Ajith Thekadath

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Traditional banks must adapt their card issuing practices to compete with fintech disruptors and meet evolving consumer demands. Legacy systems, regulatory hurdles, and budget limitations slow progress. Learn how a CMS Gateway can help banks innovate and stay relevant. Read more in our article: https://lnkd.in/eZQ6yEX9 via Seamless Xtra

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Legacy tech debt hinders over 50% of FIs from upgrading core banking systems, putting them at risk of losing digital-native consumers to FinTechs. The latest Embedded Finance Tracker® w/ Galileo Financial Technologies explores: https://lnkd.in/eRSCQpp8

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The future of #InstantPayments and the continued growth of #ACH payments were the key topics during today’s main stage discussion with David Watson, Jane Larimer, Nacha, and Mark Gould, Federal Reserve Financial Services, at Nacha Smarter Faster #Payments2024 conference. Key takeaways: • RTP network breaking records: 76M transactions Q1 2024 • Same Day ACH 20% growth: customers looking for faster payment options • ACH, Instant, and Wire all solve different payment needs: room for all

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President's Choice Financial Selects Temenos to Expand Banking Business Philip Barnett, President – Americas, Temenos, commented: “We are delighted to welcome PC Financial as a marque signing for Temenos. North America is a strategic region for Temenos, and a market where we are seeing tremendous growth in SaaS. Our proven, highly scalable SaaS model together with robust localization and local operations is compelling for banks and new challengers of all sizes. We have invested heavily in our platform to assist our clients to comply with applicable Canadian and US banking regulations and our clients are seeing the benefit in massive scale, business agility and ability to deploy fast with our pre-configured banking capabilities.” https://lnkd.in/gSZuUUm6 Daksa Mody #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews #TCF2024

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Be in the know on #payments news with this week’s #WeekendReads ⬇️ 1. CU 2.0 Podcast: James Colassano on Real Time Payments (RTP) Coming At You https://lnkd.in/g-ru-iXg / CU 2.0 2. New Study Highlights Tech Trends and Top Priorities for Banks in 2024 and 2025 https://lnkd.in/gS-gsKA4 / Bank Automation News 3. Is Request to Pay the New Frontier of Payments in Europe? https://lnkd.in/dH9z-HHK / Payments Cards & Mobile 4. Instant Payments Drive Profits for the Small Restaurants That Use Them https://lnkd.in/eXAyhUx5 / PYMNTS 5. Why Banks and Credit Unions Are Moving Slowly to Real-Time Payments https://lnkd.in/gZ3jz56g / PaymentsJournal

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Partnering with fintechs for Banking as a Service (BaaS) can broaden market reach, but it comes risks. Recent enforcement actions highlight the importance of robust risk management programs for FIs. Learn about the key pitfalls and how to avoid them with Stacy Albers, CAMS,CBAP,CAFP's article.  https://lnkd.in/ebvSnnb5

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Curious about the impact of #ISO20022 on fintech? NYPAY has a great panel this Thursday on the topic- it's free register below. ISO 20022 is poised to be a game-changer for the fintech industry, bringing about several positive impacts: 1. Enhanced Interoperability: Imagine financial institutions speaking a universal language. ISO 20022 acts as that common ground, allowing seamless data exchange between different systems. This translates to faster transactions, fewer errors, and a more streamlined experience for everyone. 2. Richer Data for Innovation: ISO 20022 goes beyond basic transaction details. It allows for including richer, more structured data. This empowers fintech companies to develop innovative financial products and services with a deeper understanding of user needs. 3. Streamlined Operations and Efficiency: With standardized data formats, automation becomes easier. This translates to fewer manual processes, reduced errors, and overall cost savings for fintech companies. Regulatory compliance can also be simplified with ISO 20022's structured approach. 4. Openness to New Technologies: The beauty of ISO 20022 is its adaptability. It can accommodate new technologies and business models as they emerge, ensuring fintech companies stay ahead of the curve. 5. Level Playing Field for Fintechs: Legacy financial institutions often have complex internal systems. ISO 20022 creates a more level playing field by providing a common standard that fintech startups can easily adopt. This fosters a more competitive and innovative financial landscape. Overall, ISO 20022 is expected to be a major driver of growth and progress in the fintech industry. By enabling smoother data exchange, richer information, and streamlined operations, it paves the way for a future filled with exciting financial products and services.

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Check fraud is daunting but with effective strategy and tooling you can combat it. VALID Systems helps 7 of top 25 FIs turn this problem to profit. Curious how? our experts can walk you through the insights and the step-by-step process. Message us to learn more. 👉 https://lnkd.in/g6g78huk

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The widening fallout from Synapse’s collapse and subsequent bankruptcy—and every bank and fintech partner swept up in it—continues to raise serious operational questions, cause lingering angst for customers still unable to access their money, and yet is utterly devoid of soul searching on the part of executives responsible for what transpired. Synapse, a Banking-as-a-Service (BaaS) provider backed by prominent venture capitalists, worked with as many as 100 bank and fintech partners—including Evolve Bank & Trust, Lineage Bank, Mercury, Dave, Yotta, Juno and Yieldstreet—serving as the intermediary between bank partners providing deposit accounts, loans and payment products and the fintechs that embed them into their customer apps. As the enormity of U.S. bankruptcy trustee Jelena McWilliams’ findings became public, what was also glaringly obvious: Some of the companies involved were so busy pointing fingers at each other that they failed to acknowledge that customers—all of whom were unwittingly tied to Synapse and its bank partners through their usage of fintech apps—have become collateral damage. That must change. Given the pace of financial innovation and the size of most BaaS banks—60% of BaaS banks have assets under $5 billion, while about 30% have assets under $1 billion, according to CCG Catalyst —the principles-based interagency guidance from the Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency seems inadequate to prevent another Synapse-like event. The resolution of the Synapse bankruptcy will likely be precedent-setting, potentially dictating changes to the BaaS model to ensure greater stability and reliability, sharpening enforcement of existing bank regulations and forcing new and deeper straight-line federal regulatory oversight—perhaps via national charters—of BaaS providers and fintechs. My latest for FIN: The Fast Forward on Fintech.

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Flybits Announces Integration with Q2’s Digital Banking Platform Banks and Credit Unions can now deploy Flybits’ cutting-edge solutions through Q2’s Digital Banking Platform to enhance and grow customer relationships through data-driven personalization. Flybits’ solutions enables financial institutions to: -Rapidly deliver deposit, auto-savings and investment use cases -Manage the cardholder lifecycle at each critical touchpoint -Launch data-powered alerts and notifications -Apply AI in safe and secure ways to enhance personalized banking -Curate zero-party customer data to improve segmentation and personalization -Provide a completely custom experience to every banking customer If you are a Q2 digital banking customer, we should talk. Talk to our solutions team to learn more - https://lnkd.in/gZF93FyC Read full article - https://lnkd.in/g5BB9vkC #Fintech #Personalization #Q2 #Digitalbanking #Flybits #UserExperience #AI

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As the BaaS industry booms, growing concerns about emerging fraud have led to increased regulatory scrutiny. Now, sponsor banks must demonstrate robust oversight of their fintech partners. In this new BAI byline, Brenda Banks, our VP of BaaS, outlines the top challenges sponsor banks face in adapting to this regulatory landscape, from fragmented data sources to real-time fraud detection. Discover solutions on how sponsor banks can enhance risk and compliance measures to navigate these challenges and thrive in today's BaaS ecosystem. #ai #artificialintelligence #fraudprevention #machinelearning #baas #sponsorbanks

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👉 As regulators crack down on cybersecurity with new rules and regulation, banks and financial institutions should be prepared for an increase in compliance work too. Prove VP, Evangelist & Fraud Executive Advisor Mary Ann Miller spoke with Yizhu Wang at S&P Global Market Intelligence about the benefits and potential challenges of more compliance: https://lnkd.in/g27RDVmU   #banks #creditunions #financialservices #cybersecurity #compliance

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Temenos continues the ‘future of money’ #innovation series, demonstrating banking capabilities for #TokenizedDeposits, with on-ledger transactions settled in wholesale #CBDC. Read this blog from Temenos Product Strategist Jeremy Boot to learn more: https://lnkd.in/e_UFcP6f

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Finastra Boosts Its Payments Processing Strategy with Fed Certification for ISO 20022! 🙌 👏 Finastra today announced it has COMPLETED testing and certification through the Federal Reserve for ISO 20022 💡 This makes Finastra one of the FIRST vendors in the industry to COMPLETE the process for multiple solutions 👨‍💻 “Quickly and efficiently adopting the standards for ISO 20022 is simply a necessity, and it is important that we provide financial institutions with the tools they need to embrace these standards,” said Barry Rodrigues, EVP of Finastra’s Payments Business Unit. “With our many years of experience innovating in the payments space across the globe, our customers know they can rely on us to enable them meet the evolving regulatory and compliance requirements and unlock new opportunities to drive payments innovation and enhance business value for their customers.” Find out more on the link below! 👇 https://lnkd.in/eShPjvWW Erika Baumann #payments #ISO20022 #fedcertification

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Why payments need to be borne as 'public goods'? This Federal Reserve Board Governor Waller's speech put it simpler (in 2 complementary ways): 1. Identifying the need and timing for technical standards, incorporating a breadth of industry perspectives, and aligning on implementation approaches requires 'coordination', and central banks play a key role as neutral conveners to harmonise efforts from all relevant stakeholders. 2. Leading by example, central banks' operated payment platforms provide expertise in the adoption of standards and best practices. RTGS systems remain as the backbone of the financial system, they serve as rails for safe and efficient settlement in central bank money #RTGS #payments #ISO20022 #standards #innovation

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Fascinating letter from U.S. Senator Sherrod Brown from Ohio to CEO of JPMC Jamie Dimon 📨 The major highlight is that the senator is asking the bank to reimburse customers for wire fraud/scams ✨ Scams are rising significantly. Consumers lost $10B to fraud last year, a 14% increase from the year before. Businesses lost $3B to Business Email Compromise scams. Scams are becoming one of the bigger problems governments need to face to create more trust in the financial ecosystem. This is a big big step in the move of banks taking on liability for scams. #scams #fraud #liability #banking #payments #fintech

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🎉 The highly anticipated #FedNow Service was officially launched one year ago today, transforming how #creditunions handle #instantpayments. 🔌We are proud to be a FedNow Service participant, and enable a FedNow Service connection to credit unions through a simplified API that can be integrated into various products and services. This allows your #creditunion to meet member expectations and remain competitive by adding #instantpayments to your suite of solutions. https://lnkd.in/gbSz9xkp 

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