The quarterly Vertex Summit Q1 online conference took place on the 10th of March, 2021. It highlighted the latest trends in RegTech, blockchain, compliance, anti-fraud protection, emerging technology innovations, and the future of customer onboarding.
Keynote speakers included CEOs, heads of the legal department and senior partners, founders, and product owners of various technology platforms and companies operating in the US, EU, Middle East and Asia. They highlighted the challenges their companies face due to the COVID-19 pandemic, the changes it brought to their normal mode of operations, the lessons learned and the emerging trends that facilitate value delivery in the post-pandemic world.
The topics showcased included the ABCs of video KYC verification, existing AML trends and forecasts, experience in evolving business in accordance with upcoming industry regulations, case studies of opening bank accounts in 2021 with the aim to mitigate fraud risks, and the future of payments in compliance with AML/CFT regulations.
Covery presented an overview of a process that happens every time when a new customer decides to open a bank account. It told the story of John, who decided to open a new banking account to pay his utility bills without the need to visit the local bank branch. The narrative follows John through the process of selecting an app, registering in it, issuing a credit card, using the account to pay the utility bills — or even buying a new car online!
The most important part, however, was shown under the hood. The process of device fingerprinting, KYC check, AML verification, transaction monitoring, customer reputation confirmation using Trustchain and risk mitigation was shown, as well as the rest of Covery features.
Alexandr Khelemskiy, the product owner @ Covery, showcased the value delivered by Covery both to the card-issuing bank and to the customer, as well as the whole community of merchants that form the Trustchain global reputation database and use Covery for daily risk management, AML protection, and chargeback mitigation. He also answered questions from the audience on various Covery features. The recording of Alexander’s presentation can be found below.
Vertex Summit was quite an informative and useful event, highlighting the current situation in the payments and RegTech industry, as well as showcasing the most important trends and innovations. Covery is looking forward to partaking in the oncoming events and hopes to see you there too!