While headway has been made in the fight to protect consumers against APP (Authorised Push Payment) fraud, the UK’s Payment Systems Regulator is pursuing plans to make reimbursement mandatory for victims of such scams.
Embedded finance is not a new concept. Corporations outside of the financial services industry have provided banking services through credit cards at shops, supermarkets, and airlines; financing at retailers; and loans at car dealerships for decades.
Many banks are confronting challenges with monolithic legacy infrastructure amidst the transition to the cloud.
Many financial institutions face issues in using legacy platforms that no longer keep up with their customer and internal requirements in real time.
As post-pandemic global trade booms, the volume of cross-border payments transactions has been steadily increasing.
What happens next with the Metaverse?
Transaction monitoring is an integral part of financial crime compliance programs.
Correspondent banking – when a financial institution provides its third-party services to another financial institution - is essential to the traditional global payments system.
Financial institutions have long been required to build and implement robust, secure processes around core digital transactions such as online payments and financial transfers.
Corporate banks are lagging when it comes to hyper-personalisation whilst clients need real-time liquidity, visibility, system connectivity, and instant access to cash.
Data is critical to every financial institution; it is recognised as a core asset to drive customer growth and innovation.
Addressing financial inclusion is a priority for many fintechs and financial services providers.