Not a minute to waste: Why KYB speed matters in merchant onboarding
Payment companies are accelerating KYB with AI and APIs, enhancing onboarding speed and competitiveness while maintaining strict compliance.
August 20, 2024
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
Financial inclusion, as defined by the World Bank, is crucial for economic development and social progress, ensuring equal access to financial products and services tailored to the needs of both individuals and businesses. The United Nations emphasises financial inclusion as a crucial driver of economic and social development, evident in its inclusion as component eight of the 17 Sustainable Development Goals for 2030.
In an increasingly interconnected world, global commerce has become the lifeblood of the modern economy. Businesses of all sizes are expanding their reach beyond borders, opening up new opportunities and markets. However, the traditional financial systems have often lagged behind the speed and efficiency demanded by the globalised marketplace. Enter cross-border real-time payments—a concept that is reshaping international trade by breaking down barriers and providing a boost to global commerce.
In the first half of 2023, UK Finance reported authorised push payment (APP) fraud losses amounting to £293.3 million, with the total number of APP cases increasing by 22%. The nature of authorised push payment (APP) fraud was harrowing – victims were willingly initiating and authorising payments into controlled accounts, often driven by criminal manipulation or misinformation.
2023 research by American Express reveals that late payments are a significant challenge for UK finance professionals, driving a shift towards digitizing B2B payments to improve efficiency and cash flow.
As the pace and scope of cross-border payments continue to accelerate, it’s becoming increasingly clear that the payment industry’s approach to compliance must also evolve—and take centre stage.
Artificial intelligence’s impact on the payments landscape is nothing short of transformative – from personalised customer experiences and seamless cross-border transactions to enhanced security and prompt fraud detection, AI-driven innovations
Napoleon understood the importance of resilient supply chains as his Grande Armée spread across Europe. Today, payment firms are being told to improve the resilience of their operations by overseeing
Despite the advancement of financial technology and payments, large portions of SMEs still face difficulties when it comes to transacting across borders. As a result of this, there are more
The financial world is rapidly evolving, driven by changing consumer needs and technological advancements. The Buy Now, Pay Later (BNPL) sector is experiencing a remarkable rise in Europe and is
Banks and finserv companies have a significant task in 2024 when it comes to building and retaining consumer trust. This is concerning news because it’s easier than ever for customers to switch banking providers.
Traditional finance is at a crossroads with the new digital frontier, and the rapidly evolving landscape of digital assets demands innovative custodial solutions. For banks, payment service providers, financial institutions and others that are either considering or already piloting digital asset projects, it’s imperative to understand the importance of an underlying custody infrastructure.
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