Temenos Regulatory Compliance

Temenos Customer Data Protection

Privacy by design is fundamental to implementing banking solutions that provide customers with more control of personal data and how it is processed.

Why Temenos Customer Data Protection ?

Since the arrival of the General Data Protection Regulation (GDPR), it is more important than ever to plan for the impact of data protection legislation by designing an efficient response.

With huge fines and irreversible reputational damage on the line for data breaches, data protection cannot be ignored.

Using our experience and expertise, Temenos provide assistance for Data Protection within Temenos Products; assisting clients to meet regulatory obligations with limited disruption to your business.

By developing and implementing data protection solutions at various banks across the globe, Temenos assists financial institutions with Data Protection by providing a Toolkit which can help you:

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Manage Personal Data

Take control of the personal data you process* using our personal data definition.

(*within Temenos products)

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Data Access and Portability

The provision of configurable personal data reports to assist with requirements related to the Right to Access and the Right to Data Portability.

Real-time corporate payments in LatAm; failure to plan is planning to fail

Data Erasure and Obsfuscation

An erasure process which removes and anonymises personal data after defined timeframes, Related to the Right to be Forgotten.

Banks can anonymise personal data how and when they require.

Our consent framework enables you to record consent from your customers in a granular and unambiguous way and enables your customers to easily opt in and out of specific processing..

Temenos clients have reduced their administration time for Personal Data reports from 6 hours to 0.1 hours.

Personal Data Definition

Your bank can hold a customizable definition of ‘personal data,’ making it easy for you to manage and track what personal data you hold and why.

Temenos provides a predefined list of core fields intended to hold personal data, this list includes details such as name, contact and location data.

This definition can be tailored to include company-specific or local data that is considered in scope of personally identifiable information (PII).

Determine how this data is processed when your customer’s request rights related to their data.

Personal Data Rights Management

Record, manage and action personal data requests from your customers using Temenos’ Personal Data Rights Management tool

Personal Data Reports

Generate customizable personal data reports to facilitate Subject Access Request and Data Portability reports for your customers.

These reports can be exported into a machine-readable format as standard in order to fulfil regulatory requirements.

Data Minimisation and Data Erasure

The module enables the logical erasure of personal data when and how each bank requires, this contributes to a system with data minimization in mind.

Our configurable erasure process allows financial institutions to anonymise data after the retention periods for processing the data have passed.

The erasure process is irreversible and applies to any identified personal data, including historical data.

Supporting the Right to be Forgotten.

Consent Management

Record granular and unambiguous consent from your customers for processing their data.

Temenos enable consent to be as easily withdrawn as it is given, and means customers can easily opt in and out of specific processing.

Video

Explaining Explainable AI in Financial Crime Mitigation

According to a global survey conducted by the Economist Intelligence Unit (EIU) on behalf of Temenos, two-thirds of banking executives believe that new technologies such as AI, machine learning will continue to have the greatest impact on the global banking sector in the next five years. AI can deliver huge benefits in financial services, particularly in the area of combatting financial crime and assisting with alert evaluation where it can deliver a significant return on investment. In acknowledgment of this, regulators are encouraging innovation, including harnessing new technologies, however, with caution that decisions need to be explainable and auditable. Join Professor in AI Hani Hagras, and Adam Gable in this session to learn why there does not need to be a trade-off between the accuracy of predictions and the ability to explain them. Find out how you can use Temenos Financial Crime Mitigation as a “plug in” service to offer real-time fraud, AML and sanctions screening to your payment and product offerings, helping you to better protect your organization in the digital age and reduce timely and costly overheads, powered by Temenos’ industry-leading Explainable AI platform.

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Key Challenges and Opportunities of ISO 20022

Over the coming years, some of the key payments rails in North America will undergo radical transformations to ISO 20022 based standards and transaction services. Affecting both domestic and cross border flows, these changes will impact many areas of processing, from payment order intake to transaction orchestration and execution, to clearing and settlement, to customer reporting, etc. In this discussion, we will highlight some of the key challenges and opportunities to be addressed based on learnings and insights gained from other markets around the world where similar transformations have taken place. What are the key capabilities required to address these challenges and thus reduce the risks and impact on your business?

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Regulatory Compliance: Managing Risk While Maximizing Rewards

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