this is necessary only if the scammer is in another country, otherwise it would be easier to shut down or freeze the scammers account at the receiving bank if domestic?
12 Sep 2024 12:50 Read comment
another example of innovation driven out of the UK by regulators using money laundering as the excuse. Google's London startup campus in Bonhill Street, closed in 2021, used to have a bitcoin ATM in its cafe.
10 Sep 2024 11:29 Read comment
Reimbursing fraud victims is important but the metrics in the latest PSR scams report show clearly that APP fraud increases with reimbursement. If the 'victim' is an accomplice to the fraud it is very difficult to detect, while mandatory reimbursement provides an easy route to defraud banks in this way.
Mandatory reimbursement may have the effect of forcing banks and PSPs to invest more in preventing APP fraud, but it is likely to lead to banks delaying or even suspending legitimate payments, intruding on customer privacy and impeding open banking payments.
It is surprising that the PSR has no measures in place to prevent reimbursement from being used to defraud banks and to prevent customer inconvenience. It is even more surprising that the government is doing nothing about the blatant scams on social media where 80% of APP fraud originates.
04 Sep 2024 23:17 Read comment
ISO20022 data = counterparty data.
This is a surveillance system.
This is why there is such strong resistance to BIS and central bank plans for CBDCs.
22 Aug 2024 10:14 Read comment
Mastercard has a market cap of $431bn with 33,400 employees.
Accenture, just voted the world's best management consultancy in a global Forbes survey, has a market cap of $206bn and 733,000 employees.
Such is the power of technology and transaction businesses in generating value.
19 Aug 2024 18:52 Read comment
The OBL website shows (for June 2024) 6.1m payments users and 5.17m account information users, presumably about 1m users use both. These figures respectively were 2.15m and 4.2m users in June last year, so payments is the main driver of OB user growth. While the 10m user milestone is a great one to highlight, what really matters is usage. Payment txns are increasing each month, but the payments per user has been stuck for over two years at 2 - 3 per month. For account information, no usage stats are published other than API calls, perhaps a metric such as data megabytes/month would be useful? However, although open banking is supposed to be about data, the growth story shows it is more about payments than data and that increasing the payments per user through increasing business acceptance of OB payments is the main challenge for OBL.
24 Jul 2024 22:18 Read comment
Roll-on the day when we get paid daily instead of monthly or twice a month - the technology is available now, to initiate the payments, manage the payroll and manage the extra transactions in bank accounts.
It is also unsustainable to treat pay for work already done as a loan just because payment is made in advance of the normal pay day.
19 Jul 2024 12:45 Read comment
This looks like sensible risk management - paying BNPL with a credit card is equivalent to paying a credit card balance with another credit card, which no issuer would allow.
18 Jul 2024 10:04 Read comment
Remarkable results - the annual report shows 590m monthly transactions as of Dec 23, up 73% on the previous year.
This is a true indicator that Revolut is loved by its customers - "every transaction is a customer interaction".
02 Jul 2024 11:48 Read comment
For external APIs, stability is critical - technically and commercially. When companies build software embedding third-party APIs, any changes to an API can cause havoc with their software and the product/service using it.
Often, it is better for your customers to build an additional API than change an existing one.
01 Jul 2024 14:08 Read comment
EBAday
Jared RonskiCo-founder at MerchACT
Martin SwansonCo-Founder at Atomic Wire
Philipp PieperCo-founder at Swarm Markets GmbH
Alan SimaoCo-Founder at CCTech
Steve RoundCo-Founder at SaaScada
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