<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/MicrosoftTeams-image-11-1.webp" alt="M2P Fintech" title="" id="kkcc1k5hr" width="100%" height="317">Video KYC is a game changer in digital onboarding. Since 2020, video-based identity verification has been effective in preventing fraud, reducing onboarding costs, and speeding up the authentication process.&nbsp;&nbsp;A robust face liveness detection is a key part of the <a class="link" href="https://m2pfintech.com/blog/transform-digital-onboarding-with-vkyc/" target="_blank" rel="noopener">VKYC</a> process. It is basically a selfie-based check that scans the user’s facial expressions and blinking gestures to differentiate a real user from a fake impersonator or a bot.&nbsp;<h2 class="heading-node" id="m7mrkrgp6" style="text-align: justify">How can you Create a Robust Face Liveness Detection Application?&nbsp;</h2>There are several tools and technologies available in the market, but the simplest cost-effective method involves using Flutter and Google ML Kit. Using these, you can easily create a face liveness detection application.&nbsp;Wonder how? &nbsp;We have our Flutter experts <a class="link" href="https://www.linkedin.com/in/chinnadurai-viswanathan-b2b6b7a5/" target="_blank" rel="noopener">Chinnadurai Viswanathan</a> and&nbsp;<a class="link" href="https://www.linkedin.com/in/nandhakumar-k-14828813a/" target="_blank" rel="noopener">Nandhakumar Krishnan </a>explain how a face liveness detection application can be created using Google ML Kit. &nbsp;So, here you go. &nbsp;To start with, facial&nbsp;images will be detected by doing the following gestures.<ol class="list-node" id="kg1t9mjv2"><li>Left - Turn&nbsp;</li><li>Right - Turn&nbsp;</li><li>Look - UP&nbsp;</li><li>Look - Down&nbsp;</li><li>Wink 😉&nbsp;</li><li>Smile 😃&nbsp;</li></ol>We will use Google’s library named <a class="link" href="https://firebase.google.com/docs/ml-kit" target="_blank" rel="noopener">Firebase ML Kit</a> to detect the faces within an image. <a class="link" href="https://pub.dev/packages/camera" target="_blank" rel="noopener">CameraPreview</a> is used to capture the user’s image, and then it will be sent to the <a class="link" href="https://firebase.google.com/docs/ml-kit" target="_blank" rel="noopener">Firebase ML Kit</a> library, which provides the face values.&nbsp; &nbsp;Now, let’s explore the Firebase ML Kit further.&nbsp;<h2 class="heading-node" id="ecwzez33o" style="text-align: justify">Firebase ML (<a class="link Hyperlink SCXW22502046 BCX0" href="https://firebase.google.com/docs/ml-kit" target="_blank" rel="noreferrer noopener">Firebase ML Kit</a>):&nbsp;</h2>Firebase ML Kit’s Face Detection API is a powerful tool to&nbsp;detect faces within images, which allows you to identify important facial features and obtain the contours of detected faces.&nbsp;&nbsp;This technology performs exceptionally well in the pre-processing phase of the image and detects different zones of the face accurately. The API can also identify many facial expressions and emotions, making it a valuable tool for developers looking to create facial recognition with greater accuracy and precision.&nbsp;&nbsp;After the images are captured from <a class="link" href="https://pub.dev/packages/camera" target="_blank" rel="noopener">CameraPreview</a>, it is tested using the following dependencies.&nbsp;<ol class="list-node" id="7f90uhnxd"><li><a class="link" href="https://pub.dev/packages/google_ml_kit" target="_blank" rel="noopener">Google MLKit (google_mlkit)</a>&nbsp;</li><li><a class="link" href="https://pub.dev/packages/camera" target="_blank" rel="noopener">Camera (camera)</a>&nbsp;</li></ol><h2 class="heading-node" id="pv2dvk5be" style="text-align: justify">Flutter Dependencies&nbsp;</h2><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/1.webp" alt="M2P Fintech" title="" width="100%" height="120"><h2 class="heading-node" id="d7sjvjvno" style="text-align: justify">Android Dependencies&nbsp;</h2><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/2.webp" alt="M2P Fintech" title="" width="100%" height="91"><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/3.webp" alt="M2P Fintech" title="" width="100%" height="117"><h2 class="heading-node" id="i0796e05v" style="text-align: justify">How to Get Face Values using Flutter &amp; Android dependencies?</h2>The following steps will help you get face values using Flutter and Android dependencies.&nbsp;Step 1The first step is to set the preview of the camera in Flutter.&nbsp;&nbsp;<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/4.webp" alt="M2P Fintech" title="" width="100%" height="120">In Flutter, the camera controller needs 3 parameters.&nbsp;<ol class="list-node" id="aj57jbroc"><li>List of cameras (List&lt;CameraDescription&gt; cameras = [];)&nbsp;</li><li>Resolution of Photo&nbsp;</li><li>Audio needs — Based on your requirement&nbsp;</li></ol><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/5.webp" alt="M2P Fintech" title="" width="100%" height="189">Using StreamBuilder, we can get the photo from the camera every second to process the images.&nbsp;<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/6.webp" alt="M2P Fintech" title="" width="100%" height="104">The cameraController?.startImageStream() method returns a ‘CameraImage’ which can be used for ML image processing. If you use Firebase ML for Flutter, you can directly pass the CameraImage to it for processing. Once the processing is complete, you can return the result and display it in a User Interface (UI).&nbsp;&nbsp;Note: The ‘cameraController?.startImageStream()’ method provides ‘CameraImage’ instance, but Google ML Kit requires an ‘InputImage’ object to perform face detection. Therefore, we need to convert the ‘CameraImage’ to an ‘InputImage’ object to build the face detection logic. In case you’re not familiar with ‘InputImage’, it is an ML Kit class that offers a common representation of images used as input data for machine learning models. It can be created from various sources such as bitmap, media image, or Byte Buffer.&nbsp;&nbsp;<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/7.webp" alt="M2P Fintech" title="" width="100%" height="74">Step 2Once you have implemented the above code, you can design your camera view in your application.&nbsp;&nbsp;Note: The below onImage method code is our special requirement, so we’ve implemented a few things.&nbsp;<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/8.webp" alt="M2P Fintech" title="" width="100%" height="454">Now we have obtained the InputImage from the camera stream, then the next step is to process the image and detect faces using the FaceDetector from the google_mlkit_commons library. This will display a list of all the faces present in the image, that can be used for further processing.&nbsp;&nbsp;Step 3Using this faceDetector instance, we will get the list of faces from InputImages objects.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/9.webp" alt="M2P Fintech" title="" width="100%" height="368">The output of the image will be as below.&nbsp;<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/03/MicrosoftTeams-image-9.webp" alt="M2P Fintech" title="" width="100%" height="254">If you are interested in reusing the above codes in your existing native applications, you can refer to this article on <a class="link" href="https://m2pfintech.com/blog/the-implications-of-flutter-in-fintech/" target="_blank" rel="noopener">The Implications of Flutter in Fintech</a>.&nbsp; With the power of ML and Flutter, the possibilities are endless for creating intelligent apps that offer a better user experience.&nbsp;&nbsp;If you want to know more about how we implement face liveness detection in Flutter and Google ML Kit, write to us at <a class="link" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener">business@m2pfintech.com</a>!&nbsp;This article is authored by <a class="link" href="https://www.linkedin.com/in/chinnadurai-viswanathan-b2b6b7a5/" target="_blank" rel="noopener">Chinnadurai Viswanathan</a>.<a class="link" href="https://m2pfintech.com/newsletter/" target="_blank" rel="noopener">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/" target="_blank" rel="noopener">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech" target="_blank" rel="noopener">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Unmask Face Liveness Detection by Integrating Google ML Kit into your Flutter App

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2023/01/Fintech-trends-banner-2.webp" alt="M2P Fintech" title="" width="100%" height="358">2022 was a rollercoaster for the fintech industry. Macroeconomic upheavals, intensifying competition, and regulatory headwinds contributed to the great fintech reset. However, with advances in technology innovation, increasing digital adoption, and improving public infrastructure, the industry overcame hurdles and emerged stronger. Swimming against the tide with turnaround strategies and course corrections, fintech businesses collaborated, consolidated, and diversified to enable sustainable and accessible financial solutions without compromising on people, compliance, and growth. Now, the future of fintech is bright. Blurring boundaries and transforming the way people transact, fintech has been a beacon of hope to many. People across all walks of life and in remote corners without access to fancy smartphones and devices have been able to access digital banking and financial services just by using biometrics and other fintech-led payments. Fintech companies have played a phenomenal role in facilitating this financial inclusion without greater emphasis on security, speed, or convenience. Valued at around $132 billion in 2022,&nbsp;the fintech industry is estimated to grow at 25% CAGR to reach <a class="link" href="https://www.marketdataforecast.com/market-reports/fintech-market">$324 billion</a> in 2027. The ability to improve accessibility, drive inclusion, enhance customer experience, and reduce costs are key drivers behind the growth projection.&nbsp;&nbsp;<a class="link" href="https://m2pfintech.com/blog/future-of-core-banking-systems/">Core Banking</a>, <a class="link" href="https://m2pfintech.com/blog/rbis-new-digital-lending-guidelines-will-it-be-a-game-changer/">Digital Lending</a>, <a class="link" href="https://m2pfintech.com/blog/factors-and-psychology-behind-the-great-bnpl-allure/">Buy Now Pay Later</a> (BNPL), <a class="link" href="https://m2pfintech.com/blog/upi-the-driver-of-economic-growth-and-inclusion/">Unified Payments Interface (UPI),</a> Credit Cards, and other <a class="link" href="https://m2pfintech.com/blog/ready-to-sneak-peek-into-global-cashless-societies/">Cashless</a> Payment modes dominated markets, while Blockchain emerged resilient with RBI adopting the technology for CBDC. Collaborations, consolidations, and platformizations last year set a great tone for 2023.<h2 class="heading-node" id="qp5iitvs9" style="text-align: justify">Trends we can expect in 2023</h2>Consistent customer-centric innovations, partnerships between banks and fintechs, regulatory interventions, and better accessibility - all point towards a promising future for fintech. Here are a few trends we can expect to see in 2023.<ul class="list-node" id="jxu8ecnrq"><li><a class="link" href="#embeddedfinance">Embedded Finance</a></li><li><a class="link" href="#sf">Sustainable Fintech</a></li><li><a class="link" href="#af">Alternative Financing</a></li><li><a class="link" href="#sa">Super Apps</a></li><li><a class="link" href="#ai">Artificial Intelligence</a></li><li><a class="link" href="#cp">Contactless Payments</a></li><li><a class="link" href="#bc">Blockchain</a></li><li><a class="link" href="#mv">Metaverse</a></li></ul><h3 class="heading-node" id="embeddedfinance" style="text-align: justify">1. Embedded Finance &nbsp;</h3><a class="link" href="https://m2pfintech.com/blog/embedded-finance-101-the-bridge-connecting-tech-and-financial-services/">Embedded finance</a> will see exponential growth in 2023 with emerging models that will help businesses thrive. Valued at over <a class="link" href="https://www.simon-torrance.com/blog/EmbeddedFinance1#:~:text=Embedded%20Finance%20offers%20one%20of%20the%20most%20exciting,value%20of%20the%20world%E2%80%99s%20top%20thirty%20banks%20today.">7 trillion-dollar</a>, embedded finance enables smooth integration of financial services into non-financial platforms or applications. Subsets of embedded finance viz., embedded credit, embedded payments, embedded insurance, and embedded banking will majorly benefit SMEs, MSMEs, and other app-based businesses by helping them scale product offerings and customer lifetime value while monetizing their customer base. As the embedded finance space grows, businesses will have the leeway to lower expenses, increase revenue streams, and innovate to deliver personalized, customer-centric products and services, while fintechs handle the heavy lifting on technology, compliance, and delivery.<h3 class="heading-node" id="sf" style="text-align: justify">2. Sustainable Fintech</h3>As the world heads towards net-zero and decarbonization by 2030, fintechs need to take sustainability seriously. In 2023, financial health, <a class="link" href="https://m2pfintech.com/blog/how-m2p-maps-sustainability-with-finance/">sustainable practices,</a> and environmental well-being will be deeply interconnected. A recent Eurogroup survey shows us that 67% of consumers demand sustainability engagement from their bank. &nbsp;And according to a study by Cornerstone Advisors, 70% of Gen-Z and Millennial consumers wanted to track their carbon footprint. Customers are eager to understand how their spending habits affect climate change and if their financial service provider invests in businesses that harm the environment. Being transparent with sustainability practices, incentivizing sustainable engagement, and introducing metrics to track climate impact, could be starting steps to transform businesses into <a class="link" href="https://m2pfintech.com/blog/climate-fintech-fintechs-leading-the-green-tech/">green powerhouses</a>.<h3 class="heading-node" id="af" style="text-align: justify">3. Alternative Financing &nbsp;</h3>There was a time when traditional financial players dominated the lending industry. But those times are changing now. Secure alternative financing options from non-banking fintech companies are emerging rapidly. In fact, the alternative financing industry is valued at <a class="link" href="https://www.grandviewresearch.com/industry-analysis/alternative-financing-market-report">$6.62 billion</a> and is expected to grow at 20% in 2023. The lending industry is democratized with co-lending business models to serve versatile customers, SMEs, MSMEs, and businesses across size and scale.&nbsp;With more core lending players entering the game, evolving regulatory frameworks, and a vast consumer base in need and with access to equitable financial instruments, the alternative financing market is ripe for the taking.<h3 class="heading-node" id="sa" style="text-align: justify">4. Super Apps&nbsp;</h3>2023 will the year for <a class="link" href="https://m2pfintech.com/blog/super-apps-in-consumer-banking-what-role-does-open-banking-play/">super apps</a>. It will be the swiss army knife for businesses as it consolidates multiple applications and eliminates the need for customers and employees to toggle between disparate applications. Just one super app will be able to provide enhanced mobile-first experiences across an aggregated range of services for the growing digital-native generation. Gartner predicts that by 2027, more than 50% of the global population will be active users of super apps. So, it's high time financial businesses leverage the first-mover advantage and develop super apps that fuses the beneficial attributes of an app, platform and digital ecosystem.<h3 class="heading-node" id="ai" style="text-align: justify">5. Artificial Intelligence (AI)</h3>High on data and customer experience, fintech industry will rely heavily on AI for analytics, decision-making, and customer support. Facilitating seamless onboarding, compliance, product customizations, and payments, AI will be the game changer that reduces overhead cost and operational risk along with improving security, and sorting legacy issues. Valued at <a class="link" href="https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-in-fintech-market-report">$9.4 bn</a>, <a class="link" href="https://m2pfintech.com/blog/how-is-ai-changing-the-financial-industry-top-6-use-cases-in-fintech-and-banking/">AI in fintech</a> holds a 16.5% growth potential. And Machine Learning (ML)-based models have been adopted by companies in the financial space to ace real-time target marketing and risk management. But here’s the billion-dollar question. Will AI ever replace humans in fintech? We don’t think so. &nbsp;Complement yes. But not replace.<h3 class="heading-node" id="cp" style="text-align: justify">6. Contactless Payments</h3>The pandemic made contactless payments and shopping the new norm. And there’s no turning back from there.&nbsp; Offering immense speed, security, hygiene, and convenience, technologies like NFC, RFID, and QR codes have simplified checkouts and have taken the payments industry by storm. Valued at $2.2 bn, the contactless payments market is expected to grow at 20% CAGR to reach <a class="link" href="https://www.businesswire.com/news/home/20220106005590/en/The-Worldwide-Contactless-Payment-Industry-is-Expected-to-Reach-12.6-Billion-by-2030---ResearchAndMarkets.com">$12 bn</a> by 2030. As research firms predict exponential growth in wearables, smart devices and contactless cards, fintechs must keep up with the demand for contactless payments.<h3 class="heading-node" id="bc" style="text-align: justify">7. Blockchain</h3>The future of <a class="link" href="https://m2pfintech.com/blog/blockchain-and-fintech-use-cases-and-applications/">blockchain</a> is solid despite setbacks like the crypto crash. Its inherent strength in security, transparency, speed, cost efficiency, and efficient storage will play out as Web3 and <a class="link" href="https://m2pfintech.com/blog/central-bank-digital-currency-cbdc-101-a-primer/">CBDC</a> adoption increases. Blockchain-based data sharing, smart contracts, payment tracking, peer-to-peer lending, encryptions, decentralized architectures and ecosystems, and cybersecurity will be key emerging trends in 2023. The fintech blockchain market size is expected to hit <a class="link" href="https://www.marketsandmarkets.com/Market-Reports/fintech-blockchain-market-38566589.html#:~:text=The%20FinTech%20blockchain%20market%20is%20expected%20to%20grow,Rate%20%28CAGR%29%20of%2075.9%25%20during%20the%20forecast%20period.">$6.2 mn</a> by the end of 2023. So, it's high time fintechs give blockchain some mndspace.<h3 class="heading-node" id="mv" style="text-align: justify">8. Metaverse</h3>Sparking some of the hottest tech discussions, metaverse shook the world with its decentralized, community-owned, virtual utopia. &nbsp;Though in the early developmental stages, metaverse is considered to be the next big evolution in the world of fintech, with the potential to transform how people work, shop, live, and transact. According to a recent Goldman Sachs research, metaverse could give rise to a <a class="link" href="https://newseu.cgtn.com/news/2022-06-13/Metaverse-valued-at-12-trillion-a-year-to-the-global-economy-1aKNYwIjyp2/index.html">$12 trillion</a> virtual economy with intense activity around cross-border payments, financial assets creation, safekeeping and trading. Leveraging Virtual Reality (VR) and Augmented Reality (AR), this virtual phenomenon enables fun and personalized banking and transactions. But the flipside of metaverse is the security concerns that may arise, which if addressed will hold massive promises for the fintech industry. With this we conclude our fintech trends for 2023. While it is challenging to predict exactly how fintech will unfold, we can say with reasonable certainty that 2023 will be an interesting one for the industry, India, and the world. What do you think of these trends? Let us know in the comments! Have a great 2023! Stay connected for the latest fintech news, views, updates, and more.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

8 Fintech Trends to Look Out for in 2023

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/09/fixed-deposit.webp" alt="M2P Fintech" title="" width="100%" height="358">Indians save up to 28.2% of their income on average. And 95% of them prefer Fixed Deposits (FDs) as their primary savings option. &nbsp; Maintaining a healthy spending-saving balance has always been a priority in Indian households.&nbsp;Concepts of saving and investing for the rainy day are inculcated in young minds to&nbsp;ensure financial stability, discipline, and freedom. Though there are several investment instruments in the market, Fixed Deposit (FD) rules the heart of the savings-savvy populace in India. As they are not market-linked instruments, FDs are low on financial risk with optimal wealth appreciation potential. So, it’s a safe haven for people to park their funds and earn reasonable interest without market exposure.&nbsp; &nbsp; Are fixed deposits available only in the Indian market? Not exactly. FDs are available in different formats across the world. It is known as a Certificate of Deposit/Term Deposit in the US, Canada, and New Zealand and as Fixed Term Bonds in the UK. While the average interest rate in India is around 5%, it ranges between 0.5% and a maximum of 2% in other countries.&nbsp;<h2 class="heading-node" id="39x2x2wau" style="text-align: justify">Pros and cons of fixed deposits</h2>A fixed deposit has a tenure starting from 7 days and can extend as high as 10 years. Complete safety of capital is ensured in an FD, along with stable returns. As a tax-saving instrument, they deliver long standing benefits that include low risk and flexibility as follows.<ul class="list-node" id="0un3uzcne"><li>Overdraft facilities against FDs to help customers in case of emergencies</li><li>Tax exemption benefits under section 80C of the Income Tax Act, 1961</li><li>Protected up to Rs. 5 lakhs by the DICGC's (Deposit Insurance and Credit Guarantee Corporation) insurance cover</li><li>Assured returns and minimized risks as the rates do not fluctuate often</li></ul>Some banks offer free insurance and health care benefits alongside their FD investment.&nbsp;However, despite all the advantages, FD had a few limitations.&nbsp; Creating a physical FD at the bank required multiple trips to the branch, a lot of paperwork, and a swirl of redirects to complete a single task. These cause great inconvenience to the customer in today's digital age. &nbsp; The limitations mentioned above called for a modernized digital upgrade of FD, the go-to investment choice of multitudes.<h2 class="heading-node" id="sox1aqtor" style="text-align: justify">Rise of digital fixed deposits</h2>With the digitization of finance echoing in every nook of the country, the traditional FD model had to adapt to emerging trends. The pandemic further fueled the shift to modernized digital fixed deposits. People wanted to go about their daily lives as normally as possible without risking their safety. Instant remote onboarding, digital KYC, and personalized customer experiences emerged as factors that determined the success of bank deposits.&nbsp;&nbsp;&nbsp;&nbsp; Banks, NBFCs, and fintechs had to embrace the much-needed digital avatar and modernized their traditional approaches. But it was again not without challenges.&nbsp;Here’s a quick peek into their pain points.<ul class="list-node" id="ey420216x"><li>Conventional banks’ reliance on outdated, monolithic technology hindered customer base scaling, NBFC and fintech interactions, and expansions</li><li>There was no single window for the customers to compare and invest</li><li>The FD process was exhaustive with multiple process integrations, each focusing on only particular stages of the product lifecycle</li></ul>The inefficiencies of legacy platforms impacted the agility, scaling, and profitability potential of&nbsp; FD providers.<h2 class="heading-node" id="09o77ear7" style="text-align: justify">Benefits of digitizing the FD platform</h2>The prospect of saving time, effort, and the cost is something that excites everyone about technological advancement. &nbsp; Digital FD platforms enable that and more. It gives FD providers and customers the convenience of anytime, anywhere investments. It enables customers to compare and contrast various FD products based on parameters like cost, interest rates, etc.&nbsp; With easier access to information on investment choices in one place, investors will develop trust factors and enjoy personalized experiences. Customers can now say goodbye to lengthy procedures and tiresome paperwork, as digital tools help capture onboarding and other information without much manual intervention. All these boosts seamless customer experience immensely.&nbsp; In addition, the digital FD market has the potential to enable a wide array of use cases that range from assisting millennials in getting their financial game running, to enhance the value of investment portfolios for existing customers.&nbsp;&nbsp; <a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a> for more insightful fintech tales curated for curious minds like you.

Modernizing Fixed Deposits, the Digital Way

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/09/MicrosoftTeams-image-133-1.webp" alt="M2P Fintech" title="" width="100%" height="358">Did you know?52 million data breaches were recorded in the 2nd quarter of 2022 alone. And the average cost of a data breach hit an all-time high of $4.35 million this year.Since the pandemic, people’s social and financial lives have gone digital. More than 2.5 quintillion bytes of data are generated every second across categories and channels. Imagine this quantum of information falling into the wrong hands due to compromised login credentials, phishing attacks, and cloud misconfigurations. It could expose consumers and businesses to financial loss, reputational damage, operational disruptions, and legal repercussions.As data is one of the most valuable assets a financial organization can possess, securing the data environment from the risk of cyber threats, data breaches, and other attacks is critical.So how can financial companies secure their data environment?Using ISMS.<h2 class="heading-node" id="ljb3adzqe" style="text-align: justify">How ISMS enables a secure environment?</h2>Financial organizations need a robust Information Security Management System (ISMS) to avoid threats and secure sensitive data. ISO 27001 &amp; ISO 22301 certifications are imperative to ensure data environments are secure without data exfiltration and unauthorized data manipulation. ISMS compliance prevents financial penalties, reputation loss, and legal and regulatory non-compliance.<h2 class="heading-node" id="8nwndysxz" style="text-align: justify">What is ISMS?</h2>ISMS is a framework that improves data security by protecting all forms of information, viz., digital, paper-based, and other cloud devices. It establishes a systematic approach that maintains an organization’s confidentiality, integrity, and availability.<ul class="list-node" id="pogyjzt23"><li>Confidentiality- ensuring the right access control</li><li>Integrity -keeping data complete and accurate at all times</li><li>Availability -making sure data is accessible anytime as required</li></ul>The ISMS framework comprises policies, processes, and controls that protect organization data and increase attack resilience. Businesses can leverage their risk analysis approach to reduce costs associated with adding layers of defense technology that might not always work.<h2 class="heading-node" id="jmwuobn5t" style="text-align: justify">Avert security threats with ISO 27001&nbsp;standard</h2>Security threats apply not just to IT assets. Non-IT data sets are under significant threat too. Financial companies need to be proactive with ISO 27001 compliance to secure all data assets, manage data privacy and integrity and ensure customer confidence.ISO 27001 is a security management standard that helps an organization manage risk factors that may include procedures, policies, and staff training. The international standard ISO/IEC 27001 comprises guidelines jointly established by the International Electrotechnical Commission (IEC) and International Organization for Standardization (ISO).The ISO 27001 standard relies a lot on regular risk assessments. These assessments ensure that the organization is so prepared and secure, that when threats appear, all the appropriate measures are already laid out. The ISO 27001 standard encompasses deep risk assessment processes, information classification, organizational structuring, monitoring and reporting guidelines, information security policies, and access control mechanisms, among other procedures.<h2 class="heading-node" id="q2yipzw0r" style="text-align: justify">Combat disruptions with ISO 22301&nbsp;standard</h2>In case of untoward incidents and natural disasters, there is often little or no time for businesses to prepare a proper response. This leads to disruption between people, processes, networks, and infrastructure.Financial companies need to combat data attacks during unexpected times to stay out of financial loss, secure customer confidence, manage customer loyalty and operate their business smoothly. This is precisely what ISO 22301 solves for. ISO 22301 mitigates risks and helps an organization tide over vulnerabilities.ISO 22301 is a global standard published by the International Organization for Standardization (ISO) for Business Continuity Management Systems (BCMS). This business continuity management standard helps an organization identify threats, respond to them, and recover quickly with the least disruption to their business.<h2 class="heading-node" id="md4logi7j" style="text-align: justify">Top-notch data security, our priority</h2>Certified under ISO 27001 and ISO 22301 standards, we prioritize data environment security to defend against cyber-attacks, data breaches, and other risks. We are accredited to deliver products that are embedded with top-notch security and operational excellence.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Securing Data Environments with ISMS

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/07/BlogBanner_for-medium.webp" alt="M2P Fintech" title="" width="100%" height="358">Sustainability is broader than climate change. It is about building a society where upcoming generations can thrive. Today, the world is at a crucial juncture where sustainable decisions with long-term benefits are the need of the hour. The global movement toward building an agile, resilient economy has gathered pace. The financial services sector and worldwide regulators play a vital role in enabling a buoyant society by leveraging innovations and regulations in sustainable finance.Every year, the United Nations Climate Change Conference, otherwise known as the Conference of Parties (COP), gathers to deliberate solutions to climate change risks and access progress. Sitting at the heart of the hydrocarbon industry, the UAE has been elected to host COP28 in 2023. The nation’s investments in energy diversification and its highest level of climate ambition have resulted in the opportunity to accelerate economic growth, job creation, gender equality, and youth empowerment. The UAE has always encouraged financial ecosystems driven by technological advancements blended with climate-smart solutions. As a burgeoning fintech hub, the UAE is set to spearhead the quest for sustainability.<h2 class="heading-node" id="721f" style="text-align: justify">UAE’s commitment to sustainable finance</h2>As a global financial center, the United Arab Emirates acknowledges the role of sustainable finance in achieving economic growth, climatic goals, and energy diversification objectives. Subsequently, Abu Dhabi Global Market (ADGM) launched the UAE Sustainable Finance Working Group (SFWG) in 2019. The stakeholders include the UAE ministries, regulatory authorities, and other government bodies responsible for developing ecologically sustainable finance policies. In November 2021, the SFWG released a public statement of its commitment to sustainability objectives by adhering to the Net Zero by 2050 strategic initiative and establishing sustainable finance policies.Sustainable finance is a cornerstone in empowering the UAE and broader stakeholders to attain net-zero emissions targets. The Dubai Financial Services Authority (DFSA) and the Financial Services Regulatory Authority (FSRA) in Abu Dhabi are leading the way in accelerating the expansion of sustainable finance in the UAE. They are set to foster a thriving ecosystem for sustainable finance by enabling private capital investments. This is expected to improve the financial system’s stability, boost transparency, and achieve long-term sustainable development benefits.<h2 class="heading-node" id="e565" style="text-align: justify">Sustainable fintech alliance</h2>The MENA Fintech Association (MFTA), the leading voice and nexus of the Fintech community in the region, launched the Sustainable Fintech Alliance to foster MENA Fintechs in becoming leaders of sustainable approaches. MFTA aspires to help its members embrace and integrate sustainability as part of their organizations’ culture and values and create positive impacts in the wake of the increasingly acute environmental and social challenges.M2P is one of the founding partners of MFTA alongside Mastercard, Checkout.com, Codebase Technologies, YAP, Marshal, BPC, Taptap Send, and GPS. The partners are in collaboration with Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), and The London Institute of Banking and Finance MENA (LIBF). Together, the Alliance believes in harnessing the technological revolution and innovation to redesign financial services to reinforce sustainability.<h2 class="heading-node" id="5512" style="text-align: justify">Sustainability framework</h2>Sustainable finance is considered a strategy to facilitate projects that mitigate and manage threats associated with the broad range of environmental, social, and governance (ESG) risks.Against this backdrop, the DIFC devised a general Sustainability Framework to address existing gaps and challenges related to mainstream sustainable finance practices. It also seeks to augment the demand and supply of sustainable finance products and low-carbon, climate-resilient investment projects.The four strategic pillars underpinning the framework are Social, Environmental, Governance, and Government Alignment. The framework is designed to scale up the development of a business environment for diversified and innovative sustainable finance products. Another strategic intent of the framework is to empower the mobilization of private capital towards environmentally sustainable and climate-resilient investments.<h2 class="heading-node" id="a3fe" style="text-align: justify">M2P’s allegiance to sustainability</h2>As an earnest member of the MFTA, M2P is committed to implementing credible and transparent sustainability initiatives across global operations. Our team is constantly striving to innovate programs that are commensurate with the local culture, tradition, and governmental policies. We believe this will help us embrace the finesse of the Sustainability Framework and positively contribute toward the United Nations’ Sustainable Development Goals (SDGs) and Net Zero pledges.To mark our first step on the road to sustainability, we launched the “Better Half Program”, exclusive to our Indian offices. This program extends a hand to women who aspire to resume their careers after a break.<h2 class="heading-node" id="ec41" style="text-align: justify">Better-Half Program, a positive social impact</h2>We at M2P believe in creating a positive social impact by giving a chance to women looking to return to the workforce after a break. The break could be for any reason. We respect their choices and feel they deserve the opportunity to develop their careers.Recognizing the unique challenges women in India face after taking a career break, we launched the “Better Half Program.”- a formal employment program that helps women restart their careers and ease into professional life, starting with half a day’s work duration.Helping women hone their skills and be prepared for ‘Better’ career prospects and ‘Half’ a day of work is the rationale behind naming the program ‘Better-Half’. The better-half program facilitates a smooth re-entry to a full-time job through a gradual ramp-up of work hours.M2P is the world’s first company to make half-a-day work mainstream with benefits.Better-Half is a carefully curated program to restart one’s professional journey. Those selected are expected to contribute 5 hours in a day, making us the first company to make half-a-day work mainstream. The program is packed with all benefits that accrue to a person seeking full-time employment, including formal upskilling and participation in ESOPs.In addition, the program offers access to on-the-job projects, learning opportunities, and the possibility to work in a multi-disciplinary team. It extends community support, and those selected are mentored by experienced managers culminating in a chance to convert into a full-time role at the end of 12 months or whenever the participant decides to convert.<h2 class="heading-node" id="e9cc" style="text-align: justify">Fusing sustainability into fin and tech</h2>With over 1000 M2Peers globally, we aim to drive sustainable value through our digital products and effective ESG practices. Our vision and persistent efforts have enabled our customers to make headway toward a cashless ecosystem that fosters a financially inclusive society. We believe in investing transparent and consistent effort towards positive climate change, people advocacy, gender equality, racial diversity, and much more.Want more insights into our sustainability efforts? Write to us at&nbsp;<a class="link au mf" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener ugc nofollow">business@m2pfintech.com</a><a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

How M2P Maps Sustainability with Finance?

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/07/July-Blog-Banner-V3_1_Main-Banner.webp" alt="M2P Fintech" title="" width="100%" height="253">Artificial Intelligence (AI) has transformed the physics of financial services. It has altered centers of gravity, isolated vulnerable bonds, and changed traits that are imperative to building a successful business. The ability to leverage data to drive process and talent optimization, product performance, and personalized interactions is now considered critical to driving value and efficiency.By combining technology and robust data, AI delivers insight-driven decisions to resolve challenges. Financial services companies are becoming future-ready by harnessing the power of AI and Machine Learning (ML) to enhance operational efficiency, mitigate risk exposure, and customize product development, distribution, and customer experience.<blockquote class="block-node" id="ll5niu0xi">According to PWC reports, AI will boost global GDP up to $15.7 trillion by 2030 and 45% of total economic gains will arise from AI-driven product enhancements that stimulate consumer demand.</blockquote><h2 class="heading-node" id="fec6" style="text-align: justify">Growth Potential of AI in Finance</h2>Artificial Intelligence in the global financial technology market is expected to grow at <a class="link" href="https://www.prnewswire.com/news-releases/ai-in-fintech-global-market-to-reach-24-17-billion-by-2026--301615420.html">27.6% CAGR and reach $24.17 billion in 2026</a>. The growth projection is attributed to its ability to increase security and efficiency, personalize customer experience, automate services, and unlock several other growth opportunities.91% of financial services companies reported driving critical business outcomes by leveraging AI investments (Source: <a class="link" href="https://www.nvidia.com/content/dam/en-zz/Solutions/industries/finance/ai-financial-services-report-2022/fsi-survey-report-2022-web-1.pdf">Nvidia Report</a>). Here are the benefits they realized.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/07/July-Blog-Banner-V3_1_Benefits-of-AI-Chart.webp" alt="M2P Fintech" title="" width="100%" height="253">AI-led data analysis and reporting surpass human intelligence to cut costs, accelerate revenue, and optimize service quality and product efficiency. It creates operational efficiency, predicts customer preference, detects fraud, and plans market expansions. Although some industry voices expect AI to replace 9% of all jobs by 2030, fintech companies are optimistic that AI will expand their workforce by 19%.<h2 class="heading-node" id="21fd" style="text-align: justify">How AI Transforms Banking &amp; Fintech</h2>Millennial and Gen Z customers prefer newer and faster technology over traditional systems. AI-based products and services enable FIs to meet the demands of today’s digital-age customers. It helps them enhance user experience through customized products and services.Listed below are sample AI-enabled services that global banks use to enhance customer experience.· Smile-to-pay facial scanning to initiate transaction· Micro-expression analysis with virtual loan officers· Conversational bots for basic servicing requests· Humanoid robots in branches to serve customers· <a class="link" href="https://m2pfintech.com/blog/5-reasons-why-banks-need-behavioral-biometrics/">Biometrics </a>to authenticate and authorize· Machine vision and natural language processing to scan and process documents· Machine learning to identify risk patterns and cybersecurity incidents· Real-time transaction analysis for risk monitoringAI technologies augment the overall customer experience by offering personalized recommendations, insights, and suggestions. In short, AI powers banks, insurers, asset managers, and fintechs to outperform peers, boost customer lifetime value, and increase market share.<h2 class="heading-node" id="fb07" style="text-align: justify">Top 6 Use Cases of AI in Fintech and Banking</h2>Over 75% of businesses use high-performance computing (HPC), machine learning, and deep learning for AI applications. While retail banking and capital markets benefit from deep learning, fintech firms rely on machine learning for the use cases below.<ol class="list-node" id="mglp0g4e6"><li>Transaction Fraud Detection</li><li>Conversational Chatbots</li><li>Robo-Advisors — Portfolio Optimization</li><li>Regulatory Intelligence</li><li>Credit Decisioning</li><li>Algorithmic Trading</li></ol>Transaction fraud detectionFinancial firms leverage AI and ML to identify, investigate, and mitigate transaction fraud, <a class="link" href="https://m2pfintech.com/blog/how-to-combat-money-laundering-2/">money laundering</a>, and <a class="link" href="https://m2pfintech.com/blog/crack-the-kyc-jigsaw-ease-onboarding-compliance/">KYC</a> discrepancies efficiently. Analyzing large datasets and user behavior, AI can decode risk factors and help reduce chargebacks, fake accounts, spam, account takeovers, and any other <a class="link" href="https://m2pfintech.com/blog/prevent-cnp-frauds-with-pci-3ds/">CNP</a> frauds in real-time. The fraud detection use case is critical in banking, card transactions, insurance, and lending platforms, to name a few.Conversational chatbotsChatbots and virtual agents fall under the conversational AI use case. They are quite different from conventional chatbots. By leveraging Natural Language Processing (NLP) and Machine Learning (ML) processes, they can understand customer intent, troubleshoot issues, and make small talk based on context. In financial companies, they can be used to collect customer information, deliver support, resolve queries, and redirect escalations to customer service representatives. These chatbots can be used across multiple channels and can deliver support via audio, video, and text.Robo-advisors — portfolio optimizationBuilding a strong financial portfolio is critical to maximizing returns on investments. Optimizing the portfolio helps balance the risk-to-reward ratio. AI-enabled Robo-advisors use predictive analysis to foresee future returns by analyzing the trends in the financial market. Investment companies can use this feature to make data-driven decisions that increase sales, optimize resource utilization, and improve operational capabilities. Robo-advisors are less priced options than conventional financial advisors. Even novices can drive value from investments with the help of Robo-advisors.Regulatory intelligenceThe banking and fintech sector must constantly update operations to stay compliant with governments and regulators. Using AI-led automation, compliance obligations are simplified, streamlined, and automated. The personalized, role-based dashboards provide regulatory intelligence for data-driven decisions at a lesser cost and time. Finance companies can stay up to date on compliance status and keep abreast with the latest regulations.Credit decisioning engineAI-based credit scoring can help expedite the assessment of creditworthiness and lending decisions. AI-led credit scoring models analyze real-time indicators such as current income, employment opportunities, and potential ability to earn, in addition to credit history, transaction patterns, work experience, and online behavior. This enables a sensitized and customized credit score assessment and inclusive lending decisions.Algorithmic tradingTrading is all about making profitable transaction decisions. AI-driven algorithmic trading uses pre-trade analytics and trading strategies to make lucrative transactions and groom efficient traders. Assimilating its own data using machine learning methods, AI-based algorithmic trading delivers real-time forecasts based on the analysis of price change patterns, currency values, global indices, raw materials, and other macro/micro indicators. It is super accurate in detecting market anomalies and helps reduce operational and trading risks.Now, these are not all. Apart from the use cases discussed above, AI can also help automate and expedite <a class="link" href="https://m2pfintech.com/blog/steps-in-credit-underwriting-why-using-an-alternative-source-of-data-and-behavior-metrics-will-be-of-help/">underwriting</a>, customer acquisition, and marketing optimization.To know more about the use of AI in banking and fintech, write to us at&nbsp;<a class="link au nr" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener ugc nofollow">business@m2pfintech.com</a><a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

How is AI Changing the Financial Industry? Top 6 Use Cases in Fintech and Banking

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Flutter-for-Fintech_Blog-banner_04.webp" alt="M2P Fintech" title="" width="100%" height="284">Fintech has transmuted banking and financial operations worldwide. It has radically simplified financial services and processes with the help of banking applications. Back in the day fintech applications were confined only to tech-savvy users, but today, it has become an integral part of life for all generations. The appetite for mobile-first, customized financial applications is driving fintech companies to innovate and consistently deliver advanced products and services.Banking applications are traditionally built for specific operating systems and <a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">APIs</a> using the respective native programming languages/technologies. But these practices resulted in higher cost implications and prolonged time to market. To overcome such limitations, fintechs adopted the latest digital innovations to power personalization, user engagement, and security.The launch of Flutter in 2017 changed the dynamics of application development as it provided a great user experience tailored for specific operating systems. This unique feature made Flutter the holy grail of fintech app development. Over the last few years, several companies have successfully launched their applications using the Flutter framework.Curious to know how to add a flutter module to an existing android and iOS application?You’re in luck. We have our domain expert and Senior Software Engineer,&nbsp;<a class="link au lh" href="https://www.linkedin.com/in/chinnadurai-viswanathan-b2b6b7a5/" target="_blank" rel="noopener ugc nofollow">Chinnadurai Viswanathan</a>&nbsp;share the nitty-gritty of how Flutter can be used in fintech applications.Here are the topics he sheds light upon.<a class="link" href="#430e">What is Flutter?</a><a class="link" href="#d14a">Why Flutter is critical to Fintech?</a><a class="link" href="#fb14">How to Generate a Flutter Module?</a><a class="link" href="#69a3">Android Integrations</a><a class="link" href="#af8c">IOS Integrations</a>Here you go!<h2 class="heading-node" id="ag0mm47r9">What is Flutter?</h2>Flutter is an open-source software development kit from Google. It is used to build cross-platform applications, including mobile, web, and embedded products &amp; services. Programmers employing Flutter write a single codebase to create applications that run across various platforms such as android, iOS, Windows, and Linux. Developers build a Flutter app once and cross-compile them for multiple platforms with Flutter instead of creating an individual application for each platform.Let us be clear here that Flutter is not a programming language. It is a User Interface (UI) framework that works on the Dart programming language. It uses native UI elements which can be personalized during development. Some of the most used Flutter applications are Google Pay, Xianyu by Alibaba, and the KenKen puzzle app.<h2 class="heading-node" id="d14a">Why is Flutter critical to Fintech?</h2>Flutter combines the best features from native and hybrid application development approaches. Therefore, it is considered an optimal solution for neo banks and fintech companies. The Flutter framework offers manifold benefits to the user. But in this article, we emphasize the ones that are most essential for developing a fintech or mobile banking solution. Application and Data SecurityFlutter is powered by Dart and compiled into a native, computer-executable code. There are no intermediary apps required. This makes Flutter-based banking apps more secure than native solutions. Moreover, it also involves a comprehensive native library and changes data formats during compilation. So, the reverse engineering process is multifaceted, making it almost impossible for hackers to comprehend the software functionality to reproduce.Information security and compliance with regulations like <a class="link" href="https://m2pfintech.com/blog/pci-dss-the-payments-armour/">PCI DSS</a> and GDPR are imperative for a banking application. The framework allows biometric authentication via Face ID or Touch ID, and enables Dart developers to leverage the recently released library implementations of all popular data encryption algorithms. This boosts the security of the customers’ personal and financial data as well as transaction details.Reliable PerformanceAn application’s performance is directly proportional to customer engagement and retention rate. Delays in loading time significantly impact the product’s performance, which can make the customers stop using the application again.Flutter can offer up to 120 frames per second (FPS) performance, making it a top choice for banking apps that serve a colossal userbase with rapid response time.Use of Declarative APIFlutter harnesses reactive declarative UI <a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">APIs</a>. This means Flutter’s user interface reflects the current state of the application. For example, if a user flips a switch in the settings screen, it triggers a redraw of the current state, and the UI rebuilds from scratch. This is the key advantage of Flutter.There is only one code path for any state of the user interface. The developer describes what the UI should be like, for any given state once, and that is it. The framework handles the arduous, error-prone task of optimizing the UI.Saves Time, Cost, and EffortUnlike native technologies, the Flutter framework presents a unique feature called the&nbsp;Hot Reload. It allows the developers to see the front-end and back-end changes in real-time. This enhances the product delivery speed as it saves a lot of time involved in developing and compiling a banking app. Additionally, Flutter offers a lot of widgets that help in simulating the behavior of various design languages, thus enabling the developers to jump some of the tedious steps in the application development.Furthermore, by using Flutter, developers write only one codebase for different operating systems. Thus multiple teams for each operating system is not required. This reduces the time and effort involved in testing bugs and potential issues. Furthermore, the use of a single codebase for different platforms drastically alleviates the maintenance process and, in turn, minimizes operational costs.Delivers Seamless User Experience and PerformanceReleasing new features and updates according to end-user feedback is the key to boosting customer engagement and retention. Flutter is flexible and has an in-built application builder. The developers can take advantage of a wide range of pre-developed, reusable UI elements to customize and fit customer needs and specifications. The apps built using this framework facilitate seamless user experience and superior performance.<h2 class="heading-node" id="fb14">How to Generate a Flutter Module?</h2>To create a flutter project, you require one of the following channels: beta, dev, or master. In case you are using the stable channel, change/ upgrade your channel before moving to the next step. Now, create a flutter module as shown in the below image.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/01.webp" alt="M2P Fintech" title="" width="100%" height="284">Upon clicking the finish button, a flutter module will be generated in the chosen folder.Now, using flutter design, you can make any design to meet your business requirements.Let us take the below design as an example<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com//m2p-website-file/marekting-cms/m2p-blog/2025/05/02.webp" alt="Flutter" title="" id="50luuo7xe" width="100%" height="284"><h2 class="heading-node" id="69a3">How to add Flutter to Android?</h2>We will first create a new Android Studio project.Step 1: Start&nbsp;Android Studio&nbsp;on your system.Step 2: Click on&nbsp;Start a new Android Studio projectStep 3: Choose&nbsp;Empty Activity/Whatever you need (Based on your business logic)&nbsp;and click&nbsp;Next.Step 4: Now enter the details for your&nbsp;native android projectStep 5: Click on the Finish buttonThere are two ways to implement the Flutter Module:(1) Using Android Archive (ARR)(2) Using Module’s source codeHere, we are using the Module’s source code as it facilitates a one-step build for the Android and Flutter projects. It is also convenient to work simultaneously on both parts; however, remember to install the Flutter SDK to build the host app.As the next step, add the Flutter module as a sub-project to the host app’s settings. Gradle file by adding the following commands:<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com//m2p-website-file/marekting-cms/m2p-blog/2025/05/03.webp" alt="Flutter" title="" id="t59nt5bbw" width="100%" height="171">Now, sync the Gradle by clicking on&nbsp;Sync Now&nbsp;button. Next, add more code and files to the host app to make it Flutter dependent.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com//m2p-website-file/marekting-cms/m2p-blog/2025/05/04.webp" alt="Flutter" title="" id="j0aitwyay" width="100%" height="199">Add a dependency to the&nbsp;app-level&nbsp;build. Gradle in your host app<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com//m2p-website-file/marekting-cms/m2p-blog/2025/05/05.webp" alt="Flutter" title="" id="ni6c8c7eu" width="100%" height="199">Finally, the Flutter Module is successfully added to the native Android Application.<h3 class="heading-node" id="1b69">Integrating Flutter Module with the Android app</h3>Follow the below steps to build the FlutterActivity class to display the Flutter screen within the host app.<ul class="list-node" id="lbr605y4h"><li>Use the&nbsp;withNewEngine()&nbsp;factory method to configure a&nbsp;FlutterActivity&nbsp;that internally creates its own&nbsp;FlutterEngine&nbsp;instance.</li><li>Followed by the&nbsp;initialRoute()&nbsp;factory method to define a custom route to display the Flutter UI, defined in the Flutter app code.</li><li>Finally, employ the&nbsp;build()&nbsp;method to build the&nbsp;FlutterActivity&nbsp;within the host app. It takes the current Activity as an argument.</li></ul><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/06.webp" alt="M2P Fintech" title="" width="100%" height="171">or<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/07.webp" alt="M2P Fintech" title="" width="100%" height="142">Add the following inside the AndroidManifest.xml file of the host app to load up the Flutter UI.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/08.webp" alt="M2P Fintech" title="" width="100%" height="199">Finally, the Flutter module is integrated with the native Android application.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/09_a.webp" alt="M2P Fintech" title="" width="100%" height="284"><h2 class="heading-node" id="8ba5">How to add Flutter to iOS?</h2>As the first step, create an empty iOS project with all the required files. Here, we are creating a new Xcode project.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/10.webp" alt="M2P Fintech" title="" width="100%" height="284"><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/11_a.webp" alt="M2P Fintech" title="" id="xag8slkou" width="100%" height="284">To create an empty iOS project, enter the Product Name, select Team, and fill in the other details. Then click Next.We can implement the Flutter Module in two ways:(1) by embedding frameworks in Xcode(2) by embedding with CocoaPods and the Flutter SDKHere, we will embed with CocoaPods to add Flutter to a native iOS app.<h3 class="heading-node" id="9ileqvn8o">Integrating Flutter Module with the iOS application</h3>We have used FlutterViewController to build FlutterActivity to display the Flutter screen within the host, a native iOS application. However, to use this, we will also need to create a FlutterEngine class. The proper place to build a FlutterEngine is inside the AppDelegate.swift file. Now, replace the whole content of this file with the following code<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/12_a.webp" alt="M2P Fintech" title="" width="100%" height="227">Now, add the following lines to the ViewController.swift file in order to display the flutter screen.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/13_a.webp" alt="M2P Fintech" title="" width="100%" height="227">Finally, the Flutter module is integrated with the native iOS application.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/14_a.webp" alt="M2P Fintech" title="" width="100%" height="284">Flutter is a feature-rich Software Development Kit with an enormous potential to build a banking app while achieving performance and fault tolerance. With Flutter, the app UI and logic doesn’t change depending on the platform. There is no reliance on platform-specific UI components, and it is suitable for any target platform. Using Flutter, developers can impose the critical facet of the financial industry, such as security of sensitive data and defense from reverse engineering.Looking for assistance in using Flutter to build your banking app, write to us at&nbsp;<a class="link au lh" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener ugc nofollow">business@m2pfintech.com</a>. We’ll be glad to help.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

The Implications of Flutter in Fintech

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Hardware-Security-Modules-01-1.webp" alt="M2P Fintech" title="" width="100%" height="284">Security compliance is non-negotiable. No matter what.Irrespective of whether you are into digital banking, card issuance, or <a class="link" href="https://m2pfintech.com/blog/digital-lending-open-credit-enablement-network/">lending</a>, you must remember that your customer data, credentials, and documents are vulnerable to security hazards. Without strong <a class="link" href="https://m2pfintech.com/blog/why-is-risk-based-authentication-rba-critical-for-banks/">risk management</a> measures, you may risk exposing yourself and your customers to data breaches, cyber-attacks, and exorbitant fines from regulatory authorities. This is where cryptography, the science of protecting sensitive data saves the day, by delivering the highest levels of data protection.<h2 class="heading-node" id="q22mmnm3s">Cryptographic Keys</h2>Cryptography uses digital keys to encrypt and decrypt data with required levels of complexity for secure access and compliant operations.So, what is a cryptographic key?A cryptographic key refers to a string of characters in an encryption algorithm that helps randomly create the desired data. This key helps convert a plain text to ciphertext and vice-versa whenever data encryption and decryption happens. Efforts must ensure that only the authorized user has access to the key. The encrypted data must be stored securely for decryption without any discrepancy.<h2 class="heading-node" id="5d58">Lifecycle of a Cryptographic Key</h2> The following process comprises the cryptographic key lifecycle.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Hardware-Security-Modules-02.webp" alt="M2P Fintech" title="" width="100%" height="285">Provisioning -The provisioning process generates keys using a key management system, an hardware security module (HSM), or a Trusted Third Party (TTP) through random number generators. The keys should be strong enough to provide the necessary protection to secure the data.Backup and storage-&nbsp;This is a critical step where a secure backup copy of the key is made. It should be available for future retrieval if the key undergoes any failures. Such backup keys are often stored in external media or other backup solutions. All private keys must be encrypted before being stored.Deployment-&nbsp;The&nbsp;new key is installed electronically or manually into a secure cryptographic devices such as Hardware Security Module.Management, Monitoring, and Rotation-&nbsp;Here, the keys are often controlled and monitored with respect to the industry standards and policies. The encryption key management system handles key rotation and deploys new keys as and when existing keys expire.Archiving-&nbsp;The keys that are no longer in operation are stored here for an extended period. They might be required again in the future for associated data retrieval. The key, when archived, is encrypted for additional security.Disposal-&nbsp;The keys are permanently destroyed here, when they are no longer needed. Before destruction, the key is analyzed and sometimes recovery is processes if necessary. A key can be removed from its operation using key destruction, key deletion, or key termination.Generating, securing, and managing cryptographic keys can be multifaceted and complex, requiring support from information security and development teams.So, how can you create, monitor, store, and optimally use cryptographic keys?Simple. Install HSM.<h2 class="heading-node" id="a893">So, what is Hardware Security Module (HSM)?</h2>Hardware Security Module (HSM) is a device that provides a wired security solution for the wireless world. It is a dedicated cryptographic processor that offers a secure, tamper-resistant environment specifically designed to protect identities, devices, and cryptographic key data throughout its lifecycle.HSM protects any data in use, transit, and rest, for encryption, decryption, authentication, and key management. In toto, it serves as a ‘trust anchor’ to ensure compliance, simplify audits, generate, and store keys.<h2 class="heading-node" id="6380">Types of HSMs</h2>HSMs can be broadly classified (as listed below) based on the levels of functionality and compliance with different security standards.· General Purpose (GP) HSM· Transaction HSMGeneral Purpose (GP) HSMWherever there is sensitive data, and the need for encryption prevails, GP HSM is indispensable. It generates powerful cryptographic commands that can safely encrypt and decrypt information for any application.Sample use cases for general purpose HSM are:· Symmetric key management for database encryption· Asymmetric keys management for digital signature creation· Certificates to support Public Key Infrastructure (PKI)· Crypto walletsGP HSM supports compliance with the following standards.· <a class="link" href="https://m2pfintech.com/blog/pci-dss-a-quick-guide-to-its-levels/">PCI DSS (Payment Card Industry Data Security Standard)</a>· <a class="link" href="https://m2pfintech.com/blog/prevent-cnp-frauds-with-pci-3ds/">PCI 3DS (Payment Card Industry 3-Domain Secure)</a>· <a class="link" href="https://m2pfintech.com/blog/gdpr-in-a-nutshell/">GDPR (General Data Protection Regulation)</a>· FISMA (Federal Information Security Management Act)· FedRAMP (Federal Risk and Authorization Management Program)· ICAM (Identity, Credential, and Access Management)· eIDAS (Electronic Identification and Trust Services)Transaction HSMAlso known as payments HSM, this security module has advanced security features compared to the general-purpose counterpart. Transaction HSM enforces dual control using payment-specific cryptographic commands to ensure sensitive information never leaves the HSM. The PCI SSC compliance mandates the use of payments HSM for the use cases below.· When payment transaction processing happens, this supports card, user and cryptogram validation· Helps in processing EMV transactions· Generates key and injects it· Helps facilitate highest security when keys are shared with third parties· Used for generating, managing, and validating PIN· Enables electronic funds interchange, Electronic funds transfer at point of sale (EFTPOS), and ATM transactions· For payment cards and mobile applications, it helps in generation of payment credentials· Enables point-to-point encryption (P2PE), key management and secure data decryption· With payment HSM, cash-card reloading is made hassle-free· Facilitates PIN block translation when network switch of POS and ATM transaction takes placeTransaction HSM supports compliance with the following standards:· PIN (Personal Identification Number) Security· P2PE (Point-to-Point Encryption)· <a class="link" href="https://m2pfintech.com/blog/3d-secure-your-barrier-against-cyber-attacks/">3DS (ACS- Access Control Server &amp; DS- Directory Server)</a>· Card Production· TSP (Token Service Provider)· SPoC (Software-Based PIN Entry on COTS)· CPoC (Contactless Payments on COTS)<h2 class="heading-node" id="5938">Are HSMs trustworthy?</h2>Absolutely!HSMs have high accuracy and are implanted in a secure and sealed environment. This acts as the trust factor for every organization to implement. As HSMs work on a dedicated firewall, they never get exposed to the public internet and thus ensure maximum security. The hardware is designed to give a high input with minimal resource usage. This is how cryptographic keys and data are protected optimally.<h2 class="heading-node" id="47c2">High on protection</h2>HSMs are commonly used to protect identities, transactions, and applications. They protect the cryptographic keys by creating a trustable environment in which processes such as encryption, decryption, and authentication are equipped and secured. They follow industry regulations and standards such as <a class="link" href="https://m2pfintech.com/blog/pci-dss-a-quick-guide-to-its-levels/">PCI DSS</a>, FIPS 140–2, European Union’s General Data Protection Regulation, Domain Name System Security Extensions, and Common Criteria.<h2 class="heading-node" id="6534">How HSM enables maximum security?</h2>HSMs offer the ultimate protection for all the critical functions involved in payment applications and databases. Hardware Security Modules come with many features that cannot be overlooked, as they help organizations maintain a secure transaction infrastructure.· HSMs are equipped with a secure design that meets all the security standards and adheres to the Federal Information Processing Standardization (FIPS) 140–2.· The operating system in HSM is always security-focused.· The higher levels of trust and authentication ensure the maximum security of the sensitive data and cryptographic keys.· Automated lifecycle tasks and protective mechanisms are quick and efficient.· The key is maintained only in the HSM, exempting the possibility of malicious attacks that might occur virtually.· HSMs enable application integration with the help of <a class="link" href="https://m2pfintech.com/blog/the-world-of-apis-how-they-power-fintech/">APIs.</a><h2 class="heading-node" id="6d7a">Versatility of HSMs</h2>Businesses should use HSMs to safeguard the sensitive information pried by countless threats they might encounter. In day-to-day applications, HSMs secure data generated across banks, websites, cryptocurrencies, smart meters, mobile payments, medical devices, PINs, identity cards, and digital documents.And the buck doesn’t stop here. HSM protects digital signing, ensures compliance, and helps in key generation and management. Wherever financial transactions happen, HSMs provide that additional layer of security. ­­­Today physical HSMs are transitioning to the cloud. Cloud HSM or HSM as a Service (HSMaaS) hosts encryption keys and cryptographic operations with FIPS 140–2 Level 3 certified modules.Want to know more about HSMs?Contact us at&nbsp;<a class="link" href="mailto:business@m2pfintech.com">business@m2pfintech.com</a><a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Cryptographic Keys and Hardware Security Modules - An Introduction

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/04/banner1251-2.webp" alt="M2P Fintech" title="" width="100%" height="447">Blockchain is crossing its chasm and it might be stumbling its way towards knocking on the doors of many other industries. Still, the scope of its application and ideas challenges the present technologies in the field. This technology, still young and fresh, continually offers its beneficiaries data transparency, security, and quicker transactions.Awaiting to join hands with fintech <a class="link" href="https://m2pfintech.com/blog/the-world-of-apis-how-they-power-fintech/">APIs</a> blockchain promises, to accelerate numerous applications to the front row. Unfortunately, the innovators and investors are not on the same page yet on bringing the dreams of <a class="link" href="https://m2pfintech.com/blog/fintech-a-catalyst-for-financial-inclusion/">fintech</a> operations into practice.Still, one cannot overlook the potential of blockchain technology because bitcoin efficacy is proved through the decentralized protocol algorithm of Blockchain.The use cases of Blockchain in Fintech are discussed below along with the deterrents of the operational practices too.<h2 class="heading-node" id="ea1b" style="text-align: justify">What is Blockchain?</h2>Blockchain is a database: digital, decentralized database. A series of blocks containing transaction data, a hash identity, and node details are connected to form a chain. They are linked to their previous block with immutable characteristics. It also facilitates the process of recording, managing, and tracking assets. Assets can be tangible and intangible, and virtually anything of value can be traded on a blockchain network. It reduces risk and costs for all the parties involved.The reason why Blockchain is now on an accelerated trend is that it is fast. As a business runs on information, the quicker it is received. The more accurate the information is, the faster the business reaps results. The security aspect of Blockchain is well coveted as it can be accessed by individuals who have the key. It offers a single view where even a single modification will be known to all the members.<h2 class="heading-node" id="3ca3" style="text-align: justify">How does Blockchain work?</h2>Blockchain records validate and store the data in its database. So, it has the privilege to validate a transaction. However, it does not simply hold the data but also every nuance that happened in the transaction.<ol class="list-node" id="khl9t5q91"><li>User requests for a transaction of any type involved with or without contracts, cryptocurrency, information, or any other records.</li><li>Now the requested information is sent to various nodes of the P2P network (the people involved in the transaction) for validation.</li><li>The validation of the nodes and the user status is recorded and updated by the algorithms.</li><li>Once the transaction is complete, a new block is added with the recorded data to the previous block .</li></ol>Each block contains the following information<ul class="list-node" id="30nibfo2u"><li>A Hash pointer (link to the previous block)</li><li>A timestamp</li><li>Transaction data</li></ul><img src="https://miro.medium.com/max/1400/1*ymase2KIJyghd5SKYaPm2Q.png" alt="M2P Fintech" title="" width="100%" height="358"><h2 class="heading-node" id="a369" style="text-align: justify">What gives Blockchain its power?</h2>Blockchain destroys cybercrime attacks with its decentralized ledger. The conventional centralized ledger in <a class="link" href="https://m2pfintech.com/blog/fintech-a-catalyst-for-financial-inclusion/">Fintech</a> opens pathways to fraudulent activities despite its easy access — vulnerable to&nbsp;cybercrimes. In the case of the Blockchain, the distributed P2P network allows more than one node (device) to validate, authenticate and approve transactions.Moreover, the nodes cannot alter any transaction data without their peer nodes.A decentralized ledger is the core concept of Blockchain technology that makes it completely superior. This operational protocol helps holds numerous features such as embezzlement in check.Blockchain characteristics are flexible enough to bend at few places and remain immutable at other occurrences. Moreover, it comes with complete security compliance, avoids fraud, and is scalable with any form of transaction.Reliability: It removes the double records because it certifies and identifies the transaction of each party.Unchangeable transactions: You cannot edit or remove the transactions but only add. The chronological ordering stores each block with a timestamp.Reduces Frauds: The P2P network validates the transaction request and reduces the chance of embezzlement.Collaboration: Removes the third party from the transaction. The dream of digital banks, neo banks complying with all the strict regulations is possible with blockchain technology.Transparency: Transaction details are public to everyone, including changes (parties involved in the transaction). It solves the credibility and trust challenges of Fintech.<h2 class="heading-node" id="5838" style="text-align: justify">How Blockchain is transforming Fintech?</h2>Blockchain is silently proving its invincibility in the fintech industry. However, underpinning Blockchain is to the transformative growth of Fintech; it is abstained by a large crowd due to operational reality.Ripple connect and Ethereum has found their ways into early adopters door but could not cross the chasm cycle yet. Effectively, the technology contributes to reliable finance systems through robust algorithms: distributed technology in record keeping and transactions with the decentralized protocol eliminating thousands of paperwork.The infant technology is fruitful for Fintech, especially in shaping retail banking services.<ol class="list-node" id="hehe9ly9f"><li>RTP solutions: Sending money will only take a matter of minutes. Implementing RTP has been risky with the traditional banking process, but Blockchain accelerates the implementation process. As a result, irrespective of any app used for money transfer, transactions will happen securely.</li><li><a class="link" href="https://m2pfintech.com/blog/cross-border-payments-a-swift-money-flow-across-borders/">Cross-border Payments:</a>&nbsp;While setting up to collect or fund transfer across other countries, the limitations make the process slow, tiresome and challenging. With Blockchain, the restrictions can be melted. In addition, it is an entirely internet-based operation which removes the need for an additional setup cost.</li><li>Smart Contracts &amp; Recurring Payments:&nbsp;For SaaS &amp; B2B industries, smart contracts will help secure credible transactions that can be released based on a completed action, event, or conditions. It is useful when the goods are delivered, and the funds are released in the logistics.</li></ol><h2 class="heading-node" id="3afc" style="text-align: justify">Blockchain use case scenario in RTP solutions &amp; cross-border payments</h2>From 2017, there are speculations of the use of Blockchain in the fintech field, as of now, no direct confirmation apart from Ripple and Ethereum using their Blockchain in real-time settlements and <a class="link" href="https://m2pfintech.com/blog/cross-border-payments-a-swift-money-flow-across-borders/">cross-border payments</a> — a real challenge in retail banking.RTP &amp; <a class="link" href="https://m2pfintech.com/blog/forex-cards-international-travel-made-effortless/">international payment</a> processing solutions are slow because of the conjecture of the third parties in stock markets, healthcare, and cryptocurrency. However, blockchain usage can lift the barrier in a few cases if the compliance has been favorable. Thus, it may not remove the third party entirely but speed up the process.In cross-border and RTP solutions, the payment systems still need a third party till the regulations are changed. But with cryptocurrency, the need for the traditional infrastructure banking setup can be overridden. First, the currency of the payer can be converted to bitcoin or any other fiat currencies. Then the payment can be approved by the distributed electronic ledger protocol.Then the receiver will get the settlement in the original currency. It involves an additional step of converting the currency to crypto and then back to the original format. Of course, it increases a few complications. Still, given the present tech innovations in the market, this is an easy pie.A group of consortium banks in Japan is currently running on this tech innovation method to collect international and RTP domestic payments.<h2 class="heading-node" id="0b95" style="text-align: justify">Fintech Blockchain Use cases</h2><h3 class="heading-node" id="c07b" style="text-align: justify">Smart contracts</h3>An exciting branch of Blockchain is the smart contract. The capability of smart contracts is transformative enough to disrupt the automation process in the future. Adding a bit of AI or edge intelligence, smart contracts will be more intelligent: they can trigger AI decisions.In 2016, financial consortium R3 and its member banks completed trade finance prototypes that used smart contracts to process factoring transactions and letters of credit. Smart contracts have high leverage on places where escrow is high. When a synchronized chain of actions happens upon if/ else statements drawn by both parties, it is a win-win situation.<h3 class="heading-node" id="6c71" style="text-align: justify">KYC</h3><a class="link" href="https://m2pfintech.com/blog/know-your-customer-kyc-the-need-for-authentication/">Know Your Customer</a> (KYC) is a regulation now, and it is mandatory for consumers to enjoy frictionless payment advancements. But <a class="link" href="https://m2pfintech.com/blog/crack-the-kyc-jigsaw-ease-onboarding-compliance/">overcoming KYC challenges</a>, and establishing the identity of the customer without barging into their privacy is complex. The transparency of Blockchain enables identity verification without disclosing the true identity. It sounds like beating around the bush, but the protocol allows to establish, verify and transact based on digital identities of all the counterfeits.<h3 class="heading-node" id="d839" style="text-align: justify">Escrow — freelance</h3>Freelance opportunities are booming everywhere, thanks to COVID; however, the escrow is high. For a platform like Upwork, satisfying both sides is a requirement without any compromise. The best way to solve these problems is through smart contracts. Transferring the deliverables based on effective agreed rules from both parties can enable a seamless functioning of the whole platform.<h3 class="heading-node" id="d2b7" style="text-align: justify">Recurring Payments</h3>In B2B, the payments usually take 3–4 days to complete, which is quite annoying nowadays. The middlemen in the process are co-dependent with the paperwork, which delays the sales cycle even further. Intelligent contracts can plunge in with the idea of its transparent agreement terms, making recurring payments every month or year easy. The contract triggers the next step of the action only if both the parties are convinced, so it gives complete control to the buyer and the sellerBlockchain is waiting for its massive scaling, and 2021 is the year for its spark plug. The industry is quite busy solving its problems with operational constraints. Yet, we have pretty a trend waiting to breach in soon, at least into the payment ecosystems under the fintech radar.To know more about blockchain, write to us at business@m2pfintech.com.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Tag: "Fintech (50)"

M2P Fintech