The new building of Iceland’s largest bank designed by C.F. Møller Architects, in collaboration with ARKÞING, Landsbankinn in Reykjavik, is not only the city’s bank but also the city’s house: the building interacts with and includes the entire city while offering architecture in close relation to raw Icelandic nature and the city. historic urban fabric.
Analysis Strengthens Anti-Money Laundering Efforts
All banks must balance customer service with a growing risk portfolio. This requires financial institutions to have a strategy – and the right technology – to integrate data from their core banking systems and third-party sources to effectively monitor illicit activity.
For Landsbankinn, finding this balance is crucial for its compliance staff. The bank has 123,300 individual customers and 13,600 businesses. With a market share of 39% in Iceland, it is included in the list of Global Systemically Important Banks (G-SIB) according to the Financial Stability Board. And like any financial institution, Landsbankinn must review transactions for suspicious activity.
The SAS motto, “The Power of Knowledge,” is absolutely accurate. This has allowed people who don’t understand the complexity of data to start using it more effectively.
“Landsbankinn seeks to comply with the strictest requirements regarding money laundering, criminal financing and other illegal activities,” says Thordur Orlygsson, Chief Compliance Officer at Landsbankinn. “And to meet these demands, we need a sophisticated and robust solution.”
The company chose SAS Anti-Money Laundering to identify patterns in its data. Landsbankinn also uses SAS Visual Analytics to provide data visualization capabilities to analysts across the organization.
Reducing false positives
Although the vast majority of transactions processed by Landsbankinn do not trigger any alerts, a few may indicate suspicious activity. This is where the company’s compliance team comes in.
“It is not possible for us to manually review all transactions,” explains Orlygsson. “We need a system like SAS to help us perform pattern analysis to identify suspicious transactions and refer them for investigation.”
Before turning to SAS, Landsbankinn had a detection system that detected about 1,000 false positive transactions each day – positives that the previous system flagged but were not actually illegal or out of bounds. With a limited number of investigators, one of the goals was to reduce this number to focus on truly suspicious claims.
“We wanted the number of false positives to be much lower,” says Skuli Jensson, head of risk solutions at Landsbankinn. “Within a few months, we reduced that number to around 100 per day. The fewer false positives we get, the more we can focus on the true positives.
The company conducted tuning exercises with SAS to refine the solution to meet its needs. This effort, combined with a powerful enterprise data warehouse, gave the compliance team the building blocks needed to conduct more effective anti-money laundering efforts.
“It’s important to create new scenarios and then adapt them to different situations,” says Jensson. “We can change the parameters of the scenarios so that the bank can report things more effectively. Our team can work more efficiently and the people who previously analyzed false positives can work on other things.
The building supports Landsbankinn’s values of being in close interaction with the outside world. This problem is solved by creating a specific, eventful, flexible and efficient building, which becomes a “daily landmark” for Reykjavik.
The raw Icelandic nature, the volcanic basalt stone, the horizontal layers of the rock and the atmosphere of the caves and crevices were a source of inspiration in the design of the project. This approach goes from the exterior of the building to its interior.
The internal organization of the building aligns with Landsbankinn’s vision of a public realm open to the exterior. Most of the public functions are located on the ground floor and along the facade of the building, thus activating a new pedestrian street leading to the Harpa concert hall. Internally, a protected public passage connects these new facilities, thus becoming a new natural shortcut through the city.
Workspace design is primarily based on the desire to provide as much flexibility as possible. Office spaces are therefore designed as flexible, efficient and open workplaces, allowing for changes over time.
1st prize in architectural competition. 2018
C.F. Møller Architects in collaboration with ARKÞING
C.F. Møller Architects
- 1st prize in architectural competition. 2018
C.F. Møller Architects
C.F. Møller Architects is one of Scandinavia’s leading architectural firms, with 90 years of award-winning work in the Nordic region and around the world.
Every day we create architectural quality based on innovation, experience and Nordic values. This ensures sustainable and aesthetic solutions with lasting value for customers, occupants and society.
A unique design approach
Our design solutions are created in a methodical and holistic manner following rigorous analysis of the local context. We seek to set new global standards by fostering a design approach that uniquely integrates urban planning, landscape, architecture and the design of specific building components.
We consider environmental concerns, resource awareness, sound project financing, social responsibility and know-how as essential elements of our work. This spirit is fundamental in all our projects, a common thread that runs from the master plan to the detailed design.
Since our founding in Denmark in 1924, we have contributed significantly to the development of welfare societies in Scandinavia and the rest of the world. We are continually recognized and awarded internationally for setting new architectural standards, due to our strong focus on the functional, artistic and social value of architecture.
Today, C.F. Møller has a candidacy. 350 employees. Our head office is in Aarhus, Denmark and we have branches in Copenhagen, Aalborg, Oslo, Stockholm, Malmö and Berlin.
Understanding Card Holds: A Guide for Merchants
The Basics of Credit Card Holds
Credit card holds are a common practice merchants use to ensure payment security and mitigate financial risks. But many still need clarification on what does card hold mean. A hold is a temporary block placed on a portion of a customer’s credit line or bank account funds reserved for possible future transactions. This hold is not an actual charge but rather a security measure that guarantees the merchant can cover costs associated with potential changes in the transaction amount, such as service upgrades or incidental expenses.
Why Merchants Use Credit Card Holds
Merchants apply for credit card holds for several reasons. The most common is to secure payments for services with variable costs, such as accommodation or car rental, where the final fee might fluctuate due to usage or damages. Additionally, holds help businesses protect against customers who may lack sufficient funds at the time of the actual payment or, in the case of debit card users, to ensure that the customer’s account has adequate funds to cover the transaction.
Credit cards also protect against potential fraud, allowing merchants to verify the card’s validity and the cardholder’s identity before completing the transaction. Furthermore, they can assist in managing inventory by reserving items for customers until the purchase is finalized, reducing the risk of overselling or stock shortages. Ultimately, credit card holds allow merchants to streamline transactions and mitigate financial risks associated with uncertain payment situations.
Understanding the Merchant’s Perspective on Holds
Card holds are not just about protecting revenue; they allow merchants to maintain service quality and availability. For instance, a hotel placing a hold on a room ensures it remains booked, allowing it to manage its inventory effectively while preventing potential revenue loss from last-minute cancellations or no-shows.
Navigating the Legalities of Credit Card Holds
Compliance with legal standards is paramount for merchants regarding credit card holds. Laws regulate the duration and amount of credit, ensuring consumer protection. Merchants must be well-informed about these regulations to maintain fair business practices and build customer trust.
Advances in Payment Gateways and Security
In the digital age, payment gateways have significantly advanced, offering robust security measures to protect payment and card information. Modern gateways incorporate encryption, tokenization, and fraud detection tools that ensure safety and build consumer confidence. This enhanced security allows for alternative methods of transaction assurance that can reduce the need for traditional credit card holds.
Moreover, advancements in biometric authentication, such as fingerprint or facial recognition, further enhance the security of payment gateways, adding a layer of protection against unauthorized transactions. Additionally, real-time monitoring and machine learning algorithms enable payment gateways to adapt and respond swiftly to emerging threats, bolstering their effectiveness in safeguarding sensitive data. These advancements foster trust between merchants and consumers and contribute to the seamless and secure exchange of funds in the digital marketplace.
Digitally Storing Payment Information Safely
With the advent of advanced security protocols, businesses can now store digital payment information more safely than ever. Through tokenization, sensitive card details are converted into a unique identifier, allowing merchants to charge or refund customers as needed without having the actual card information on file. This technology mitigates the need for holds, as the merchant has assured access to the customer’s payment method for future transactions without storing actual ACH or credit card numbers.
The Shift Towards ACH and Bank-to-Bank Transfers
More businesses are moving away from traditional credit card payments towards ACH (Automated Clearing House) and bank-to-bank transfers. This shift is attributed to the lower processing fees and reduced incidence of fraud associated with these payment methods. With ACH, merchants can directly debit a customer’s bank account, reducing the complexities related to credit card holds.
Furthermore, bank-to-bank transfers offer faster settlement times than credit card transactions, providing businesses with improved cash flow management. Additionally, ACH and bank-to-bank transfers offer greater convenience for recurring payments, subscription services, and large transactions, as they eliminate the need for customers to update credit card information or worry about expiration dates constantly. As more businesses embrace these efficient and cost-effective payment methods, the landscape of financial transactions continues to evolve toward greater simplicity and security.
Creating a Seamless Customer Experience
Using digital payments like ACH, merchants can foster a seamless customer experience. Unlike credit card holds, these methods do not involve time limits and free the merchant and customer from concerns about misuse fines or additional fees. Complete transaction visibility and heightened security ensure peace of mind and cultivate a smoother buyer journey.
Best Practices for Managing Transaction Information
While adopting new payment technologies, merchants must follow best practices for transaction information management. Consistently updating security protocols, regularly training staff on data handling, and maintaining compliance with standards like PCI DSS (Payment Card Industry Data Security Standard) are critical for safeguarding customer information.
Addressing Fraud and Chargebacks Proactively
Despite the enhanced security mechanisms, fraud and chargebacks remain significant concerns for merchants. Proactive measures, including real-time fraud detection systems and clear return and refund policies, are crucial for mitigating these risks. Continued vigilance and adopting the latest in security advancements work in tandem to shield businesses from fraudulent activities and unwarranted chargebacks.
Implications of Holds for Merchants
The implications of credit card hold on business operations are profound. While holds can provide financial security, they can also result in customer satisfaction and potential loss of business if managed correctly. Merchants must balance with the customer experience, utilizing them judiciously and transparently.
Conclusion: A New Era of Digital Payments and Security
Merchants today are at the forefront of a new era in digital payments, where convenience melds with security to form the backbone of modern commerce. Embracing technologies like tokenization and ACH transfers while adhering to data security best practices promises a future where merchants can confidently conduct transactions and customers enjoy an enhanced shopping experience without traditional hold-related complications.
Expert Oil Rights Lawyers Navigate Title Issues
When it comes to the complex world of oil and gas rights, having a knowledgeable and experienced legal expert by your side can make all the difference. Oil lawyers and oil attorneys play a crucial role in helping clients navigate the intricate web of title issues that often arise in the industry. In this comprehensive guide, we will explore how these expert oil rights lawyers can assist you in addressing title issues effectively, ensuring your interests are protected.
Understanding the Role of an Oil Lawyer
Oil lawyers, also known as oil rights lawyers, are legal professionals who specialize in the field of oil and gas law. They are well-versed in the intricacies of mineral rights, leases, and contracts that govern the exploration and extraction of oil and gas resources. These attorneys are invaluable in assisting individuals and companies with various legal matters related to oil rights, including title issues.
Addressing Title Issues with Expertise
Title issues in the oil and gas industry can be a significant headache for landowners and businesses involved in energy exploration. These problems often stem from unclear ownership, conflicting claims, or improperly executed conveyances. An experienced oil rights attorney can help unravel these complexities and provide solutions to ensure clear and marketable title to the oil and gas interests.
Thorough Title Research
One of the primary tasks of an oil rights attorney is conducting thorough title research. This involves examining historical records, deeds, leases, and other documents to determine the rightful ownership of mineral rights. By meticulously sifting through these records, the attorney can identify any discrepancies or conflicting claims that need to be resolved.
Resolving Ownership Disputes
Ownership disputes are not uncommon in the oil and gas industry. When multiple parties lay claim to the same mineral rights, it can lead to legal battles that can be costly and time-consuming. An oil rights lawyer can represent your interests and negotiate on your behalf to resolve such disputes through mediation or litigation if necessary.
Drafting Clear and Enforceable Contracts
To avoid title issues in the future, it’s crucial to have well-drafted contracts and agreements in place. Oil attorneys specialize in drafting contracts that clearly define the rights and responsibilities of all parties involved. These contracts can include lease agreements, surface use agreements, and royalty arrangements. Having legally sound contracts can prevent title issues from arising down the line.
Navigating Regulatory Compliance
The oil and gas industry is heavily regulated at both the federal and state levels. Oil rights lawyers are well-versed in the myriad of regulations that govern drilling, production, and environmental considerations. Ensuring compliance with these regulations is essential to avoiding legal issues that could jeopardize your oil and gas interests.
Protecting Your Interests
In addition to preventing and resolving title issues, oil rights attorneys are instrumental in protecting your overall interests in the oil and gas industry. They can negotiate favorable terms in leases and contracts, secure proper permits, and advise on tax implications associated with oil and gas activities.
Choosing the Right Oil Rights Attorney
Selecting the right oil rights attorney is paramount to successfully navigating title issues and other legal matters in the industry. When seeking legal counsel, consider factors such as experience, reputation, and track record. Look for an attorney who specializes in oil and gas law and has a proven history of achieving favorable outcomes for clients.
In the complex world of oil and gas rights, title issues are a common challenge that can have significant consequences. Expert oil rights lawyers, also known as oil attorneys, are essential allies in addressing and preventing these issues. From conducting thorough title research to resolving ownership disputes and ensuring regulatory compliance, these legal professionals play a vital role in protecting your interests in the oil and gas industry. When it comes to safeguarding your investments, a knowledgeable oil rights attorney is your best asset.
RFP Response Examples That Can Enhance Your RFP Process
In the world of business, Request for proposals (RFP) can make or break an opportunity for creating lucrative partnerships. While they may seem daunting at first, learning how to craft an effective RFP response can be the key to winning new contracts and expanding your business horizons. Keep reading to gain insights into understanding the significance of RFP responses, best practices for crafting them, common mistakes to avoid, and how to utilize RFP response examples.
Understanding the Significance of RFP Responses in Business
In business ecosystems, RFPs are used by companies to procure goods or services from potential suppliers. This initiates a bidding process wherein the suppliers must submit their proposals, or RFP responses, detailing how they can provide the requested goods or services.
Having a well-crafted RFP response is essential as it serves as your company’s first impression to the requester. It’s an opportunity to showcase your company’s skills, expertise, and credibility.
Moreover, a compelling RFP response can position your company as the preferred choice amongst competitors. Hence, understanding the significance of an RFP response can play a sizeable role in securing profitable contracts.
Finally, being able to understand and articulate the client’s needs in a well-structured RFP response is a substantial part of demonstrating your company’s competency and reliability.
Best Practices for Crafting Effective RFP Responses
One of the best practices for crafting effective RFP responses is to understand the client’s needs thoroughly. Carefully read and decipher the request to ensure you’re addressing all the requirements.
Ensure your response is concise yet comprehensive. Use clear and simple language. Keep your sentences short and your paragraphs no longer than three to five sentences.
Lastly, proofread your document meticulously. It’s not only about testing your response for typographical errors but also ensuring that your ideas flow smoothly and your points are well articulated.
Key Elements To Include in Your RFP Response
As you begin to craft your RFP response, several key elements should be included. The first is a clear and thorough understanding of the requester’s needs and objectives. Demonstrate that you fully grasp what the requester seeks to achieve and how your company can help them reach those goals.
Your proposal should clearly state your approach and methodology. This gives the client a clear idea of the steps you’ll take to achieve the desired objectives.
Include a detailed timeline of activities with achievable deadlines. This gives the client an idea of when to expect certain milestones.
Last but certainly not least, provide a comprehensive pricing structure, fully siliculose so the client understands all costs associated with your offer.
Utilizing RFP Response Examples To Streamline Your RFP Process
Although crafting an effective RFP response can be challenging, utilizing the right tools and resources can streamline the entire process. One such tool is RFP response examples which provide a practical blueprint on which to base your response.
These examples can serve as a guide to structure your responses effectively, addressing all the key elements that a compelling RFP response should include. They can also help you understand how to highlight your company’s strengths and unique selling points.
Thirdly, RFP examples allow you to explore a range of possibilities, empowering you to create a distinctive, persuasive proposal that stands out from the competition.
Lastly, examples can act as a self-checklist to ensure you’ve incorporated all necessary aspects into your proposal, reducing the chances of overlooking important parts of your response.
Overall, understanding the significance of RFP responses in business, adopting the best practices for crafting them, overcoming common errors, and utilizing effective tools such as RFP response examples are essential steps in enhancing your RFP process. These practices will help you create impactful RFP responses that not only express your company’s strengths and capabilities but also propel your business forward by securing profitable contracts.
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