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{ PRactice ManageMent }

The ability of these disrupters to in-
stantly and securely verify identities on-
line gives them a competitive advantage,
mitigating risk, traceability and fraud
in the business platform, especially in
contrast to fnancial institutions, which
typically have to verify identities across
multiple accounts, legal entities and juris-
dictions. They are viable options to clients
seeking alternative payment systems to
traditional fnancial institutions.
However, Allan Tan, in his article, “2017
Challenges and Trends for Cross-Border
Payments,” argues that despite the rise of
the disrupters, traditional banks can—
and will—survive in the global payments age global legal and compliance functions evolving, challenging traditional systems
business. He cites Eli Shoshani, Head of given their vast human resource networks. and paving the way forward to more ef-
Payments Business Development at Fi- However, another disruption is coming. fcient and cost-effective global transac-
nastra (formerly D+H), who points out Capgemini, in its paper, Top 10 Trends in tions. Paramount for in-house counsel
that many of these third party vendors Payments – 2017, says there is a rise in regu- and their organizations will be staying on
and offerings could not exist without the latory frameworks simplifying the process top of key international legal, regulatory
core services that the bank itself provides. of compliance and reducing global pay- and compliance trends and issues as they
“Banks need to understand how these new ment costs. This is supported by the rise evaluate the strengths and weaknesses of
innovations can enhance their own service of RegTech, a segment of FinTech, which current and emerging global payment
offerings, whilst also ensuring that they leverages technology to ease compliance systems and technologies to better posi-
keep innovating at the same time.” 2 costs while increasing risk management, tion themselves for continued growth. ❚
In the same article, Samish Kumar, CEO cost management and responsiveness to
at Transfast, adds, “Regulation can, and is, regulatory developments in the banking
a roadblock to innovation in cross-border sector. Indeed, the demand for regulatory Vivene Salmon is Assistant Vice-President, Country
Compliance Manager, Global Banking and Markets
payment. […] The time, money, expertise compliance software industry is expected Compliance at Bank of America Merrill Lynch,
and resources it takes to be able to adhere to reach $118.7 billion by 2020. 4 where she is responsible for managing the Global
to the complex, multiple layers or regula- In conclusion, as Canadian companies Compliance and Regulatory Change Management
tions in both the originating and receiv- expand into new markets, the cross-bor- Programs. She is also a Certifed Information
ing markets is a tremendous challenge.” der payment business is in a time of real Privacy Professional and acts as the designated
Privacy Offcer for Bank of America National Asso-
Traditional fnancial institutions may be transformative change. Disruptive tech- ciation—Canada Branch. She is on this year’s CBA
better positioned to cost-effectively man- nologies are on the rise and continually Board of Directors.

1. tom groenfeldt, “Fintechs Are Surpassing Banks on Cross-Border Payments” Forbes (24 May 2017):
2. Allan tan, “2017 Challenges and trends for Cross-Border Payments” (27 March 2017):
3. Ibid.
4. Capgemini, Top 10 Trends in Payments – 2017 (20 February 2017):

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