Finextra

JULY 7, 2025

The years 2023–2024 saw an explosion of interest in generative AI (GenAI)—AI that can produce human-like text, code, images, etc. For instance, a 2024 Statista study noted generative AI usage in financial services jumped to 52% of firms actively using it (up significantly from 2023). spending alerts, subscription monitoring).

AI

The Fintech Times

DECEMBER 12, 2024

It even allows contributions from friends or family members towards bills, and accepts multiple payees for a single payment, enabling flexibility for houses of multiple occupancy, such as student accommodation.

Facilitators

Neopay

DECEMBER 17, 2024

APP scams happen when victims are tricked into sending money to fraudsters posing as legitimate payees. The PSRs data shows that in 2023 alone, APP scams cost UK consumers 341 million. Purchase scams dominate on Facebook: The most common scams in 2023 were purchase scams, where victims buy items that never arrive.

Scams

The Payments Association

DECEMBER 2, 2024

As part of this, PSPs are required to offer services that verify the payee’s identity before executing a credit transfer. Consumer Duty While the Consumer Duty was initially put into place in 2023, an extended deadline of July 31 was set for closed products and services.

Regulations

The Payments Association

JUNE 16, 2025

The results show an 86% reimbursement rate for in-scope APP scams—amounting to approximately £27 million returned to victims —a substantial improvement on the 68% rate recorded in 2023. This expansion of redress reached across 60 firms , a significant jump from the handful of CRM Code signatories under the prior regime.

Scams

The Payments Association

JANUARY 15, 2025

Swift uses its Payment Pre-validation service to connect different Verification of Payee (VoP) schemes. This added transparency would bring cross-border functionality to domestic instant payments, aligning with the G20s roadmap and providing end users with a payments experience that is fast and secure.

SWIFT

Finextra

JUNE 6, 2025

billion (2023). Thought Machine : £48 million revenue (2023), 14% average growth, £583 million in investment funding through 2024. Finastra : Private and formed from number acquisitions, has seen revenue declined from $2.2 billion in 2017 to $1.85

Technology

Finextra

JANUARY 30, 2024

AccessPay, the leading provider of bank integration, today announced the addition of Confirmation of Payee (CoP) and Sanctions Screening capabilities to its Fraud & Error Prevention Suite, launched in 2023.

Payee

The Payments Association

FEBRUARY 28, 2024

In the first half of 2023, UK Finance reported authorised push payment (APP) fraud losses amounting to £293.3 million, with the total number of APP cases increasing by 22%.

Payee

Fintech Finance

MAY 29, 2024

Form3 , the cloud-native account-to-account platform, today announces that Currencycloud , a Visa solution focusing on simplifying business in a multi-currency world, has selected them to provide account verification technology to support Confirmation of Payee (CoP) activity, designed to reduce fraud in the UK.

Payee

Fintech Finance

MAY 7, 2024

CLOWD9 , the world’s pioneering cloud-native issuer processing platform, has announced the selection of tell.money as its strategic Software-as-a-Service (SaaS) partner to revolutionise Confirmation of Payee (CoP) and open banking compliance in the UK and European markets.

Payee

Fintech Finance

JANUARY 30, 2024

AccessPay , the leading provider of bank integration, today announced the addition of Confirmation of Payee (CoP) and Sanctions Screening capabilities to its Fraud & Error Prevention Suite 1 , launched in 2023.

Payee

Fintech News

JANUARY 10, 2024

Lawrence Wong Wong’s statement said, “MAS will continue to work with financial institutions to assess additional measures for higher risk transactions, including those relating to transfers to overseas payees and access of bank accounts from overseas locations.

Accounts

Fintech Finance

JULY 16, 2024

Despite the overall value of Unauthorised Cheque Fraud losses falling by -25% in 2023, the number of cases rose by almost a quarter (+24%) in parallel, indicating that criminals still view it a highly lucrative crime. PayPoint today issues a warning over the risks of Unauthorised Cheque Fraud which last year cost victims in the UK £5.6

Continuity

FICO

MAY 3, 2023

For example, Confirmation of Payee (CoP) was introduced to help prevent some scams, but it is being ignored by millions who see the warnings from the banks when account don’t match as generic messages and simply click through. TJ holds a B.S. in computer science and a M.S. in statistics, both from the University of South Carolina.

Scams

Fintech Finance

OCTOBER 15, 2024

Supporting various UPI flows like UPI Credit, UPI PPI, UPI Collect, Intent (Push), Dynamic QR codes, UPI Auto Pay, and OTM (One-Time Mandate) on Payee PSP, it ensures businesses’ flexibility and efficiency in payment processing. The UPI Switch also enables quick adoption of new NPCI features, as they are launched.

Acquirers

The Fintech Times

DECEMBER 31, 2023

We’re excited to share the thoughts of fintech CEOs and industry leaders from across the globe to 2023’s key takeaways and what we should expect to be top of the agenda in 2024. In essence, 2023 taught us that the future of payments is dynamic and user-centric.

Global Payments

Fintech Finance

SEPTEMBER 9, 2024

The rate of payment fraud remained consistent from 2023 at 19%, despite 63% of businesses who report that they feel confident in knowing how to protect themselves against payment fraud and cybercrime, and 61% who said they are more aware of how to recognize potential threats.

Online and Mobile Banking

Fintech Finance

DECEMBER 12, 2024

It even allows contributions from friends or family members towards bills, and accepts multiple payees for a single payment, enabling flexibility for Houses of Multiple Occupancy, such as student accommodation.

Payments

Fintech News

NOVEMBER 5, 2024

billion in 2023. Therefore, EBANX provides a seamless payout solution featuring an intuitive payee onboarding and a seamless payout experience. September 30-October 2), the Bangkok stop marked the second time EBANX hosted this influential summit in the Asia-Pacific (APAC) region – the first time was in 2023, in Sanya, China.

APACS

Fintech Finance

JULY 4, 2024

The Bank for International Settlements (BIS) defines offline payments as the transfer of a digital money token between devices that takes place without the payer and payee requiring a networked connection to any ledger system or backend system to complete the payment. G+D Filia® Unplugged makes digital offline transactions a reality.

Digital Payments

Neopay

NOVEMBER 27, 2023

The EBA invites interested stakeholders to register using this link by 3 January 2023 at 16:00 CET. It included a proposal for a recast of Regulation (EU) 2015/847, now published in the Official Journal of the European Union since June 2023 as Regulation (EU) 2023/1113.

Money Laundering

The Fintech Times

FEBRUARY 4, 2024

In May 2023, a group of paytech representatives called on legislators to ensure a fair playing field for all fintech providers and their obligations to performing customer due diligence (CDD) as the EU anti-money laundering regulation was discussed.

AML

Finovate

SEPTEMBER 20, 2024

The macroeconomic picture is strong, with GDP expanding at an average annual rate of around 6% for the past decade and forecast to almost double to $160 billion between 2023 and 2030. Bulgaria-based Paynetics teamed up with tell.money to launch its Confirmation of Payee (CoP) service.

Innovation

Neopay

SEPTEMBER 26, 2024

On 5th September, the Payment Systems Regulator’s (PSR) 2023/24 Annual Report and Accounts has been published, looking back on a year of delivery that will see numerous benefits for everyone who uses payment systems. The PSR also consulted on Faster Payments proposals to enable a phased rollout of VRPs.

Cross-Border

The Fintech Times

AUGUST 2, 2024

In 2023, Authorised Push Payment (APP) scams totalled just shy of £341million in the UK, with new research highlighting that reimbursement varies significantly depending on who consumers bank with. In 2023 alone, 4.5 Meanwhile, for every £1million received into Skrill accounts in 2023, £18,550 was from APP scams.

Scams

Neopay

JULY 18, 2024

Background In June 2023, Regulation (EU) 2023/1113 entered into force. It also amends Directive (EU) 2015/849 to subject CASPs, which are authorized in accordance with the Regulation (EU) 2023/1114 to the same AML/CFT requirements and AML/CFT supervision as credit and financial institutions.

Travel Rule

Fintech Finance

JULY 2, 2024

million was lost to APP scams in the first half of 2023. This type of fraud involves a fraudster tricking someone into sending money by posing as a legitimate payee. APP fraud has emerged as a significant fraud, targeting the public and small businesses. The latest figures show £239.3

Scams

Fintech Finance

JULY 1, 2024

The European Central Bank (ECB) has published its first progress report on the digital euro preparation phase, which was launched on 1 November 2023 with the aim of laying the foundations for the potential issuance of a digital euro.

Legal Framework

Fintech Finance

MAY 30, 2024

CBA is looking to pilot sharing of limited payee account data through CBA’s advanced NameCheck technology, on the Liink network. CBA introduced NameCheck to its retail and business customers in 2023 and is progressively rolling it out to further payment types and scenarios.

Technology

The Fintech Times

JUNE 8, 2024

Mark Munson , MD of payments at Moneyhub, said: “With fraud costing the UK a record £2.3billion in 2023 – the launch of Moneyhub Account Verification is a timely reminder of the power of open banking to provide excellent solutions to modern-day problems.

Verification

Fintech Finance

FEBRUARY 6, 2024

Donnelly emphasised the need for businesses to address the regulatory priorities outlined in the FCA’s March 2023 portfolio letter to the sector and reiterated again in the keynote speech given by Nicholas Webb, Manager, Fixed Firms – Market Interventions Payments.

Fraud Detection

The Fintech Times

JULY 11, 2024

Starting in October 2024, the Payment Systems Regulator (PSR) will implement new rules for authorised push payment (APP) scams – where fraudsters trick people into sending money online to fake payees – setting a £415,000 maximum reimbursement level to cover the money lost. Around half of these cases were APP scams.

Rules

Fintech Finance

JUNE 7, 2024

billion in 2023 – the launch of Moneyhub Account Verification is a timely reminder of the power of Open Banking to provide excellent solutions to modern-day problems. Mark Munson, MD of Payments at Moneyhub comments: “With fraud costing the UK a record £2.3

Verification

The Fintech Times

AUGUST 15, 2024

Cardstream is also onboarding the Confirmation of Payee (CoP) service for its automated onboarding processes. This represents a significant increase in comparison to 2023 when the company handled £13.6billion for the entire year. The company also currently partners with 9,000 businesses across 33 markets.

FinTech

Seon

JUNE 1, 2023

In fact, on February 27, 2023, FinCEN issued a report warning financial institutions of the rise in mail theft-related check fraud. Such checks lead to safer transactions, bolstering the financial and reputational stability of both the payers and the payees involved in your organization’s income.

Checks

FICO

APRIL 20, 2023

It stands to reason that as more payees adopt this simple and inexpensive form of payment, more businesses will also gravitate to it as a less expensive and faster way to compensate employees and contract workers. Join us at FICO World 2023 for insightful and engaging sessions about the global impact of RTP and scams.

Real Time Payments