Payments Association has released a report, “Transforming the UK’s Payments Infrastructure,” proposing a revamp of the UK’s payments. The paper argues that the current system of account-to-account (A2A) payments hinders
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.
Games aren’t the first association we make when we think of financial services apps(!) but gamification is transforming this. If you aren’t familiar, gamification is the process of adding games
Open Banking set out to revolutionize finance by giving third-party providers access to customer data (with consent) to drive innovation and empower consumers. But while Europe’s PSD2 regulation has enabled new fintech services and a vibrant TPP ecosystem, adoption has fallen short of initial expectations. Complex regulations, security concerns, and, most critically, profitability challenges for banks have created hurdles. Discover how a shift in strategy, combined with data enrichment, could help banks embrace Open Banking as a growth opportunity rather than a regulatory burden.
Payment firms must balance innovation with compliance, while regulators support growth and trust.
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.
As banks migrate to the cloud, they must strengthen security with AI, zero-trust, and continuous education to combat growing cyber threats.
In the fast-moving payments industry, trust must be replaced by a “Protection Model” focused on safeguarding compliance, technology, and risk management.
Rethinking the approach to banking silos, this article explores how connecting, rather than breaking down, silos can foster innovation and efficiency in financial institutions.
Fintechs can accelerate mainstream adoption of digital assets by integrating them with traditional payment networks, enabling seamless everyday transactions.
Card issuer processors face integration, compliance, and fraud challenges but can stay competitive by streamlining processes and enhancing customer experiences.
The payments and fintech sectors are evolving at breakneck speed in 2024. This rapid change ushers in new technology that brings with it ever-advancing challenges in combating financial crime, where
New regulations will cap overdraft fees, drastically reducing them from around $30 to approximately $3, significantly impacting banks’ revenue streams.
The Payments Association’s Financial Crime Working Group has created a Glossary of key AI terms for the payments industry. The adoption of Artificial Intelligence (AI) divides opinion and serves to
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)
Confirmation of Payee (CoP), a relatively new service in the UK banking landscape, has emerged as a powerful weapon in the fight against fraud. By verifying the name on a
In a speech in April 2024, Simon Stiell, Executive Secretary of the United Nations Framework said the next two years are “essential in saving our planet”. Steill laid out a
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.
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.
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.
PSPs must enhance their end-to-end reconciliations to deliver seamless, efficient payment services and stay competitive in the rapidly evolving fintech landscape
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.
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
Fintech company Unlimit has announced its entry into the Tanzanian market and received the Bank of Tanzania (“BOT”) licence, marking another significant step in its regional expansion. The BOT’s approval
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.
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
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.
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.
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.
Disability has the potential to impact anyone in society. It can be visible or hidden, temporary, or permanent, and can be influenced by a number of factors. More than one billion people around the world have some level of disability, equating to roughly 15% of the global population. At the same time, the world is ageing as people live longer, and the number of people aged 60 and over will double to 2.1 billion by 2050.
The payments sector’s success and growth over the past decade can largely be attributed to firms’ ability to meet and exceed customer’s expectations. Unlike established banks, fintechs are largely free from the legacy tech stacks that slow down banks from modernising. So Payment Service Providers (PSPs) can anticipate customer needs and provide services that address their problems. However, as new PSPs continue to emerge, the landscape is becoming increasingly competitive. So PSPs have to meet changing customer expectations more quickly.
How regulatory reforms and increased capital can drive UK fintech expansion One of the first questions any fintech founder or investor asks is how it will be regulated. Regulation affects
The ongoing digitisation of payments can perpetuate a false narrative that traditional payment cards are becoming obsolete. The reality is that card payments are thriving globally, adapting to the new age of fintech and smartphones. While the landscape of financial transactions is ever-changing, the truth is that one size does not fit all – and different markets have different payment requirements.
Open banking unlocks customer data, driving competition and innovation while reshaping the financial landscape for a more inclusive future. Open banking, a revolutionary concept in the financial industry, has reshaped
In a decisive move to fortify the financial sector against the ever-evolving threat of authorised push payment (APP) scams, the recent policy statement PS23/4, issued in December 2023 by the
The 2024 Veriff Fraud Report is compiled after extensive analysis of our global customer data throughout 2023. This data shows the real story of what it’s like on the frontline
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