Banking Technologies: Prepare for the Future
Modern information technologies for banking services enhance digitalisation, improve client comfort, support legislative compliance and, most importantly, offer ready-made solutions that are available right now.
Implementation of banking technologies, internal processes development and business model innovations correlate both with the new trends in customer requirements and behaviour, and with current legislation. Nothing new under the sun. The real news is that the banking sector is about to face a deep transformation, just as energy industry, railways or telecommunications have, towards standardization, sharing, platform unification, permeability for clients, and splitting infrastructure from banking services as such. Now is the right time for banks to prepare both for the immediate and the more distant future – being the leader in innovations or at least being able to readily react to digital challenges is a competitive advantage and, what's more, it may soon become a matter of pure survival on the market.
Digital channels for comfortable, automated, safe and secure client service
Financial services are increasingly shifting to mobile and on-line environments. That requires new approaches to client identification and verification. Trask ZenID is designed for automated capture of data from client-provided personal ID documents presented through a mobile application or a web interface. It offers a highly reliable text recognition functionality and employs artificial intelligence to detect fraud attempts more effectively than any human would be able to. It allows for a fully on-line client interaction, including account opening, loan applications, etc., without any actual physical contact.
Biometric signature to eliminate paper documents
Paperless signing of documents is an integral part of digital, fully paperless banking processes, making client interactions at bank branches faster and simpler. Trask u:Sign is a ready-made, user-friendly solution for electronic signing based on dynamic biometric signature though a tablet or a signpad. Trask u:Sign not only supports client-oriented processes – it can just as well help digitalise internal processes, e.g. human resources administration. Each implementation provided by Trask is in full compliance with any legislative and regulatory requirements that apply to the respective industry or area of business.
Fully on-line loan – the very first
Thanks to Impresto, a solution developed jointly by Trask and EY company, Česká spořitelna was the first bank in Central and Eastern Europe to offer a genuine on-line loan. With Impresto, taking out a loan requires no paper documents at all and Česká spořitelna is able to provide or mediate a loan to any applicant from any bank of their choice – no waiting, no paper documents, no personal visit to a branch. Identification and verification are done automatically as per legal requirements and money will land on the applicant's account in no more than 15 minutes.
Multibanking – free access to any bank from a single environment
BAAPI platform for digital distribution of financial products is the first solution on the Czech market to offer a single data interface for access to any bank, compliant with the European Payment Services Directive (PSD2). It allows clients to enter and authorise payments from accounts in various banking institutions and get a consolidated view of their finance. BAAPI provides a single API to get transferred identity from connected banks and its ambition is to build an extensive ecosystem where financial services providers would be able to serve the widest possible array of clients.
Open API banking interfaces – everything under one roof
Open banking is the future – hardly anyone would dispute that nowadays. With this fact in mind, Trask has developed a single source of publicly available information about banking application interfaces (API) in the Czech Republic. Trask openAPI portal provides a comprehensive, regularly updated list of open API interfaces from financial institutions operating on the Czech market. The portal is freely available to everyone and everyone can add information about their own new API or other interesting news. The openAPI banking portal primarily addresses banks' needs with respect to the Czech Act No. 370/2017 on Payments, which act directly implements into the Czech legislation the revised EU Payment Services Directive (PSD2). In addition, the portal provides information about other open API interfaces offered by banks – e.g. for client identification, exchange rates lists, contact details, calculators, transparent accounts, payment cards, etc.
On-line system for money laundering detection is always up-to-date
The Czech Anti-Money Laundering Act No. 253/2008 implementing the EU Directive No. 2015/849 (the so-called “AML”) stipulates that obliged entities, including banks, must take appropriate steps to identify and assess the risks of money laundering and terrorist financing, considering factors such as client type, purpose, regularity and duration of the business relationship, value and manner of carrying out the transaction and/or risk factors of certain geographic areas. Trask AML is a procedural solution providing a comprehensive control system for on-line detection of money laundering and/or terrorist financing signals. It is compliant with the applicable legislation and offers on-line access to data, guaranteeing up-to-date information at any time and saving the costs of investments into the development of internal systems.
Our unique CRS Portal – banking dealings with foreign entities made easy
Trask CRS Portal, a cloud solution unparalleled throughout the world, is another contribution to the fight against illegal activities. It helps Czech banks achieve compliance with the internationally accepted Common Reporting Standard (CRS) on exchange of information provided by financial institution to tax authorities, whereby banks are required to gather tax-related information about their clients and to provide numerous data, including VAT identification number, to the respective tax authorities. CRS Portal gathers regularly updated information about all tax identifiers for all countries as required by the applicable legislation, plus a full set of detailed data. The Portal makes communication with foreign clients less demanding for bank personnel and lifts the burden off banks’ shoulders of having to follow the numerous relevant changes.