Recent improvements in payment technology have led to breakthroughs in cross-border payments, where businesses can expand into new, international markets.
One of these breakthrough technologies is virtual IBANs, which are fast becoming an integral part of embedded finance. But what they are, and how they can benefit your business?
BCB Group has appointed Noah Sharp as Deputy CEO, who will share responsibility with the CEO for the corporate scaling strategy across geographies, client segments, products and licensing.
We recently held a webinar on this topic with fscom experts Nick Gumbley (Associate Director) and Will Finn (Senior Manager). In this blog, we summarise their advice on what companies need to know about regulations on customer data, and how they can set up a framework to meet these challenges head on.
Plenty of changes are afoot for the Irish consumer credit markets, following the enactment of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (the “Act”). The Act extends the Central Bank of Ireland’s (CBI’s) consumer protection framework to a broader range of firms and consumer credit activities, with the aim of ensuring that Irish consumers receive the same protections required of other financial service providers.
The Act came into force on 16 May 2022 and those entities caught by the new legislation should by now have begun preliminary analysis of the impact of those changes to their business models. For authorised entities, this includes an assessment on their regulatory risk profile.
Chargebacks911, the leading dispute specialist that powers chargeback remediation for the largest global eCommerce businesses, today releases its third annual Chargeback Field Report. The report details a real-world look at the health and status of chargeback management in the card-not-present (CNP) space.
Fintech innovators are using digital technology to empower children to earn and spend money under parental supervision. One such innovator is Osper, the ‘mobile app and prepaid debit card that turns pocket money into life lessons.’ But this exciting business is taking its managed money concept beyond youngsters to support use cases across different demographics. Marqeta caught up with Ester Piubeni, Osper’s Head of Operations, to learn about the business’ journey so far and what the future holds.
PSD3 – the next instalment of the Payment Service Directive
International payment service provider and direct bank card acquirer, ECOMMPAY, has announced the launch of its global payout product which is a one-stop solution for any business dealing with international payments.
Merchants report increase in chargebacks but little success in combatting them, according to the 2022 Chargebacks911 Field Report
ECOMMBX receives the prestigious Ιnvest Cyprus International Investment Award
PSD2 is the main piece of European Union legislation governing payment services, and it is being reviewed. As part of the review, the European Commission requested advice from the European Banking Authority, which was issued on 23 June 2022. This Sidley Update considers that advice and what it means for PSD3.
https://www.sidley.com/en/insights/newsupdates/2022/07/psd3-what-to-expect-based-on-the-european-banking-authority-opinion
FLEETCOR has been credited with a Gold Award in the Workplace Wellbeing Index awards by Mind, the mental health charity. The Gold Award is given to employers who have successfully embedded mental health into their policies and practices and demonstrate a long-term and in-depth commitment to staff mental health.
Griffin – the UK-based Banking as a Service provider – has secured an additional £12.5 million ($15.5 million) in funding in its quest to become the bank fintechs can build on. The round was led by Notion Capital, with participation from existing investor EQT Ventures and fintech leaders from Plaid, Wise, Liberis, and Worldpay, among others.
Griffin is building a full-stack vertically integrated BaaS platform, powered by modern user-friendly technology. The company has raised $27 million of funding to date and recently submitted its application to become an authorised bank to the UK regulators. This new round of investment will be used to grow the leadership and operational teams and continue the build of the core banking platform.
www.griffin.sh
Carta Worldwide is hiring a new Business Development Manager for our European sales team in London.
Fintech Rewired is now live! It’s a brand new interview series with industry leaders in the Fintech space.
But with one key difference: every interview is carried out over a few games of Shuffleboard. Watch episode 1 with Alana Parsons, COO of Caxton, here.
DECTA, a global payment processing company, provider of full-cycle digital payment services, today announced that it has become a Visa Ready certified partner under the Fintech Enablement program.
Chargebacks911, the leading dispute technology specialist that powers chargeback remediation for the largest global eCommerce businesses and financial institutions, today announces that it has achieved the milestone of 1,000 integrated data connections and ingestible file types though its highly automated plug-in-and play platform.
Today’s merchants have faced an uptick in fraudulent chargeback claims over the last couple of years, with profits reducing by as much as 25% due to ‘Friendly Fraud’. With over 1,000 plug-in connections, Chargebacks911’s automated platform provides a scalable method for merchants to exchange missing information that banks require to identify invalid chargeback claims and thwart the growth of this negative trend.
Leading online payments platform, Payset, is utilising bank accounts from Banking Circle to offer fast, low-cost global payments. Providing customers with multi-currency accounts, pre-paid cards and currency exchange services, Payset helps businesses hold, exchange and move money around the world quickly, effortlessly, and affordably. Working with tech-led Payments Bank, Banking Circle, Payset aims to bring financial services up to speed with modern business by eliminating the expenses, delays, and red tape associated with moving money between currencies or across borders.
Despite the fact that cryptocurrency payments are soaring in popularity, the truth is that most regular people still don’t understand how crypto and digital wallets work, or are wary about using the technology for making purchases — a fact that’s reinforced by bank card payments still accounting for 80% of aviation service transactions.
Open Banking, which was properly introduced in 2018, has seen a slow adoption in the wider finance industry. Where payment methods like Buy Now Pay Later and digital wallets have swept through the market, open banking remains less widely understood or used – in fact, ECOMMPAY’s 2021 research found that only 14% of UK consumers completely understood it.
Customers, however, are already using open banking without even realising that they are. This revelation comes as no surprise to those familiar with the technology, as it is so very efficient and easy to use. But the fact customers do not fully understand it, means some further education is still required.
The process of buying and selling goods and services has evolved significantly in the last decade or so, particularly with the growth of the internet. This has led to what we know as e-commerce, the main avenue for consumers to buy products, transmit data and transfer funds online. This evolution will only continue with greater technological advances and IT continuing to strengthen links between different aspects of financial markets. But what are IT’s current strengths and, although it is difficult to predict, how it is set to potentially transform e-commerce in the next decade?
There are a lot of new terms floating around in the world of FinTech and embedded finance, not least no-code and low-code, as more businesses start to move away from the traditional fully coded route to offering bespoke financial services.
This article demystifies everything you need to know about the similarities, differences, and which approach you should opt for to create new revenue streams and better serve your customers.
London-based fintech startup DigiDoe, has expanded into the Middle East. The UK-based business has appointed a Head of Operations in Doha to lead its operations in Qatar. It comes as DigiDoe puts the world’s central and commercial banks firmly in its sights, having received crucial international security certification for its innovative proprietary anti-money laundering (AML) and fraud prevention solution.
HM Treasury (HMT) has published a response to its previous consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the ‘MLRs’.
Director of Business Development at Bottomline, Marcus Hughes writes for PaymentExpert on the evolving landscape for crypto regulations.
Bottomline, a leading provider of financial technology that makes business payments simple, smart, and secure, revealed today that the shift to hybrid working has left businesses seriously exposed to insider fraud1, with over half of businesses (52% in GB and 63% in the US) falling victim over the last year. These levels are likely to be significantly higher as many businesses are unaware that they have fallen foul of insider fraud, with rates expected to increase further as hybrid working becomes a permanent workplace fixture. The findings stem from Bottomline’s seventh annual Business Payments Barometer, which for the first time tracks the sentiment of US businesses, alongside their GB counterparts.
Even though the crypto lending market remains largely overcollateralized, the growth of DeFi has brought in a new paradigm shift: real-world asset-based lending. Read more on how RWA-Based loans benefit borrowers.
The global neobank market is projected to grow to nearly US$67 billion this year – but less than 5% of around 400 #neobanks in the world can actually make profit. Read more to learn the common reasons why most neobanks remain unprofitable.
Michelle Pacey, Managing Director of allpay Limited said: “In the ever-changing payments environment, it is important for allpay to be part of the journey that has seen financial institutions innovating alongside regulators and governing bodies.
With an existing market leading payments solution that serves some of the most vulnerable in today’s society, being able to build our own technology without the reliance on third parties enables allpay to push the boundaries of what we can do as a business.
The introduction of Confirmation of Payee will give both clients and consumers enhanced security as well as an improved user experience offering the opportunity to make more informed decisions around their finances.”
Nuapay discovers a 37% jump in payment declines after SCA.
Chargebacks911, the leading dispute technology specialist that powers chargeback remediation for the largest global eCommerce businesses and financial institutions, today celebrates the 3x boost to its automated dispute response platform with the addition of its data driven AI enablement.
The use of AI enabled remediation allows merchants of all sizes across dozens of verticals to intelligently fill the knowledge gap and thwart growth in first party fraud. Utilizing data from a vast consortium of businesses, this enhancement leverages rule-based data driven automation, enabling tech to be ‘trained’ to identify data points related to post transaction fraud.
• Joanne Dewar has been promoted to Vice Chair and will focus on the group’s growth and global profile
• Kevin Schultz has been appointed Chief Executive Officer and will focus on strategy and execution
• Both the new Vice Chair and CEO will work closely with the Chair, Gene Lockhart, in a newly formed Office of the Chair
In this article, Blue Train Marketing showcase four of their personal favourite fintech branding examples.
Blue Train Marketing’s, Kain Jagger, takes a deep dive into fintech inbound marketing and its many benefits. Find out more in his latest article.
Vesta, a leading end-to-end transaction guarantee platform for online purchases, today announced the hiring of experienced Identity and Fraud industry leader, Hrishi Talwar as Chief Product Officer. Hrishi Talwar will lead global marketing and product functions at Vesta. For more information visit www.vesta.io
PXP CEO, Kamran Hedjri sat down with Peter Krapfl, founder and CEO of DaoPay to discuss how their partnership will support merchants to galvanise their approach to payments, streamline their businesses and confidently expand into new markets.
The implementation of sophisticated payment systems in these untapped markets is significantly different to the previous experiences of digitally advanced countries in Europe, APAC and North America. There are two reasons for this.
Not long ago, providers offered embedded banking services as long as you could connect to their API. Now, the solution is much easier and more innovative than ever: no-code embedded finance. This article summarises why it’s a solution taking the FinTech market by storm.
Nucleus365, a UK-based payment institution offering a centralised platform for global payment processing, FX, and connected banking, has launched to market.
Banking Circle, the tech-led B2B Payments Bank, has further simplified B2B payments by adding Dynamic Sender Name to the suite of solutions available to Payments businesses. Delivering a consultative approach to ensure Payments businesses have access to the best payment solution for each customer use case, the addition of Dynamic Sender Name complements the other payment methods already available from Banking Circle.
The Office of Financial Services Implementation (OFSI) has published an updated version of its enforcement and monetary penalty guidance which comes into force on 15th June 2022.
Stanchion Payment Solutions has successfully completed HSM migration for one of Israel’s top three banks. The bank has migrated from ARX hardware security modules (HSMs) to Futurex HSMs.
JMMB partners with Stanchion to deliver innovative payments solutions to its customers across Jamaica, Trinidad and Tobago, and the Dominican Republic
FLEETCOR®, parent company of the UK’s leading fuel and electric vehicle (EV) management company, Allstar Business Solutions, today announces the appointment of Tom Rowlands as Managing Director of Global EV Solutions.
Now heading up FLEETCOR’s EV product solutions globally, Tom will focus expanding the company’s EV footprint, strategically rolling out the company’s market-leading EV products and services that will help fleets manage the transition to EV.
payabl. appoints Cyprus Country Manager in line with company growth and portfolio diversification aspirations.
The payments sector has innovated and developed rapidly over the past few years, mostly to make existing processes as efficient and streamlined as possible. In the years leading up to the pandemic, the fintech boom saw the birth and development of many new digital technologies that sought to attract and gain customers – including the inception of By Now Pay Later (BNPL) models, advancements in cybersecurity, contactless payments, cross-border transactions, and more.
London, New York, and Silicon Valley are known as the top three biggest fintech hubs, globally. With the number of private high-growth UK fintech’s based in London alone continuing to steadily increase from 847 in July 2021, it’s easy to understand why the West is viewed as more technologically forward. For many years it has comfortably led the race when it comes to reaching peak financial technological advancements.
The relationship between the travel sector and the payments industry has always been complex, never more so than during the pandemic. As a sector with an acute delayed delivery, it is unsurprising we encounter the challenge of managing that partnership.
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