The UK 's securities Conduct Authority ( FCA ) has encouraged more data sharing between financial institutions to combat rising levels of fraud . In a recent speech , Executive Director of Supervision Megan Butler said data sharing had to be on a global scale since financial crime does n't know any boarders . Butler stated that the firm is exploring technologies such as multi - party computation to drive real - time analysis of payments and enhanced encryption . The adoption of these solutions will be delayed until the proof - of - concept stage , she added . The FCA will publish a report next year detailing progress made using these solutions .
The UK's Financial Conduct Authority (FCA) has urged more data sharing between financial institutions to combat rising levels of fraud. In a recent speech, Executive Director of Supervision Megan Butler said data sharing had to be on a global scale since financial crime doesn't know any boarders. Butler added that the FCA is exploring solutions such as multi-party computation to drive real-time analysis of payments and enhanced encryption. The adoption of these ideas will be tracked until the proof-of-concept stage, she added. The FCA will publish a report next year detailing progress made using these solutions.