Global Payments & Transfers Insights

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SCA exemption: the perfect storm for machine learning

8th October 2018

Company: TAS Group
The payments community is well used to the abundance of acronyms that has become its legislation of late, but less so to the grey overlaps between various directives and standards - least of all Strong Customer Authentication (SCA) within the online and e-commerce payment experience. But Payment Service Providers (PSPs) are increasingly finding... read more
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N26 throws down gauntlet to “no brainer” UK banking market

5th October 2018

Company: bobsguide
German fintech N26 has begun its phased launch into the UK. The country has seen many a challenger bank set up shop in the last 10 years with Monzo (2015), Starling (2014), and Atom (2014), as incumbents increasingly fail in areas of customer service – according to recent CMA rankings. Many high profile tech failures such as TSB have led... read more
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Challenger Monzo makes changes in “hostile banking market”

5th October 2018

Company: bobsguide
The challenger banks do not only have to stick to the old adage of hitting the ground running - they need to sprint. With incumbents increasingly pouring resources into innovation programmes, the challenger banks are in a race against time to offer their unique capabilities before others replicate them. The ’small 4’ retail banking... read more
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Banking services “unbundling” in fintech market

2nd October 2018

Company: bobsguide
At the recent Amazon Web Services FS Insight conference, Jonno Southam, venture capital business development manager at AWS led a panel with Jai Juneja, head of tech investment at Seekventures and Kartik Varma, co-managing director at the Barclays Accelerator. The conversation focused on how fintechs are investing, as the panellists identified... read more
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Crime costs rise as fintechs rely on “old school” security measures

1st October 2018

Company: bobsguide
The cost of fraud to financial services increased by 9.3% over 2017, according to research conducted by LexisNexis Risk Solutions. For every $1 stolen by fraudsters, it costs financial services firms $2.92 in fees compared to $2.67 last year. Further, the level of fraud as a percentage of revenue has moved upwards from 0.95% to 1.53% on average. ... read more
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UK “concerned” about Open Banking

28th September 2018

Company: bobsguide
More than three quarters of the UK are concerned about sharing financial data with organisations other than their bank, according to a recent poll by market research body, YouGov. Of those surveyed, 77% said they were concerned around data sharing, with 45% saying they didn’t understand the benefits of Open Banking, and a large number of... read more
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Brexit uncertainty forces fintechs, challengers to look abroad

25th September 2018

Company: bobsguide
UK challenger banks and fintechs are making moves to ensure their services will be available to customers in the European Union after Brexit. Starling was granted a banking passport into the Republic of Ireland last year, while Revolut has begun the process of applying for an e-money licence in Luxembourg. “This ensures that Starling can... read more
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From closed to open: why banks need to emulate the big tech players

25th September 2018

Company: Icon Solutions
They say imitation is the sincerest form of flattery. If that’s the case, there should be an outpouring of adulation from banks to GAFA (Google, Amazon, Facebook, Apple) and BAT (Baidu, Alibaba, Tencent). Big tech companies have mastered the art of openness. They have weaponised it and are now reaping the rewards. In the era of Open... read more
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The rise of the chatbot: fintechs and investors embracing social media

25th September 2018

Company: bobsguide
Chatbots have been around for more than half a century, and they’re often dismissed as little more than a source of empty small talk for bored social media users. Yet over the course of the last few years, fintechs have turned that perception on its head by transforming traditional social media chatbots into dynamic and secure payment... read more
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How banks are preparing (or not) for T2/T2S consolidation

24th September 2018

Company: TAS Group
In 2020 another seismic upheaval looms on the horizon for the European financial community. This time the main players are the European central and national banks. Vision 2020, as the Eurosystem’s T2/T2S Consolidation project is known, sees the technical consolidation of TARGET2 and TARGET2-Securities and the harmonisation and integration of... read more