Page 45 – The Payments Association

How Virtual IBANs Enhance the Growth of B2B Cross-Border E-commerce Businesses

One of the more vexing problems of the modern age when it comes to international business is that regulatory regimes often do not keep pace with technological innovation.

Nonetheless, novel solutions to B2B cross-border business have emerged in the form of virtual IBANs, financial instruments that drive the innovation economy and enable new, powerful business models.

Here we have outlined three ways that virtual IBANs are transforming the way companies do business locally and abroad:

April 14, 2021

KYC Done Right Means Competitiveness and Business Growth

When it comes to digital banking and compliance, robust KYC practices not only prevent fraud and financial losses but also strengthen a firm’s ability to conduct business with confidence.

This is typically because of the four key elements of strong KYC practices that make sure firms know who they’re doing business with and what to expect from that relationship.

We’ve identified the four essential elements of effective compliance in KYC practices for digital banking in order to show you how they help improve the competitiveness of businesses of any size or scale:

April 14, 2021

Driving Forces and Technology Trends Behind Fintech Innovations in 2021

The year 2020 saw many of the innovations and prognostications of analysts come true as contactless payments and digital banking solutions drove the field of Fintech innovations. Looking ahead, however, 2021 could be the year that consolidates much of this growth and prepares the economy for the next stage of digitization.

We at Monneo have identified five major trends that we think are driving the Fintech innovations in digital banking, in 2021 and beyond:

April 14, 2021

The New Era of Custom Business Payment Solutions and the Impact on Digital Banking Services

The digital banking era is upending traditional payment solutions and transforming the global financial industry in the process. And this is on both the corporate and consumer level with changes in payments solutions reaching into every facet of the international economy.

These innovations in digital banking are not only enabling increased efficiencies and expediting capital flows at a rate previously unthinkable but also are leading the way in changing the dynamic and level of depth of the business-customer relationship.

April 14, 2021

Re-enrollment, Customer Onboarding and Magic Links

The reason why re-enrollment is so sensitive is simple: when you do an app-based strong customer authentication (SCA), the user has already been authenticated on the device. This means that it is possible to check the ‘possession’ factor using a device fingerprint from before.

If a customer has a new device, and has an existing device registered to their account, we recommend using SCA to enroll. A typical way to do this would be to use a QR code that the user can scan from one device to another. In the case where there are no existing devices linked to an account, we recommend that the customer go through a full “know your customer” (KYC) procedure in order to re-enroll their new device.

One of the ways we’ve helped our customers strengthen their re-enrollment process is to implement a mechanism known as ‘magic link’. A magic link is a link received through a semi-secure channel that authorises the customer to use a particular device. Using a link like this can be practical, as the re-enrollment procedure might be stretched out over time.

Interested in hearing more about Magic Links? Be sure to read the full article at okaythis.com/blog.

April 14, 2021

VIRUTAL EVENT: Leaders vs Laggards – The Race to Escape the Payments Dilemma

Join Modulr on 11th May at 10 am for the launch of this quarter’s industry pulse on payments – Leaders vs Laggards: The Race to Escape the Payments Dilemma.

We will discuss how leaders are overcoming their payments dilemma and overcoming the laggards as fintech fast-tracks innovations in a legacy ecosystem.

Secure your spot today: https://landing.modulrfinance.com/laggards-and-leaders-exclusive-launch-epa

April 13, 2021

Central Bankers Warn CBDCs Not Silver Bullet For Global Payments – BIS

Even with the advent of central bank digital currencies (CBDCs), senior policy-makers have said it will be some time before financial institutions can enjoy frictionless cross-border transactions.

April 13, 2021

Modulr receives strategic investment from the venture arm of FIS

Modulr receives strategic investment from the venture arm of FIS
• FIS Ventures invests in leading UK FinTech Modulr, as it drives real-time payments solutions and capabilities at a global scale.
• Modulr, the payments platform, is regulated by the Financial Conduct Authority and Central Bank of Ireland, with the EMI also benefiting from direct access to the Bank of England.  
• The corporate and business payments market, in which Modulr operates, is considered to be worth $2 trillion, nearly five times as large as consumer payments.

April 13, 2021

SCA Confusion Over Member State Ramp Ups

National competent authorities have taken an ambiguous position on their enforcement deadlines for strong customer authentication — which has left the market unsure about how much flexibility there is, sources say.

April 13, 2021

QR Codes: A Secret History

Featured is one of Blue Train Marketing’s most recent blogs ‘QR Codes: A Secret History’. In this blog the writer, Jeff Banks, goes into detail of the history of QR Codes and how they are rapidly being adopted across the globe!

April 13, 2021

Checkout.com Targets $100bn Real-Time Payments Opportunity with Payouts Product Launch

Checkout.com, the leading cloud-based global payment solutions provider, has announced the launch of its Payouts Product, which enables merchants to make seamless payments directly to eligible recipients’ cards and bank accounts.

The solution will enable merchants to make payouts in real-time to over four billion cards in over 174 countries and seamless payments to local bank accounts in over 40 countries around the world. It also leverages market-leading scheme and interbank FX rate sources, leaving global merchants with minimal exposure to currency fluctuations.

Payouts will enable the remittance, digital wallet, travel, insurtech and the gig economy industries to deliver more efficient, faster payments as a competitive differentiator. Checkout.com is the only payment service provider to have built a completely new infrastructure that spans the entire payouts value chain.

April 13, 2021

Online Payment Platform selects Banking Circle to help it support Global Marketplaces

Online Payment Platform, the Netherlands payment service provider, has selected payments expert and licensed bank, Banking Circle, to enhance its marketplace offering.

April 12, 2021

It’s 2021: Do You Need Two Channels for Strong Customer Authentication?

Okay has been running compliance audits since 2016. What did it look like back then compared to today? Are two channels for SCA really needed? This week we briefly explore the changing security environment of mobile phones related to identity verification.

April 12, 2021

Orenda Chooses EML For Its Alluring Zero-code FinTech-as-a-Service Platform In The UK & Europe

EML partners with Orenda’s zero-code, machine learning and serverless technology.

April 12, 2021

Revolutionary Sokin product powers business payments

Sokin launched Sokin Enterprise, our B2B product that supercharges your unlimited business payments and FX Transfers for a fixed fee.

April 8, 2021

PSD2 is Live – What are merchants experiencing?

Ekata and Allyiz (formerly STRATGranat) interviewed top global merchants on their experiences now PSD2 is live. Download our latest eBook to understand what these merchants are seeing in the market – the ultimate temperature check on all the effort undertaken by the various payments players in the ecosystem.

April 8, 2021

Privat3 Money announces launch of a new Mobile App

The London based E-Money solution for global citizens Privat3 Money (P3), is pleased to announce the launch of its new Mobile App available for both Apple IOS and Android devices. This milestone is P3’s latest step to provide its global citizen clients a completely seamless user experience and ultimately greater control over their finances.

April 7, 2021

PPS set to Power pockid, Germany’s first Gen Z fintech

PPS, payments and banking-as-a-service provider, has officially announced that it is powering the first Gen Z fintech for the German market. pockid is the first German Neobank specifically designed for Generation Z (15-24-year olds), providing a much-needed solution to the payment spending issue facing German youths. PPS enables pocked to achieve this through its scalable solution, utilising years of experience powering banks and fintech across the globe.

April 7, 2021

The Payments Association gains more recognition for its Payments Associationwards

London, UK – 6th April 2021: Now in its 14th year, the Payments Association Awards (Payments Associationwards), in association with Mastercard, were announced winner of the Best Digital Awards Event

April 7, 2021

EML Acquires Sentenial Group & Enters The Open Banking Market In Europe

EML has entered into a binding agreement to acquire Sentenial.

April 7, 2021

Vacuumlabs partners with SFA and Mastercard to accelerate the next generation of Fintech pioneers

Apply to an open program for a faster, more efficient and successful go-to-market journey for Fintech innovation.

April 7, 2021

SteadiPay amongst the first movers to serve underbanked small and medium-sized businesses in the US

How to provide 30 million SMBs access to sophisticated financial products, and drive innovation? That’s the question SteadiPay asked, as it finds ways to bring modern Fintech offerings to this underserved market.

April 7, 2021

Allstar adds Plug-N-Go to its fast growing EV charging network

Allstar Business Solutions has partnered with the electric vehicle (EV) fast charging point provider Plug-N-Go.

Allstar will be integrating Plug-N-Go’s 18 EV charging sites into its multi-branded Allstar One Electric network, which now consists of over 1,700 sites across the UK.

For customers, the partnership will:

• Provide greater access to charging points, lowering range anxiety – a barrier for businesses adopting EV
• Ensure that they have full control over their drivers’ refuelling and spending habits, capturing where and how company money is being spent

For Allstar, the partnership is the latest in a string of strategic deals that are enabling it to work towards its goal of creating an EV charging network equivalent to its traditional fuelling points.

April 6, 2021

FLEETCOR® Invests in UK Electric Vehicle Re-Charging Software Company

FLEETCOR® UK has made a minority investment in Mina, a cloud-based digital software platform that simplifies charging and payments management for commercial fleets with electric vehicles (EVs).

April 6, 2021

Paytech scale-up announces three senior hires after hitting £5 Billion reconciliation milestone

The Fintech for Fintech’s Kani Payments, specialising in payment reconciliation and reporting has announced hitting £5 billion reconciliation milestone and the appointment of three senior hires.

April 6, 2021

Cell Phone Inventor’s Challenger Saurus.com Is Supercharged by EML’s Disruptive Payments Platform

Saurus.com partners with EML to power its game-changing mobile payments app.

April 1, 2021

FCA grants Authorised Payments Institution License to Trust Payments

Trust Payments is pleased to announce that the United Kingdom’s Financial Conduct Authority (FCA) has granted its subsidiary, TrustUK Payments Ltd, an Authorised Payment Institution (API) License. The license permits the company to engage in payment services directly in the UK without the need to rely on its existing EU licensing structures, or transitional arrangements in the wake of Brexit.

April 1, 2021

Find Out How SimplyPayMe Can Help Your Business

Getting paid is the cornerstone of any business. It doesn’t matter if you’re an educator, retailer, tradesperson or tech entrepreneur. The one uniting factor between you is that you need to get paid if you want your business to thrive, or even just to survive.

But managing cash flow in business isn’t always easy. Especially when there are so many disruptive factors at play.

That’s why SimplyPayMe has developed a payment solution that allows small businesses to invoice clients and process payments whenever, wherever and however they like.

Give it a try for yourself and sign up for free now! https://simplypayme.com/

Free Subscription. No Obligation. No Hardware

April 1, 2021

Android – the Fittest Kid on the Block?

Simon Fairbairn, Head of Professional Services EMEA, Terminals, Solutions & Services at Worldline, looks at why Android payment devices are on the rise and what this innovation will mean for merchants and estate owners.

March 29, 2021

Banking Circle enhances frictionless cross border payments with purpose-built, cloud-based payments platform

Banking Circle, the financial infrastructure provider, today announces that it is now completely cloud-based, with all aspects of its infrastructure hosted within Microsoft Azure. This includes its purpose built, cloud-first, cross border payments platform, which delivers greater speed, enhanced functionality, and a more intuitive user experience to its clients.

March 29, 2021

COVID-19: How PPS overcame the challenges of a pandemic through a seamless HR strategy

Over the course of the pandemic, PPS’ HR Director, Corinne Williams, has worked tirelessly to deploy a pioneering strategy to ensure the safety of the company’s 250 strong workforce over the last year, with various processes in place to roll out homeworking through tailored kits and a top-class well-being programme. All of this to ultimately continue to maintain its high level of operations for some of today’s leading brands that are changing the face of financial services as we know it.

March 23, 2021

TechRound Interview with Brian Hanrahan, CCO at Sentenial

Brian Hanrahan explores the current climate, with COVID-19 leading to significant economic downturn, shedding light on how holdbacks from acquirers are becoming more prevalent.

Learn how Nuapay’s Account-2-Account payments, funds are delivered in real-time as no acquiring bank is required to facilitate payments. This means no more holdbacks, giving businesses in at-risk sectors the breathing room they need to survive in challenging economic conditions.

March 22, 2021

Contis partners with W2 on next generation compliance solutions

W2, award winning global provider of regulatory compliance solutions today announced their partnership with market leading payments provider Contis to supply end-to-end KYC/AML processes for customer onboarding and ongoing monitoring.

March 22, 2021

Nuapay announces major expansion of its Open Banking platform across Italy and Germany

Nuapay, powered by Sentenial, announces it is extending its open banking payment capabilities to German and Italian banks. This expansion will enable German and Italian partners to offer open banking payment solutions, powering seamless account-2-account payments for their customers.

This rollout connects 308 banks in Italy and 435 banks in Germany to Nuapay’s Open Banking platform, connecting 134 million European accounts and reaching 98% and 70% of payers in each country.

March 22, 2021

FinTech SendGold & EML Start A Gold Rush With Mobile Wallet Innovation Deepening SendGold’s Physical Gold Platform Capability

Rush has partnered with EML Payments to deliver its prepaid Mastercard card.

March 22, 2021

Financial wellbeing Open Banking FinTech, Ordo, partners with Global IT systems integrator, CGI, to help energy company, PFP, make communities better

Ordo is on a mission to make paying and getting paid easy, helping everyone control their finances, from large enterprises to small businesses and consumers. Using Open Banking technology, Ordo has digitised the process from buying goods or a service, invoicing, payment, reconciliation and confirmation to make it seamless for business and easy for payers.
Ordo has partnered with CGI, independent IT and business consulting services firm delivering an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions.
Together they helped PFP energy, a not-for-profit energy company, or as they like to call it ‘Profit for Purpose’….a partnership with that warm fuzzy feeling.

March 22, 2021

Ordo –> LIVE! in the Sage Marketplace

Ordo is LIVE in the Sage Marketplace

March 22, 2021

What is payment initiation, and what is it good for?

Payment initiation is a new type of payment method made possible with open banking. Essentially, it works by letting customers connect to their banks and authorise a payment directly from their accounts. Here’s what that looks like, and what advantages it brings compared to other payment options.

March 12, 2021

Open Banking Europe API Volume Survey

As above

March 12, 2021

Moneyou deploys Konsentus Verify to be fully PSD2 compliant and satisfy the Dutch National Bank (DNB)

Moneyou saw PSD2 as a key enabler of innovative banking services and planned to exploit all aspects of the new regulations to provide both market-leading functionality and value to their growing user base. Moneyou needed to find a way to build a compliant solution with minimum effort and impact on their systems and identified Konsentus as being the ideal partner to achieve this.

Click here to read the full article: https://www.konsentus.com/case-studies/moneyou-case-study/

March 12, 2021

Paynetics and Benamic talk B2B loyalty programmes

Fintech and Payments Association member Paynetics discuss digitising loyalty and their latest partnership with promotional campaign leader Benamic to power a new, mobile first corporate card programme for the B2B market.

March 12, 2021

What Makes Successful Businesses Thrive in the E-commerce Space, Too?

The recipe for success in the e-commerce business is much the same as any other entrepreneurial endeavor except it comes with many opportunities for growth and leverage that physical businesses don’t have.

Online business may be the future of many markets, and for good reason. From scalability of immediately needed resources to cost-effective innovation and optimization, we have identified five key elements of success for e-commerce business in the modern age:

March 12, 2021

How to Secure Your E-commerce Business Against Cybercrime and Cyber Threats?

E-commerce businesses can’t put enough of a premium on online cybersecurity and protection against threats. Not only can malicious actors steal data and commit fraud, but they can also completely undermine a customer’s confidence in your business.

To avoid costly fraud and cyber threats, we’ve found five primary areas of focus that e-commerce businesses need to keep in mind as they move forward in the online market:

March 12, 2021

Strong Customer Authentication or SCA: is Europe 3D secure (2.0)-Ready?

As part of a European Union mandate called the Revised Directive on Payment Services, or (PSD2), merchants operating in the EU economic zone must use payment service providers within the European Economic Area that offer what is known as strong customer authentication.

This is also sometimes referred to as the SCA requirement or the PSD2 compliance. In essence, this directive ensures that transactions occurring within the EU’s economic territories make use of multi-factor authentication in order to verify a buyer’s identity.

March 12, 2021

Challenges and Opportunities Borne by the European Single Digital Market

The promises of the European Union single market, while not full borne out in the reality of the business world, where the same are actually still far from the dream promised when it comes to the virtual single market. What does this mean?

In other words, the European Union might act as a single market when it comes to monetary issues and beyond, but the EU single digital market is hampered and its growth restricted by a myriad of factors including various compliance regimes and the logistical mastery needed to make it all work.

March 12, 2021

Intuit QuickBooks announces agreement with Modulr to power the new QuickBooks Business Account

Intuit QuickBooks, the small business platform, today announces it has entered into an agreement with Payments-as-a-Service FinTech, Modulr. Modulr will power the new QuickBooks Business Account, a new digital payment account[1] designed specifically for small businesses.

By providing payments infrastructure and digital payments expertise, the collaboration will allow QuickBooks to combine an industry leading business account with its suite of bookkeeping, accounting and tax tools, building on its vision to be ‘The One Source of Truth for a Small Business’.

March 12, 2021

Why Netflix, JustEat and Uber have made your payments experience a whole lot harder

Why Netflix, JustEat and Uber made your payments experience a whole lot harder
Aka Why Poor Payment Processes Are Hampering Customer Experience Transformation

March 12, 2021

The Impact of Identity Proofing on Fraud

As more and more organizations have gone digital, there has been a parallel proliferation of cyberattacks that attempt to damage, disrupt or gain unauthorized access to the computer systems of banks and other financial institutions.

So while banks and payment providers are looking for ways to streamline the onboarding process, they must ensure that they build in the necessary safeguards to protect their ecosystems, reputation and accounts owners.

New data from Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, reveals that new account fraud based on ID verification declined 23.2% worldwide YOY in 2020, compared to 2019 results. At the same time, selfie-based fraud rates were five times higher than ID-based fraud.

March 12, 2021