Sanctions and counter-terror finance (CTF) screening have become a more demanding area of compliance. Sanctions lists used to be relatively static. Following the Russian invasion of Ukraine, they are now
Unveiling the complexities and optimisation opportunities in the card payments industry’s operational landscape.
Guavapay, a UK-based fintech, has appointed Laura McCracken as a non-executive director
Chargebacks911 has appointed Roger Alexander as advisor to the board and CEO, leveraging his expertise to combat the rise of APP fraud in the UK.
Thames Technology has announced a strategic partnership with Ellipse to offer dynamic security code technology Thames Technology, a provider of payment solutions, has announced a strategic partnership with Ellipse World,
ProID and Monet+’s free virtual conference will delve into the evolving landscape of digitalisation in critical sectors, focusing on the impact of new EU eIDAS 2.0 regulations on digital identity and electronic signatures.
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.
As the crypto market continues to innovate and grow, governments and regulators around the world are struggling to keep pace. The constantly shifting policy and regulatory landscape is also challenging
With less than five months to go before the first set of Consumer Duty annual board reports must, at the latest, be presented to managing bodies, work is, or should
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
American Express has launched ‘Plan It’ – a new offering for the UK market that allows credit Cardmembers to pay off purchases on their statement, or a portion of their monthly bill, in instalments.
In its recent annual briefing on financial services regulation and enforcement for 2024, Baker McKenzie details the anticipated developments and enforcement trends within the sector. Titled “What does 2024 hold?
TerraPay, a company specialising in global cross-border payments, has recently been granted a Major Payment Institution (MPI) License by the Monetary Authority of Singapore (MAS). This development is part of
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.
Exploring how to combat AI-powered identity fraud without reverting to outdated physical verification methods, amidst a rising tide of sophisticated fake ID creation tools
Launched in 2020, IPF is a low-code payment framework that aims to empower business payment experts to create industry-leading workflows and enable software engineering teams to quickly extend and create
There have been lots of discussions recently surrounding open banking. It’s bringing innovation to the financial world by opening up access to bank accounts. Yet, the technology is still in
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
Recent findings by PwC reveal that in the past two years, over half of all businesses have faced incidents of fraud, corruption, and other economic crimes. Additionally, 49% of CEOs
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.
Trust Payments’ CEO Daniel Holden sat down with the Payments Association’s reporter George Iddenden to discuss the benefits of converged commerce and how businesses are leveraging unified technology to streamline transactions and enhance customer satisfaction.
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.
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.
Do you want to swallow the blue pill or the red pill? The crypto fraternity weighed in favor of the red pill and here we have the Bitcoin ETF live
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.
Businesses using open banking report spending 150 hours less on operational tasks each year versus non-users1 Open banking users save on payment processing fees annually, versus businesses using other payment
There isn’t much Head of Partnerships Wiliam Boocock doesn’t know about Starling Business Services (SBS). He’s been involved since 2017 and has supported growth both in SBS and across Starling
In a landmark achievement, Tillo, the award-winning rewards and incentives platform and gift card API, is proud to announce its certification in Customer Service Excellence, a testament to its unwavering
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 founders of PAYSTRAX have decades of experience in the payments industry. In the past, they worked with internal software development teams who spent most of their time keeping up
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.
