AI-driven solutions are transforming dispute management in the payments industry, enhancing efficiency, reducing costs, and improving customer satisfaction in an increasingly digital landscape.
A deep dive into the Financial Crime 360 survey, highlighting key challenges, prevalent fraud types, and strategic responses across various financial sectors
CEOs discuss top challenges and priorities in a Payments Lab roundtable, focusing on technology, fraud prevention, and regulatory compliance.
The financial struggles of UK adults highlight the vital role and challenges of community finance institutions in promoting financial inclusion.
Enhancing the FCA’s complaints reporting process aims to swiftly identify consumer harm, improve regulatory compliance, and streamline operations for financial firms.
Firms must navigate complex payment service regulations and the often-overlooked EBA Guidelines on Remuneration Policies to ensure compliance and foster fair customer outcomes.
The payment operations sector is navigating significant challenges due to capped interchange fees, driving a need for digital transformation, cost reduction, and innovative revenue models to maintain profitability.
Banks de-bank payment providers, disrupting cross-border transactions and financial inclusion.
The PAY360 registrant survey highlights key trends, challenges, and opportunities in the payments industry, focusing on AI, open banking, and real-time payments
Key findings from Cifas highlights the rising threat of identity fraud and the need for advanced, collaborative solutions.
The new APP fraud reimbursement policy mandates up to £415,000 per claim from October 2024, raising industry concerns over its implementation and impact on smaller fintech firms.
Payment businesses must leverage AI technologies to combat increasingly sophisticated fraud networks and protect digital transactions.
The Bank of England is modernising its RTGS system to boost resilience, innovation, and cross-border payment efficiency.
Exploring the shift to digital payments, the role of CBDCs, and the strategic implications for central banks.
The FCA’s controversial ‘name-and-shame’ policy has sparked significant industry backlash, raising concerns over market stability and reputational damage.
A survey from nearly 6,000 PAY360 pre-registrants reveal the strategic outlook, challenges, and opportunities identified by leaders in the payments industry.
The FCA’s final quarterly authorisations metrics for 2023-2024 reveal high efficiency and effectiveness in meeting statutory targets, though some areas require better application quality.
The Payment Systems Regulator (PSR) highlights the need for improved governance and collaboration to drive innovation and address regulatory challenges in the UK’s payments industry
At PAY360, video interviews with industry leaders highlighted the evolution of payment technologies, ESG integration, and digital accessibility.
Discover how programmable money could revolutionise finance with automation and efficiency, while exploring the ethical dilemmas it poses around privacy and potential misuse
On 25 April 2024, the FCA proposed significant updates to its Financial Crime Guide, aiming to enhance clarity and compliance for financial and cryptoasset firms.
Digital wallets are rapidly evolving, increasingly centralising essential personal functionalities like payments, identity verification, and data control, highlighting both immense potential and significant risks.
The PAY360 survey reveals critical insights on AI, real-time payments, and regulatory challenges, guiding stakeholders in adapting to evolving industry demands.
The 2024 assessment reveals evolving financial crime trends, including AI fraud and social media exploitation, providing crucial insights for payment firms to fortify consumer trust and operational security.
The UK Financial Conduct Authority issued a supervisory notice to EPayPro UK Limited, stressing the need for fairness and transparency in fee introductions, following EPayPro’s non-compliant rollout of a new compliance fee
A look inside the innovative work of the ESG working group, as it creates the first greenhouse gas emissions standard designed specifically for the payments industry
Initial assessments of the FCA’s Consumer Duty show that while financial firms have made positive strides in improving practices for consumer outcomes, further improvements and deeper integrations are necessary.
Conversations around a digital pound are growing louder as the weeks roll by. With use cases popping up around the globe, is it time Britain followed suit? In a similar fashion to the way coins largely made way for banknotes, digital currency is the next natural progression in the evolution of money, whether consumers like the idea of it or not.
AI has been a hot topic in the financial services sector for some time and the topic keeps gathering momentum. It is clear, AI has many potential use cases, such as: helping firms scale up their business; making better informed strategic business decisions; and supporting the efficient and effective delivery of regulatory compliance to name just a few potential use cases.
Exploring how the payments industry can innovate to mitigate the UK’s cost of living crisis, this article highlights fintech’s role in aiding the newly underserved towards financial resilience and inclusivity
In an era where customer focus, innovation, and the challenge of profitable growth take center stage, the payments industry faces a pivotal transformation, signalling the end of ‘easy growth’ for traditional giants
Leaders of companies operating in the payment technology landscape are well-accustomed to the challenges of complex regulations set by various governing bodies. Whether the companies are established financial institutions or agile fintech start-ups, navigating this terrain requires much effort.
Since 2019, the UK’s banking sector has been refunding customers who become victims of authorised push payment (APP) scams, causing heated debate among industry professionals who believe the responsibility should lie elsewhere.
This year, rules laid out by the Payment Systems Regulator (PSR) in 2023 will come into force. The rules stipulate that both the sending and receiving firms should hold equal liability when reimbursing fraud victims in most cases. The rules have received widespread criticism from insiders and industry bodies alike. UK Finance has hit out at the PSR’s rules, which avoid the mention of Big Tech in the conversation.
HSBC’s January launch of Zing, an e-money institution and standalone money transfer app, is something of a strategic departure for the global banking behemoth for a number of reasons.
What it may imply for the bank strategically and what it signals for the future of international money transfers, fees, and product development are all valid questions. The true motivations behind the launch are likely more nuanced than may seem likely at first glance or that the bank may have you believe.
In 2021, the Financial Conduct Authority (FCA) Business Plan made clear its intent to apply a more intensive assessment with greater scrutiny of financial information and business models. This is being particularly felt in the payments space.
There is an increasing need for enhanced data sharing in the payments industry to combat the rising threat of financial crime, specifically money laundering and online-enabled fraud.
Andrew Novoselsky, Chief Product Officer at SumSub explores why Payment fraud poses a substantial challenge to the payments industry, and why its severity is anticipated to escalate in the coming years.
2024 will herald much innovation in the payments world, with digital currencies and digital wallets firmly entering the mainstream and grabbing the lion’s share of headlines. However, UNITE Global – a new entrant currently flying somewhat under the radar – could enjoy one of the most impactful debuts for many years to shape the future of a critical payments marketplace.
As the digital landscape continues to evolve at an unprecedented pace, the payments industry finds itself standing at the intersection of innovation and transformation.
On 30 October 2023, HM Treasury (HMT) issued its long-awaited policy document on the regulation of fiat-backed stablecoins in the UK. Framed as “Phase 1” of the UK’s approach to cryptoasset regulation, HMT’s paper was quickly followed by discussion papers from the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (BOE) on the future regulatory approach to such stablecoins.
Although there are a number of steps to go before the stablecoin regime comes into effect (with implementation anticipated in 2025), the 2023 papers give helpful insights into the direction of the new regime.
The year 2023 was significant for ESG in finance. As COP 28 brought the year to a close, The Payment Association’s ESG Working Group look ahead to key themes likely to dominate the payments ESG agenda in 2024.
Despite significant advancements in artificial intelligence and machine learning for profiling customers, a crucial issue remains among industry bodies: the lack of effective information sharing.
A lot has gone on in the payments sector in the last 12 months, but have you been paying attention? There’s only one way to find out, we’ve devised a quiz to test your mettle below.
Plenty has happened in the payments space over the past 12 months. Landmark legislation has been passed and new technologies such as artificial intelligence (AI) have integrated themselves further, irreversibly changing the way transactions will be made. As the year draws to a close, we take a look at other triumphs and challenges faced by the industry in the past 12 months.
After a year of development, the royal assent of the UK Financial Services Markets Act (FSMA 2023) signifies that change is on the horizon for the UK’s financial landscape and its players.
Environmental, social and governance (ESG) values are here to stay, thanks to consumer and investor demand for greater transparency and social responsibility from businesses.
From the growing risks of fraud and cybercrime to digital adoption, Jonathan Tyce provides a strategic look ahead to 2024 in the European payments space.
On 8 October 2023, detailed new rules on the financial promotion of cryptoassets came into force in the UK, representing the very first set of conduct rules to apply to the crypto industry.
