Kettle’s Post

No matter what the eventual recomendations from the FCA and putting aside the rights and wrongs or decisons made by the lenders, this is now a Data Problem. If your organisation is expecting to have to pay compensation then Valcon can help you get your data in order to minimise disruption and reduce fines that might be levied for late settlement. By getting ahead of the pack you can reduce the regulatory focus on your organisation. https://lnkd.in/eV5ANRm4

With most people using mobile banking today, banks no longer rely on promotional gifts to attract customers. However, there was a time when branded giveaways and promotional collectibles became a way for banks to establish a customer base. These prospective customers were offered premium-quality items to open a bank account. Today, selling some of these promotional gifts can put money in your bank.

📢 FAQ Friday ❓ Question: Does an approved seller/servicer need to report a single fidelity bond or errors and omissions loss to Fannie Mae? Read this week's FAQ to find out! https://lnkd.in/gvP2jt7V #FAQFriday #MQMR #FannieMae #MortgageCompliance #FidelityBond #ErrorsAndOmissions

🚘 Client Spotlight - Motorpoint In 2023, Motorpoint wanted to innovate their online buying process and selected Prommt as their preferred solution provider. They wanted to easily collect web-based bank and card payments, and deliver significant savings, at scale. The solution was live within a month following a speedy integration of the Prommt API with their sales platform. As a payment method that is accelerating rapidly, Pay by Bank has helped Motorpoint significantly reduce merchant fees and streamline payment collection, and in less than 8 months, has already saved the business over £100,000. Pay by Bank has also fortified Motorpoint’s defence against fraud while offering their customers a more convenient payment experience, replacing the often cumbersome process of using manual bank transfers when buying a car. Read case study: https://lnkd.in/eYirbcE3 #sendaprommt #paybybank #paybycard #paymentorchestration

A broad product range is helpful in responding to the diverse set of risks in the wholesale insurance sector. Learn more with insights from AXA XL. https://bit.ly/3Xan7dJ #wholesaleinsurance #risks #axaxl

It’s important to understand the basics of how coin evaluations work to make sure you get a fair valuation and – if you’re planning to sell your coin collection – a fair price. #coinevaluation #coincollecting

So DSG Finance, DSG Prestige and Connected Car Finance are a Secondary Brokers. As my last post explained, we provide the services that link major lenders and motor retailers, delivering people and systems to present a wide range of finance options to those customers seeking to utilise motor dealer point of sale finance. But having distributed products, what else do we do. Once we have received a credit application through our system, there is a lot of work behind the scenes before a customer takes delivery of a car. Every application needs to be screened for fraud prevention and credit assessment. Our systems interrogate multiple data providers to determine the authenticity of the applicants identity, credit history and data accuracy. We can then seek to match the customer with the most appropriate lender that best matches the quotation that the customer opted for. We don't suggest to anyone that we guarantee a 100% acceptance on the first choice product. We will use our experience to expose an application to lenders in an organised way to get the most advantageous decision possible. This often means we need to liaise with the motor dealer, and often the customer directly to help them understand the details of any credit offer. A credit acceptance then needs documentation creating and sharing for e-signing. Once completed there are further fraud checks, and work to do with our lenders to ensure all paperwork and invoicing is correct. We also then facilitate the payment between lender and motor dealer, finally then allowing for the customer to take delivery. This whole process can very often take an hour, a few hours or sometimes in complex or challenging cases it can take days. Speed is a goal, but haste can lead to problems resulting in poor customer outcomes and possible losses, so we will always prioritise diligence over minutes. We have well over 100 great administrative experts working on these tasks within DSG Finance Group. So how do we deal with regulation, vulnerability, complaints and the other aspects that are consistently critical to the process? Well that's the next instalment if you can wait! Traditional weekend selfie for todays image 😘. Have a great couple of days. #carfinance #autofinance #motorfinance #brokers #fca #cardealers #fintech #valueproposition

A retail agency placed a policy through a wholesaler, the wholesaler place it through an MGA, the MGA is an underwriting and producing agency for the carrier. There are two intermediaries between the retail agency and the carrier. In this case, it caused an E&O claim because the information provided by the client did not move it's way through the various levels of representation. Ideally, placing a business direct with a carrier whenever possible is the best way to avoid E&O claims like this. However sometimes it is necessary to have levels as each level plays a role, but this comes with problems.

🎄 Why Chargebacks Are a Big Deal Around Christmas The holiday season is a time for giving—but for businesses, it can also become a time of taking if chargebacks aren’t managed effectively. With the surge in online shopping, shipping delays, and increased fraud attempts, chargebacks tend to spike during Christmas. Left unchecked, they can eat into your hard-earned profits, damage customer relationships, and create operational headaches when your team is already busy managing the holiday rush. Want to learn more about what chargebacks are and how they impact your business? Check out the article I’ve linked below. It breaks down the basics and offers insights into what chargebacks are. Let’s make sure chargebacks don’t play the Grinch this Christmas. Reach out if you'd like to chat about solutions to protect your revenue this season! 🚀 #ecommerce #fintech #chargebacks #solutions #fraud #ROI #merchants

How a Rs 5 note was instrumental in a front-running scheme worth Rs 1.3 lakh https://ift.tt/niELabf How a Rs 5 note was instrumental in a front-running scheme worth Rs 1.3 lakh A dealer and a few authorized representatives of three brokerages front-ran deals for a large customer, according to a Sebi inquiry. The IP address that one of the players used to make the orders was another important piece of information that proved helpful to Sebi. In a front-running scheme involving Rs 1.3 crore, dealers and authorized representatives of brokerage companies used a five rupee note as a key component. The two masterminds of the scheme divided the proceeds using the bank note. The Securities and Exchange Board of India (Sebi) seized illegal profits of over Rs 1.3 crore made by broker Ashok Maheshwari and his accomplices front-running transactions for a significant customer of the firm in an order dated April 26. Among his collaborators were CHL Stock Concepts and Darshan Bakul Shah, who have authorizations from two other brokerages. The brokerages' names remained a secret. What function did the five rupee note serve? It served as a figurative ID. Sebi's investigations revealed that Maheshwari would advise Shah of the significant client's upcoming transactions, which Shah would then use the accounts of his family members and colleagues to front run. Shah would use a cash courier to deliver Maheshwari's portion of the earnings when it came time to divide them. Maheshwari gave the cash courier his identification by showing him the five rupee note. According to Shah's statement to the regulator's representatives, Ashok Maheshwari sent a five rupee note from his mobile phone (number 99XXX097XX) on Telegram to identify himself as the recipient of payment via his employee Ganesh. "I hand over cash to Ganesh and the above 5 Rupee Note image for Ashok Maheshwari's identification," he continued. When Ganesh compared the pictures with the serial number shown in the previous pictures, he gave Ashok Maheshwari the money. Hawala operators have refined the art of utilizing bank notes as identification verification. Given that their unique ID is unaffected by the sender and destination, currency notes are the preferable option for these kinds of transactions. Unfortunately for Shah, he hadn't erased the picture of the banknote from his phone, and Sebi officers discovered it and questioned him about it afterwards. The IP address that Shah used to make the orders was another important piece of information that proved helpful to Sebi. The regulator found that it revealed the many accounts he was using to front run the deals. His home address was associated with the IP address. But Shah, his family's HUF, and Benzer Department Stores, an unaffiliated business, were receiving orders from this location. "In the present case, it has been revealed that the Noticee no. 2 was carrying out trades in the accounts of Noticee no. 5 based on its online footpri...