Challenge
There is a strong need for novel and standardised techniques offering effective, accessible, fast, secure, privacy-preserving and smart financial transactions. However, financial institutions, expected as Critical Infrastructures (CI) are prone to critical problems which are becoming more catastrophic day by day. This is substantially due to:
- Cyber threats and frauds (11% of businesses have experienced cyber crime in the last 10 months, which includes 26% of medium businesses and 37% of large businesses. It is estimated that there have been 2.39 million instances of cyber crime and approximately 49,000 instances of fraud as a result of cyber crime within this time period, with each instance of cyber crime estimated to cost a business £15,300 per victim per year)
- Long and complex contracting processes including retail banking, insurance and investment banking causing increased costs of financial procedures (about 1500 €/contract)
- The trade-off between face-to-face and mobile banking in terms of cost-effectiveness which is indispensable as mobile devices and IoT (smart phones, tablets, smart ledgers and even smart watches) have become a part of everyday life (forecasted global cashless payment volumes are set to increase to almost 1.9 trillion transactions by 2025, representing an 80% increase from 20201).
In the meantime, the blockchain industry is booming as it offers great advantages on reducing costs. Through the rollout of blockchain, it is estimated that an average 24-hour processing time per transaction would be slashed to 0.1 seconds, and average costs of up to €40 cut to just €5 (save between €13-18 billion per year in banking infrastructure costs) by 2025.
However, such a disruptive technology is not perfect as it has not only security and technological problems but also political, legal, socio-cultural, ethical, and psychological and standardisation barriers that should seriously be considered holistically. The main reason behind such a diverse impact is that blockchain raises the question of illegal acts in money trafficking.
RINA solution
At RINA, we pride ourselves on delivering top-tier engineering advisory expertise in cybersecurity and certification support. Our mission to protect critical infrastructures includes the financial ones from illegal money trafficking and fraud on FinTech e-operations. To achieve this, we have provided our expertise to create an innovative triangular accountability model, integrating the latest AI and blockchain technologies into an all-encompassing "as-a-service" (XaaS) platform.
What sets us apart is our holistic approach, encompassing both financial authorities and consumers in the fight against financial crime. By merging cutting-edge technology with regulatory compliance, we are at the forefront of securing the digital landscape for financial transactions.
Our engineering team has undertaken an array of critical activities, including:
- Technology Acceptance Model and Assessment: We meticulously assess XaaS services, front-end and back-end applications to ensure seamless integration and optimal performance.
- Security Risk Assessment: Identifying potential vulnerabilities and fortifying the system's defenses against cyber threats is one of our key priorities.
- IoT Security in Strategic Infrastructures: We focus on safeguarding the interconnected devices, guaranteeing the highest level of protection across critical infrastructures.
- Audit & Compliance Solutions: RINA ensures the core XaaS platform aligns with vital regulations, including NIS, GDPR, PSD2, and AML/4 compliance, ensuring absolute adherence to legal and ethical frameworks.
- Trustworthy AI Due Diligence: RINA is a trailblazer in assessing the trustworthiness of Artificial Intelligence. We conducted an in-depth due diligence on the Flow Modelling as-a-Service (FMaaS) and Intrusion Detection System (IDS) components, employing the Assessment List of Trustworthy Artificial Intelligence (ALTAI) as a reference.
Benefit for the stakeholder
The underpinning concept is a holistic protection and augmentation of the financial value chain through accountable, blockchain-enabled, practical, secure, privacy preserving, scalable and effective "Secure & Smart Contracts" and "Secure Transactions" in banking, CCP and insurance sectors.
The RINA-empowered framework and its services were deployed, tested and evaluated in banks, insurance companies and financial market infrastructures aiming to show the borderless realisation of financial transactions or contracts and delivering the concrete results, future perspectives and recommendations on new standards, legal-economic aspects and ethical factors.
Our commitment to excellence and innovation doesn't end with technology; we continuously revisit and adapt our solutions to fit the ever-changing EU legal and ethical landscape.
Choose RINA as your partner to fortify your financial infrastructure and embrace the future with confidence. Together, we build a secure, resilient, and compliant FinTech ecosystem that inspires trust and empowers growth. Let us lead the way in shaping the future of financial security through our unmatched engineering expertise.
Explore our related services
- Critical infrastructure protection
- Cyber and communication security
- Cyber security
