The July BAI Executive Report: Modernizing payment methods explores smart core and vendor technology to help financial institutions in an arena churning with new options for consumers, SMBs and commercial customers. https://bit.ly/3LlQzYY
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Prepare for the Future of Payments with Viable’s ISO 20022 Solutions At Viable, we specialize in empowering financial institutions and large-scale enterprises with ISO 20022-driven solutions. Relying solely on your bank or merchant service provider for ISO 20022 compliance isn’t a strategy that will drive cost savings or maximize efficiency. There are numerous critical touchpoints within your organization that need to be audited and addressed. Unfortunately, neither The Clearing House nor the FedNow teams offer a universal checklist for certification, making internal review essential. With nearly a decade of experience, the Viable team has been working globally to perfect the ISO 20022 specification. Our expertise spans use case development, compliance standards, Real-Time Payments, and much more. The scope of your compliance and implementation efforts will largely depend on your organization's size and industry, but we're here to guide you through every step. ISO 20022 changes are set to take effect on March 10, 2025, and we’re ready to help you understand the implications. Whether you’re a bank, financial institution, fintech, or part of the growing number of merchant service providers, retail chains, or QSRs taking an interest, ISO 20022 isn’t just about meeting regulations—it’s about unlocking innovation. Our extensive portfolio includes use cases that not only deliver cost savings but also open new revenue streams. Don’t get left behind. Get ahead of the most significant transformation in global banking with Viable by your side. Make it Viable.
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The EU’s package of payments regulations will require greater data sharing, streamlined compliance processes, and the adoption of faster and more affordable payment methods. As these proposals are being finalized, it’s crucial for banks and payment services providers (PSPs) to prepare for comprehensive changes across their organizations — from underlying digital business models to products, compliance, IT, and legal — if they’re to remain compliant and competitive. Read this new article written by my colleagues Susan M. Barton and Dr. Jan Rosam to learn more. https://lnkd.in/dkdQ58wx #Payments #FinancialServices #Banking
How European banks compare on readiness for EU payments regulations
ey.com
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Despite the buzz around fintech and the 2018 EU Open Banking regulations, Europe’s financial services industry has yet to fully embrace the opportunities. The number of Open Banking users in Europe is expected to reach 64 million in 2024, just a quarter of the banking population. For more information, read this excellent article by Susan M. Barton and Dr. Jan Rosam
The EU’s package of payments regulations will require greater data sharing, streamlined compliance processes, and the adoption of faster and more affordable payment methods. As these proposals are being finalized, it’s crucial for banks and payment services providers (PSPs) to prepare for comprehensive changes across their organizations — from underlying digital business models to products, compliance, IT, and legal — if they’re to remain compliant and competitive. Read this new article written by my colleagues Susan M. Barton and Dr. Jan Rosam to learn more. https://lnkd.in/dkdQ58wx #Payments #FinancialServices #Banking
How European banks compare on readiness for EU payments regulations
ey.com
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Are you staying ahead of regulatory change in banking and payments? From PSD3 and European Instant Payments, to NIS2 and DORA, the regulatory landscape for banking and payments is jam-packed. Frederik Mennes, OneSpan breaks down the most important changes and challenges for financial services institutions and lays out a blueprint for compliance in the year head. Check out the interview now >> https://bit.ly/4crM633 #banking #payments #financialservices #finance
Staying ahead of regulatory change in banking and payments - MoneyLIVE
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Customer Engagement | Open Source Evangelist | Delivery Assurance Manager | Scrum & Agile Expert | Cloud Essential Certified | Coach | Conference Chair | Public Speaker |AI Enthusiast
Payments data is a hidden asset for banks, offering opportunities for growth, personalization, and efficiency. With modern infrastructure and standards like ISO 20022, financial institutions can tap into this resource to enhance customer loyalty and stay competitive. Please see out latest piece on Payments data monetization - https://lnkd.in/gbQpzh-3 #banking #payments #fintech
How financial institutions can drive growth by tapping the hidden value of payments data
thoughtworks.com
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We are thrilled to announce the release of a groundbreaking whitepaper by Payall Payment Systems, Inc. and its author Jonathan Tyce, a leading expert in banking and technology “De-Risking Cross-Border Payments: Software vs. Sledgehammer,” this report offers revolutionary insights into the cross-border payments landscape. 🚀 As global demand for cross-border payments is projected to soar to $250 trillion by 2030, the need for innovative solutions has never been more urgent. This whitepaper discusses the significant challenges and high costs currently associated with these transactions, driving many institutions out of the market. Key Findings: ✅ Cost Efficiency: Banks and financial institutions can slash cross-border transaction costs by up to 50%. ✅ Compliance: Potential reduction of compliance violations by up to 90%, enhancing overall security and reliability in the financial sector. Payall Payment Systems, Inc. CEO, Founder and Chairman Gary Palmer, highlights the transformative impact of purpose-built groundbreaking Payall Payment Systems, Inc. software and robust digital infrastructures. These tools not only address longstanding issues but also ensure transparency and trust among all stakeholders, including regulators. The adoption of advanced technologies not only benefits banks and financial institutions, but also boosts competition, accessibility and transparency within the financial system, particularly for unbanked and those, who need it most. Dive deeper into our findings and explore how technology can redefine the future of international banking. 📥 Download the full whitepaper now: https://lnkd.in/dnTyvcwa #Payall #CrossBorderPayments #Innovation #Whitepaper
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Bismillahirrahmanirrahim Digital banking systems, often referred to as online banking or internet banking, encompass a wide range of financial services provided through digital platforms. These systems leverage technology to deliver traditional banking services such as managing accounts, transferring funds, paying bills, and applying for loans, as well as more advanced features like personalized financial advice and digital wallets. Here’s a breakdown of the key components and features of digital banking systems: Key Components of Digital Banking Systems Online Banking Platforms: Web-based Platforms: Accessible via browsers, allowing users to perform various banking activities online. Mobile Banking Apps: Designed for smartphones and tablets, offering convenient access to banking services on the go. Core Banking Systems: Transaction Processing Systems: Handle the daily transactions and operations of a bank, including deposits, withdrawals, and transfers. Customer Relationship Management (CRM): Systems that help banks manage interactions with current and potential customers. Security Infrastructure: Authentication Methods: Multi-factor authentication (MFA), biometric verification (fingerprint, facial recognition), and secure passwords. Encryption: Protects sensitive data during transmission and storage. Fraud Detection Systems: Monitors for suspicious activities and transactions. Payment Gateways and Digital Wallets: Payment Gateways: Facilitate online payments by acting as intermediaries between merchants and banks. Digital Wallets: Allow users to store payment information digitally and make transactions through their devices. Challenges and Considerations Security and Fraud Prevention: Constantly evolving cybersecurity threats. Need for robust authentication methods and fraud detection systems. Regulatory Compliance: Adherence to regional and international regulations (e.g., GDPR, PSD2). Ensuring data privacy and protection. Technical Issues: Potential for system outages and downtime. Ensuring reliable and scalable infrastructure. User Adoption: Variability in digital literacy among users. Providing adequate support and education. Integration with Legacy Systems: Ensuring compatibility with existing banking infrastructure. Managing the transition to newer technologies. https://lnkd.in/gAYheRWx MM Telkom University Telkom University Telkom Indonesia
MM Tel U .. a short discussion on Digital Payment System. Credit for AA Zukhruf
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Payment Specialist at Paycron, Inc |Offering e-check services, credit card processing, and ACH solutions across the USA to streamline your payment processing needs.
#WhyeCheckPaymentProcessingisMakingaComeback! In an era where digital wallets and rapid transactions rule the financial scene, eCheck payment processing is experiencing a huge revival. Modern technology is reviving this seemingly antiquated payment system, providing distinct benefits to both businesses and customers. Here’s why eCheck payment processing is becoming an important component of the future of payments. #UnderstandingeCheckPaymentProcessing— eCheck payment processing is an electronic alternative to traditional paper checks. It is the digital transfer of funds from a customer’s bank account to a merchant’s account via the Automated Clearing House (ACH) network. This technique provides secure, efficient, and cost-effective transactions, making it a popular choice for a variety of businesses. #AdvantagesofeCheckPaymentProcessing — eCheck payment processing offers several benefits that are driving its comeback: 1.Lower Transaction Fees: Compared to credit card processing fees, eCheck transactions are significantly cheaper. This cost-effectiveness is particularly beneficial for small businesses and high-volume transactions. 2.Reduced Payment Failures: eChecks have a lower risk of payment failures compared to other electronic payment methods, as they directly transfer funds from bank accounts, reducing the chances of declined transactions. 3.Enhanced Cash Flow Management: With predictable processing times and lower fees, businesses can better manage their cash flow, ensuring a more stable financial operation. #Conclusion — As the digital age progresses, eCheck payment processing has shown to be a strong and dependable payment mechanism that blends the finest of traditional banking with current technology. Embracing eCheck payment processing could be a smart step for firms trying to improve their payment processes and remain competitive. #eCheckProcessing #VirtualTerminal #InvoiceManagement #paycron #PaymentProcessing #BusinessEfficiency #FinancialManagement #SecureTransactions #OnlinePayments #DigitalInvoices #BusinessSolutions
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We're more than halfway through 2024! With so many developments, it's crucial to stay in the know. In this article, experts weigh in on anticipated trends and innovations shaping the payments sector this year. #fintechtrends #paymentsinnovation #payments
Payments in 2024: Trends, Technologies, and Transformation
alacriti.com
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