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Confirmation of Payee Might Not Stop Push Payment Fraud

FICO

Given the impact this type of fraud has on both victims and banks Pay.UK (previously known as the New Payment System Operator) has announced that from next year there will be a confirmation of payee service. This will allow those sending payments to check that the name on the account matches that of their intended recipient.

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Ascendant Joins Up With SWIFT Network For Cross-Border Benefits

PYMNTS

AscendantFX Capital , which works in technology-based payment innovations, has joined the SWIFT Network for the benefits it offers, including better transparency and faster payments, the company announced in a Wednesday (Aug. Using gpi means payments can go through in a matter of seconds, potentially, with better tracking potential.

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How revamping Open Banking’s economic model will drive greater collaboration and innovation

Open Banking Excellence

Without that you’re never going to get a compelling user experience and value proposition – you need banks and PSPs (Payment Initiation Service Providers) to work together,” says Wright. For VRP to really take off, the industry needs to create a model that incentivises all parts of the value chain to innovate.

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Recital 34 of EU AML Regulation Must be Clarified or PIS Will be Left at Risk

The Fintech Times

The organisations looking for this clarification are the European Third Party Providers Association (ETPPA), the European Fintech Association (EFA), the Electronic Money Association (EMA) and the European Payment Institutions Federation (EPIF). According to the organisations, recital 34 needs to be further clarified in two crucial respects.

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PayPoint Appointed Open Banking Supplier to Central and Local Government

Fintech Finance

It has since launched numerous Open Banking products, including Confirmation of Payee (CoP), Payer Name Verification (PNV) and Account Information Services (AIS) solutions.

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Small Banks Essential To Faster Payments Ubiquity

PYMNTS

Several years later, the initiative has made big strides as other markets around the globe look to the U.K. to launch their own faster payments efforts. But there is still a long ways to go, and in the several years since the Faster Payments initiative first began, it’s also morphed to evolve along with the technology available.

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Why Accounts Receivable Is Warming Up To Digital Currency

PYMNTS

In many ways, the rise of crypto and digital currencies like Bitcoin aims to address some of these issues, empowering payers and payees with a way of bypassing the “middleman” of the inter-banking system for faster transaction speeds.