EBA CLEARING’s Post

A Game-Changer for European Banks 🔴 EBA CLEARING is leading the development of the Fraud Pattern and Anomaly Detection (FPAD) functionality, which aims to improve how financial institutions control and reduce the risk of payment fraud. While the FPAD initiative is a positive step forward, its implementation success depends on how banks interact with it. For these banks, adopting an API-driven strategy is essential for seamless integration with cutting-edge systems like FPAD. Find out why in our latest article 👉 https://form3.co/3Q6CIsJ #futureofpayments #paymenttechnology #fraudprevention #FPAD

A Game-Changer for European Banks 🔴 EBA CLEARING is leading the development of the Fraud Pattern and Anomaly Detection (FPAD) functionality, which aims to improve how financial institutions control and reduce the risk of payment fraud. While the FPAD initiative is a positive step forward, its implementation success depends on how banks interact with it. For these banks, adopting an API-driven strategy is essential for seamless integration with cutting-edge systems like FPAD. Find out why in our latest article 👉 https://form3.co/3Q6CIsJ #futureofpayments #paymenttechnology #fraudprevention #FPAD

🌐 Big News on FATF Recommendation 16! 🌊 Following the plenary meeting in Paris this month, the FATF has initiated a comprehensive consultation on Recommendation 16 for #crossborderpayments. 🔄 New Definitions and Terminology: Farewell to the traditional "wire transfers"; welcome the broader term "Payment Transactions." The FATF is ushering in a new era by adopting a more generic definition, reflecting a departure from debtor/creditor to originator/receiver dynamics. 💳 Potential Changes in Card-Initiated Payments: Currently exempt for goods purchases, this will undergo some changes. The FATF's questions are seeking to include cash withdrawals and certain card-funded payments in the scope. 💌 Standardization of Messages and Originator/Receiver Requirements: The call for standardized messages, including potential originator and receiver requirements, signals a move towards a more streamlined and transparent financial messaging system. 🏦 Virtual IBANs Under Scrutiny: The spotlight is on Virtual IBANs, due to their flexible nature. Different country codes can obscure the actual location of the customer account. 🔍 Beneficiary Bank Responsibilities - The FATF underscores the responsibility of these institutions in the fight against fraud, Name Matching might become a standard. 🔄 Defining the Payment Chain: Unraveling the payment chain, the FATF raises a fundamental question. Does the chain begin with the institution receiving the payment instruction, or is it rooted in the institution where funds are pulled to finance the transaction? This would be massive and a genuine disruption in the payment space. Consultation ends on the 2nd of May 2024. Link to the consultation: https://lnkd.in/dfKb6JdP #FinancialEvolution #FATFInsights #RegulatoryChanges #FinancialTransactions #PaymentTransprency #Wolfsberg

A Game-Changer for European Banks 🔴 EBA CLEARING is leading the development of the Fraud Pattern and Anomaly Detection (FPAD) functionality, which aims to improve how financial institutions control and reduce the risk of payment fraud. While the FPAD initiative is a positive step forward, its implementation success depends on how banks interact with it. For these banks, adopting an API-driven strategy is essential for seamless integration with cutting-edge systems like FPAD. Find out why in our latest article 👉 https://form3.co/3Q6CIsJ #futureofpayments #paymenttechnology #fraudprevention #FPAD

With Sibos 2023 concluded, we look back at what was learned across all our discussions and the outstanding session schedule during the most pivotal financial and banking industry event of the year. Read our article for 3 key insights: https://hubs.la/Q024h91v0 #Sibos2023 #IntellectEU #financialservices #digitaltransformation

Interesting cross border use cases can be achieved with this flow. #kudos to EBA

QR invoicing has made #payments smoother and automated but has obliged banks to amend and adapt their messaging system. Discover how ERI has enabled the bank CBH Compagnie Bancaire Helvétique SA to benefit from pre-filled information (via scan) to process their invoices seamlessly. Want to know more: https://lnkd.in/epMbKXaE #OLYMPICBankingSystem #Privatebanking #wealthmanagement

𝐒𝐄𝐏𝐀 𝐈𝐧𝐬𝐭 𝐌𝐚𝐧𝐝𝐚𝐭𝐞 𝐑𝐚𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 – 𝐍𝐞𝐱𝐭 𝐒𝐭𝐞𝐩𝐬 𝐭𝐨 𝐌𝐞𝐞𝐭 𝐭𝐡𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 The recording is now available for you to watch. Dive in here: https://bit.ly/49Nifk3 Listen to guidance from Diederik Bruggink from WSBI-ESBG and advisory board member to the European Payments Council (EPC), Jessica Ramos from EBA CLEARING, Uwe Klatt from GEVA Group, Frederic Viard from Bottomline and Mélisande Mual from The Paypers as they unpack the latest #SEPAInst timelines and help the 20% of #banks and #financialinstitutions who consider lack of clarity on the requirements for #verificationofPayee as the most significant barrier to the adoption of #instantpayments. 𝐊𝐞𝐲 𝐭𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: Meeting SEPA Inst timelines poses various considerations and challenges. Addressing these is crucial for success: ·       Financial institutions must prioritise regulatory compliance ·       Invest in technology and infrastructure ·       Enhance fraud prevention measures ·       Foster collaboration to successfully transition to SEPA Instant Credit Transfers ·       Meet the evolving needs of customers in the digital age. Register now to watch the recording and catch up on the valuable insights: https://bit.ly/49Nifk3 #realtimepayments #sanctionsscreening #prevalidation #fraudprevention

EBA Mystery Shopping 🥷 🛍️: Digital channels are cool but full transparency is cooler🧊. ➕ Bank fees add on to total credit amount without consent, not fun. GO Digital, be transparent, check Aryza! #digitalbanking #riskmanagement

The end of the CBPR+ migration is getting closer and there is still a lot of work carved out for the full Swift community. #ISO20022’s richer and more structured data is the foundation of a new generation of services for banks, corporates, and consumers. Swift’s Nicolas Stuckens looks at 5 reasons you should adopt ISO 20022 now: 👉 https://okt.to/wTGKay With thanks to Paula Roels, Cathy Newcombe, Dougal Middleton, Ross Jones and Jeremy McDougall. #data #payments