Regulatory Developments
Starting in January 2025, the European Union’s Digital Operational Resilience Act (DORA) will mandate that financial institutions adopt thorough IT risk management strategies and establish incident reporting protocols.
In conjunction with DORA, UK regulators, including the Financial Conduct Authority and the Bank of England, have been granted expanded authority to oversee essential third-party vendors whose failures might compromise financial stability.
Additionally, the UK’s Payment Systems Regulator has introduced new regulations requiring banks to reimburse fraud victims up to £85,000 within five days. This initiative places a heightened obligation on financial institutions to combat fraud effectively.
According to Richard Kalas, Director of Client Solutions in Retail Banking at GFT UK, “These insights highlight a notable gap between the swift digital transformation of banking services and the trust consumers have in the security and robustness of these systems.”
“While digital banking provides a multitude of advantages, it is crucial for banks to transparently showcase the various strategies they implement to ensure resilience in all essential customer services.”
Acknowledgment for GFT
This news comes on the heels of GFT receiving two 2024 Geography and Global AWS Partner Awards at AWS re:Invent 2024.
The digital transformation consultancy was honored as the ‘Global Innovation Partner of the Year’ for its cutting-edge consulting and professional services, and as the ‘Financial Services Industry Partner of the Year – EMEA’ for its efforts to help financial institutions accelerate their cloud initiatives.
The awards celebrated GFT’s collaborative work with Romanian Salt Bank and Brazilian bank Itaú.
GFT Co-CEO Marco Santos remarks, “The recognition we’ve received from AWS reinforces our capabilities in transforming industries through innovation. These awards also illustrate our technological leadership and unwavering commitment to empowering our clients to succeed in this new digital growth landscape.”
