De-risking dilemmas: The unintended consequences threatening UK-Iran personal remittances
De-risking endangers financial inclusion, driving MSBs out and boosting unregulated markets, calling for urgent reform.
November 25, 2024
De-risking endangers financial inclusion, driving MSBs out and boosting unregulated markets, calling for urgent reform.
Rising youth involvement in economic crimes highlights the urgent need for robust financial education.
In an era marked by technological advancements and evolving consumer preferences, high-end banks and financial institutions are constantly seeking for innovative ways to cater for the demands of the discerning mass affluent market.
Chargeback abuse costs billions, but merchants can reduce fraud with proactive strategies like customer engagement and better security.
Despite the growth of digital payments, cash use is rising in the UK, supported by emerging cashtech innovations.
The merged R&D tax credit scheme in April 2024 introduces new rules for contracted-out R&D, benefiting larger businesses but requiring careful planning and documentation.
Rising maintenance costs in social housing, driven by damp remediation and regulations, are pushing providers to adopt preventive strategies and modernisation.
How open banking can reshape finance, enabling personalised services, streamlined verification, and improved fraud detection.
The challenges financial institutions face under SEPA Instant Credit Transfer regulations and explores how advanced technologies can help overcome them.
Discover how moving sales online can transform your business and unlock new growth opportunities.
In the fast-moving payments industry, trust must be replaced by a “Protection Model” focused on safeguarding compliance, technology, and risk management.
Payment companies are accelerating KYB with AI and APIs, enhancing onboarding speed and competitiveness while maintaining strict compliance.
The fintech industry remains male-dominated, but fostering mentorship, challenging stereotypes, and supporting gender equality initiatives can pave the way for more women to rise into leadership roles and create a more inclusive future.
Choosing the right custody solution is vital for institutions to securely navigate the evolving digital asset landscape and future-proof their financial operations.
Outsourcing customer support allows companies to focus on growth while ensuring high-quality service through experienced partners who personalise solutions, maintain brand consistency, and leverage advanced technology.
The payments industry must address cross-border inefficiencies to support SMEs, which are critical to global economic growth and financial inclusion.
Cross-border payments expand a business’s global reach, but their success hinges on secure, efficient processes, versatile payment methods, and strong partnerships with payment providers who offer seamless integration and robust fraud protection.
Digital wallets are reshaping payments with convenience and security, but face challenges like device reliance and regional limits; with increasing regulatory focus, their growth and innovation are set to continue.
Banks must quickly adapt to ISO 20022, leveraging strategic partnerships to overcome legacy system challenges and meet the March 2025 compliance deadline.
The shift from virgin PVC to recycled PVC (rPVC) and paperboard payment cards is revolutionising the financial industry, reducing environmental impact while offering business advantages, and positioning financial institutions as leaders in sustainability.
Rethinking the approach to banking silos, this article explores how connecting, rather than breaking down, silos can foster innovation and efficiency in financial institutions.
Despite significant advances, cross-border payments still face challenges like delays, high costs, and inefficiencies, but innovative projects like BIS’s Project Rialto and Nexus offer hope for a more seamless global payment system.
Fintechs can accelerate mainstream adoption of digital assets by integrating them with traditional payment networks, enabling seamless everyday transactions.
The move to ISO 20022 brings benefits like enriched data and improved fraud prevention, requiring a strategic approach and decisions between building in-house solutions or partnering with vendors.
With the UK at the forefront, the future of cross-border payments is being shaped by technological advancements, regulatory changes, and the growing demand for efficient, secure, and cost-effective solutions.
UK banks’ reduced lending and account closures stress SMEs, highlighting the need for multi-service apps (MSAs) to streamline financial services with open banking.
Swift’s updated CSP and IAF are essential for ensuring robust cybersecurity and compliance across the global banking community.
Card issuer processors face integration, compliance, and fraud challenges but can stay competitive by streamlining processes and enhancing customer experiences.
Navigating the complexities of global expansion in fintech requires strategic partnerships, innovative solutions, and a deep understanding of regional regulatory and cultural nuances.
How modernising legacy systems through outcome-driven strategies, cloud migration, and fintech partnerships enhances agility and innovation.
Open banking revolutionises financial services by enhancing user experience with seamless account integration, real-time transactions, and personalised services.
APP fraud is surging, with UK Finance reporting £42.6 million lost in early 2023, prompting calls for stronger consumer protections.
Combining digital innovations with traditional in-person services allows banks to provide a seamless experience that leverages the convenience of digital services and the personal touch of physical interactions.
Utilising payments data analytics can drive financial growth by enhancing services, reducing costs, and improving security, though it requires overcoming challenges in data management, integration, and fraud prevention.
PSD3 updates PSD2 to enhance electronic payment services, merging payment and e-money institutions, regulating digital marketplaces, clarifying delegated authentication, and detailing open banking API requirements
The financial sector must modernise card issuance to meet consumer demand for instant, seamless payments, with digital platform-issued cards projected to reach 1.3 billion by 2027, driven by API-led approaches and the rise of digital wallets.
From 7 October this year, all consumers who are victims of automated push payment (APP) fraud paid via faster payments must be reimbursed within 5 business days, with the cost split equally between the paying and receiving payment service providers (PSPs)
The UK leads the open banking revolution, driven by the Payment Services Regulations and the revised PSD2, fostering competition, innovation, and secure data access, with significant adoption growth and benefits for businesses and consumers alike.
Fintech firms must leverage personalized and secure communication tools, like SMS and chat apps, to build consumer trust and enhance customer experience, as demonstrated by successful partnerships with reliable providers.
Global SMEs are shifting to fintechs for their financial needs, urging traditional banks to collaborate with fintech providers to offer flexible, innovative solutions, writes James Camilleri, CEO and co-founder of Fyorin
ChatGPT, nearing 200 million users, uses Large Language Models to streamline tasks and improve efficiency in industries like fintech, enhancing customer support and fraud detection.
In 2023, the UK government committed £100 million and 400 new fraud officers to reduce fraud by 10% by 2025, amid increasing social media and deepfake scams, according to IDnow’s UK Fraud Awareness Report.
As real-time payment adoption grows, 50% of European firms are already involved, with another 42% planning to join, highlighting the balance of challenges and benefits in managing financial crime.
Instant payments are rapidly transforming the transaction landscape, supported by a global increase in payment rails and advanced services, despite facing challenges from fraud and regulatory demands.
Unveiling the complexities and optimisation opportunities in the card payments industry’s operational landscape.
PSPs must enhance their end-to-end reconciliations to deliver seamless, efficient payment services and stay competitive in the rapidly evolving fintech landscape
In recent years, the global financial landscape has undergone a notable transformation, characterised by a discernible decline in correspondent banking relationships. Several different factors highlight this shift, each contributing to
Payment compliance and risk management is expensive and time-consuming due to its multifaceted and idiosyncratic nature. There is no one-size-fits-all solution. The state of risk and compliance is ever-changing, and
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