Exploring Business Models of Software Companies

IT software companies can adopt various business models based on the services and products they offer, their target market, and revenue generation strategies. Here are some of the most common business models: 1. Software as a Service (SaaS) Description: SaaS companies deliver software over the internet via a subscription model. Instead of purchasing the software, users pay...

The Future of Card Payments: A Comparison of ISO 8583 and ISO 20022

In the realm of financial transactions, including card payments, two primary messaging standards coexist: ISO 8583 and ISO 20022. Each serves a critical role, but they differ significantly in structure, use cases, and capabilities. This article provides an overview of these differences to help you understand their respective strengths and applications. ISO 8583: The Traditional...

Enterprise Architecture, Solution Architecture, System Architecture – What are the differences?

In the world of information technology and software development, different types of architectures play a crucial role in designing and managing complex systems. Three important types of architectures are Enterprise Architecture (EA), Solution Architecture (SA), and System Architecture (SysA). Although these terms are often used interchangeably, they have distinct differences and purposes. Let's explore...

What is ISO20022

Introduction ISO 20022 is the new ISO standard. It was developed and is maintained by ISO/TC 68, the ISO technical committee responsible for standardisation in the field of banking and other financial services. It describes metadata and shares repository that contains descriptions of messages and business processes. The standard covers financial information transferred between financial institutions,...

Artificial Intelligence in BankTech

The Bank of England and the Financial Conduct Authority released their new final report on the Artificial Intelligence Public Private Forum in February 2022. The UK financial regulators emphasised the pros and cons of applying AI techniques. Mainly they focussed on the AI benefits and challenges in the financial sector. https://www.bankofengland.co.uk/-/media/boe/files/fintech/ai-public-private-forum-final-report.pdf Negligent and mercenary use of AI...

Managing AI risks

Big data and data analytics is booming. The volume and variety of data are growing exponentially, making data hard to process using conventional database management tools. Artificial Intelligence (AI) is here to help. It is using the power of data to transform across a range of critical business functions such as marketing, pricing, credit...

Risk Assessment in Practice

Given that risk is integral to the pursuit of value, strategic-minded enterprises manage risk exposures so that, at any given time, they incur just enough of the right kinds of risk —  according to Risk Appetite Statement (RAS) — to effectively pursue strategic goals. The Risk Assessment Criteria Impact Impact refers to the extent to which a...