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The European Central Bank (ECB) has announced the application of new oversight regulations on four Systemically Important Payment Systems (SIPS) to ensure efficient management of risks and operating efficiency. AU10TIX draws attention to the need to regulate the use of technologies for automating customer ID authentication at onboarding and qualification of significant transactions.
Nicosia, Cyprus (PRWEB) August 29, 2014
In its first time of employing its regulatory powers in the field of payment systems oversight the ECB identified four systems on which the stricter regulations apply as of 12 August 2014: TARGET2, operated by the Eurosystem; EURO1 and STEP2-T, operated by EBA CLEARING; and CORE(FR), operated by STET, a joint initiative of six major French banks. These platforms were outlined based on the combination of value of payments settled, market share, cross-border relevance and provision of services to other infrastructures. The SIPS Regulation is stricter than previous oversight standards and provides for sanctions and corrective measures for system operators in case of non-adherence. (Source: http://www.ecb.europa.eu/press/pr/date/2014/html/pr140821.en.html).
The tightening of regulatory compliance on financial services is ongoing and expected to increase. The ECB takes account of the increased integration of retail payment systems in the Single Euro Payments Area (SEPA) and updates oversight standards for euro retail payment systems, SIPS and non-SIPS, on a periodical basis.
But, as AU10TIX regulatory tracking points out, some elements referring to the actual implementation of such regulations are bound to follow. AU10tix indicates that regulations regarding risk management at the point of customer onboarding and the clearing of major actions and transactions need address the use of technology to facilitate and augment ID authentication. This applies first and foremost to organizations that manage larger volumes of applications are concerned. In such cases the common practice of human examination of hundreds and thousands of ID documents and document images becomes dangerously unreliable. Technology is an imminent part of risk management in todays marketplace. It too is bound to be addressed and regulated by the appropriate governing bodies.
Regulations are getting ever tighter, and for good reasons, says Ron Atzmon, Managing Director of AU10TIX: ID fraud becomes cross-border and sophisticated forgeries and impersonations become ever more do-able. But more importantly, international financial actions and transactions are surging. The sheer volume reaches the limits of effective and efficient human handling. We call upon regulation bodies to address the implementation of technology to aid and augment human processing, for the sake of battling crime and terrorism.
Some voices say that if it wasnt for bodies like the ECB it is likely that less would have been done to curb KYS/ATF threats, says Ofer Friedman, VP Marketing of AU10TIX: Weather true or not, bear in mind that by regulating risk management innocent clients benefit by not having to pay for fraud damages via fees and commissions. But also financial institutions themselves benefit since back office costs become a real burden as application volume increases.. In other words, we encourage addressing in coming regulatory updates the use of technology alongside human processing.
AU10TIX Limited, a fully owned subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company's products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient. For more information, visit http://www.au10tix.com.
About ICTS International N.V.
ICTS specializes in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. It also offers a wide variety of customized training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security while accelerating the security check process. For more information, visit http://www.icts-int.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Companys business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Companys actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Companys expectations or future events.
Ofer Friedman, VP Marketing
Tel.: +357 (22) 007698
ICTS International NV
Tel.: +31-20-716 3421
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