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

Generative AI and AI outlook 2024: Customer journeys, fraud and legislation

Níamh Curran Senior Reporter at Finextra

Generative AI and AI outlook 2024: Customer journeys, fraud and legislation

Artificial intelligence (AI) and generative AI saw an immense boom in 2023, with some calling it the technology’s breakout year. What was once viewed as something of science fiction is coming closer to reality, with the abilities of the software developing at pace. Yet how is the technology going to progress throughout the year in the financial tec...

14 March 2024 /payments

Capitalising on the embedded finance revolution

Nebo Djurdjevic CSIO at Vega IT

Capitalising on the embedded finance revolution

The concept of embedded finance is, at the face of it, a simple one to grasp; be it a loan at the point of purchase or an insurance offer when you rent an apartment. While it simplifies the lives of consumers everywhere, the embedded finance proposition is not a simple one to grasp from an investment perspective. Is embedded finance a fad or a re...

12 March 2024 /payments

Sehrish Alikhan Reporter at Finextra

Top 5 payments updates this month

The payments field is a fast-paced and dynamic sector, with an increasing amount of products and services being launched on the daily. To keep updated with the latest innovations, here are the top stories in cards and digital payments in February 2024. Check out my colleague Niamh Curran’s payments update to see what you missed in January 2024. BN...

28 February 2024 /payments

What is correspondent banking? Exploring Swift, AML, FATF, and the Wolfsberg Principles

Madhvi Sonia Head of Content at Finextra

What is correspondent banking? Exploring Swift, AML, FATF, and the Wolfsberg Principles

Correspondent banking, believe it or not, continues to be a hot topic. Cross border payments are still not as efficient as they should be, meaning international trade is still not real-time, and those financially excluded can only benefit from instant payments by using correspondent banking networks. While there is a need to resolve these issues,...

27 February 2024 /payments

How to implement an instant payments system

Madhvi Sonia Head of Content at Finextra

How to implement an instant payments system

In November 2023, Swift connected domestic payment schemes across Europe, providing end-to-end transparency for instant cross-border transfers within the European Union. The European Payment Council’s One-Leg Out Instant Credit Transfer scheme (OCT Inst) went live and now enables payments to and from Europe to be processed 24 hours a day, seven ...

19 February 2024 /payments

Super Bowl 2024: The fintech firms that spent $7 million on a 30 second ad

Madhvi Sonia Head of Content at Finextra

Super Bowl 2024: The fintech firms that spent $7 million on a 30 second ad

Taylor Swift’s attendance at the Super Bowl LVIII in Las Vegas captured more attention than winners Kansas City Chiefs this weekend, that’s for sure. After Usher’s – and Alicia Keys, Lil Jon and Ludacris’ halftime show, fintech firms also attempted to make the most of the now global captive audience by advertising during the big game. Super Bowl 5...

12 February 2024 /payments

Níamh Curran Senior Reporter at Finextra

What is Faster Payments?

TCS emerged as a leading contender earlier this week to take over the running of the UK’s Faster Payments Service, according to Sky News. This would mean they take over from the previous operator Vocalink, owned by Mastercard. My colleague Dom previously covered what instant payments are, but here I’m going to look at the UK Faster Payments schem...

08 February 2024 /payments

Why are fees on international payments so high?

Scott Hamilton Contributing Editor at Finextra Research

Why are fees on international payments so high?

Survey shows American consumers disgusted with ‘junk fees’ and hidden costs; bank fees for international payments and foreign exchange, especially hidden or unexpected add-on charges, were among the most cited irritations in modern consumer transactions, according to a recent survey. The study, commissioned by fast-growing international payments...

08 February 2024 /payments

The death of cash: What does it mean for the future?

Retired Member

The death of cash: What does it mean for the future?

The use of physical cash in payments has gradually declined in recent years as consumers are increasingly using electronic money, whether through cards or mobile payments. Between 2016 and 2022, the proportion of cash transactions declined from 79% to 59% in Europe. This development reflects the growing confidence in digital technology and a stron...

05 February 2024 /payments

Cross-border digital wallets are key to financial inclusion

Sehrish Alikhan Reporter at Finextra

Cross-border digital wallets are key to financial inclusion

Cross-border remittances are increasingly essential in a globalised world. With the influx in mobile wallet usage, cross-border payments can become easier, less expensive, and more inclusive to those needing to move money abroad. Payments giant Revolut launched its Mobile Wallets service to ease cross-border remittances using IDs alongside only ph...

31 January 2024 /payments

Add to basket – the rise of advanced digital checkout solutions

Jennifer Marriner EVP, Global Acceptance Solutions at Mastercard

Add to basket – the rise of advanced digital checkout solutions

According to research from the Baymard Institute, 70% of digital shopping carts are abandoned, with two in five adults stating complicated checkout processes as the main driver for abandonment. As e-commerce continues to expand, the online payment journey has become highly fragmented and consumer expectations of the digital experience have evolve...

23 January 2024 /payments

Edward Metzger Vice President, Payments Efficiency at Lexis Nexis Risk Solutions

5 payments trends to watch in 2024

Over the past decade, a wave of innovation has swept through all corners of the payments landscape. As a result, the needs of market participants have evolved and they continue to do so at a substantial pace. Here are our predictions for the key trends to watch as 2024 unfurls. 1. Account-to-Account payments soar Account-to-account (A2A) payments b...

19 January 2024 /payments

Long reads