1010Code Software

🌎 𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝 𝐢𝐬 𝐛𝐨𝐨𝐬𝐭𝐢𝐧𝐠 𝐢𝐭𝐬 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲 𝐢𝐧 𝐎𝐩𝐞𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠

The international payment system has announced a partnership with the BNPL company Zip and Worldpay, a specialist in merchant solutions. This partnership initiative is expected to enable customers to seamlessly exchange data with trusted service and product providers and quickly pay for them from their bank account. Mastercard's Open Banking platform eliminates the human factor, such as errors in providing details, automates consumer registration processes, and reduces risks in data storage.

🇷🇺 „𝐒𝐛𝐞𝐫𝐛𝐚𝐧𝐤“ 𝐞𝐱𝐩𝐚𝐧𝐝𝐬 𝐢𝐧𝐭𝐨 𝐈𝐧𝐝𝐢𝐚

The largest Russian bank has obtained a license as a foreign portfolio investor - you can find the corresponding record on the website of India's National Securities Depository. „Sberbank“ becomes the third major Russian financial institution to achieve this, following „Alfa Capital“ and UK „Pervaya“. VTB bank is next in line. This status as a foreign portfolio investor of the first category in India allows for more lenient rules regarding beneficial ownership disclosure, tax benefits, and engagement with foreign derivative instruments based on Indian stocks.

🇦🇪 𝐔𝐀𝐄 𝐭𝐨 𝐜𝐫𝐞𝐚𝐭𝐞 𝐚 𝐝𝐨𝐦𝐞𝐬𝐭𝐢𝐜 𝐜𝐚𝐫𝐝 𝐬𝐜𝐡𝐞𝐦𝐞

The Central Bank of the UAE, in collaboration with its subsidiary Al-Etihad Payments, a payment infrastructure provider, announced the imminent development of a national alternative to Mastercard and VISA. The objective is crystal clear: to establish strategic independence from the American payment giants' duopoly. The financial regulator's partner in this project is NIPL, a key developer of the Indian card scheme RuPay, led by former Mastercard executive Ritesh Shukla. Within the project, NIPL is tasked with creating the foundational infrastructure, ensuring fraud monitoring and data analysis. The rollout of the new card scheme is planned for 2024.

🇬🇧 𝐅𝐢𝐧𝐭𝐞𝐜𝐡 𝐢𝐬 𝐃𝐞𝐚𝐝, 𝐋𝐨𝐧𝐠 𝐋𝐢𝐯𝐞 𝐅𝐢𝐧𝐀𝐈

A summit with this provocative title recently took place at the British Parliament. Over 70 industry experts from the fintech sector, IT, and machine learning specialists gathered to discuss the impact of AI on the private and public financial sectors. The experts deliberated on various issues related to the application of artificial intelligence. They highlighted the new opportunities presented by genAI, which is soon to become an automated financial data analytics tool. However, business representatives expressed concerns about the lack of comprehensive regulatory standards for AI applications. According to the experts, this regulatory vacuum could have severe consequences for the financial health of businesses.

🎙️ Dear colleagues, let's continue acquainting you with the capabilities of our headline product → 𝗔𝗧𝗠 𝗖𝗼𝗱𝗲, the management software for ATMs, payment kiosks, and other self-service devices.

Just a quick reminder, this is an all-encompassing solution that not only allows comprehensive management of large ATM and payment kiosk fleets but also transforms each of these devices into a bank mini-branch. The software helps save on ATM maintenance and reduces the workload on branch staff. Today, however, let's discuss monitoring and why it's crucial to track ATMs performance.

🖥 Monitoring is a fundamental feature that any modern software managing ATMs and digital terminals should possess. ATM network operators need reliable access to information about the status of self-service devices. They require the capability to collect data on transactions and customer operations, control cash cassette replenishments, and more.

🛠 Included in 𝗔𝗧𝗠 𝗖𝗼𝗱𝗲 is a full-fledged the 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴 𝗦𝗲𝗿𝘃𝗲𝗿 module that facilitates the implementation of these and many other functions. This module doesn't require additional integration with base software, and it comes equipped with all essential 24/7 monitoring and self-service device management features.

Let's take a closer look at the 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴 𝗦𝗲𝗿𝘃𝗲𝗿 features:

𝗖𝗢𝗠𝗣𝗥𝗘𝗛𝗘𝗡𝗦𝗜𝗩𝗘 𝗥𝗘𝗠𝗢𝗧𝗘 𝗠𝗢𝗡𝗜𝗧𝗢𝗥𝗜𝗡𝗚
◾ Information on the general status and operability of self-service devices and peripheral equipment.
◾ Details about the OS image with management software deployed on the self-service devices.
◾ Collection information (timing, sum details, cassette-specific data).
◾ Data on captured cards, and more.

𝗨𝗦𝗘𝗥 𝗠𝗔𝗡𝗔𝗚𝗘𝗠𝗘𝗡𝗧
◾ User role management.
◾ User action auditing.

𝗥𝗘𝗠𝗢𝗧𝗘 𝗦𝗢𝗙𝗧𝗪𝗔𝗥𝗘 𝗨𝗣𝗗𝗔𝗧𝗘𝗦
◾ Updates via monitoring with minimal downtime.
◾ Automatic device restart when users are inactive.

🇰🇿 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐞𝐧𝐠𝐞 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦𝐠𝐞𝐚𝐫𝐬 𝐮𝐩 𝐟𝐨𝐫 𝐥𝐚𝐮𝐧𝐜𝐡

The National Bank of Kazakhstan is actively developing the functionality of the Digital Tenge platform. By the end of this year, the CBDC will be launched in a pilot project involving key banks. The list of these banks is currently being finalized. In 2024, the National Bank will progressively enhance the platform's performance and onboard more participants while identifying any technical shortcomings for prompt rectification. The full-fledged operation of the platform and the official launch of the Digital Tenge are slated for the end of 2025.

🇷🇺 𝐏𝐨𝐩𝐮𝐥𝐚𝐫𝐢𝐭𝐲 𝐨𝐟 𝐢𝐧𝐬𝐭𝐚𝐧𝐭 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐑𝐮𝐬𝐬𝐢𝐚 𝐢𝐬 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐞𝐱𝐩𝐨𝐧𝐞𝐧𝐭𝐢𝐚𝐥𝐥𝐲

This week, the Bank of Russia released data showing that the usage of The Faster Payments System (FPS) has more than doubled this year. In the 2nd quarter of 2023, the system processed over 1.6 billion transactions totaling more than $75 billion, compared to 0.65 billion transactions for $31 million in 2022. Every 2nd resident of Russia uses the national instant payment system for transfers, while every 4th—utilizes it for paying for goods and services. The amount and number of purchases made through FPS have grown fivefold within a year. QR payments are accepted by 60% of all trade and service enterprises in the country.

🇦🇪 𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬 𝐰𝐢𝐭𝐡 𝐔𝐀𝐄 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐭𝐨 𝐚𝐝𝐯𝐚𝐧𝐜𝐞 𝐀𝐈 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭

The payment giant established a global Centre for Advanced AI and Cyber Technology in Dubai to accelerate generative AI research. By partnering with the UAE government, the company is committed to helping the country transform into a technological hub for digital transformation and AI readiness. The memorandum signed by the UAE government and Mastercard aims to develop AI in combating financial crimes and ensuring the growth of ecosystems. UAE authorities highlighted the importance of this partnership to fulfill the country's aspirations in implementing the UAE Strategy for Artificial Intelligence 2031, which focuses on enhancing the nation's AI capabilities and fostering new technologies across various sectors.

🇹🇷 𝐅𝐢𝐧𝐭𝐞𝐜𝐡 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐂𝐨𝐥𝐞𝐧𝐝𝐢 𝐫𝐞𝐜𝐞𝐢𝐯𝐞𝐝 𝐩𝐞𝐫𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐭𝐨 𝐥𝐚𝐮𝐧𝐜𝐡 𝐚 𝐧𝐞𝐨𝐛𝐚𝐧𝐤 𝐢𝐧 𝐓𝐮𝐫𝐤𝐞𝐲

ColendiBank will become the country's first deposit-taking digital bank. It will build on the existing services of the fintech, which are used by 18 million people in the region. The key product is a decentralized credit scoring system, utilized by several payment providers. Over the last two years, Colendi has obtained licenses from local regulatory authorities for e-money, asset management, capital market, and insurance brokerage. ColendiBank plans to heavily rely on proprietary AI technology and the advantages of its subsidiary blockchain company, SETL.

🇪🇸 𝐓𝐡𝐞 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐠𝐢𝐚𝐧𝐭𝐬 𝐨𝐟 𝐒𝐩𝐚𝐢𝐧 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐝 𝐭𝐡𝐞 𝐟𝐫𝐚𝐮𝐝𝐬𝐭𝐞𝐫𝐬

BBVA, Banco Santander, and CaixaBank have formed a partnership to fight financial fraud. They will develop an advanced toolkit called FrauDfense to combat cyber fraudsters. The goal is to tackle complex forms of fraud, such as admission fraud and digital or card payment fraud.

At the first stage, the partners will establish a united platform to share knowledge about fraud detection and prevention. Moving forward, the banking “trio” will extend the offer to collaborate with other players in the financial market.

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚𝐧 𝐟𝐢𝐧𝐭𝐞𝐜𝐡𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐞𝐝 𝐚𝐛𝐨𝐮𝐭 $𝟔.𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐀𝐈 𝐨𝐯𝐞𝐫 𝐚 𝐝𝐞𝐜𝐚𝐝𝐞

The top fintechs in Russia invested approximately 600 billion rubles in AI over the past decade, resulting in an annual profit of 240 billion rubles. SMEs invest 500 times less in AI technologies than larger organizations, with yearly investments ranging from 100 to 300 million rubles.

Around 80% of companies have at least one data analysis division, but only 17% dedicated structures specializing in AI solutions. Nevertheless, 95% of companies in the financial market have already implemented AI technologies in their core processes. The main barriers to AI implementation are the shortage of specialized experts and the lack of domestic tools for machine learning.

🇹🇭 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐝 𝐚 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐟𝐨𝐫 𝐥𝐨𝐜𝐚𝐥 𝐛𝐚𝐧𝐤𝐬, 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐢𝐧𝐠 𝐚𝐧 𝐎𝐩𝐞𝐧 𝐀𝐏𝐈 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞

National ITMX is leading the initiative, aiming to accelerate Open API technology, assist digital service providers, and foster industry competition. The active phase of the project will kick off in 2024.

This Open API infrastructure aligns with the Thai Bankers Association's roadmap to strengthen the local financial system and promote digitalization in accordance with core principles. We're keeping an eye on it with keen interest!

🇮🇩 𝐀𝐧 𝐈𝐧𝐝𝐨𝐧𝐞𝐬𝐢𝐚𝐧 𝐧𝐞𝐨𝐛𝐚𝐧𝐤 𝐞𝐱𝐩𝐚𝐧𝐝𝐬 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡𝐞𝐚𝐬𝐭 𝐀𝐬𝐢𝐚

Finture is going to focus on supporting Japanese firms for digital transformation and growth. Through YUP platform, Finture will offer digital solutions for debit cards, savings accounts, insurance, personal loans, and micro business financing to fill Southeast Asian market gaps.

🇷🇺 𝐎𝐧 𝐀𝐮𝐠𝐮𝐬𝐭 𝟏, 𝐑𝐮𝐬𝐬𝐢𝐚 𝐢𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐞𝐝 𝐭𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐑𝐮𝐛𝐥𝐞 𝐥𝐚𝐰

The Russian national currency now comes in three forms—cash, cashless, and digital. The Central Bank will operate the Digital Ruble platform, interacting with users.

Digital Rubles offer advantages over traditional ones. For the next one and a half years, all transactions will be free. Starting from January 1, 2025, transfers for individuals will remain free, and the commissions for legal entities will be minimal, not exceeding 0.3%.

🇺🇲 𝗝𝗣 𝗠𝗼𝗿𝗴𝗮𝗻'𝘀 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻 𝗔𝗜 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝘀

Tifin, a machine learning enterprise with JP Morgan as its investor, is looking to scale its “Tifin AI” technology to other fintech companies.

They plan to harness the potential of Tifin AI to create innovative IT solutions in areas such as client portfolio analysis for advisors, alternative investing, workplace capital management, and insurance. The leadership at JP Morgan speaks highly of Tifin's project, seeing it as a promising means to replicate AI-driven innovations.

🇷🇺 𝗥𝘂𝘀𝘀𝗶𝗮𝗻 𝗯𝗮𝗻𝗸𝘀 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗼𝗯𝗹𝗶𝗴𝗲𝗱 𝘁𝗼 𝘁𝗵𝗼𝗿𝗼𝘂𝗴𝗵𝗹𝘆 𝗰𝗵𝗲𝗰𝗸 𝗮𝗹𝗹 𝗺𝗼𝗻𝗲𝘆 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿𝘀 𝗳𝗿𝗼𝗺 𝗶𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹𝘀 𝗳𝗼𝗿 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗳𝗿𝗮𝘂𝗱

Suspicious transactions will be put on hold for two days, and banks will have the authority to suspend services for suspected fraudsters. It sounds like comprehensive control and significant investments in IT infrastructure.

Publicly, the law is presented as a measure to protect people from fraud: two days should be enough time to realize the deception and reconsider the transaction. If not, the bank will have to reimburse the money that went to fraudulent accounts from the Bank of Russia database. The grounds for account blocking will be information from the Ministry of the Interior about the initiation of criminal proceedings or reports of a crime.

🇨🇳 𝗖𝗵𝗶𝗻𝗮'𝘀 𝘁𝘄𝗼 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺𝘀 𝗻𝗼𝘄 𝗮𝗰𝗰𝗲𝗽𝘁 𝗩𝗶𝘀𝗮, 𝗠𝗮𝘀𝘁𝗲𝗿𝗰𝗮𝗿𝗱, 𝗮𝗻𝗱 𝗝𝗖𝗕

From now on, foreign travelers in China can use the mobile apps Alipay and WeChat Pay to pay for goods and services using their linked international cards. The payment amount should not exceed 6,000 yuan (approximately over $800). For transactions above a certain amount, a 3% fee will be charged.

Although these apps first opened access to international users in 2019, until last week, WeChat Pay required a local credit card, and Alipay only accepted international cards if the user participated in a program with a 5% commission.
According to Nikkei Asia, the popularity of Alipay and WeChat Pay has led to a significant decrease in cash usage in China, and many sellers no longer provide change.

🇮🇳 𝗕𝗮𝗻𝗸 𝗼𝗳 𝗜𝗻𝗱𝗶𝗮 𝗼𝗽𝗲𝗻𝘀 𝘀𝗽𝗲𝗰𝗶𝗮𝗹 𝗯𝗿𝗮𝗻𝗰𝗵𝗲𝘀 𝗱𝗲𝗱𝗶𝗰𝗮𝘁𝗶𝗻𝗴 𝘁𝗼 𝘀𝗲𝗿𝘃𝗶𝗻𝗴 𝗳𝗶𝗻𝘁𝗲𝗰𝗵 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀

Located in Bengaluru, Mumbai, and New Delhi, these branches will offer banking services to fintech startups, serving as a hub for entrepreneurs within the ecosystem, with dedicated customer relationship managers.

This is part of a new initiative by India's financial regulator and government, which plans to open nine more similar branches to provide comprehensive support for fintechs.