Articles
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Key points to consider for the FiDA (the Financial Data Access regulation) implementation
Category : Business AnalystThe regulatory landscape is constantly evolving, becoming increasingly complex for financial institutions to navigate. This article focuses on the practical implications of implementing the Financial Information Directive and Access (FiDA) and what financial institutions should consider for their IT systems. Luxat is not a law firm, and we attempt in this article to focus on…
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How to run a successful platform upgrade.
In today’s fast-paced technological environment, major applications require regular upgrades every few years. These upgrades, while critical, can be highly time-consuming for IT departments and challenging to justify to business units, particularly if the immediate business value isn’t clear. This often results in banks prioritizing other projects over upgrades, which can lead to project delays…
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Small Third-Party Providers – Step 1 in Navigating Through 2024 with NIS2 and DORA
Before diving into this article, it’s important to note that at Luxat, we are neither legal experts nor cybersecurity gurus. However, we aim to share insights that we believe can assist small businesses in shifting their mindset from “making it work” to “making it compliant,” even though the imperative to “make it survive” may overshadow…
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How Crypto Became a “Normal” Offering for the Traditional Banking Sector and Its Challenges for IT Systems and Regulation.
Cryptocurrency investments have gained prominence, especially with the launch of Crypto ETFs in late 2023. In 2024, the European Union’s new regulation, Markets in Crypto-Assets Regulation (MiCAR), aims to help banks categorize and understand the legal framework around cryptocurrencies. Despite increased attention, cryptocurrencies present challenges for banks, particularly in addressing regulatory classifications and IT system…
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Instant Payment – The New Generation of Payment.
Category : Business AnalystOn the customer side, the future of payment in Europe looks astonishingly good! Payment done from my Lux account will be on my German account in a matter of seconds and on top of that free of charge. This is the new legislation coming up in January 2025 and is very promising as a bank…
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What GenAI Can Do for Finance in the Coming Years (or Months)
The buzz around Generative AI (GenAI) is growing, and its relevance to our day-to-day jobs in the finance sector is becoming more apparent. This article explores the significant impacts of GenAI across various financial activities, alongside addressing potential weaknesses of this innovative approach. Compliance Activities. Portfolio Management: Advisory and Discretionary Management. Access Review. Client Onboarding.…
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How to Map a Critical Process for DORA: An Operational Approach.
During our recent Luxat event: “Implementing Plan A: Dora” on February 21st (more info on the webpage), we discussed critical processes, how to define them, and how to list all dependencies. As Luxat, we would like to reflect on proposing one of possible solutions. Mapping all dependencies is a complex task that can be approached…
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The cost of data, and why should you care.
Data is not always given the attention it deserves. When we create new functionalities or launch projects, the discussion around data storage and its hidden costs often takes a backseat. Initially, data costs may not seem significant, but they can grow exponentially and need to be addressed at some point. There are several costs associated…
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Financial Reconciliation: What Strategies, Challenges, and Tools Drive to its Success?
Reconciliation is a vast topic, and the amount of data processing is increasing in the financial sector. New products such as e-wallets and fractional trading are not making it easier for reconciliation teams. Without proper reconciliation, it is impossible to run core banking activities such as position management, legal reporting, revaluation, and treasury. It also…
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Local Interfaces, Global Problems: Practical Tips for Cost-Effective Maintenance
Category : Business AnalystIn every project, there is a need at one point to develop an interface with a counterparty (often headquarters). And in many cases, the maintenance of this local interface is a nightmare: many incidents, many bugs, every project cost is increased… The main reason for the trouble is because it’s a ‘local’ interface; hence, no…