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The EUs Instant Payments regulations, taking effect in January 2025, will require all payment serviceproviders in the bloc to offer 24/7 instant payments. By October 2025, Eurozone providers must conduct mandatory account name-IBAN checks for transactions.
The Monetary Authority of Singapore (MAS) has released a consultation paper , inviting public feedback on its proposed regulatory framework for Digital Token ServiceProviders (DTSPs). The aim is to mitigate the risks associated with such businesses.
As financial institutions increasingly rely on digital infrastructure to enhance operations, customer experience, and security, they also face growing challenges in mitigating the risks that come with it, such as cyber threats, system failures, and other operational vulnerabilities.
Two of the most popular payment solution providers for businesses looking to accept digital payments are payment processors and payment facilitators (PayFacs). In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about riskmanagement strategies.
Global verification provider Sumsub has partnered Elliptic, a cryptoasset riskmanagement firm, to bolster its crypto transaction monitoring and Travel Rule solutions. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigaterisks, and stay ahead of emerging threats in the sector.”
Traditionally, payment orchestration platforms were designed to serve a straightforward function: routing transactions between merchants and various payment serviceproviders (PSPs). These tokens are useless if intercepted, significantly mitigating the risk of data breaches.
As financial institutions increasingly rely on digital infrastructure to enhance operations, customer experience, and security, they also face growing challenges in mitigating the risks that come with it, such as cyber threats, system failures, and other operational vulnerabilities.
Antom , a leading merchant payment and digitisation servicesprovider under Ant International, is tackling this complexity head-on. Merchants must cater to diverse consumer preferences, including local digital wallets like DANA, Touch n Go eWallet, and TrueMoney, while navigating currency, tax, and regulatory complexities.
The Money-Changing License will enable businesses to conduct money-changing services; the Standard Payment Institution License allows them to conduct multiple payment services below specified thresholds, and the Major Payment Institution License allows businesses to conduct multiple payment services without any transaction volume or float limits.
It is a digital security framework that works alongside the General Data Protection Regulation (GDPR) to provide strong security protection to financial entities and ICT serviceproviders from cybercrimes. It helps the organization systematically address potential vulnerabilities and enhance cyber resilience.
It is a digital security framework that works alongside the General Data Protection Regulation (GDPR) to provide strong security protection to financial entities and ICT serviceproviders from cybercrimes. It helps the organization systematically address potential vulnerabilities and enhance cyber resilience.
It is a digital security framework that works alongside the General Data Protection Regulation (GDPR) to provide strong security protection to financial entities and ICT serviceproviders from cybercrimes. It helps the organization systematically address potential vulnerabilities and enhance cyber resilience.
It is a digital security framework that works alongside the General Data Protection Regulation (GDPR) to provide strong security protection to financial entities and ICT serviceproviders from cybercrimes. It helps the organization systematically address potential vulnerabilities and enhance cyber resilience.
“Implementing comprehensive riskmanagement strategies and diversifying technological dependencies are essential steps to mitigate the impact of unforeseen incidents, thereby maintaining the stability and reliability of payment systems. 2024 has been a big year for Aevi. Where do you see it driving innovation?
The European Banking Authority (EBA) narrowed down the scope of its existing Guidelines on ICT and security riskmanagement measures, due to the application of harmonised ICT riskmanagement requirements under the Digital Operational Resilience Act (DORA) from 17 January 2025.
LSEG Risk Intelligence , the compliance, riskmanagement and fraud prevention solution provider, has launched two new products designed to enhance financial security and drive operational efficiencies across the globe.
Unlike unsecured personal loans, which entail elevated risk for lenders and impose higher interest rates on borrowers, Loans Against Mutual Funds (LAMF) present a secure and cost-efficient lending model. Real-time precision is required to oversee risks tied to NAV volatility and maintain optimal Loan to Value (LTV) ratios.
Antom , a leading unified merchant payment servicesprovider under Ant International, has received Service Organization Control (SOC) 2 Type II certification, a globally recognised benchmark for data security and privacy protection. Built-in fraud protection prevents e-wallet account takeover risks.
Monitoring AI so it doesn’t get outsmarted by fraud James Lichau, financial services co-leader at BPM AI is constantly learning and adapting to offer a more personalised solution. “Thoughtful governance and proactive riskmanagement allow AI to be confidently leveraged in a highly regulated environment.”
Whether you’re running a small eCommerce shop or managing a high-risk industry venture, understanding merchant underwriting can help you navigate the approval process and maintain a strong partnership with your payment serviceprovider. What is the Purpose of Merchant Underwriting? Contact us today.
During the last quarter of 2024, Payments Canada also made significant progress in developing an integrated fraud solution having agreed on a fraud strategy with members and participants and on high-level requirements for an effective fraud mitigation system. “Our last quarterly update was in October.
Retailers and serviceproviders may favour synchronous models to mitigate payment disputes. This has implications for merchant acceptance infrastructure: payment serviceproviders (PSPs) and terminal vendors will need to support diverse standards and develop hardware-agnostic interfaces.
DPT serviceproviders must employ a prudent valuation methodology that involves a mandatory application of at least a 50% haircut to the market value of the digital payment tokens and capping the valuation of these holdings at the lesser of the post-haircut value or S$200,000.
million patients may have been exposed, all thanks to a data breach at one of its vendors, healthcare technology provider AccuDoc Solutions. Riskmitigation isn’t a new concept, Simkins noted, but today’s organizations are often unfamiliar with the correct strategies they need to deploy when mitigating third-party cyber risk.
Under the regulation, banks and financial servicesproviders must secure their own systems as well as implement third-party riskmanagement programs, which can mitigate insider threats from third parties, says Michael Magrath, director of global regulations and standards for OneSpan.
Problems caused by another ‘glitch’ in a content update for devices running Microsoft Windows, originating from a cybersecurity serviceprovider Crowdstrike. Dafydd Vaughan, CTO at Public Digital “Companies and national governments need to be prepared and take mitigating actions to minimise their exposure.
INTL FCStone , a riskmanagement and advisory serviceprovider for players in the financial industry, announced a new acquisition to strengthen its small business foreign exchange and hedging offering. The company said in a press release Monday (Jan.
But lenders themselves, even industry incumbents, are also quickly recognizing the potential that unlocking data has not only on improving the SMB borrowing experience, but on significantly improving their own internal operations, particularly when it comes to riskmitigation. While more financial serviceproviders in the U.S.
Outsourcing responsibility: Outsourcing to a managed security serviceprovider (MSSP) is a well-established tactic, particularly for companies that need to secure resources quickly or that cannot hire and retain adequate staffing. Inadequate riskmanagement, governance, and compliance. Strategic mistakes 1.
Singapore’s commitment to establishing a robust regulatory framework for cryptocurrencies was underscored by its adherence to the Payment Services Act (PSA), initially enacted in 2019 and amended in 2020 to include digital payment token (DPT) serviceproviders. billion (SG$20.06
Is the industry ready to look beyond the compliance aspects of VOP and focus on the benefits in terms of fraud prevention, user experience, and riskmanagement? Yes, keep me informed No, thanks Would you like to receive emails from Finextra on behalf of third parties products, events and services?
In a move to mitigate the impact of severe operational disruptions, such as cyberattacks or system outages, the EU introduced DORA. The regulatory rule set aims to manage information and communication technology (ICT) risk across the financial sector.
However, risk orchestration is a process promising to help fintechs and financial institutions combine their customer onboarding, authentication and riskmanagement processes into one place. “This is done through the integration of riskmanagement, adaptive riskmitigation, process automation, and real-time analysis. .
Moderating the session will be Tristan Chiappini, VP APAC and Managing Director at PPRO. This event is targeted towards payment serviceproviders, large merchants with cross-border businesses, digital wallets, payment methods, super-apps, and BNPL solution providers.
The OCC said the California-based bank “engaged in unsafe or unsound practices,” stating that it failed to establish effective riskmanagement and internal controls. Strengthen third-party riskmanagement In the era of banking-as-a-service (BaaS), multiple aspects of banking leverage third parties, and for good reason.
If your business doesn’t have an in-house cybersecurity team, you can outsource IT specialists and a forensics team, as well as seek HR, legal, and crisis management advice, depending on how volatile the situation is. They will help analyze the threat, the extent of the breach, and how to mitigate it. 5 - (2 votes)
With increasing attack vectors, organisations need proper software solutions and visibility to mitigaterisk effectively. Balance is then achieved through the implementation of a carefully considered risk-based approach to managing compliance risk, coupled with an effective and proportionate Compliance Monitoring Programme.
It also lays down stringent requirements to ensure consistent security practices throughout the European Union, covering key areas such as ICT riskmanagement, incident management and reporting, operational resilience testing, third-party riskmanagement, and information sharing. But is it really such a big deal?
Its legal framework is designed to enhance the operational resilience of all digital serviceproviders, including payment serviceproviders (PSPs), that operate in the European Union (EU). DORA’s Main Pillars Digital servicesproviders, including PSPs, must adhere to ensure compliance with the framework.
Full-cycle verification platform, Sumsub has enhanced its Crypto Transaction Monitoring and Travel Rule solutions following an integration with Elliptic , the cryptoasset riskmanager. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigaterisks, and stay ahead of emerging threats in the sector.”
Lenders and borrowers have been searching for a serviceprovider that can offer superior, automated matching services, reducing manual intervention for the most economical outcome.
It is likely that mid-tier businesses such as Software-as-a-Serviceproviders will find compliance to be the most challenging. Large providers such the big, global tech providers have the resources available to quickly implement DORA requirements, particularly because they already have most certifications in place already.
Understanding how every dollar is being spent today, and whether that spend can be strategically adjusted to promote resiliency into the future, are conversations businesses are beginning to hold with their financial servicesproviders, said Barker. MitigatingRisk.
ManagingRisk. One of the most crucial areas for banks’ treasuries is riskmitigation , which, according to Beaulande, has become more complex as it relates to other areas of treasury management. Beaulande added that advanced analytics technology is now a must-have for banks to adequately manage these risks.
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