You are reading the article Record $32 Million Play To Launch Australia’s ‘Shopify For Banks’ updated in February 2024 on the website Flu.edu.vn. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested March 2024 Record $32 Million Play To Launch Australia’s ‘Shopify For Banks’The founders of banking software platform Constantinople have raised a $32 million seed round – the largest in Australian history.
Macgregor Duncan (L) and Dianne Challenor (R), co-founders of Constantinople. Image source: Supplied
Macgregor Duncan and Dianne Challenor ventured down similar paths in life – both worked in the banking industry, both lived overseas and both harboured ambition to launch their very own company.
Duncan, from Adelaide originally, worked across banking, technology and private equity throughout Silicon Valley before moving to Sydney in 2023 to become chief development officer at Westpac. That’s where he met Challenor, who has an equally impressive resumé – she’s worked in global banking in Hong Kong and Sydney at companies like Citibank and JPMorgan Chase.
Challenor and Duncan crossed paths when they were tasked with building out Westpac’s new digital banking-as-a-service (BaaS) platform with cloud-native tech company from the UK, 10x. When the two finished up, they started to think about the kind of business they would want to build.
“It was just the odd cup of coffee over the Christmas holidays and into January where we started to think about what we wanted to do, where the market opportunities were and how to bring together our collective expertise,” Challenor tells Forbes Australia.
In 2023, they landed on it: Constantinople. It would be a new software and operational platform to help banks with legacy technology become more efficient. The product is an all-in-one operational platform that provides banks with a fully-managed platform service covering customer experience, banking products, supporting infrastructure, operations, servicing and compliance. Rather than thinking about it like a “bank-in-a-box”, Duncan says it’s the beginning of what will be a global software company that completely reshapes the banking industry worldwide.
“If you look at any bank, approximately 10% of their cost base is technology. But 60 to 70% of their cost base is people, because people are doing all of the operational processes that a bank needs to run itself,” Duncan says.
“The key difference with what we’re doing is using software to run those operational activities. It’s a SaaS platform. Banks don’t need to run all of this infrastructure and operational services – they put their customers on our platform and they pay a SaaS fee rather than manage the capabilities themselves.”
By way of fees, Duncan explains the company’s model involves no upfront capex or implementation fees – much like any other SaaS company, there’s a SaaS fee payable for use of the platform. For regional or smaller banking players, this could lead to a radical change in cost structure and enable a bank’s long-term viability, Duncan says.
And given the operational management-side of Constantinople, Duncan says clients will have the opportunity to re-jig their workforce in a more cost-effective way. “Today, people are doing back-office operations that are undifferentiated with customers. What we’re now saying is, ‘We can manage all of that. You can redeploy your people to do things that customers care about – you can put people into the community to spend time with your customers. You can have people focused on customer acquisition.”
In May, Duncan and Challenor finalised Constantinople’s US$23 million (AU$32 million) seed round, which is the largest in Australian start-up history according to funding tracker Crunchbase. The round was led by Square Peg, with participation from Airtree Ventures and Great Southern Bank – the latter is also Constantinople’s first client bank.
It’s a big raise, but building out Constantinople is a big task, Duncan says. They’re essentially building the “Shopify for banks”.
“We have an ambition to try to create a very large Australian-based software company. From an investor perspective, I think they were attracted to the ambition and the size of the opportunity.”
On their funding partners, Duncan says the joke in the office is this: “We made three good decisions early on in the life of the company. They were: Square Peg, Airtree and Great Southern Bank”. The scale of the seed round reflects the scale of the business’ opportunity, Duncan adds.
“The addressable market is extremely large. We have an ambition to try to create a very large Australian-based software company. From an investor perspective, I think they were attracted to the ambition and the size of the opportunity.”
Square Peg co-founder Paul Bassat says it verbatim: “We love backing ambitious founders, and Mac and Di are the very definition of exceptional founders tackling problems at a global scale. Constantinople continues to build at an incredible pace, and our conviction in their ability to transform and simplify how banks operate continues to grow.”
The 60-strong team was also a major selling point, Duncan says. There are approximately 45 engineers on Constantinople’s books and some serious banking expertise from Challenor and Duncan themselves which attracted AirTree partner James Cameron.
“The quality of the Constantinople team is something to behold,” Cameron says. “Constantinople has been a standout to us right from the start because of the way they’re using code to remove the complexity of banking. We’ve been amazed at the speed with which Constantinople has built and executed and we’re excited to see the platform now come to market.”
Over the next 12 months, Constantinople is focused on rolling out Great Southern Bank’s business bank using its platform and continuing conversations with prospective clients. They have a significant capital runway which helps reputationally.
“For banks who are moving their entire business onto our platform, they want to know that we’re well capitalised, that we have institutional gravitas.”
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Off Cycle Hiring at Banks
Hiring that takes place outside of the normal recruiting process
Published November 22, 2023
Updated July 7, 2023What is Off Cycle Hiring at Investment Banks?
Any hiring that takes place outside of the normal recruiting process is called off cycle hiring. Investment banks hire the majority of new analysts and associates through a regular annually recruiting schedule, but occasionally have the need to staff up outside that schedule, which is where off cycle hiring comes in.The regular investment banking hiring process
The regular hiring process for a new analyst or associate is one of the following:
Internship that turns into a full-time offer
Campus recruitment process
Option number one, which is an internship that turns into a full-time offer, is the fastest option and results in the least stress/uncertainty. This is why getting an internship at a bank or institution you want to work at full-time is such a big win. An analyst or associate who’s doing a great job in their summer internship may receive an offer before the summer is through, securing their position to come back full-time when they finish school.
Option number two, the campus recruitment process, happens a bit later, after internships are over, but is still fairly early in the grand scheme of things. In this case, a candidate may have done an internship at another bank, institution, or done something entirely different. This process is outlined in more detail in our campus recruitment guides.What can you do if you miss the regular hiring process?
If you miss the regular process, all is not lost, as banks do post positions to hire off cycle when they need to staff up and can’t wait for the next batch of graduate hires to join.
Here are some ideas on what to do if you miss the regular hiring process and are in your final year of school:#1 Target smaller/boutique firms
The smaller, more boutique firms are more likely to have an irregular hiring program. If you think about it, a company needs a tremendous amount of stability to make people job offers nearly an entire year before they want them to start working. Bulge bracket banks can do it, but many smaller firms can’t extend themselves that far out into the future.#2 Network as hard as you can
Getting in at smaller firms with off cycle hiring, in general, is often much more dependent on networking that on the regular hiring process. Since off cycle positions that come open are often required on demand, they have shorter recruiting periods and, therefore, already being on people’s radar screens is important.
An effective strategy can be to meet with as many professionals as possible and just ask them to “keep you in mind” if opportunities come up in the future. While their memory may be short, if you have a lot of people in your network, then the timing will hopefully work out with at least one of them.#3 Monitor job postings
One tip is to setup a Google Alert for some very specific criteria that trigger an alert when a company posts an analyst/associate job position.Final thoughts on off cycle hiring in banking
While most people are hired from internships or through the regular hiring cycle, there is still a reasonable chance of off cycle hiring if you do the right things. As mentioned above, if you target smaller firms, network as hard as you can, and monitor postings (with alerts), then your chances of landing a job are significantly improved.Learn More
In Australia, if the citizens’ driver’s license (DL) photo or passport photo has been taken in the past few years, the face of that person is expected to end up in a massive new countrywide network the federal government is trying to create. The Victoria and Tasmania regions have already started to upload DL details to the database of state. This database will be eventually linked to a future national one. The Legislation will enable government agencies and private businesses to access facial identities held by state and territory traffic authorities and foreign affairs department held passport photos. It has been estimated by the home affairs department that the cost of ID fraud per year is $2.2 billion. The department also stated that introducing a facial component to the document verification service of government would help prevent it. This service is already used by 100 government agencies and 700 businesses. Additionally, alongside the document verification service, a facial recognition service for enforcement of the law would be introduced. Almost every state and territory governments have updated their driver’s license laws in anticipation of the database. According to the Council of Australian Governments, people getting passports, sign a form that confirms that their photographs will be used for biometric matching purposes. Alarming Concerns According to privacy experts, the new legislation lacks proportionality. They believe that the benefits do not outdo the intrusion into people’s privacy. According to the Australian Privacy Foundation, the proposal is highly invasive as the system could be integrated into a number of other systems that gather visual data, including closed-circuit television. The foundation says, “We are on our way to automated and real-time surveillance of public spaces.” According to the Australian Human Rights Commission, facial recognition technology remains unreliable. Additionally, the human rights commissioner, Edward Santow, told the parliamentary inquiry, “If inaccurate information received from the use of this technology is used by law enforcement, it could also have drastic consequences for the person concerned, including being arbitrarily detained and having fundamental features of their right to a fair trial compromised.” The Human Rights Law Centre reported that a separate facial recognition technology – NEC Neoface employed by federal agencies and some state and territory police, hasn’t gone through verification and testing process for accuracy on different ethnic groups which can lead to disproportionate rates of misidentification of ethnic minorities. However, the home affairs department affirmed that it conducts testing and tuning of facial recognition software. Subsequently, its matching results will be reviewed by trained facial recognition experts to prevent false matches. The department adds, “In other words, decisions that serve to identify a person will never be made by technology alone.” The department stated that the concerns regarding mass surveillance are not warranted due to the lack of practicality. According to them, the systems are not designed for it. They are nowhere near the resources that would be needed to conduct a mass surveillance program. The system for law enforcement needs an individual to manually submit an image and resolve against possible matches, and it creates an audit trail. Although CCTV still images can be used into a system to identify someone yet it is not technically possible to live stream CCTV footage into the system.
In Australia, if the citizens’ driver’s license (DL) photo or passport photo has been taken in the past few years, the face of that person is expected to end up in a massive new countrywide network the federal government is trying to create. The Victoria and Tasmania regions have already started to upload DL details to the database of state. This database will be eventually linked to a future national one. The Legislation will enable government agencies and private businesses to access facial identities held by state and territory traffic authorities and foreign affairs department held passport photos. It has been estimated by the home affairs department that the cost of ID fraud per year is $2.2 billion. The department also stated that introducing a facial component to the document verification service of government would help prevent it. This service is already used by 100 government agencies and 700 businesses. Additionally, alongside the document verification service, a facial recognition service for enforcement of the law would be introduced. Almost every state and territory governments have updated their driver’s license laws in anticipation of the database. According to the Council of Australian Governments, people getting passports, sign a form that confirms that their photographs will be used for biometric matching purposes.According to privacy experts, the new legislation lacks proportionality. They believe that the benefits do not outdo the intrusion into people’s privacy. According to the Australian Privacy Foundation, the proposal is highly invasive as the system could be integrated into a number of other systems that gather visual data, including closed-circuit television. The foundation says, “We are on our way to automated and real-time surveillance of public spaces.” According to the Australian Human Rights Commission, facial recognition technology remains unreliable. Additionally, the human rights commissioner, Edward Santow, told the parliamentary inquiry, “If inaccurate information received from the use of this technology is used by law enforcement, it could also have drastic consequences for the person concerned, including being arbitrarily detained and having fundamental features of their right to a fair trial compromised.” The Human Rights Law Centre reported that a separate facial recognition technology – NEC Neoface employed by federal agencies and some state and territory police, hasn’t gone through verification and testing process for accuracy on different ethnic groups which can lead to disproportionate rates of misidentification of ethnic minorities. However, the home affairs department affirmed that it conducts testing and tuning of facial recognition software. Subsequently, its matching results will be reviewed by trained facial recognition experts to prevent false matches. The department adds, “In other words, decisions that serve to identify a person will never be made by technology alone.” The department stated that the concerns regarding mass surveillance are not warranted due to the lack of practicality. According to them, the systems are not designed for it. They are nowhere near the resources that would be needed to conduct a mass surveillance program. The system for law enforcement needs an individual to manually submit an image and resolve against possible matches, and it creates an audit trail. Although CCTV still images can be used into a system to identify someone yet it is not technically possible to live stream CCTV footage into the system. According to Kristine Klugman, the president of Civil Liberties Australia, told the committee it could happen soon and said, “Indeed, it is only a matter of time before the combination of cloud services, mobile, high-definition video capture (including smartphones) and ‘big data’ analytics will make such real-time surveillance possible, cheap and enticing. When that happens, we can again expect to hear similar claims that our police and spy agencies ‘are only effective if they have the tools necessary to effectively enforce the law and detect and prevent threats to the Australian community.”
Google will pay a historic fine to settle U.S. government charges that it violated privacy laws when it tracked users of Apple’s Safair browser via cookies.
The US$22.5 million civil penalty is the largest ever secured by the U.S. Federal Trade Commission for a violation of one of its orders, the FTC said on Thursday.
However, chúng tôi finds the settlement inadequate for various reasons, including the amount of the fine and the fact that it allows Google to deny guilt and liability.
The fine amount is “chump change” for Google, and the FTC shouldn’t have agreed to a settlement unless Google was willing to make an admission of guilt, said John Simpson, director of the privacy project at ConsumerWatchdog.org.
“This is letting Google buy its way out of trouble,” he said.Pay Fine, Admit Nothing
The consent decree states that “Defendant denies any violation of the FTC Order, any and all liability for the claims set forth in the Complaint, and all material allegations of the Complaint save for those regarding jurisdiction and venue.”
The FTC said that with this misrepresentation, Google violated an existing privacy settlement it had reached with the agency.
The settlement also requires that Google disable all tracking cookies it placed on affected users’ computers.
“The record setting penalty in this matter sends a clear message to all companies under an FTC privacy order,” said Jon Leibowitz, chairman of the FTC, in a statement. “No matter how big or small, all companies must abide by FTC orders against them and keep their privacy promises to consumers, or they will end up paying many times what it would have cost to comply in the first place.”
Instead, Google in many cases actively circumvented Safari’s cookie-blocking settings in order to track these users.Mixed Response
The Center for Democracy and Technology praised the FTC’s action, highlighting in particular that the agency moved quickly to address the issue and that in its complaint it faulted Google for acting in a way that the FTC said violates the code of conduct of the Network Advertising Initiative, to which Google belongs.
“This action demonstrates the FTC is a champion for consumer privacy rights,” said Justin Brookman, CDT’s Director of Consumer Privacy, in a statement.
A Google spokeswoman said via e-mail that the FTC “is focused on a 2009 help center page published more than two years before our consent decree, and a year before Apple changed its cookie-handling policy.” Google has now changed that page and “taken steps to remove the ad cookies, which collected no personal information, from Apple’s browsers,” she said.
The DOJ filed the complaint and proposed settlement on behalf of the FTC in U.S. District Court for the District of Northern California in San Jose this week. The proposed consent decree is subject to court approval.
ConsumerWatchdog.org’s Simpson said the organization is considering challenging the settlement by arguing that it doesn’t serve the public interest if it doesn’t include an admission of guilt from Google.
A similar view is shared by FTC Commissioner J. Thomas Rosch, the only one of five commissioners who voted against referring the complaint to the DOJ and approving the proposed settlement.
“There is no question in my mind that there is ‘reason to believe’ that Google is in contempt of a prior Commission order. However, I dissent from accepting this consent decree because it arguably cannot be concluded that the consent decree is in the public interest when it contains a denial of liability,” Rosch wrote in a dissenting statement.
British intelligence agency GCHQ used port scanning as part of the “Hacienda” program to find vulnerable systems it and other agencies could compromise across at least 27 countries, German news site Heise Online has revealed.
The use of so-called port scanning has long been a trusty tool used by hackers to find systems they can potentially access. In top-secret documents published by Heise on Friday, it is revealed that in 2009, GCHQ started using the technology against entire nations.
One of the documents states that full scans of network ports of 27 countries and partial scans of another five countries had been carried out. Targets included ports using protocols such as SSH (Secure Shell) and SNMP (Simple Network Management Protocol), which are used for remote access and network administration.
The results were then shared with other spy agencies in the U.S., Canada, the U.K., Australia and New Zealand. “Mailorder” is described in the documents as a secure way for them to exchange collected data.
Gathering the information is only the first step, according to Heise Online.
The documents also reveal “Landmark,” a program started by the Canadian spy agency CSEC to find what it calls ORBs (Operational Relay Boxes), which are used to hide the location of the attacker when it launches exploits against targets or steals data, Heise said. For example, during an exercise in February 2010, eight groups of three “network exploitation analysts” were able to find 3,000 potential ORBs, which could then potentially be used by CSEC.“Shocking and sickening”
“It isn’t surprising [the intelligence organizations] were technically able to do this … That they attack people they have no reason to attack and then install malware on their systems to attack even more systems is really shocking and sickening to see. On that I think we can all agree,” said Christian Grothoff, one of the co-authors of the Heise article, in an interview with IDG News Service.
At the Technische Universität München, he has led the development of TCP Stealth, which can help prevent Hacienda and similar tools from identifying systems. The development of TCP Stealth was started during a course on peer-to-peer systems and security that Grothoff taught last year.
TCP Stealth works by adding a passphrase on the user’s device and on the system that needs to be protected.
“For example, if you have remote administration of routers or servers you don’t want that access to be public. You typically have a small group of administrators that are authorized, so between them you share a passphrase and also add it where they want to connect,” Grothoff said.
If the passphrase is incorrect when the connection is started, the system simply doesn’t answer, and the service appears to be dead.
For this to work, operating systems and applications have to be upgraded to be able to use TCP Stealth. Linux has already been upgraded and there is a library application developers can use to add TCP Stealth to their software without having to recompile. Windows, Chrome OS and Mac OS haven’t been ported to TCP Stealth.
The hope is now that the technology will be standardized by the IETF (Internet Engineering Task Force). A first draft has already been filed with the organization. It was co-authored by Jacob Appelbaum with the Tor project and edited by Holger Kenn from Microsoft in Germany.
“I think there is a chance we can convince people this is necessary,” Grothoff said.
Recording your screen on a Mac used to be a real trial, but it’s now a straightforward process. In fact, there’s a native solution to record the screen on your Mac with high-quality video to boot. For this post, we show you how to record the screen on your Mac using the built-in tools and a few choice third-party ones.Using the Native Screenshot App to Record Your Screen on a Mac
For the unaware, the native Screenshot app can also record your screen. You can find it using the keyboard shortcut or open Screenshot through Spotlight or your usual preferred method for opening apps.
Press Command + Shift + 5 to open Screenshot. It will display as a floating toolbar at the bottom of your screen.
There are two options to record your screen: record the entire screen
or a selected portion of your screen.
Your recording will start. Note that there will be no sound in your video by default.
When you finish the recording, press the Stop button in the menu bar (or Touch Bar, if you have one). The toolbar may disappear for you. If this happens, use the Command + Shift + 5 shortcut to bring it back up.
This will reveal a preview pane with an icon to trim the video.The Screenshot Options Menu
The following are notable screen recording options:
While there aren’t many options to wade into, there’s enough here to make functional recordings. However, there are other solutions – also free – that give you more flexibility.Using QuickTime Player to Record the Screen on Your Mac
For Mac users, QuickTime Player is a stalwart for the whole macOS experience. It’s a functional way to view all sorts of media. In this case, we can use it to capture the screen.
However, once you open this, you’ll notice the layout is familiar. This is because the Screenshot app and the QuickTime Player’s capture algorithm are one and the same. As such, the process to record your screen is as we outlined in the last section.
It’s worth noting that once you finish the recording, the resultant video shows as a QuickTime file.Using Open Broadcaster Software (OBS) to Record the Screen on Your Mac
Those who stream will know OBS – it’s a fantastic, open-source way to capture your screen on Mac. The software is complex, but capturing the screen can be straightforward.
Open OBS and look to the Sources section at the bottom of the window.
Once you choose this, name your recording, then decide whether you want to view your screen during the recording. In most cases, you won’t.Using VLC Media Player to Record the Screen on Your Mac
The VLC Media Player is an open-source solution. We have previously shown how to use VLC as a video editor. By extension, this app can also record the screen on your Mac.
This will display the “Open Source” screen, specifically the “Capture” tab:
From the drop-down at the top, change “Input Sources” to “Screen.”
This gives you a few setup options, with the most important being the choice of screen and the Frames Per Second (FPS). You can also toggle audio for your video recording.
Check the “Stream output” box, then move into the Settings screen.
As covered in our article on using VLC as a video editor, you can use a wide range of options to edit your screen recording. However, the Transform option is on by default. To turn this off, follow the instructions below.
Head to the Geometry tab and uncheck the “Transform” setting.
From here, view your video – it will look as intended.Four Third-Party Screenshot Apps to Help You Record the Screen on Your Mac
If you want a little more out of your screen recordings, there are a few apps available. We are highlighting four we think will do the job well.1. CleanShot X
CleanShot X is a fantastic premium app for capturing the screen with images or video.
You can choose to record the screen from the toolbar menu.
This will bring up a full screen menu to help you set things up as you’d like.
The app is $29 for a one-time payment, and for this price, it’s a steal. There’s also an option to use cloud storage to host your captures, starting at $8 per month.2. Screenflow
Screenflow is a true professional-level video capture tool. At $228, it’s a pricey app. However, you’re getting a lot of features for those dollars, and there’s a free trial to give it a whirl.
The app includes a full video editor, including titles, transitions, animations, multi-channel audio, and more. With the built-in stock library and streamlined media management, you can create highly produced videos from your desktop.
If you need high production value screen recordings and don’t want to mess around with a separate editor, ScreenFlow will cover almost all of your needs.3. Snagit
Snagit marries power and ease of use in a friendly, practical interface that’s easy to use and navigate. It comes with a price tag of around $50 but is inexpensive compared to other applications, and there’s a free trial available to take the app for a test drive.
Snagit’s editing tools are way more powerful than Screenshot, with an actual timeline and a wealth of editing tools. You can also record audio from your system output or your external microphone.
Snagit is ideal for any kind of tutorial or instructional video or capturing streaming video playback for archival or distribution. Its balanced cost and performance makes it a reliable favorite for anyone who writes instructional content.4. GIPHY Capture
For very simple jobs, you could consider using GIPHY Capture. While the name makes it clear that it’s a GIF-making app, it can also record video.
The app’s simplicity makes it uniquely useful. It won’t capture any audio, and output options only include GIF, MP4, and animated JPEG. The editing tools are extremely simple but functional enough, with basic trim controls and options for superimposed title cards.
If you only need a few seconds of video, GIPHY Capture may give you what you need. That it’s free means you have nothing to lose!How to Record Your Screen With Sound
A few of the apps on this list will let you also record sound along with your video. In many cases, the functionality is rudimentary, but it’s fit for everyone.
Here, you’ll check the “Capture Audio” box, then select your device from the drop-down menu.
CleanShot X also offers surprising flexibility, allowing you to record with a microphone and your computer’s audio independently from one another. Once you choose to record your screen, you’ll select the correct options from the menu overlay in the middle of the screen.
The computer audio recording requires a driver that the app will administrate, and the results are solid. This is another reason why CleanShot X is such a great tool, as is Snagit, which offers the same functionality.
Of course, Screenflow and OBS also provide you with the functionality to record audio, albeit on a grander scale. OBS gives you two Sources: Audio Input Capture and Audio Output Capture:
This provides you track selection, whether your microphone records in mono or stereo, and some basic audio monitoring options for specific use cases, among other settings.Conclusion
For most users, the native macOS Screenshot tool will provide almost everything you need to record the screen on your Mac. Because there are so many free options, you’ll have many other solutions at your disposal. However, you may also have the need for a premium solution, especially if you have a professional need to record the screen, such as streaming.
If you’re looking for the best live game streaming platform, we have a great article on the subject. Also check out our review of Video Proc Vlogger, easy and free video editing software.
Tom Rankin is a quality content writer for WordPress, tech, and small businesses. When he’s not putting fingers to keyboard, he can be found taking photographs, writing music, playing computer games, and talking in the third-person.
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