Connect with us

E-Financial

Path Solutions Launches Digital Banking Suite Underpinned by State-of-the-art Analytics

Published

on

Kindly share this post

Path Solutions has revealed its new Intelligent Digital initiative roadmap with the launch of Path Digital and Path Intelligence platforms which will enable forward-thinking banks to maintain competitive advantage by providing their customers with a consistent and seamless intelligent digital banking experience while harnessing the full potential of data.

The breakthrough Path Digital suite is a highly secure, open, scalable, flexible, robust, future-proof, easy-to-deploy, comprehensive open banking platform that connects all of the digital banking channels to the bank’s services and applications such as core banking, CRM and payment systems, empowering the bank to deliver a unified, seamless omnichannel user experience across all channels, applications, and devices.

This cutting-edge platform helps banks transform multiple siloed banking channels into a rich, simplified, personalized, timely, consistent, seamless, and frictionless customer journey. It also allows banks to immerse into their customers’ life journeys, gain customer insight, improve customer interaction and engagement, while optimizing the value of each customer relationship across all touchpoints.

Whereas Path Intelligence is a platform with the ability to integrate with any core banking system enabling banks to harness data and analyze it intelligently using the Enterprise Data Lake (EDL), providing a significant competitive advantage to the bank by helping it transform its business to becoming analytically-focused and customer-centric.

This platform includes a new Business Intelligence suite which empowers organizations to make smarter, faster, and more effective decisions. Besides, the solution enables business agility, optimizes operational efficiency, and drives innovation, competitive differentiation, and profitable growth.

The ML-driven module enables banks to leverage both structured and unstructured data, and transform it into valuable intelligence and predictive insights, with customized AI-based solutions covering customer insights, risk analytics, fraud detection and other tailored applications.

The new AI-powered anti-fraud capability enables banks to create seamless customer experiences while providing new levels of protection.

While unveiling the suite of new technologies, Mohammed Kateeb, Group Chairman & CEO of Path Solutions, commented, “Innovation lies at the core of our business model. Our goal is to create transformative banking experiences which are customer-focused”.

And he continued, “Few years from now the banking industry will look dramatically different. The digital revolution is impacting every part of our lives; banking is becoming a competitive battlefield where only the most efficient, adaptive, and inventive survives.

“Consequently, Path Solutions has been investing in emerging technologies as a means to support banks and financial institutions in their digital transformation and help them move their customer-focused digital strategy forward, harnessing AI’s full potential”.

With the influx of banking transactions that occur on daily basis, maintaining one single view of all operations is the only way to sustain a competitive advantage and avoid financial losses.

This need is further intensified by tighter compliance regulations, where banks became more vigilant with adequate controls and procedures to ramp up profitability, and by identifying, limiting and controlling risk exposures, as well as understanding customer preferences.

“We will assist banks to fully embrace digital transformation with technology-driven approaches while simultaneously gaining industry insights into a profoundly changing banking regulatory environment”, Kateeb said.

Banks’ innovation strategies are also becoming bolder. Consequently, Path Solutions is currently developing Blockchain financial applications. This new technology would allow banks to become trusted platforms for a wider range of financial services.

Blockchain’s promise for the trade finance industry cannot be understated, for the technology has the potential to address the $1.5 trillion global trade finance gap affecting development and investment flows, and financial inclusion.

Using a state-of-art Blockchain technology, financial institutions of all sizes will benefit from better visibility into trading relationships and easier access to financing options, allowing them to tap into new market opportunities in the evolving landscape of finance.

Combining 28 years of industry innovation building world-class banking software that incorporates the latest advancements in information technology, Path Solutions has debuted its Path Intelligent Digital (PID) initiative which stands as one of the industry’s broadest and most innovative set of technologies, making AI an integral part of its platform and an essential component in empowering the intelligent bank of the future.

“We are executing on our strategy and differentiating our value proposition”, Kateeb confirmed. “Our PID will enable banks to drive deeper customer engagements, transparency and agility for innovation-led growth in a challenging, new financial services ecosystem. This is only made possible through a unified open banking platform, a key ingredient in immersive, interactive experiences”.


Kindly share this post
Continue Reading
Comments

E-Financial

CBN Investigates 55 Companies over Forex Infractions

Published

on

Kindly share this post

Amidst sustained pressures on Nigeria’s official foreign exchange resources, the Central Bank of Nigeria (CBN), has opened investigations into foreign exchange transactions of 55 companies and individuals.

The apex bank linked them to foreign exchange deals outside the official Investors & Exporters (I&E) window.

CBN Investigates 55 Companies over Forex Infractions

Mr. Godwin Emefiele, CBN governor

The I&E window was created by the CBN as the legitimate platform for buying and selling of foreign currencies.

Some of the major corporate organisations in the list include Stallion Nigeria Limited, a conglomerate involved in several sectors of the Nigerian economy.

The list also includes Nigeria’s leading electronic payment company, Interswitch Nigeria Limited, as well as a leading global shipping line, CMA CGM Nigeria Shipping Limited.

Other big names in the list include Petro-Afrique Energy Services Limited, Steel Force Far East Limited, Auto Petroleum Company Limited, Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, and Promasidor Nigeria Limited.


Kindly share this post
Continue Reading

E-Financial

FG Makes u-Turn on Bank Account Re-Registration

Published

on

Kindly share this post

Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

Published

on

Kindly share this post

Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


Kindly share this post
Continue Reading
Advertisement

Social

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending