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The Financial Conduct Authority (FCA) recently outlined significant changes to the safeguarding regime for payments and e-money firms in its consultation paper CP24/20. Safeguarding audits: Firms are required to arrange safeguarding audits to assess compliance with the rules.
As someone who works every day to grow and amplify fintech brands, Ive seen how AI is quietly reshaping the rules of search visibility. The rise of generative search tools isnt just a trend, but a shift in how authority, trust and relevance are defined online.
Safeguarding customer funds The Financial Conduct Authority (FCA) has proposed significant changes to the safeguarding regime for payments and e-money firms. The FCA is introducing phased safeguarding rules, with interim measures strengthening existing regulations and final requirements aligning with the Client Assets (CASS) framework.
External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. It expresses the views and opinions of the author. In the race toward hyper-personalization, AI is the engine—but humanity is the destination. We use cookies to help us to deliver our services.
ESG Aware CBDCs: Central banks may introduce digital currencies with embedded green rules, for e.g., CBDC holdings that automatically earn rebates when funding renewable projects or transition bonds. They can integrate real-time ESG scoring by licensing third-party data feeds and embedding them into payment authorizations.
Visa Chargeback Reason Codes In 2018, Visa consolidated its list of reason codes into 4 categories: fraud, authorization, processing errors, and consumer disputes. Declined Authorization 11.3: No Authorization 12.1: Declined Authorization 11.3: No Authorization 12.1: Declined Authorization 11.3:
The American Fintech Council (AFC), the industry association representing both responsible fintech companies and innovative banks, has filed an amicus brief in favour of the new rule introduced by the Consumer Financial Protection Bureau (CFPB) in the Forcht Bank, N.A. This rule delivers both, and we’re proud to support it.”
Rather than calling for new rules, the paper supports the Financial Conduct Authority ’s current approach of applying existing frameworks such as the Consumer Duty. The post No New AI Rules Needed, Just Better Guidance, Says Innovate Finance appeared first on The Fintech Times.
The Monetary Authority of Singapore ( MAS ) and the Association of Banks in Singapore ( ABS ) have announced plans to establish a new entity to oversee Singapores national payment schemes. While the administration of the payment schemes will be unified, there will be no immediate changes to their operations or rules.
By Tom Groenfeldt Follow Author Share Save Comment Innovation Enterprise Tech Real-Time Payments Are Soaring In The U.S. Follow Author Jul 17, 2025, 03:08pm EDT Share Save Comment Close up of network data flowing on black background. By Tom Groenfeldt , Contributor. Forbes contributors publish independent expert analyses and insights.
The Monetary Authority of Singapore (MAS) released its final position on the proposed regulatory regime for Digital Token Service Providers (DTSPs), under the Financial Services and Markets Act 2022, a week ago. Singapore has taken a definitive step forward in digital asset regulation via its Singapore DTSP licensing framework.
This laid the foundation for a centralized monetary authority and future oversight of payment systems. External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. It expresses the views and opinions of the author. Please read our Privacy Policy.
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It allows organisations to issue and manage digital vouchers with specific rules, such as merchant eligibility or validity periods. The product builds on DBS’ involvement in Project Orchid, a multi-year initiative by the Monetary Authority of Singapore exploring programmable money and a potential digital Singapore dollar.
This routing allows the processor to request authorization for the transaction from the issuing bank, which then approves or denies it based on factors like available funds and fraud checks. Routing : The payment processor routes the transaction request to the appropriate issuing bank for authorization.
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This “single platform” approach can improve authorization rates and reduce hops in the transaction process. Stripe even formed an Enhanced Issuer Network program to share data with card issuers, reportedly reducing fraud and boosting authorizations by 1–2% on eligible volume. It expresses the views and opinions of the author.
When the UK’s antitrust regulator, the Competition and Markets Authority, imposed its Retail Banking Market Investigation Order in 2017, it helped set the tone for the UK’s regulatory approach and lay the foundations for the market to grow. While the U.S. Take the UK, for example. That hasn’t really happened.
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Many PSPs use AI and machine learning to monitor performance data in real-time, identifying which factors lead to success or failure and adjusting routing rules accordingly. External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
The Financial Conduct Authority proposes affordability checks, complaint access via the Ombudsman, and mandatory support for borrowers in difficulty. These BNPL rules mirror protections in other types of credit. The rules would take effect when BNPL comes under the FCA’s remit next year. million) in 2022.
When you follow compliance rules, you reduce the risk of fraud, chargebacks, and penalties. It’s a set of rules and practices designed to detect, prevent, and report financial crimes. Banks and payment providers must follow these rules to stop money laundering and terrorist financing. What is AML in payment processing?
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You’ll have to follow applicable rules as well. ” Let’s take a closer look at the rules and requirements for imposing minimum purchase requirements when a customer pays by credit card. Imposing maximum or minimum dollar amounts in order to accept a Visa card transaction is a violation of the Visa rules.”
Make sure your wallet follows KYC and AML rules. External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. It expresses the views and opinions of the author. It expresses the views and opinions of the author. Choose smart. Grow faster.
In 2023, the FTC under Chair Lina Khan drafted a rule that would ban junk fees , but whether the FTC moves forward with this rule after the November 2024 presidential election is in question. A noted thought leader, Jonathan authored the CardX brief in the U.S. The Minnesota law will go into effect on January 1, 2025.
million by the Monetary Authority of Singapore (MAS) for serious lapses in AML and counter-terrorism financing controls. The Rules Exist, but Why Does It Still Fail? “Rule engines built to ingest neat CSV files can’t read it,” he continued. Source of Wealth (SOW) checks were inconsistent.
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No outside rules. External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. It expresses the views and opinions of the author. Trigger rewards based on purchase streaks? No third-party branding. We use cookies to help us to deliver our services.
External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. It expresses the views and opinions of the author. Tokenisation is fast becoming a defining feature of modern payment security strategy. We use cookies to help us to deliver our services.
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Real-Time Fraud Detection: Defence at Machine Speed Traditional fraud systems rely on static rules and after-the-fact analysis. Adapting instantly to changes in global sanctions or reporting rules. External This content is provided by an external author without editing by Finextra. They’ll lead. Please read our Privacy Policy.
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Every time you tap or swipe a Mastercard, the company earns fees by routing the transaction through its network and facilitating authorization, clearing, and settlement between the merchant’s bank and the cardholder’s bank. In essence, it provides the rails and rules that allow money to move securely between parties worldwide.
In response, regulatory bodies like the Financial Conduct Authority are tightening anti-money laundering (AML) and counter-terrorism financing (CTF) measures, levying steep penalties for non-compliance. Armstrong identifies a prevalent belief that developing such a system is primarily about implementing a rules engine.
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New fraud monitoring rules require a proactive approach Finally, as expected, real-time fraud prevention remains a key consideration. For instance, with Nacha’s new rules less than nine months away, banks should already be in the stages of vendor selection. It expresses the views and opinions of the author.
Settlement occurs after a sale has been authorized and captured, ensuring the payment moves from the customer’s bank account to the merchant’s account. Batching: The merchant compiles authorized transactions into a batch throughout the day. The payment method used can also influence the speed of processing.
It works in tandem with the customers bank or credit card provider to verify and authorize the transaction. It forwards the customers payment details to the issuing bank, gets transaction authorization, and collects the funds on behalf of the eCommerce business. But with more control comes great responsibility.
New ACH Rules Expand Liability Adding to these challenges, NACHA’s revised ACH Rules, which take effect in March 2026, will expand the liability of receiving banks (RDFIs). External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
The Monetary Authority of Singapore (MAS) keeps the market secure through rules that protect investors while encouraging growth. This ensures transparency, security, and independence from central authorities like banks or governments.
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