Authorization - Payments Space

Authorized payment scams climb in US

Payments Dive

DECEMBER 14, 2023

Such scams are expected to jump 50-plus percent to $3 billion by 2027, forcing financial institutions to address the rising threat, according to a new report.

Scams

Scams Authorization Addressing Payments

OCBC and Land Transport Authority Pilot Blockchain Payments for Construction

Fintech News

NOVEMBER 5, 2024

OCBC Bank has partnered with the Land Transport Authority of Singapore (LTA) to pilot a new blockchain payments solution for construction projects. This initiative builds on OCBC’s participation in Project Orchid , a Monetary Authority of Singapore initiative to develop infrastructure for a digital Singapore dollar.

Authorization

Authorization Blockchain Payments Payment Solutions

Reducing Fraud and Amping up Authorizations: Worldpay and Capital One Share Transaction Data to Optimize Payments

Fintech Finance

OCTOBER 28, 2024

FraudSight can significantly reduce losses for merchants by both detecting fraud with higher precision and enhancing authorization rates through decreased instances of false positive declines. Merchants are also likely to see improved detection of real fraud events as a result of the enhanced data sharing between the two organizations.

Authorization

Authorization Transactions Fraud Detection Issuers

Webinars

From Start to Scale: Driving Growth Through Seamless Payments Implementation

MORE WEBINARS

Banque de France and Monetary Authority of Singapore complete post-quantum cryptography trial

Finextra

NOVEMBER 5, 2024

The Banque de France (BdF) and the Monetary Authority of Singapore (MAS) have completed a groundbreaking joint experiment in post-quantum cryptography (PQC) to strengthen internet communications and data transfers conducted across continents.

Authorization

Authorization Posting

How to Find and Test Assumptions in Product Development

Watch this webinar with Laura Klein, product manager and author of Build Better Products, to learn how to spot the unconscious assumptions which you’re basing decisions on and guidelines for validating (or invalidating) your ideas. Assumptions mapping is the process of identifying and testing your riskiest ideas.

Product

Aspire Receives in-principle Approval for Major Payment Institution License From Monetary Authority of Singapore

Fintech Finance

OCTOBER 15, 2024

Aspire , a Singapore-headquartered all-in-one finance platform for modern businesses, today announced that it has received in-principle approval (IPA) for the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Payments Institute

Payments Institute Authorization Payments Finance

Monetary Authority of Singapore Unveils Plans to Enable Industry-Wide Adoption of Tokenisation

The Fintech Times

NOVEMBER 4, 2024

The Monetary Authority of Singapore (MAS) has unveiled four new plans to help advance tokenisation in financial services in the region. The post Monetary Authority of Singapore Unveils Plans to Enable Industry-Wide Adoption of Tokenisation appeared first on The Fintech Times.

Authorization

Authorization CBDC Multi-Currency Settlement

SuperFi Launches Bill-Payment Cashback Initiative with Support from Greater London Authority

The Fintech Times

DECEMBER 11, 2024

The scheme, which aims to alleviate financial distress and prevent problem debt during the cost-of-living crisis, receives funding from the Greater London Authority s Tackling Poverty Challenge. The post SuperFi Launches Bill-Payment Cashback Initiative with Support from Greater London Authority appeared first on The Fintech Times.

Authorization

Authorization Payments Small Business FinTech

Zelle, big banks challenge senators on scam reimbursements

Payments Dive

JULY 25, 2024

Forcing banks to reimburse authorized payments could encourage bad behavior and would not deter scammers, bank executives said in a Senate hearing.

Zelle

Zelle Scams Authorization Payments

Monetizing Analytics Features: Why Data Visualizations Will Never Be Enough

Think your customers will pay more for data visualizations in your application? Five years ago they may have. But today, dashboards and visualizations have become table stakes. Discover which features will differentiate your application and maximize the ROI of your embedded analytics. Brought to you by Logi Analytics.

End User

UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions

The Payments Association

OCTOBER 23, 2024

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). What does this mean for Payments firms?

Rules

Rules Payments Institute Authorization Reconciliation

Chip maker launches probe into data theft amid cybersecurity concerns

VISTA InfoSec

JULY 1, 2024

(AMD) announced that it has launched a probe of a data breach carried out by a cybercriminal group called Intelbroker that led to several private documents and information being stolen which occurred early this month.

CHIPS

CHIPS Cybersecurity Data Breach Breach

Data Breaches 101: What They Are And How To Prevent Them

VISTA InfoSec

FEBRUARY 25, 2024

A data breach occurs when cybercriminals infiltrate your systems and access sensitive information without authorization. Minimize Access Only authorize essential system/data access for users per role responsibilities. What Is A Data Breach? Much exploitation targets known vulnerabilities with available fixes.

Data Breach

Data Breach Breach Multifactor Authentication Cybersecurity

Singapore warns banks to prepare for quantum computing cyber threat

Finextra

FEBRUARY 21, 2024

The Monetary Authority of Singapore has told the country's financial institutions to make sure they are prepared for the rising cybersecurity risks posed by quantum computing.

Cybersecurity

Cybersecurity Authorization Risk

Data Protection Officers and Their Key Responsibilities

VISTA InfoSec

OCTOBER 21, 2024

A data protection officer role is to act as a bridge between organizations, its employee, and the regulatory authorities ensuring that the handling of personal data is safe, lawful and in line with regulations like GDPR (General Data Protection Regulation). Key Responsibilities of a Data Protection Officer 1.Monitoring

CCPA

CCPA Privacy Laws Data Breach

Singapore to Launch Two New e-Payment Solutions in Mid-2025 to Phase Out Cheques

Fintech News

DECEMBER 4, 2024

The Monetary Authority of Singapore ( MAS ) and the Association of Banks in Singapore ( ABS ) announced that two new electronic payment solutions will be launched in mid-2025.

Payment Solutions

Payment Solutions Payee Payer Payments

Starling Bank fined £29m for 'shockingly lax' AML screening

Finextra

OCTOBER 2, 2024

The Financial Conduct Authority has fined Starling Bank £29 million for failings related to its financial sanctions screening.

AML

AML Authorization

Singapore Ramps Up Anti-Money Laundering Measures After S$3 Billion Bust

Fintech News

OCTOBER 6, 2024

In addition, the report recommends deepening the collaboration between banks and authorities through platforms like COSMIC —a digital system enabling financial institutions to share customer risk information securely. The IMC’s recommendations aim to adapt Singapore’s AML framework to counter increasingly sophisticated criminal methods.

Money Laundering

Money Laundering Law Enforcement Financial Crimes Due Diligence

HKMA to pilot CBDC sandbox for tokenised deposits

Finextra

MARCH 7, 2024

The Hong Kong Monetary Authority (HKMA) has kicked off a new wholesale central bank digital currency (wCBDC) project to render support to the development of the tokenisation market in the territory.

CBDC

CBDC Digital Currency Central Bank Authorization

Frankfurt wins race to host new EU anti-money laundering agency

Finextra

FEBRUARY 22, 2024

Frankfurt has won the race to host the EU's new Anti-Money Laundering Authority (AMLA), beating out competition from eight other cities, including Dublin, Madrid and Paris.

Money Laundering

Money Laundering Authorization

What You Need to Know about Singapore’s Upcoming Shared Responsibility Framework

Fintech News

OCTOBER 27, 2024

The Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) will implement the Shared Responsibility Framework (SRF) for phishing scams on 16 December 2024. FIs have a six-month transition period to comply with this new duty before it becomes enforceable under the SRF.

Phishing

Phishing Scams Blocks Authorization

MAS-Led Forum Conducts Cloud Outage Exercise in Response to Growing Risks

Fintech News

NOVEMBER 17, 2024

This was organised under the Financial Sector Cloud Resilience Forum, established by the Monetary Authority of Singapore (MAS) in April 2023.

Risk

Risk Best Practices APACS Authorization

Singapore Reports S$6.7 Million in Losses from Rising Gov’t Impersonation Scams

Fintech News

OCTOBER 14, 2024

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a joint warning about a sharp increase in government impersonation scams. Many victims only realize they have been scammed when the scammers disappear or when they attempt to verify the situation with authorities. million in September 2024 alone.

Scams

Scams Money Laundering Authorization Blocks

Deutsche Bank joins MAS-led asset tokenisation project

Finextra

MAY 14, 2024

Deutsche Bank is the latest bank to join the Monetary Authority of Singapore's multi-year Project Guardian project to explore asset tokenisation applications.

Authorization

FCA charges reality TV stars over 'finfluencer' campaign

Finextra

MAY 16, 2024

The Financial Conduct Authority has charged a host of so-called 'finfluencers' - including former Only Way is Essex star Lauren Goodger - for promoting an unauthorised trading scheme to their social media followers.

Authorization

‘Finfluencers’ Must Be Licensed When Providing Financial Advice, Says MAS

Fintech News

NOVEMBER 13, 2024

The Monetary Authority of Singapore (MAS) received fewer than five complaints annually over the past five years concerning online “finfluencers,” Parliament was told during a session. Most of these complaints involved remarks by individuals who did not provide financial advice and therefore did not fall under MAS regulation.

Authorization

Authorization Regulations Risk Product

CMA outlines competition concerns with AI Foundation Models

Finextra

APRIL 12, 2024

The Competition and Markets Authority (CMA) has identified key risks to fair competition in AI Foundation Models (FMs), growing concerns as AI rapidly develops in the financial industry.

AI

AI Authorization Risk

Understanding Zero Trust Network Access and Why Needs It

VISTA InfoSec

JUNE 7, 2024

Zero trust, as its name implies, is a digital security framework that emphasizes the need for strong, frequent authorization and authentication of all devices and users on a network. Here, we dive deeper into what ZTNA solutions are and how they stand to benefit companies that implement them. What Is Zero Trust Network Access (ZTNA)?

Micro-Entry

Micro-Entry Data Breach Breach Cybersecurity

Crypto Payments in Singapore Near US$1 Billion, Fueled by Stablecoin Adoption

Fintech News

SEPTEMBER 11, 2024

In August 2023, the Monetary Authority of Singapore (MAS) finalised its stablecoin regulatory framework , providing clear guidelines for issuers. In contrast, stablecoins pegged to the U.S. dollar, such as USDT, are primarily transferred in larger amounts, reflecting more institutional use.

Stablecoins

Stablecoins Issuers Cryptocurrency Payments

Protecting Customer Data: Key Principles Every Company Should Know

VISTA InfoSec

MARCH 28, 2024

Access Control Implement strict access controls to ensure only authorized personnel can access customer data. More importantly, regularly update your software to patch security vulnerabilities and conduct periodic security audits to identify and rectify potential weaknesses in your system.

Data Breach

Data Breach Regulatory Compliance Breach Encryption

German Central Bank Joins MAS-Led Project Guardian

Fintech News

NOVEMBER 11, 2024

The Deutsche Bundesbank has become a member of Project Guardian , a global initiative led by the Monetary Authority of Singapore (MAS) that explores the use of asset tokenisation in financial markets.

Central Bank

Central Bank Distributed Ledger Technology (DLT) Interoperability Cross-Border

BIS Completes Project Mandala, Automating Cross-Border Transaction Compliance

Fintech News

OCTOBER 28, 2024

Project Mandala was carried out in collaboration with the Reserve Bank of Australia, the Bank of Korea, Bank Negara Malaysia, and the Monetary Authority of Singapore.

Cross-Border

Cross-Border Compliance Cross-Border Payments Automation

PCI DSS Requirement 9 – Changes from v3.2.1 to v4.0 Explained

VISTA InfoSec

MARCH 5, 2024

We will explore these changes in detail, helping you understand the processes and mechanisms for restricting physical access to cardholder data, how physical access controls manage entry into facilities and systems containing cardholder data, and how physical access for personnel and visitors is authorized and managed. PCI DSS v4.0

PCI DSS

PCI DSS Procedures Assessments Checks

Squirro CEO Dorian Selz Honored at 2024 Singapore Fintech Festival

Fintech News

NOVEMBER 14, 2024

Organized by the Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA), the award highlights outstanding contributions to the financial technology industry. Thank you to the entire Singapore Fintech Association team and the Monetary Authority of Singapore for the fantastic event and work you do!

FinTech

FinTech AI Cross-Border APACS

Nominations Now Open for SFF 2024 Fintech Excellence Awards

Fintech News

JULY 8, 2024

The Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA) have opened nominations for the Singapore Fintech Festival (SFF) Fintech Excellence Awards 2024. Now in its ninth year and supported by PwC Singapore, the awards aim to recognise innovative fintech solutions from both corporates and individuals globally.

FinTech

FinTech Financial Inclusion Authorization Returns

Hex Trust Receives MAS’ Initial Approval for Crypto Payment Services License

Fintech News

JULY 23, 2024

Hex Trust, a Hong Kong-based digital asset custodian, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This license will allow Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, including custody and OTC trading of DPTs.

Payments

Payments Consumer Protection Authorization On-Demand

How to Improve Compliance with Multilingual Cybersecurity Resource

VISTA InfoSec

JULY 17, 2024

Establish protocols for communicating with external parties, such as law enforcement, in multiple languages: Knowing how to quickly share info with authorities in various countries can speed up response times. Conduct drills and simulations in different languages : Practice helps your team work smoothly under pressure.

Cybersecurity

Cybersecurity Compliance Encryption Best Practices

Revolut scores UK trading licence

Finextra

NOVEMBER 18, 2024

Revolut has been granted a trading licence by the Financial Conduct Authority, paving the way for the fintech to start offering UK-listed stocks.

Authorization

Authorization FinTech

MAS Weighs In on Allianz-Income Deal, Focus on Consumer Protection

Fintech News

AUGUST 6, 2024

Minister Chee stated that his focus would be on the regulatory perspective of the Monetary Authority of Singapore (MAS). Last month, Allianz had announced plans to acquire a 51% stake in Singapore’s Income Insurance in a deal valued at approximately SG$ 2.2 billion (EUR 1.5 billion).

Consumer Protection

Consumer Protection Consumer Risk Management Best Practices

BIS: Stablecoins Offer Promise, but Need Consistent Regulation

Fintech News

APRIL 10, 2024

Authored by Juan Carlos Crisanto , Johannes Ehrentraud , and Denise Garcia Ocampo , this report underscores the increasing prominence of stablecoins in the financial landscape, pointing out their potential to mirror the value of fiat currencies.

Stablecoins

Stablecoins Regulations Risk Mitigation Digital Currency

Singapore and China to Begin e-CNY Pilot, Explore Cross-Border Payment Linkage

Fintech News

DECEMBER 6, 2023

Leong Sing Chiong Leong Sing Chiong, Deputy Managing Director (Markets and Development), Monetary Authority of Singapore (MAS) said, “It has been a fruitful year of financial cooperation between Singapore and China.

Cross-Border Payments

Cross-Border Payments Cross-Border CBDC Payments

Adyen and Zalando Strengthen Partnership to Enhance Seamless Payments for Millions of European Shoppers

Fintech Finance

NOVEMBER 15, 2024

Network Token Optimization enables higher authorization and conversion rates One of the key innovations in the partnership is the implementation of Network Token Optimization, which has transformed the online payment process for Zalando.

Payments

Payments Authorization Online Payment Processing Security

BlueSnap Named a Preferred Payments Partner for Zuora

Fintech Finance

DECEMBER 6, 2024

With BlueSnap and Zuora, customers can improve authorization rates , simplify reconciliation, and unify reporting, all within a native Zuora experience. For example, when a card expires or changes, businesses wont lose sales, resulting in higher authorization rates.

Payment Gateways

Payment Gateways B2C Payments Reconciliation

MAS Reiterates Robust Controls on Cross-Border Payments to Combat Scams

Fintech News

AUGUST 7, 2024

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong has reiterated the Monetary Authority of Singapore’s (MAS) ongoing efforts to combat cross-border payments scams. Key among these measures are a default transaction notification threshold of S$100 or lower and a daily transaction limit of no more than S$1,000.

Cross-Border Payments

Cross-Border Payments Cross-Border Scams Transaction Limits

Authorized payment scams climb in US

OCBC and Land Transport Authority Pilot Blockchain Payments for Construction

Reducing Fraud and Amping up Authorizations: Worldpay and Capital One Share Transaction Data to Optimize Payments

Webinars

Banque de France and Monetary Authority of Singapore complete post-quantum cryptography trial

How to Find and Test Assumptions in Product Development

Aspire Receives in-principle Approval for Major Payment Institution License From Monetary Authority of Singapore

Monetary Authority of Singapore Unveils Plans to Enable Industry-Wide Adoption of Tokenisation

SuperFi Launches Bill-Payment Cashback Initiative with Support from Greater London Authority

Zelle, big banks challenge senators on scam reimbursements

Monetizing Analytics Features: Why Data Visualizations Will Never Be Enough

UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions

Chip maker launches probe into data theft amid cybersecurity concerns

Data Breaches 101: What They Are And How To Prevent Them

Singapore warns banks to prepare for quantum computing cyber threat

Data Protection Officers and Their Key Responsibilities

Singapore to Launch Two New e-Payment Solutions in Mid-2025 to Phase Out Cheques

Starling Bank fined £29m for 'shockingly lax' AML screening

Singapore Ramps Up Anti-Money Laundering Measures After S$3 Billion Bust

HKMA to pilot CBDC sandbox for tokenised deposits

Frankfurt wins race to host new EU anti-money laundering agency

What You Need to Know about Singapore’s Upcoming Shared Responsibility Framework

MAS-Led Forum Conducts Cloud Outage Exercise in Response to Growing Risks

Singapore Reports S$6.7 Million in Losses from Rising Gov’t Impersonation Scams

Deutsche Bank joins MAS-led asset tokenisation project

FCA charges reality TV stars over 'finfluencer' campaign

‘Finfluencers’ Must Be Licensed When Providing Financial Advice, Says MAS

CMA outlines competition concerns with AI Foundation Models

Understanding Zero Trust Network Access and Why Needs It

Crypto Payments in Singapore Near US$1 Billion, Fueled by Stablecoin Adoption

Protecting Customer Data: Key Principles Every Company Should Know

German Central Bank Joins MAS-Led Project Guardian

BIS Completes Project Mandala, Automating Cross-Border Transaction Compliance

PCI DSS Requirement 9 – Changes from v3.2.1 to v4.0 Explained

Squirro CEO Dorian Selz Honored at 2024 Singapore Fintech Festival

Nominations Now Open for SFF 2024 Fintech Excellence Awards

Hex Trust Receives MAS’ Initial Approval for Crypto Payment Services License

How to Improve Compliance with Multilingual Cybersecurity Resource

Revolut scores UK trading licence

MAS Weighs In on Allianz-Income Deal, Focus on Consumer Protection

BIS: Stablecoins Offer Promise, but Need Consistent Regulation

Singapore and China to Begin e-CNY Pilot, Explore Cross-Border Payment Linkage

Adyen and Zalando Strengthen Partnership to Enhance Seamless Payments for Millions of European Shoppers

BlueSnap Named a Preferred Payments Partner for Zuora

MAS Reiterates Robust Controls on Cross-Border Payments to Combat Scams

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