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Singapore and Hong Kong-licensed paymentinstitution FOMO Pay has launched local Vietnamese Dong (VND) virtual accounts. The service enables merchants, corporates, and institutions to send and receive VND within Vietnam using locally issued virtual accounts under their own names via the countrys local payment infrastructure.
Central to these changes are new statutory trust requirements, more prescriptive record-keeping, reconciliation standards, and the mandate for external safeguarding audits. This will include evaluating record-keeping systems, reconciliation processes, and fund segregation practices.
Transfeeras solution ensures compliance with new regulations that mandate payments be processed exclusively through bank accounts registered to individual bettors. Our expertise in payments allows us to offer operators the tools they need to thrive in a regulated environment.
Nomupay’s unified payment platform streamlines payment processes—including acquiring, treasury, and payouts—for businesses operating in fragmented, emerging markets. Swedish Pay-by-Bank solutions company Zimpler earned certified PaymentInstitution (PI) status in Brazil.
Transcard has partnered with Xodus Travel Services to enhance digital payment experiences with its SMART Suite platform. Financial Conduct Authority (FCA) to serve as a paymentinstitution in theU.K. Tennessee-based Transcard is bringing its payment orchestration capabilities north of the border this week.
The new rules mandate that payments be processed exclusively through bank accounts registered to individual bettors. Our expertise in payments allows us to offer operators the tools they need to thrive in a regulated environment. It also enables deposit verification, ensuring player accounts are active and valid for transactions.
FCA Safeguarding Reforms for PI/EMI (Interim Rules) The FCA is set to publish its finalised interim safeguarding rules for authorised paymentinstitutions (PIs) and electronic money institutions (EMIs) in mid-2025, following Consultation Paper CP24/20.
This latest communication is particularly relevant to firms authorised under the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs), including Electronic Money Institutions (EMIs), PaymentInstitutions (PIs), and Registered Account Information Service Providers (RAISPs).
On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and paymentinstitutions (PIs) (together, payments firms).
” With MiCAR (Markets in Crypto-Assets Regulation) reshaping the European regulatory landscape, Ivy’s status as a European licensed PaymentInstitution, as well as its footprint in the industry, makes it the clear choice for leading crypto exchanges seeking to future-proof their growing European operations.
The proposals will impact authorised paymentinstitutions, e-money institutions, and other relevant firms, with a broader interest for consumers, insolvency practitioners, and legal professionals.
This has been made possible following the company being granted a PSD2 paymentinstitution licence from the Dutch National Bank. As a payments licence holder, Katanox Financial Technology B.V., a company within the Katanox group, offers regulated payments services across the European Economic Area (EEA).
Businesses can convert payments costs into earnings, boosting their bottom line and reinvesting in growth and innovation. Improve Bottom Line: The savings achieved through Discover B2B virtual cards can lead to improved profitability.
Paymentinstitutions, e-money institutions and credit unions that issue e-money (together, “Payments Firms”) are required to protect funds received in connection with making a payment or in exchange for e-money issued through safeguarding (“Relevant Funds”). Who is impacted?
FOMO Pay, a leading major paymentinstitution headquartered in Singapore, has implemented Bottomline solution to strengthen efficient payment workflows, effective treasury lifecycle management, and robust regulatory compliance. We have greater confidence in the cash position which can also be broken down by different currencies.
Most said they manually manage intercompany processes like reconciliation, while ad-hoc functions are also common. That approval enables Neo to create a paymentinstitution to store, receive and send payments and invoices in multiple currencies for corporate users while operating its own core banking system.
This includes understanding the different types of licenses available, such as paymentinstitution (PI) licenses or electronic money institution (EMI) licenses. Your policy should include a full understanding of the responsibilities you will have, alongside robust reconciliation processes.
Singapore-headquartered major paymentinstitution Bruc Bond is launching a new hierarchical fee management system within its banking platform, in a move to help fintech companies compete with traditional banks in cross-border payments.
Cloud-based and modular architectures simplify integration, enhance innovation, and reduce complexity, empowering paymentinstitutions to stay competitive in an evolving landscape. These initiatives promise to reduce financial risks associated with market volatility and streamline reconciliation efforts.
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