leaving plenty for event producers, reporters, legal teams, and consultants to decode, what’s the apparent impact of Brexit on FX markets?
After its debut in Belfast last year, MoneyConf 2016 was held in Madrid. The venue was La Nave, a brand new conference hall a 30-minute drive from the city center. At least the attendees were not distracted during the day by the great capital of Spain’s seductions.
For some time now, the financial services industry has been anxiously awaiting updated regulations regarding mobile banking security. In a response to the rise of digital banking usage, the Federal Financial Institutions Examination Council (FFIEC) updated its Retail Payment Services Handbook and added Appendix E—Mobile Financial Systems (MFS).
Appendix E highlights the complexity of the mobile technology infrastructure and identifies specific vulnerabilities that currently exist in the mobile banking ecosystem. The new guidance is fairly comprehensive and addresses key areas, including SMS/text messaging, mobile browser sites, mobile apps, and wireless payments.
Brexit is no longer a question of “if” but “what now?” The implications of the U.K. vote to exit the European Union cannot be understated, and the process by which the largest financial center in the European Union will fundamentally change its role starts now. Here’s what some of Aite Group’s analysts have to say:
Javier Paz, Wealth Management:
I had the opportunity to be on a panel at an event hosted by IBM in New York last week focused on emerging fraud issues. Participants ranged from fraud managers at financial institutions to data scientists from various vendors. It was a fantastically open and interactive dialogue that brought up many issues, none of which we easily resolved. One of the really interesting conversations was around the use of biometrics and their impacts on privacy.