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The sample reflects the reality of modern financial crime prevention: 66% of respondents operate from the United Kingdom, establishing a strong domestic foundation whilst incorporating international perspectives from 32 additional countries.
Whether financial institutions should build or buy financial crime management systems. As Financial crime grows increasingly complex, payment leaders face a critical choice: build an in-house financial crime management (FCM) solution or buy an established third-party system. Why is it important? What’s next?
The fintech, which made its Finovate debut at FinovateSpring 2022, will use the capital to help Tier 1 banks leverage AI to fight financial crime. This drives up the cost of fighting financial crime. Further, fraudsters are increasingly adept at circumventing and subverting rules-based AML and fraud detection strategies.
From a Press Release dated June 3, 2025, New York, New York ThetaRay , a global leader in cognitive AI compliance for financial crime, and Spayce , a next-generation cross-border payments platform, have announced a strategic partnership to address evolving financial crime threats and enhance the security of international payments.
With the United Nations Office of Drugs and Crime estimating that between 2 and 5% of global GDP is associated with money laundering each yearbetween 715 billion and 1.87 Unlike legacy systems that rely on outdated rule sets, Lynxs technology: Supports over 100 languages, addressing phonetic, cultural, and alphabetic variations.
Global verification provider Sumsub has partnered Elliptic, a cryptoasset risk management firm, to bolster its crypto transaction monitoring and Travel Rule solutions. The need for such solutions is critical as blockchain-related crime continues to rise. The combined solution helps firms meet challenging regulatory requirements.
Smaller PSPs are driving competition and innovation, using real-time data and the latest technology to prevent economic crime. Jane Jee Ambassador, TPA “Despite leaner compliance teams, EMIs are subject to the UK’s strict MLRs and FCA oversight, and often deploy advanced anti-financial crime tools that rival or surpass traditional banks.
One of the key shifts in APP fraud this year involves the introduction of new reimbursement rules , which came into effect in October 2024. This decline may reflect greater public awareness, but payment leaders should continue to support education campaigns aimed at preventing such emotionally manipulative crimes.
When you follow compliance rules, you reduce the risk of fraud, chargebacks, and penalties. AML compliance: Fighting financial crime Criminals always look for ways to misuse payment systems. It’s a set of rules and practices designed to detect, prevent, and report financial crimes. AML stops financial crime.
Structure will bring clarity and precision to payments, improving financial crime compliance, sanctions screening, and processing speed. Neglecting this may lead to payment failures, processing delays, higher costs, false compliance hits, and increased scrutiny from regulators and correspondent banks. The benefits are far-reaching.
It’s a hefty figure, but the real cost might be what it reveals about how banks are still struggling to keep up with the speed and sophistication of financial crime. The Rules Exist, but Why Does It Still Fail? ” It’s not that banks aren’t serious about financial crime. Risk assessments were flawed.
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. Rule & Pricing Engine: Applies dynamic fee adjustments and routing rules based on ESG attributes.
In response to the rapidly evolving threat landscape and feedback from our financial crime-fighting community, we are highlighting several data-driven strategies that support our clients. Control recommendations : Strategic advisories for enhancing fraud/sanction detection using optimised feature engineering and rule development.
On 19 November 2024, merchants from across sectors gathered in London as part of The Payments Associations Financial Crime 360 (FC360) series to address the ever-evolving challenge of fraud in their operations. As fraud continues to grow in sophistication, merchants are increasingly at the forefront of the battle against financial crime.
Home News Payments Payrails raises $32 million Editorial This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. 07 June 2023 Finextra Promoted [New Impact Study] Surviving Digital Fallout: Operational Resilience in 2025 and beyond Welcome to Finextra.
Impact: Build greater trust in digital payments, protect consumers and businesses from financial crime, and ensure operational resilience of the payment ecosystem. Deepening Financial Inclusion: Policy: Continued focus on increasing digital literacy, expanding acceptance infrastructure (e.g., We use cookies to help us to deliver our services.
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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. Modern payment orchestration platforms and advanced Payment Service Providers (PSPs) offer tools to support this logic. We use cookies to help us to deliver our services.
Additionally, the sharing of data, both internally and on a federated, industry-wide basis, will be key to winning the war on financial crime. Generative AI now automates rule refinement, suggests new rules for reducing false positives, and assists with scripting complex detection algorithms.
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. The only way to fight AI-powered crime is with smarter, faster AI defence. But fraud doesn’t wait, and neither can protection.
Home News Payments Mastercard and Pay4You form spend management partnership Editorial This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Here’s How We Enable That. 19 June Now Hiring All companies Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre. Please read our Privacy Policy.
Leveraging data sharing to tackle UK fraud Janine Hirt , CEO at Innovate Finance Fraud accounts for over 40 per cent of crime but receives less than one per cent of police resources,” explained Janine Hirt , CEO at Innovate Finance. Currently, 77 per cent of Authorised Push Payment ( APP ) fraud originates online.
The policy does nothing to address the prevention of economic crime and, it is now widely understood, here and abroad, that a whole ecosystem approach including social media companies, technology companies and telcos is required rather than simply penalising financial institutions." Law enforcement also needs serious resourcing.
billion in 2021 alone , according to the FBI’s Internet Crime Complaint Center. Rules should flag emails with slight domain variations, urgent payment requests, or changes to banking details. Business email compromise attacks cost organizations $2.4 For financial institutions, these losses represent just the tip of the iceberg.
dollar—are rapidly reshaping the global remittance landscape. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre. Please read our Privacy Policy.
Voices from the industry Virtual IBAN regulations are evolving as regulators tighten AML compliance, data protection, and cross-border payment rules. Including structured data would help PSPs monitor and mitigate financial crime risks. Common standards would bring consistency and confidence.
Make sure your wallet follows KYC and AML rules. Community Your feed Latest expert opinions Groups Join the Community 23,418 Expert opinions 41,897 Total members 297 New members (last 30 days) 174 New opinions (last 30 days) 29,118 Total comments Join Sign in Which Wallet Solution Matches Your Business Model: eWallet or Digital Wallet?
Read More The race to resilience: Why UK and EU rules will redefine financial stability by 2025 December 9, 2024 No Comments Operational resilience is crucial as FCA and EU regulations push firms to guard against disruptions and cyber threats.
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). payments landscape. External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Visa and Mastercard have both signalled their intention to appeal that ruling. Home News Payments Visa and Mastercard face another UK class action suit over card fees Editorial This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
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No outside rules. Trigger rewards based on purchase streaks? Whether it’s an in-app wallet or a physical card, every interaction stays within your ecosystem. No third-party branding. Just your business, your experience, your customer. That kind of control builds stronger loyalty, because the experience is consistently yours.
Home Announcements Payments Nuevei becomes direct local acquirer in Canada External This content is provided by an external author without editing by Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre. Please read our Privacy Policy.
Home Announcements Payments Genome and Huch partner for SEPA payments alerts External This content is provided by an external author without editing by Finextra. Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre. Please read our Privacy Policy.
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. Reports show that a third of U.S. Please read our Privacy Policy.
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In essence, it provides the rails and rules that allow money to move securely between parties worldwide. Mastercard operates one of the world’s fastest payment processing networks, acting as the intermediary for electronic funds transfers on debit, credit, and prepaid cards. We use cookies to help us to deliver our services.
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