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

Hamish Monk Senior Reporter at Finextra

How to build a mobile banking app

Mobile banking’s fledging iteration in the 1990’s was conducted via handsets’ Short Message Service (SMS). The offering was limited and inflexible – customers could check their balance or request to be warned if they were about to become overdrawn. By 1999, the world’s first Wireless Application Protocol (WAP) enabled mobile banking services in No...

14 October 2024 /payments

Hamish Monk Senior Reporter at Finextra

What is Open Banking?

After the financial crisis, there was a recognition that banking concentration could be disadvantageous – both in terms of competition and systemic risk. Since then, regulatory measures have sought to boost diversity in financial services, the most notable of which is Open Banking. Launched in the United Kingdom on 13th January 2018 following the ...

01 October 2024 /payments

Ushering in a new era of real-time payments

Dominique Dierks Content Manager at Finextra

Ushering in a new era of real-time payments

The progress in real-time payments (RTP) has been significant over the last few years, and the momentum is showing no sign of slowing down. Today, there are around 96 RTP systems operational globally, with more and more countries building out their payments landscape. The economic impact of real-time payments is significant. In 2023, 266.2 billion...

26 September 2024 /payments

Sehrish Alikhan Reporter at Finextra

What are A2A payments?

The European Payments Initiative recently released a report stating that A2A payments are going to spike usage in the next few years; which begs the question, what are A2A payments and how to they differ from other digital payments methods? A2A payments, short for account-to-account payments, are the transfer of funds from one bank account to anot...

25 September 2024 /payments

What is the Regulated Liability Network?

Níamh Curran Senior Reporter at Finextra

What is the Regulated Liability Network?

UK finance announced the successful ending of the experimental phase of the Regulated Liability Network (RLN) last week. Following this UK Finance held a launch event with speeches from some of the partners who worked on the RLN – such as HSBC, EY, Barclays, Nationwide, and Lloyds – as well as announcing their next steps. While the outcome of the e...

23 September 2024 /payments

Why commercial banks should be concerned about a digital pound

David Skeie Professor of Finance at University of Warwick

Why commercial banks should be concerned about a digital pound

The prospect of digital currencies becoming part of our everyday lives has been on the agenda for the last decade. The closest they have come to impacting the mainstream financial system and economy in the West was the stablecoin Libra, later renamed Diem, proposed by Facebook in 2019. This attracted a significant backlash from regulators and conce...

19 September 2024 /payments

Hamish Monk Senior Reporter at Finextra

What is mobile banking?

Mobile banking enables customers to manage financial services – such as their balance, transfers, standing orders, statements, direct debits, overdrafts, and bill payments – via their smartphones. For this reason, mobile banking – compared to other legacy banking channels such as branch, internet, and even carrier pigeon – is the fastest-growing ch...

17 September 2024 /payments

Hamish Monk Senior Reporter at Finextra

What is embedded finance?

The Covid-19 pandemic was one of the key drivers (open banking the enabler) of global embedded finance adoption. According to Global Market Insights, the embedded finance market shot to $58 billion by 2022, and is estimated to clock-in a 29% compound annual growth rate (CAGR) until 2032 – by which point it could exceed $730 billion. A new ecosys...

13 August 2024 /payments

The top payment stories you missed in July

Dominique Dierks Content Manager at Finextra

The top payment stories you missed in July

It was an eventful month in the financial sector. Catch up on six of our most-read news and updates from July 2024. Revolut is finally granted a UK banking license After three years of trying, Revolut has been granted a banking license, with restrictions, by the Financial Conduct Authority. Once the ‘mobilisation stage’ has been completed and the r...

02 August 2024 /payments

Payments processing: Why banks should take a composable approach

Madhvi Sonia Head of Content at Finextra

Payments processing: Why banks should take a composable approach

Over the last two decades, many banks have faced the frustration of being locked into high operating costs. Minimal budgets cannot meet business needs for expansion or support the improvement of product offerings. This is partly due to regulatory requirements consuming the lion’s share of the budget and the high cost of maintaining legacy systems. ...

24 July 2024 /payments

Currencies’ digital race on payment rails

Erol Kaya CTO at BUNA

Currencies’ digital race on payment rails

A global player as a financial messaging network: SWIFT More than 11,000 banks and financial institutions rely on the SWIFT messaging network for financial transactions. In 2022, the SWIFT network registered an impressive average of 44.8 million messages daily, facilitating $150 trillion in transactions annually. As of May 2024, the breakdown of t...

11 July 2024 /payments

Why variable recurring payments is the next step in growing European open banking

Níamh Curran Senior Reporter at Finextra

Why variable recurring payments is the next step in growing European open banking

Open banking in Europe is maturing. PSD2 legislation has driven this development across Europe, with the Financial Data Access (FiDA) and PSD3 now on the horizon, this may be the year we start to see the full potential of open banking and even open finance. This is an excerpt from the Future of Digital Banking in Europe 2024 report. There promis...

06 June 2024 /payments

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