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Faster Payments Faster Payments Service was launched in May 2008 to handle the processing of internet, telephone and standing order payments in the UK market. This service runs alongside existing UK payment schemes BACS, which stands for bankers automated clearing services (for direct debits and direct credits) and CHAPS, and represents the first new payments service to be introduced to the UK market for more than 20 years. Although it was initially operated by CHAPS Co, responsibility for operation of the Faster Payments system was transferred to Faster Payments Scheme ltd when the latter company was formed in November 2011. Faster Payments Service membership is open to credit institutions with a settlement account at the Bank of England that can connect to the central payments infrastructure. Since the beginning of 2012, all internet and telephone payments in the UK have been processed via Faster Payments. All payments must reach the recipient’s account by the next working day after the customer has initiated the transaction. In practice, telephone or internet payments sent using Faster Payments will typically be available for withdrawal from the beneficiary’s account on the same day that the payment is sent. FPA Edutech The Chartered Institute for Securities & Investment (The CISI) #FasterPayments #UKPayments #BankingTechnology #FinancialServices #PaymentProcessing #FasterPaymentsService #BACS #CHAPS #BankingInfrastructure #ElectronicPayments #FinanceIndustry

Ready to dive into the world of global banking and payments? We’re offering a 30% discount on our CPD-accredited course – Certified Global Payment and Banking Expert – Level 1! Gain insights into how banks think and how money moves globally with the code LNKDN30 at checkout. Don’t miss this opportunity to elevate your expertise in payments and banking! Offer valid until October 18th. #pspangels #movingmoney #movingmoneybook #banking #banks #payments #paymentsolutions #paymentconsulting #paymentconsultants #onlinepayments #PaymentChallenges #howbanksthink #thesolteszinstitute #solteszinstitute #solteszframework

“The financial industry is clearly in the midst of a payment revolution.” “Yet one issue remains above them all in terms of priorities: the need to keep data secure as the industry adopts new technologies and rolls out new products.” Learn more insights from Gaylon Jowers, Jr., President, TSYS Issuer Solutions and Senior Executive Vice President, Global Payments - our long time Prime sponsors of #tcpa awards 👇 https://bit.ly/3I90tvc Let us know what you think of the findings in the comments… TSYS #tcpa #tcpa24 #payments #trends #innovation

***How to solve the biggest problem of a VASP*** Finding a solid USD, EUR or GBP account for you VASP (particularly if its a Polish one) can provide many challenges. You will find many initial yeses, that then turn into a no after a complex onboarding process. We have helped 17 VASP's (mainly Polish licensed) this month connect with the banking partners that we work with, to ensure their business runs smoothly. Take it from experience, you can never have enough banking partners for your VASP 😎 The Banking Expert...Problem solved! #bankingforvasp #thebankingexpert

GIFT IFSC Update 1. GIFT City IFSCA has issued a circular asking IFSC - International Banking Units (IBUs) to offer internet banking services to their clients within specified timelines. 2. IBUs must comply with 'Know Your Customer' (KYC) norms and implement strong internal controls to mitigate operational risks. Transparency regarding customer liabilities and responsibilities is also mandated. 3. IBUs have been given 45 days to submit an implementation plan and rollout strategy. Full implementation to be achieve within 6 months to avoid negative inferences. 4. This is a significant step towards streamlining international financial transactions, global competitiveness and enhancing the overall customer experience. Source: IFSCA-FMPP0BR/5/2024-Banking/1 dated April 22, 2024

💼 Exploring the ABCs of Banking Domain: RTGS, NEFT, and IMPS 💼 Ever wondered about those banking acronyms? Let's decode them! 🧐 🔹 RTGS: Real Time Gross Settlement - It's a funds transfer system where transactions are processed in real-time basis, individually, and settle immediately upon processing. 🔹 NEFT: National Electronic Funds Transfer - A nationwide payment system facilitating one-to-one funds transfer. Transactions are settled in batches at specific times during the day. 🔹 IMPS: Immediate Payment Service - This allows instant interbank electronic fund transfer service through mobile phones. It's available 24x7, even on holidays! Understanding these banking essentials opens doors to smoother transactions and enhanced financial management. 💳💸 #BankingBasics #RTGS #NEFT #IMPS #FinancialLiteracy #BankingTech #FundsTransfer #DigitalBanking #MoneyMatters #Finance101 #bankingdomain 🚀

The Banking Sector is growing at a fast speed at the IFSC in GIFT City. ANZ, an Australian Bank is set to establish its Banking Unit in IFSC, joining various prominent international Banking Units from the US, the UK, Japan, France, Singapore and Germany. Prominent Indian Banking institutions have also been launching multiple facilities tailored for customers at the IFSC Banking Units, such as the Axis Bank which has established digital USD Fixed Deposits for NRI customers at the IFSC. #giftcity #ifsc #banking #fintech #finance #financeunit #bankingunit

The US Consumer Financial Protection Bureau (CFPB) has finalised a rule to reduce excessive credit card late fees charged by large card issuers.  The rule will reduce the typical fee issuers can charge customers for making late payments from $32 to $8 and applies to credit card issuers with more than 1m open accounts. These companies account for more than 95 percent of total outstanding credit card balances. Smaller card issuers tend to charge lower rates and fees, while most of the largest issuers charge close to the maximum allowable late fee, CFPB data shows. The CFPB estimates that credit card holders will save more than $10bn in late fees annually, for an average saving of $220 per year for the more than 45m people who are charged late fees. #payments #cfpb #creditcards

Sharing knowledge is not about giving people something, or getting something from them. That is only valid for information sharing. Sharing knowledge occurs when people are genuinely interested in helping one another develop new capacities for action; it is about creating learning processes. – Peter Senge Pleasure having you on board Ameera Wahaibi, MSc, CCXP, MRS #sdg #esg #sustainability #greenbonds #sustainableloans #greenfinancialinstruments #sustainabilityreporting #TBL