Remove Addressing Remove Correspondent Remove Procedures
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RT2: A strategic transformation for UK payment providers

The Payments Association

This is more than 'coding to the spec'; different and new software is required by originating institutions, correspondent banks, intermediate banks, and even regulators or central banks to realise the advantages." It addresses growing needs for resilience, speed, and innovation across the payments landscape.

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Reflecting on 2024: A transformative year in payments regulation

The Payments Association

From safeguarding consumers against fraud to accelerating innovation in digital payments, regulators across the globe have introduced sweeping reforms aimed at addressing the challenges and opportunities of an increasingly digital and interconnected economy. Additionally, the MiCA regulation could create new challenges. at the time. .’

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Supplier order management: How a furniture retailer automated order confirmation processing

Nanonets

This meant constantly switching between different procedures depending on the type of order they were handling.   The team had to first spot these exceptional cases, then apply different verification rules — adding more steps to their manual processing. Split orders Customers could order items that came from different suppliers.

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Stablecoin – Cross Border Payment Driver?!

Finextra

19 th Century Limitations UK’s 19 th Century correspondent banking international payments practise involves four banks. With poor procedures, missing data could result in losing money by being unable to identify transactions in the eWallet. To cover modern payments needs this has not helped.

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7 Tips to Avoid Chargebacks & Payment Disputes This Holiday Season

Synapse Payment Systems

Include the customer service phone number and email address on your website or in your business location. If you’re an online business , be sure to keep records of all communication with the customer, such as emails, chat logs, and any other correspondence. This training should include two things to avoid payment disputes: 1.

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Key learnings from 2024’s biggest financial crime fines

The Payments Association

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. Focusingon expansion rather than compliance has increased vulnerabilitiesin rapidly growing sectors such as cryptocurrency.

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BIS: Central Banks Need to Embrace the AI Era to Stay Ahead of Financial Efficiency

Fintech News

In payments, AI-powered systems can enhance fraud detection and streamline cross-border transactions, potentially revitalising correspondent banking relationships that have dwindled due to regulatory pressures. This could help address the decline in correspondent banking relationships, a concern highlighted in the BIS report.