Markus Tarasow

The launch of Wero has been announced, a mobile-first digital wallet and instant account-to-account payment solution in Germany, brought to you by the European Payments Initiative (EPI). 🌍💳 Starting now, German Sparkassen and Volksbanken customers can make instant P2P transactions using just a phone number, QR code, or email address. Wero aims to revolutionize payments across Europe, offering seamless, secure, and instant money transfers. 🚀 Key Highlights: Instant Payments: Send and receive money instantly using only contact details. Secure and Seamless: Enhanced security features ensure safe transactions. European Expansion: Launching soon in Belgium, France, and other regions. Why is this important? Wero is the choice from the European Union to advance with its plans on deploying an instant and interoperable payment solution to be used across the region. However, (we latinos always like to do things our way) and Spain, Portugal and Italy have joined forces to make theis ( Bizum, Mbway and Bancomat) interoperable. Who will win the race? The north with Wero? Or the Latins? It is going to be an interesting battle, but in the end interoperability is a common interest for all, regardless of its final name choice . Article in comments. #Fintech #DigitalPayments #Innovation #EPI #Wero

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⏩ We live in an #instant economy, so why do we continue to encounter non-instant payments and payouts? 📊 Brite Payments have commissioned a new report together with YouGov to investigate the state of Pay by Bank / Account-to-Account payments. We surveyed over 8000 consumers across six key European markets to find out: * Which market has the highest awareness for Pay by Bank? * What nation has the most (and least) patient consumers? * And what factors drive a consumers decision to use #paybybank? 🔗 Download the report now for Instant insights, at the speed of Brite*: https://bit.ly/3IJb1la

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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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Will Request to Pay reverse the way we pay? Account to account based payments, or credit transfers, has been built on what the card industry typically would define as push payments. Whilst Master Card and Visa now increasingly are promoting their “push solutions”, push to card, account or to wallet, the European payment industry is now introducing Request to pay. RTP, and more specifically SEPA Request to pay scheme, is introducing a pull model to account based payments. Being a way more dynamic and payee oriented standard goes beyond addressing a competitive product to direct debit. I see mainly three main use cases, all with different characteristic and value proposition, as well relevance. -             Firstly, the peer to peer payments. However, most countries in Europe have with introduction of wallets connected to real time payment schemes enabled request to pay. This is not generated revenue for the industry, however, increases the ease in which peer to peer payment is conducted -             Secondly, with many European direct debit schemes either being outdated, or not fitting the needs of corporates, the SEPA Request to Pay schemes delivers an advanced standard in improving corporates account receivable with dynamic pricing, ability to discount and purchase date. Additional capabilities of embedded electronic invoice also give corporates a channel for customer communication. -             Thirdly, and may most exciting, is the e-commerce use case. With account based payments struggling to consume market share of ecommerce and also merchant transaction volume, RTP would give a quicker, more secure way of acquiring payments.   During Next Gen Nordics in Stockholm I will be discussing the future opportunity alongside Gary Wright, Finextra, Per Nilson, Bankgirot and Paul Francis Walvik-Joynt, Mastercard

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Welcome to Germany: pub owner called the police over card payments ** pls note important clarification below ** In a Bavarian pub, a 21-year-old from Latvia paid for his beer with his debit card. He then had one more, which again he paid with his card. After this had happened a total of 16(!) times, the pub owner called the police, complaining that he had to pay a high fee per transaction. Police escorted the man out of the pub, and he was banned from the premises. This peculiar incident, while humorous, shines light on the broader issue regarding the need for more efficient, user-friendly payment processes and the sometimes high transaction costs faced by small businesses in Germany. Paying with your card (be it physical or digital from a mobile wallet) should be a regular and welcome option for consumers - like it is for example in any English pub, and probably in Latvia, too! ** Clarification ** In the meantime, there has been a clarification in the local news, at https://lnkd.in/ew64B-nX The dispute was caused by the fact that the guest wanted to pay for the last beer after the end-of-day close-out. The pub owner only asked for cash payment for this beer. Also, the police recognised that they had wrongly quoted the pub owner regarding the fees. Thanks for the hint, Dr. David S.! Still, the story probably resonates much with German consumers, as many of us have had negative experiences at smaller merchants, hairdressers, or restaurants, where cards are not accepted "due to high fees". (Article in German language) https://lnkd.in/ejUa4Yd5 #consumerchoice

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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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How do we find opportunities among so many payment companies? What do they do exactly? 👇 The diagram below shows the payments ecosystem. 🔸 Steps 0-1: The cardholder opens an account in the issuing bank and gets the debit/credit card. The merchant registers with ISO (Independent Sales Organization) or MSP (Member Service Provider) for in-store sales. ISO/MSP partners with payment processors to open merchant accounts. 🔸 Steps 2-5: The acquiring process. The payment gateway accepts the purchase transaction and collects payment information. It is then sent to a payment processor, which uses customer information to collect payments. The acquiring processor sends the transaction to the card network. It also owns and operates the merchant’s account during settlement, which doesn’t happen in real time. 🔸 Steps 6-8: The issuing process. The issuing processor talks to the card network on the issuing bank’s behalf. It validates and operates the customer’s account. I’ve listed some companies in different verticals in the diagram. 👉 Quite a few companies offer digital wallets. Can you find a place for wallets in the ecosystem? — 👉 If you like my FinTech posts, please follow Hua Li and click the 🔔 on my profile to receive updates. #systemdesign #payments #fintech .

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Is the upcoming #instantpayments regulation kicking off a new era for European #paymentsmodernization? Find out at #EBAday2024, pod #27! I'll be there, as will our team to answer your questions, plus give key regional insights from the 2024 #PrimeTimeforRealTime report.

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EPI launches Wero wallet in Germany The European Payments Initiative (EPI) has launched its mobile-first wallet and instant account-to-account payments system in Germany, with other counties set to follow in the coming months. German Sparkassen and Volksbanken, Raiffeisenbanken customers can now make instant money transfers from account to account between individuals, via their banking app. Deutsche Bank will launch wero later this year, starting with Postbank. Wero enables mobile payments from one phone to another. Unlike traditional transfers, Wero users do not need the recipient's 22-digit account number (IBAN). Instead, a mobile phone number or email address can be used for real-time money transfers. Next year, Wero will get the ability to pay any small professional from the wallet, and also pay merchants online and upon invoices via QR code. This includes the ability for consumers to manage recurring payments for subscriptions or installments, but also to pay in merchant apps at point of sale without going through the cashier. In-store payments at the cash register will also be added in 2026, along with other capabilities, such as BNPL, merchant loyalty, programme integration and expense sharing. https://lnkd.in/ev3nH8_Z

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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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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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Why Payments Orchestration is Crucial for the European Market Have you ever wondered how businesses manage to navigate the complex payments landscape in Europe with such efficiency and precision? The secret lies in the power of the orchestration layer. In collaboration with the team at PayShield, we took a deep dive into the significance and potential of the payments orchestration layer in the European market. Our in-depth article reveals why this layer is a game-changer for businesses. Here are the key takeaways from our article: 1. Enhanced Efficiency: How the orchestration layer streamlines complex payment processes, reducing friction and improving efficiency. 2. Regulatory Alignment: The role of the orchestration layer in helping businesses comply with Europe’s stringent regulatory requirements, such as PSD2. 3. Customization and Flexibility: Why the orchestration layer offers unparalleled customization, allowing businesses to tailor their payment processes to meet specific needs. 4. Improved Security: How leveraging the orchestration layer enhances security measures, offering robust protection against fraud and ensuring secure transactions. 5. Scalability and Growth: The potential of the orchestration layer to support business growth, enabling seamless scaling across different markets and regions. For a detailed exploration of these topics, check out the full article below. P.S. Make sure you follow the PayShield company page, to see more of our in-depth collaboration articles on compliance, fraud, and global expansion in payments. #payments #fintech #orchestrationlayer #efficiency #security #scalability

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Wise Partners with Qonto to Smooth Out Cross-Border Transactions Qonto, the leading European business finance solution, has partnered with Wise Platform to offer fast, transparent and low-cost international payment services to over 500,000 SMEs and freelancers across Europe. Qonto is on a mission to simplify the day-to-day banking experience for European SMEs and freelancers. With the world being more connected than ever, smooth international payments are key for businesses to grow. But let’s face it, cross-border payments can still be a real headache - complex, slow, and expensive enough to keep many SMEs and freelancers from going global. That’s where Qonto’s partnership with Wise Platform comes in. By integrating Wise Platform’s cutting-edge infrastructure into their existing platform, Qonto is upgrading their customers’ cross-border payment experience to be faster and have increased global coverage. In addition to leveraging Wise Platform to receive funds from abroad, Qonto’s customers can now send money to 24 currencies across 130 countries in just seconds.* They will also benefit from: An improved customer experience with more visibility on their payments with accurate payments tracking; Improved transparency along with competitive fees and no hidden fees or mark-ups on exchange rates - Wise uses the mid-market exchange rate. Steve Naudé, Global Managing Director of Wise Platform, commented: “We're thrilled with this new step in our collaboration with Qonto to deliver a seamless international payment experience to SMEs and freelancers across Europe. In addition to leveraging Wise Platform to receive funds from abroad, Qonto’s customers can now benefit from the best in class experience to pay their partners all over the world and fulfil their international ambitions”. Philippine Rougevin-Baville, Managing Director France at Qonto, said:“Our mission is to make business finance management effortless for European SMEs and freelancers. With the integration with Wise Platform and the upcoming launch of SDD collection, we’re significantly improving our existing payment offer for our customers. We're now able to better support our existing customers by offering faster, more transparent transactions as well as fair pricing and timely payments with their international business partners. Additionally, this partnership allows Qonto to welcome new customers, enabling them to utilise our daily business banking services across multiple markets and currencies.” Subscribe for more insights https://lnkd.in/d94JgWBU #spendmanagement #crossborderpayments #fintech

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European mobile payment landscape...what now? 🤷🏽‍♂️ At this moment there are 46 (give or take) "domestic" European payment solutions on the market that are responsible for over 5,3 billion transactions yearly. However, we are talking here about payment solutions that are regional at best, and in business being regional is not good enough. So, what will become of those 46 domestic European solutions? There are 3 possible scenarios 👇 1️⃣ Single European solution A unified European mobile payment standard, potentially arising from market consolidation, industry cooperation, or regulatory action. Maybe EPI? 2️⃣ Multy-country clusters The second scenario anticipates a degree of market consolidation, leading to the rise of subregional champions operating across small groups of countries. Regional clusters may be based on proximity, for example the Nordics (Scandinavian and Baltic countries) 3️⃣ Continued fragmentation The third scenario foresees a continued fragmented mobile payment landscape in Europe. While a few solutions may gain traction beyond their home markets, the cross-border reach of each domestic player will remain limited and there will be continued competition between multiple players in each market. There is no doubt that one strong player across Europe would change the pay we pay in Europe (there are great examples in Brazil and India), but who will that be? Blik? Someone else? Thank you Arkwright Consulting for your great "European Mobile Payments Report 2024"

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📣 Some big news for one of my portfolio companies: Amsterdam-based Katanox has just been awarded an EU PSD2 Payment Services license! 🌐 This enables their B2B marketplace for corporate hospitality to begin the transition away from virtual credit cards, an outdated and eye-wateringly expensive technology that we can eliminate, bringing costs down for both hotels and corporate travel agencies. 🚀 Next step: authorisation for payment services in the UK by the Financial Conduct Authority! https://lnkd.in/esehe63K

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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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