Namratha Patil

Brite Payments Launches Instant Payments in Germany to Further Boost European Coverage “We now offer a complete solution to the German market – covering Instant Payments in addition to Instant Payouts – and can serve the needs of even more merchants and businesses,” said Lena Hackelöer, Founder & CEO, Brite Payments. “2024 is the year that A2A payments, or Pay by Bank, looks set to enter mainstream consciousness, and as the EU’s most populous country and the third-largest economy in the world, Germany represents enormous untapped potential.” https://lnkd.in/eUjZNdwa #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Austria's payment landscape is a fascinating mix between tradition and innovation. While cash remains a familiar partner, digital solutions are coming in with increasing popularity. Let's delve into some key insights and statistics that paint a vivid picture. • Acceptance of PayPal When it comes to online purchases, Austrians overwhelmingly choose PayPal. 80% of the population rely on this trusted platform for online transactions (Global Payments Report 2024 | Worldpay)​​. • E-commerce boom and the digital wallet takeover The world of e-commerce in Austria is flourishing, and digital wallets are leading the charge. In 2023, these digital marvels accounted for a staggering 30% of e-commerce transaction value, with projections estimating a rise to 40% by 2027 (Global Payments Report 2024 | Worldpay)​​. • Cash still has a role While use of cash is declining, it still holds a significant 20% share in transaction value (Global Payments Report 2024 | Worldpay)​​. However, this figure is expected to decrease further as digital solutions continue to gain traction. • Card transactions: Austrians are reaching for their debit cards more frequently. The total number of debit card transactions has been steadily climbing, reflecting a growing preference for cashless convenience. Major card networks like Visa and Mastercard are strong players in this arena. Austria's payment landscape is a dynamic mix of established methods and emerging technologies. It embodies the European trend towards increased digitalization and a desire for seamless financial transactions. Want to implement payments on the Austrian market fast and secure? Count on Spoynt.

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How does PayLead ensure eligible transactions are rewarded just once, despite the possibility of subscribed bank clients sharing transactions with our fintech partners also offering cashback? 🤔 Go beneath the surface of our platform and understand how Pierre-Louis DANIEAU and the data team developed a solution to avoid this scenario 👇

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Difference between Embedded Finance and Banking-as-a-Service Embedded finance has existed for years and does not necessarily need to involve a computer, APIs, or anything technological. Embedding finance is an activity a company undertakes to add product depth by delivering financial services to their customers at their points of need. An example of embedded finance is receiving financing when purchasing a car at a dealership. The consumer is there to view and buy the vehicle but dealers figured out that they could also sell loans exactly at the point when the customer needs financing. This is clearly an offline example of embedded finance; it does not happen just on platforms or in apps. Uber is a great example of a company that has embedded finance within a technology platform. Their core business was a marketplace to match people who need a ride with those who can provide one. Cleverly, Uber embedded finance into their product by automating payment from the rider to the driver at the precise point of need, improving the payment experience for everyone involved in the transaction. Uber’s Pro Debit Card product is powered by Branch, which is an American BaaS provider. Uber itself is not allowed to issue cards; they need a regulated banking partner. Banking-as-a-Service is a delivery method for financial products from regulated entities to non-regulated ones. A BaaS provider is a company that sells access to its banking license and tech-enabled finance expertise (think APIs) to enable other companies to embed finance. It’s also important to note that embedded banking, a term commonly used, represents a subset of the wider embedded finance world. Embedded banking usually refers to more traditional products offered by banking organizations, such as accounts, debit cards, and payment services. Embedded finance is broader, including things like insurance, investment accounts, and FX that are not always offered by typical banks. BaaS came to life once certain regulatory and technological developments happened to make the B2B delivery of banking capabilities possible. Let’s dive a bit deeper into this now. Source Swan #fintech #bankingasaservice #payments Simon Ron Hua Nik Leda Rex Florian Alex

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Instant payments: FIS is leading the change! FIS can enable your organization to go live with Instant Payments within just a few months. As a leading provider of real-time payment solutions, FIS sets new standards by enabling 24/7 availability and improved customer experiences. With FIS, banks can modernize their systems to remain competitive and create new revenue streams. Reach out to me to discuss how FIS can help your institution remain a leader in this fast-moving market. #InstantPayments #FIS #DigitalBanking #Fintech #Banking #ISO20022 #EuropeanUnion #Payments

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Confirmation of Payee (COP) has a key role in the instant payments infrastructure as a service that verifies account names prior to making a payment, the scheme ensures that funds are being transferred to the correct account. The service is a barrier against fraud, and helps build trust of consumers. European instant payments mandate will require PSPs to be capable of sending and receiving euro payments within seconds. The requirements of the scheme will encourage more banks to adopt Confirmation of Payee, and allow customers a further insight to how their payments are being processed. However, further adoption of Confirmation of Payee will either require interoperability between systems, where migration to ISO 20022 can ensure harmonisation and shared data between providers and banks, or a native pan-European solution. EBA CLEARING recently announced that it will provide its users with Verification of Payee at a pan-European level as from December 2024. The roll-out of Verification of Payee is one element in the comprehensive preparation programme that the company is engaging in with its user community. Source : Finextra

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In today's digital world, securing electronic payments is more critical than ever. One powerful tool in our fraud prevention arsenal at Symcor CORIQ is Payee Verification. Here is how Payee Verification tool can help: 1. Enhanced Security: Payee Verification can ensure the ownership of the payee account is verified before transactions are completed, significantly reducing the risk of misdirected payments and authorized push payment (APP) fraud. 2. Fraud Prevention: By confirming that the account details match the intended recipient, Payee Verification helps prevent scams where fraudsters trick victims into transferring money to fraudulent accounts. 3. Customer Trust: Implementing such a tool can build trust with customers, as they know their transactions are verified and secure, fostering a safer financial ecosystem. At Symcor CORIQ, we are committed to leveraging advanced technologies to protect our clients and their customers from the ever-evolving threats of fraud and scams. Let me know if you would like to know more about this solution! #FraudPrevention #PayeeVerification #Fintech #DigitalSecurity #Symcor #PayeeVerify #SecurePayments #CORIQ

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A truly optimized payments strategy hinges on one very important thing: happy customers. In the penultimate installment of our blog series on payments optimization, we outline the four main was you can get to know and serve your customers in the name of building brand loyalty and maximizing revenue: https://lnkd.in/emYGdx8m #payments #paymentsoptimization

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When it comes to global #payments, customers and small businesses have great expectations. To meet their needs as payment volumes rise, providers are seeking innovative ways to enhance the payment experience. Join Swift in collaboration with 25+ financial institutions to integrate Swift solutions into everyday apps and websites. Discover more about this initiative here: https://okt.to/VYl1hd #Swift #SwiftPayments #crossborderpayments

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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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From 2025, EU payment providers must process payments within 10 seconds, including a 3-second verification window for payee authentication. Is your institution ready for the new Validation of Payee (VoP) rules? ://https://lnkd.in/dRrcXURw #InstantPayments #VerificationofPayee

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Trust accounts are the cornerstone of asset management but the reconciliation ✍🏼 of trust accounts can be a daunting task, often involving manual processes and potential for errors. One of the biggest challenges is the amount of time⏳ it takes to manually request and upload bank statements. 🚀 Open Banking transforms trust account reconciliation by granting real-time access to banking data, saving time and money while streamlining access and enhancing accuracy. Irregularities can be easily spotted and insights from the data can be leveraged for strategic decision-making. 💡 It’s great to see more and varied use cases when it comes to the use of Open Banking. Find out more here ➡️ https://lnkd.in/dTXrzRGJ #OpenBanking #Accounting #DataInsights

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Merchants, I need your help! 💡 At Briqpay we're aiming to solve the problems that exist in the payment landscape with smart solutions that standardize and aggregate many different providers and solutions into one payment optimization platform. We want to dig deep into the solutions, building robust products, and with this mindset we can't fix everything at the same time without sacrificing quality. Therefore, we want to understand more about which issues are the most pressing, across product segments, markets, high/low order value merchants. So I've created a questionnaire for merchants to answer a couple of questions about their pain points, and ranking different features in terms of importance, to understand where we should focus our efforts first. I've linked the questionnaire down in the comments, and would highly appreciate any replies, it's anonymous, and you can add your email at the end if you want me to share the learnings afterwards. If you'd prefer a discussion, I'd love to set up a 30 minute sync with you to understand deeper, just let me know!

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A nice diagram of the MasterCard and Visa payment raises. Simple yet effective. Also has to be said, Visa and MasterCard can be a more expensive payment option, but from a consumer standpoint, the protections really are unmatched. It's important to remember that, as most will just speak about the cost.

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🤔 What is SEPA Direct Debit?  Our latest article covers everything you need to know about SEPA, including how SEPA Account Access (#SPAA) might help drive open payments across Europe. Find out what #SEPA means for your business now 👇 #SEPADirectDebit #OpenBanking #OpenPayments

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Some of you may have already realised, but we have recently changed the names of some of our #payments courses. This update was made to enhance clarity, and better reflect the content and value of each #course. New Course Names: ● Payments Fundamentals ● Master SEPA Credit Transfer Payments ● Master SEPA Direct Debit Payments ● Implement SEPA Credit Transfer Payments Projects ● Initiation to Cross-Border Payments ● Master Cross-Border Payments ● Implement Cross-Border Payments Projects We have organized our courses to provide a logical progression: ● Payments Fundamentals: Start here for an overview of payment systems and instruments. ● SEPA Payments Track: Start with "Master SEPA Credit Transfer Payments" and "Master SEPA Direct Debit Payments," then advance to "Implement SEPA Credit Transfer Payments Projects" to apply your knowledge in real-world scenarios. ● Cross-Border Payments Track: Begin with "Initiation to Cross-Border Payments," proceed to "Master Cross-Border Payments," and gain practical experience with "Implement Cross-Border Payments Projects." Course Details: ● Payments Fundamentals: Covers payment instruments, systems, and end-party needs, payment systems models (open and closed loop), clearing and settlement mechanisms, and payment message standards (ISO 20022, SWIFT MT/MX). ● Master SEPA Credit Transfer Payments: Delves into SEPA payment schemes, SCT clearing and settlement infrastructures, SEPA message standards and guidelines (ISO 20022), and the four-corner model specific to SEPA payments. ● Master SEPA Direct Debit Payments: Focuses on SEPA Direct Debit schemes, mandate management, SDD clearing and settlement systems, and ISO 20022 message guidelines for both customer-to-bank and interbank spaces. ● Implement SEPA Credit Transfer Payments Projects: Covers the integration of SEPA payment engines into bank IT systems, project management for SEPA implementations, design and functionality of payment engine GUIs, and managing the scope and processes of SEPA projects. ● Initiation to Cross-Border Payments: Introduces cross-border payment systems, correspondent banking relationships, the SWIFT network and standards, and the complexities of foreign exchange and currency handling. ● Master Cross-Border Payments: Explores SWIFTNet connectivity and protocols, advanced SWIFT MT and MX message structures for customer and financial institution transfers, and the impact of foreign exchange and settlement paths. ● Implement Cross-Border Payments Projects: Focuses on reconciliation of correspondent accounts, integration of cross-border payment engines with banking systems, detailed GUI design for payment processing, and practical implementation techniques. These updates are designed to provide a clearer and more structured learning experience, enabling you to advance your expertise with confidence. For more details or to enroll in our courses, visit our website or contact us directly.

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#WorldComingCloser 🌍💸 Exciting News! 𝗣𝗿𝗼𝗷𝗲𝗰𝘁𝗡𝗲𝘅𝘂𝘀 has today completed its detailed plan to revolutionize #crossborderpayments. Soon, sending money across countries could be as #fast and #easy as sending a text message, with #lowerfees! 🔎 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗣𝗿𝗼𝗷𝗲𝗰𝘁 𝗡𝗲𝘅𝘂𝘀? #Nexus is a #BISInnovationHub project that seeks to enhance cross-border payments by connecting multiple domestic instant payment systems (IPS) globally. 𝗛𝗲𝗿𝗲’𝘀 𝘄𝗵𝗮𝘁 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗸𝗻𝗼𝘄: ➡ 𝗚𝗹𝗼𝗯𝗮𝗹 🌏 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻: Central banks from Indonesia 🇮🇩, Malaysia 🇲🇾, Singapore 🇸🇬, the Philippines 🇵🇭, and Thailand 🇹🇭 worked together on this project. ➡ 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 𝘁𝗼 𝗜𝗻𝗱𝗶𝗮 🇮🇳: India’s Unified Payments Interface (UPI), one of the world’s largest payment systems, will join next. ➡ 𝗡𝗲𝘄 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗚𝗿𝗼𝘂𝗽: A new organization, the Nexus Scheme Organisation (NSO), will manage and grow this system. ➡ 𝗕𝗜𝗦 𝗦𝘂𝗽𝗽𝗼𝗿𝘁: The Bank for International Settlements (BIS) will provide technical advice and help countries join the network. 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 : 1️⃣ 𝗙𝗮𝘀𝘁𝗲𝗿 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀: Send money across borders in seconds. 2️⃣ 𝗟𝗼𝘄𝗲𝗿 𝗖𝗼𝘀𝘁𝘀: Reduced fees for cross-border transactions. 3️⃣ 𝗚𝗿𝗲𝗮𝘁𝗲𝗿 𝗥𝗲𝗮𝗰𝗵: One connection gives access to multiple countries. 4️⃣ 𝗜𝗺𝗽𝗿𝗼𝘃𝗲𝗱 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆: Standardized systems reduce complexity and errors. #ProjectNexus is set to make global payments faster, cheaper, and more efficient #foreveryone! #WorldComingCloser #Fintech #Innovation #CrossBorderPayments #ProjectNexus #BISInnovationHub #CentralBank Congratulation Bank for International Settlements – BIS !!!!! Monetary Authority of Singapore (MAS) Reserve Bank of India (RBI) #BankIndonesia Bank Negara Malaysia Bangko Sentral ng Pilipinas #BankofThailand Link to the full details:

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Finastra Provides LGT Private Banking With Solution to Fast-Track Compliance With the EU Instant Payments Regulation “Payments are becoming increasingly sophisticated, and it is crucial that we continue to evolve to meet our customers’ business needs and regulatory requirements,” said Bernhard Strauch, Head Securities & Payments Services at LGT Financial Services Ltd. “We selected Finastra’s payment hub as it supports multiple payment types within one standalone system, while enabling seamless integrations of new services as and when we need them. With Finastra’s solution and industry expertise, we will gain the necessary agility required to keep pace with regulatory and industry demands.” https://lnkd.in/eDxJ_Wvv Neil Macro #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Efficient payment reconciliation is crucial for success. Manual processes are no longer sufficient to handle the growing transaction volumes. When comparing the reconciliation process with traditional Payment Service Providers (PSPs) to Payment Orchestration platforms (POPs), the benefits of POPs become evident. Unlike traditional PSPs, POPs streamline the reconciliation process by integrating with multiple PSPs and consolidating transaction data in a central platform. By embracing Payment Orchestration and automated payment reconciliation, merchants can overcome the challenges posed by manual processes and streamline their financial operations effectively.

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