Petter Made

What does PSD3 mean for cross-border payments? An excellent deep-dive report by FXC Intelligence's Joe Baker on this critical topic for the sector: The report will get you up to speed fast on the topic and covers: - What is PSD3 and its benefits - PSD3’s impact on open banking - How this may level the playing field between banks and non-banks - What have been the main EU payments initiatives to date - What the European cross-border payments landscape looks like - What are cross-border payments companies doing to prepare for PSD3 #fxcintelligence #payments #fintech #financialservices #regulation #banking #openbanking https://lnkd.in/edXUtYpf

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If one third of European Banks that do not currently offer #instantpayments are unsure or unconfident they'll be ready for #SEPAInstant (source: RedCompass Labs), you can bet their institution's "bottom dollar" they are far from ready for the increase in #fraud that accompanies real-time payments. What's needed now is intelligent, learning technology that offers #SPEED and #ACCURACY in both transaction #MONITORING and #SCREENING. That's where Alertspeed comes in. With 96% payment screening accuracy and at lightning-fast speeds that enable you to #interdict and #prevent the fraudulent payments leaving, it makes moving to SEPA Instant just that small bit more comforting. Remember that fraud, and how your institution handles it, especially compensation, is going to become a hotly contested customer retention and acquisition issue. It's time to get ready. #Alertspeed is a multi-award winning, #RealTime, anti-financial crime platform recognized for Speed AND Accuracy.

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Salt Bank is LIVE on the Engine by Starling core banking platform! 🚀 🇷🇴 📲 This is the FIRST TIME Starling’s Engine platform has been deployed beyond the UK, and enables Salt to disrupt the banking sector in Romania. 🤯 🏦 By partnering with Engine, Salt was able to build AND launch the bank in under 12 months and has ALREADY onboarded 100,000 Romanian customers 👨‍💻 Sam Everington, CEO of Engine by Starling, adds: “The Engine platform was built to power Starling Bank in the UK, which supports more than four million retail and small business accounts. Our work with Salt Bank shows just what our platform is capable of; Starling’s feature rich and highly personalisable banking products can be deployed around the world to attract impressive customer volumes, while our operational experience and cloud-expertise can help build, launch and run a bank in less than 12 months.” Find out more on the link below! 👇 https://lnkd.in/eT8Y6bZe Gabriela Cristina Nistor #starlingbank #bankingapp #saltbank #corebanking #bankingplatform #fintech #digitalbank #neobank #banking #fintechnews

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I generally do not comment news, but this is quite interesting. Hopefully BaFin lifting N26 growth restrictions it is a sign of the adaptation of existing regulatory framework to digital banking #digitalbanking #n26 #AML #regulatorycompliance https://lnkd.in/dT6Qkd3h

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Until November the ECB-Trials are running, allowing financial institutions to explore 3 different options for blockchain-connectable wholesale payment solutions. But what should be the next? 💶 Wholesale payment for scaling digital assets 📈 Yesterday in the ECB NTW Contact Group I highlighted the need for a central bank money payment solution for scaling digital assets. To allow a strong European DLT-ecosystem, the market requires a payment solution that is offered beyond November - not excluding to incrementally improve the then offered option in the future, #agility is the way to go! 🌟 Furthermore, it will be exciting to see, which kind of use cases will be revealed at the end of the trials. The ECB shared that use cases are spanning from securities related use cases (issuance, secondary market, lifecycle management and repo) to PvP-cases and automated reconciliations! 🔬 #digitaleuro #digitalassets #blockchain SWIAT DekaBank Deutsche Girozentrale LBBW SC Ventures by Standard Chartered

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Read more about our take on Open Banking and how we, with a single API, add more services to ERPs and bridge the gap with traditional communication methods between banks. 👊

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“German banks are set to shut down their PayPal competitor, Giropay/Paydirekt, and instead align themselves with the European Payments Initiative (#EPI). This move marks a significant shift in the digital payments landscape across Europe. … The decision to abandon both #Paydirekt and #Giropay comes ahead of a crucial shareholder meeting this week. A spokesman confirmed to local paper Finanz-szene that “there are currently coordinations at shareholder level on the future of Giropay and Paydirekt GmbH as an operating company. .. This move is timed just before the launch of #Wero, the payment wallet of the bank-backed European Payments Initiative (EPI). Paydirekt has been around for almost a decade since it was initially launched in 2015. As it expanded over the years, it also merged the Giropay online payment system, building up a service that grew to be one of the largest competitors to PayPal in Germany today. It operates as a joint mobile and online payments initiative of Germany’s largest banks, including Deutsche Bank, Commerzbank AG, comdirect – eine Marke der Commerzbank AG, Sparkassen Finance Group, and Postbank Unternehmensbank. However, with the rise of EPI, the banks have decided to abandon both Giropay and Paydirekt and throw their weight behind the new solution instead. The decision was made during the shareholder meeting, and their spokesperson confirmed it. EPI launched with the goal of building a unified pan-European payment system — something that would transcend the banks themselves. It was initially baked by 31 major Eurozone banks, as well as acquirers Worldline and NETS [Nexi Group]. Since its inception, it also created a digital wallet that would support #accounttoaccount based instant #P2P and consumer-to-business payments. This was followed by the launch of online and mobile shopping payments, and lastly, the PoS terminals. While most major banks in the Eurozone support the startup, a few of them actually decided to distance themselves from it, including Commerzbank and DZ BANK AG. However, Deutsche Bank decided to remain a shareholder. The project’s launch plans include the upcoming deployment in several more countries, including Germany itself, but also Belgium, the Netherlands, and France.” For those close to the German market, the development was long expected but for the industry at large this is a major pivot and something that be create the precedent for other similar moves in Europe, and possibly beyond Europe. In payments, scale and shared platforms matter... #mobilepayments #digital #digitalbanking https://lnkd.in/dsYxf44N https://lnkd.in/dTbFjahQ

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Fintech N26 announced that BaFin was supposed to lift the growth restriction on June 1, 2024. The cap was originally set in 2021 at 50k new customers per month, it was then slightly increased to 60k customers per month. As part of the conclusion of this oversight period, BaFin fined N26 €9.2 million (around $10 million at today’s exchange rate) for shortcomings in reporting suspicious activity that occurred in 2022. https://lnkd.in/ensUbnVt Too many startups want to grow at a rapid pace by focusing on KYC and onboarding only and underestimating the importance of a strong monitoring and reporting process......... it’s better to be safe than sorry. #moneylaundering #financialcrime

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LGT Private Banking will implement Finastra’s payment hub using a MODEL BANK implementation approach, to ACCELERATE its readiness to meet the EU instant payments regulatory timeline 🚀 🏦 📈 By uncoupling payment processing from its core banking platform and implementing Finastra’s FUTURE-PROFF solution, LGT will ALSO now be able to meet the anticipated growth in instant payment volumes while providing the required 24/7 service availability. 👨‍⚖️ 💸 Once implemented, the bank can EASILY adopt other regulatory schemes, such as #SIC5IP in Switzerland, and embrace ongoing modernization, innovation AND growth. 👨‍💻 “Many institutions need to urgently assess whether their current payment processing environment can support the expected increase in volumes and the need to operate 24/7,” said Neil Macro, Vice President, Managing Director – EMEA mid-markets, Payments at Finastra. “This has been a huge priority for us at Finastra; ensuring that banks are fit for the future with our sophisticated payment hubs, including with the option to pay as you grow. Underpinned by open architecture, APIs and our partner ecosystem, our solutions enable banks like LGT to innovate at speed, boost risk management and deliver enhanced services to end-users. For example, the bank can seamlessly implement new functionality to strengthen its instant payments offering, such as Verification of Payee and real-time sanctions screening. We look forward to supporting LGT on further developing its payments services.” Read more on the link below! 👇 Bernhard Strauch #finastra #digitalpayments #instantpayments #regulatorycompliance #payments #privatebanking #fintech #fintechnews

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Top level demos at our stand MRV7 from our partner Group-IB ! They will share strategies and tactics to further enhance your fraud protection with two sessions every day. Session 1 - Fast and Furious: the Future of Instant Fraud Protection This session dives into the critical need for instant fraud prevention in the era of real-time transactions. Designed for fintech and banking professionals, we will explore the unique challenges of safeguarding fast payments and showcase cutting-edge technologies that enable split-second fraud detection. Session 2 - The Fraud Matrix: Empowering Your Team to Anticipate and Prevent Fraud This session will introduce the Fraud Matrix, a powerful free tool designed to empower your team with the insights and knowledge needed to proactively identify and mitigate fraud risks. Learn how to deconstruct common fraud schemes, pinpoint their vulnerabilities, and develop targeted prevention strategies. Register for our sessions now https://lnkd.in/eikaiT_t

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The World of #Payments is seeing innovation at breakneck pace. #EuroZone is poised for an explosion in payment volumes due to the Sepa Instant regulation. At the same time supporting regs like Verification of Payee, PSD-3 and FIDA will ensure that fraud is in control and customer interest is kept uppermost. #Payments in #Europe will also become faster thanks to the OLO-OCT INST payment scheme (One leg out) where based on bilateral arrangements the EURO leg will settle in the 10s SLA while the guidance for the non-euro leg is 60s and this will help European banks move closer to the #G20 #CPMI guidelines of ensuring that 75% of all cross border payments settle under in under 60m. At the same time, as regulations around FIDA (Financial data access regulation), MICA ( markets in crypto assets ) , Digital Euro , Digital Identity and the EU AI Act fall in place, opportunities for innovative offerings will increase. Indeed these are exciting times for European Payments and I am happy to be presenting at #EBAday 2024 on the topic of "Immediate Cross Border Payments" along with Elena Casal Zennon Kapron Piers Marais and Paul Francis Walvik-Joynt. Look forward to meet you all . European Banking Authority (EBA) Euro Banking Association (EBA) Finextra Intellect Global Transaction Banking | iGTB Ritwik Mohanty Michael Whitehead Sriv Venkatesh Hubert Lecomte Xavier Ader Luis Barreiros Mary Lee Muir Jenny McIvor Vincent Brennan Panagiotis Kriaris David Birch Anders Olofsson Arthur Bedel 💳 ♻️Gareth Lodge Yusuf Bhanpurawala Borna Ljubicic #Payments #Fintech #financialservices  #cashmanagement #bankingtechnology #innovation #bankingindustry #corporate #cashmanagement #corporatebanking #transactionbanking #gtb #igtb Payment Pundits land in Lisbon To discuss trends and regulation BAAS, AI, ID , Fraud and CRD6 With CBDC, Liquidity and Correspondent banking Shall all be part of the mix

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As Fortress Payments expands its rollout of e-commerce biometric payments, we assess the risk of deepfakes on a transaction basis and our 1:N matching engine with deepfake detection, injection monitoring, emulator detection, pattern recognition, mobile fingerprinting, network status, and several other security features, grows stronger exponentially by leveraging Artificial Intelligence and Machine Learning on our GPU-driven neural networks. Ironically, NVIDIA sits on both sides of this battle! #AI #FortressPay #biometricpayments #payments #NVIDIA https://lnkd.in/euQTJ-v9

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Today's topic of annoyance. Payment disputes - What is a withdrawn dispute "A withdrawn dispute is one that your customer has asked their card issuer to cancel. It isn’t necessarily a won dispute, as the dispute might still resolve as a loss if you haven’t submitted evidence. A withdrawn dispute is otherwise no different from any other dispute. It doesn’t resolve as a win or loss more quickly than other disputes. It doesn’t show up differently from any other dispute in the Dashboard or API. It still counts against your dispute rate with the network." What a load of rubbish. You have pretty much zero chance of winning a card payment dispute, no matter what evidence you provide. If you did win, you are still blamed, and a flag is put against your business name because a dispute was raised in the first place. Your only sound course of action is to admit immediate defeat and refund the customer. The chances of a customer making the effort to cancel a dispute is low. So essentially, the game is rigged to where the money comes from. The house always wins. If you know better than please let me know the secret! #paymentdisputes #visa #mastercard #tryharder

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Many traditional banks are lagging in providing the #mobilebanking features that customers now expect. This gap presents a golden opportunity for well-equipped #neobanks to capture significant market share quickly. This example underscores the potential for nimble and innovative neobanks to disrupt the market and meet modern customer needs effectively. #neobanking #digitalbanking

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Data Sharing between merchants and issuers that really works. What Capital One has built and has demonstrated for well over a year now is with additional data fields (and a fairly minimal set too) they can increase acceptance and decrease fraud. It is the promise of 3DS and data sharing that we have been working on and talking about in the industry for over 30 years (maybe longer but that's when I started). This partnership with Capital One and two innovative acquirers Stripe and Adyen could really be the start of the next big wave of innovation in our industry. I am so excited to watch this space. Watch this space. I am optimistic other issuers will join the platform, and I know other acquirers certainly will. What a great step forward in the industry for consumers and merchants and the entire ecosystem!

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Have you ever wondered how it looks like on the Brite* side of life? All the german merchants can find that out from now on! Brite Payments launched their full payment offering in #Germany, which is an epic milestone in broadening our footprint of #A2A payments in Europe! For merchants & customers we bring a super efficient payment method to the market! #Brite times ahead! 😀 #InstantPayments #InstantPayouts #A2APayments #PayByBank

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My heart beats for all retailers! Don’t miss https://lnkd.in/dbCF-VDd and Coco Jacoel - who’s doing amazing work to get all key players together. The latest trends and insights regarding democratizing physical retail. #epicenter #payments #womenintech #fintech

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THE EUROPEAN ID DIGITAL WALLET Europe is set to enable legislation to implement a continent wide Wallet for the citizens of its member states, with the attached privacy guidelines that they are know for. The way I see it this when this is done the possibilites are endless for integration with financial services. Experience tells us that one of the major hurdless in wallet enabled transactions is the identification of the users. Important to note in the Americas how we can evolve in this trend and in the near future use this functionalities. The future is here it seems. https://lnkd.in/d_UmvUnm #wallets #digitalidlegislation #payments

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Sponsor banks operating received 35% of all regulatory enforcement actions in Q1, despite representing only 3% of banks.  Thanks Konrad Alt at Klaros Group for this great visualization.  A lot of that enforcement activity has been related to fair lending compliance. In many of these cases the main issue has been that sponsor banks were not able to demonstrate sufficient management and oversight of the fair lending risks arising from their fintech partnerships.   Until these enforcement actions started coming down, common practice was for sponsor banks to rely on annual attestations by their fintech partners of compliance with non-discrimination laws. We’ve learned through recent consent orders though that the regulatory goal posts are now more clearly defined.  Sponsor banks need to independently demonstrate: ⚫ Fairness: The credit policies, scoring models, and data used by their lending partners are fair. ⚫ Ongoing Monitoring: Disparities in underwriting, pricing, loan amounts, fraud detection, and other key decisions impacting consumers are actively tracked and addressed. ⚫ Proactive Improvement: When biases are found, sponsor banks must demonstrate efforts to identify and implement fairer decision-making systems. For partner banks with multiple lending programs under sponsorship, managing fair lending risks across many partners, many models, many data sources, and many decisions can seem daunting. That’s why our platform was purpose-built for sponsor banks: it provides a unified dashboard of fair lending risks and opportunities for remediation across many fintech partners. Our fairness-as-a-service tools: ➡ Consume an infinite amount of data ➡ Evaluate the fairness of the overall customer journey as well as each high-stakes decision made along the way; ➡ Monitor fairness outcomes and send alerts if fairness degrades; ➡ Generate less discriminatory alternative models; ➡ Quickly assess the fairness impacts of proposed changes to models and data sources; and ➡ Render results in easy-to-understand-and-explain visualizations. We also provide sponsor banks with the underlying data, computations and outputs of our system so that independent third parties can double check and reproduce our work. In today's regulatory environment, advanced fairness analytics aren’t optional – they’re essential. With fairness-as-a-service solutions like FairPlay, if you end up on the regulatory radar, you might just be doing it for the bragging rights!

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