The Fintech Times

JUNE 18, 2025

Should the new rules be put into place, payment service providers would have to share fraud-related information with each other and implement a system where IBAN numbers can be checked against a corresponding bank account name before transferring money to it.

Rules

Nanonets

MARCH 30, 2023

Greater levels of accuracy Automating payment processing enhances accuracy by validating invoice data against ERP or accounting systems, eliminating manual processes and paper handoffs that cause errors, and flagging duplicate invoices. Some technology providers guarantee accuracy.

Automation

The Payments Association

MAY 16, 2025

Legal issue/risk Next steps/action required Legal issue/risk: If systems are not ready, merchants may experience failed reconciliations, duplicate entries, or settlement delays. If implemented correctly, enhanced payment traceability can reduce disputes and costs. These can breach contractual SLAs or tax compliance timelines.

Regulations

Nanonets

APRIL 3, 2024

Reconciliation and Review Regular reconciliation of bank accounts, credit card statements, and other financial accounts is crucial to ensure accuracy and identify discrepancies. Complex approval workflows, duplicate alerts and fraud detection. Top Features: All your expense data is in one place.

Automation