Payments - Long Reads, News, Articles & Research: Finextra

SCA: With weeks to go until Europe’s deadline, is the industry prepared?

Brian Gaynor Head of Product and Strategy, EU Merchant Services at JP Morgan

SCA: With weeks to go until Europe’s deadline, is the industry prepared?

With just weeks to go before the 31 December 2020 deadline for Strong Customer Authentication (SCA) implementation in Europe , it’s worth taking a look at at the industry’s position within the rollout of this far-reaching new requirement. Final Call for Implementation After 31 December 2020, subject to prescribed regulatory exemptions, merchants w...

22 December 2020 /payments

How to Maximise the Remaining Time Before the Extended SCA Deadline

Retired Member

How to Maximise the Remaining Time Before the Extended SCA Deadline

It has been an extraordinary year for e-commerce, with web traffic reaching a record high in 2020 and merchants contending with rising order volumes alongside supply and delivery issues. With the flood of new e-commerce customers in 2020, and with bricks-and-mortar stores closed for months in 2020, payments fraud is increasing too. Strong Custome...

15 December 2020 /payments

Shaping the future of payments and securities through responsible innovation

Paige McNamee

Shaping the future of payments and securities through responsible innovation

For more than 40 years, SWIFT has collaborated with its network to identify industry-wide challenges and develop solutions for the benefit of the entire global financial system. Tom Zschach, Swift’s chief innovation officer, speaks to Finextra Research about how innovation remains central to the co-operative’s new strategy, and how state-of-the-ar...

14 December 2020 /payments

Reinventing the banking business model for the digital world

Ben Poole Contributor at Finextra

Reinventing the banking business model for the digital world

With rapidly changing consumer spending trends, the rise of e-commerce, and the growth and success of both fintechs and big technology companies in the financial services space, the banking industry needs to innovate and adapt quickly to remain relevant. Digital demand soars Perhaps the biggest trend in financial services, is the digitisation of th...

03 December 2020 /payments

The evolving European payments landscape

Ben Poole Contributor at Finextra

The evolving European payments landscape

Transaction speeds are increasing. Faster payments rails and instant transaction policies are being rolled out across the world, particularly so in Europe. Key to this change in the payments landscape is the change in consumer behaviour, driven by mobile and digital channels and the growth of e-commerce. Consumer demand for instant accessible paym...

26 November 2020 /payments

Strategic advantage lies in the journey, as much as the destination

Paige McNamee

Strategic advantage lies in the journey, as much as the destination

Covid-19 has exposed the status of banks’ digital transformation strategies. While the steps that banks have already taken are positive, they have not yet launched the next payments generation. However, if we look at the pandemic as a circuit breaker, Swift’s new strategy could turn the power back on and inject renewed energy into payments transfo...

23 November 2020 /payments

European sovereignty shackled to its payments

Retired Member

European sovereignty shackled to its payments

March 2014: in the midst of the diplomatic crisis following Russia's invasion of Crimea, some Russian dignitaries were deprived of payment methods without warning. They were unable to withdraw cash or make purchases. The "perpetrator" was the U.S. government, which ordered Visa and Mastercard to freeze transactions from a handful of Russ...

19 November 2020 /payments

ISO 20022 holds key to fintech innovation and competition in years to come

Jamie Crawley

ISO 20022 holds key to fintech innovation and competition in years to come

As banks and other financial institutions migrate to ISO 20022 in the years ahead, many of the ongoing conversations of ‘old vs new’, ‘big’ vs ‘small’ and ‘incumbent’ vs ‘innovator’ in financial technology may be built around this new standardisation of language and messaging for payments data. Preparation for and adaption to ISO 20022 has been a ...

29 October 2020 /payments

How to pronounce ISO 20022 - and other important migration details

Paige McNamee

How to pronounce ISO 20022 - and other important migration details

We’ve reached out to the experts to compile answers to the most asked questions across the topic of ISO 20022, in an attempt to help firms and the industry-at-large build on their awareness of the challenges and opportunities that lie ahead. 2020 was originally earmarked as the year for banks to plough ahead with their ISO 20022 migration, with the...

05 August 2020 /payments

Expectation, standardisation and automation: Seizing the initiative in real-time payments

Jamie Crawley

Expectation, standardisation and automation: Seizing the initiative in real-time payments

Real-time payments are likely to not only expedite the movement of money, but also heighten the expectations of consumers and corporates. Financial institutions need to address other aspects of the payments system to ensure that instant payments are supported by improved user experience throughout the cycle. The Covid-19 pandemic is likely to have...

31 July 2020 /payments

Apples and oranges: What makes Pay.UK and EBA Clearing’s R2P models so different?

Paige McNamee

Apples and oranges: What makes Pay.UK and EBA Clearing’s R2P models so different?

Is there more than one way to skin a cat? A peek under the hood of Pay.UK’s and EBA Clearing’s respective Request-to-Pay models shows that indeed there is. Request to Pay has widely been touted as the missing piece of the instant payment puzzle. At its core, Request to Pay is the idea of pushing transaction details from a payee to a payer’s device ...

10 July 2020 /payments

There is more to digital payments in Africa than M-Pesa

Madhvi Sonia Head of Content at Finextra

There is more to digital payments in Africa than M-Pesa

In 2010, Kenyan payments, money transfer and micro-financing service M-Pesa became the most successful mobile phone based financial service in the developing world, just three years after the launch by network operators Vodafone and Safaricom. Since then, while other developing markets such as the APAC and LATAM regions have dominated headlines, t...

25 June 2020 /payments

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