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Maybe PSD2 was meant to save banks? 🤔 Do you remember when PSD2 and open banking became mandatory in the EU in 2018? In the years prior and afterwards, many banks complained as they were forced to offer 𝘧𝘳𝘦𝘦 access to third parties putting their own customer frontend at risk of losing relevance. Many banks built sub-ideal APIs, often with poor connectivity and in same cases even missing data fields. If customers cannot use third party services properly, maybe these third party services just go away and customers return to the bank-own frontends? But guess what, these third party services and PSD2 exists because of customer demand.  Banks can limit the performance of their 𝘰𝘸𝘯 APIs but cannot change customer demands. With embedded finance and the fintech development in general, we are seeing an ongoing rise of infrastructure providers. Building, designing and launching financial services will become easier and easier. Customers have more choices than ever. And if banks are not addressing their customer needs, others will. Many banks fought the implementation of PSD2. But I feel, they should be thankful for the open banking regulation, because it forced them to leave their silo and interact with customers, fintech companies and non-financial brands. It was just a first step but maybe an important one for (some) banks to understand how they can continue to grow? What do you think? PS: Subscribe to my newsletter if you want to follow the developments in embedded finance (link under my name). #embeddedfinance #openbanking #embeddedbanking

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💡 Last week European Payments Council published third version of Mobile Initiated Sepa (Instant) Credit Transfer and Interoperability Guidance. Below is few highlights from the guidance SEPA Instant Credit Transfers are gaining traction within the SEPA framework, with mobile channels anticipated to play a crucial role in their adoption. Retailers being increasingly interested in SCT-based payments for both in-store transactions and mobile commerce, viewing them as a complement to traditional card payments. Several European countries have already launched various solutions in this area, reflecting the growing momentum for instant payments. Mobile Initiated SEPA (Instant) Credit Transfers (MSCTs) represent a modern approach to digital payments, allowing users to initiate instant credit transfers directly from their mobile devices. 💡 MSCT Transaction Mechanics MSCTs encompass both SCT Inst (SEPA Credit Transfer Instant) and SCT (SEPA Credit Transfer) transactions initiated through mobile devices. These transactions utilize existing payment infrastructures in the inter-PSP (Payment Service Provider) space, focusing on interactions beyond this space, such as between the payer's mobile device and the point of interaction (POI). 💡 Modes of MSCT Transactions There are two primary modes of MSCT transactions based on how payment initiation data is exchanged: 💡 Payee-Presented Data: In this mode, the payee provides necessary data to the payer, either through direct presentation or prior sharing (e.g., P2P payments). This method is widely adopted for various payment contexts, particularly P2P and consumer-to-business (C2B) payments at physical points of sale (POI), often using QR codes. 💡 Payer-Presented Data: Here, the payer provides their identification data to the payee, which can be shared through proximity technology or manually entered. This mode is appealing for businesses wanting to offer enhanced customer experiences but faces challenges such as the need for compatible POI terminals and security concerns regarding data generation. The standardization of QR codes for interoperable SCT Inst payments is currently in the final approval stage by the European Committee for Standardization (CEN). 👉 Click here to read the complete guidance: https://lnkd.in/dyAiPbSz

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Congratulations to Banco BPI and the Pulsoo team for being awarded by Global Finance Magazine's Top Innovator in Finance 2024 in the Best #SME App Providing Financial and Regulatory Solutions category. - Powered by Personetics. 🎉 In Personetics' newest customer story, Afonso Fuzeta Eça, BPI’s designated Executive Member of the Board and responsible for the Center of Excellence for Innovation and New Business, tells how Banco BPI’s exceptionally innovative new Pulsoo app supports the #SMEs that make up 90% of #Portugal’s economy. ✨ Using #openbanking Banking capabilities, Pulsoo provides updates, hyper-personalized insights and recommendations tailored to the financial literacy level of #SME owners and covers issues like cashflow optimization, current accounts, loans, taxes, fiscal planning, employee management, and much more. 🚀 Here’s what’s even more impressive: By partnering with Personetics, Banco BPI brought it to market in only 6 months. 🎥 Watch to learn how Personetics helped Banco BPI streamline the creation of valuable, innovative services that increase their customer engagement and satisfaction, and attract new customers, too. 👉 Contact us to learn how we can do the same for your bank! https://hubs.ly/Q02pXS7W0 #openbanking #bankingtechnology #bankingapp #bankingsolutions #fintech #hyperpersonalization #bankingnews #partnership #moneymanagement #smallbusinessbanking #smebanking #ai #artificialintelligence #customerengagement

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Great insight from #FIS Kevin Flood - are you and your firm ready for the mandatory change in the payments landscape? Do you need assistance with your technology to support the impacts of moving to real-time? Consider; fraud, payments, real-time core, reconciliation - FIS are supporting clients with the change. Get in touch. #sepa #payments #instantpayments

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#FinTech | The Future of #Banking? 🚀 Why #VIBANs are the Next Big Thing in #DigitalPayments ! 1/ 📢 The European Banking Authority (EBA) just dropped a game-changing report on Virtual IBANs (VIBANs)! Here’s what you need to know about the future of banking and payments. #FinTech #DigitalPayments 2/ 🔍 What are VIBANs? Virtual IBANs are unique bank account numbers assigned for individual transactions. They offer the same functionality as traditional IBANs but are not tied to a physical bank account. This means more flexibility and efficiency in payments. #BankingInnovation 3/ 💼 Why do VIBANs matter? With VIBANs, businesses can streamline their payment processes, improve reconciliation, and enhance security. They allow for better management of incoming and outgoing payments, making it easier to track transactions. #BusinessEfficiency 4/ 🌍 Global Impact VIBANs are gaining traction globally, especially in the European market. They align with SEPA (Single Euro Payments Area) standards, making cross-border payments within Europe more seamless and cost-effective. #GlobalPayments 5/ 🔒 Security Boost VIBANs reduce fraud risk by providing more control over account numbers. Businesses can issue VIBANs for specific transactions or customers, minimizing the exposure of main account details. #PaymentSecurity #FraudPrevention 6/ 🚀 A Growth Driver for FinTechs FinTech companies are leveraging VIBANs to offer innovative financial services. This technology is a key enabler for open banking, allowing FinTechs to create more personalized and efficient banking solutions. #FinTechGrowth 7/ 📈 EBA’s Recommendations The EBA suggests harmonizing VIBAN standards across Europe to ensure uniformity and interoperability. This could accelerate the adoption of VIBANs and support the broader goals of the EU’s digital finance strategy. #DigitalFinance #EURegulations 8/ 🔮 The Future of Banking As VIBANs become more widespread, they’re expected to revolutionize the way businesses handle payments. Expect to see more adoption in 2024 and beyond, with VIBANs playing a central role in the future of digital payments. #FutureOfBanking 9/ 💡 Takeaway VIBANs represent a significant leap forward in payment technology, offering businesses better control, security, and efficiency. Keep an eye on this space—it’s set to transform the financial landscape! Hashtag #PaymentTrends #FinTechRevolution 10/ 🗣️ What do you think? Are VIBANs the future of banking? Let’s discuss how they could impact your business! #OpenBanking #DigitalTransformation

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🔃 Enhancing payments in the European Union: the impact of the instant payments regulation. Our experts Enric Comabasosa-i-Esqué and Marc Mouton share their insights on the topic as the authors of the article. 📖 Access the publication here > https://lnkd.in/eE9bZstf 🏢 Learn more about our Banking & Financial Services > https://lnkd.in/dQWjmGf #Luxembourg #banking #financialservices #finance #instantpayments #instantspaymentsinEU

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As the CPO at MTS Pay online, I would like to share an important milestone for our bank: MTS Bank is planning an IPO. This step forward for us as a company emphasizes our commitment to innovation and sustainable development. The development of the BNPL service in MTS Pay plays a significant role in our bank’s strategy for the mass market. This service simplifies financial transactions for our customers, offering the “buy now, pay later” option without additional costs. #MTSBank #IPO #BNPL #MTSPay #FinTech #Innovation For more information on the IPO and BNPL service, you can refer to the following articles: — “On the line with the market: Why the placement of MTS Bank’s shares on the exchange is interesting” from Forbes https://lnkd.in/eqfFFChB — “The value of MTS Bank in the IPO could reach 115 billion rubles” from Vedomosti https://lnkd.in/ewvr_qwZ You can read even more information about iro bank here: https://lnkd.in/eRPGY3nB

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⬇ Today we’ll focus on the #Payments ecosystem in #Cyprus from our white paper, "Key Players in the EU Payments Landscape 2024": https://lnkd.in/eZCqN7j7 🌐 Originally a cash-based country, the degree of digitalization of payments in Cyprus grew heavily between 2019 and 2022. Some alternative payment methods have emerged in collaboration with major Cypriot banks, with important players such as Apple Pay, Google Pay, Xiaomi Technology Pay and Garmin Pay. Revolut is an important player in the Cypriot market and is a commonly used payment method. Other players include the English solution Settle and the local solution sKash. 📈 Cross-border payment solutions are also present with ECOMMBX as a leader in this field. The company specializes in e-account management, cross-border payments, personal & business cards, acquiring, and multi-currency conversions. 🏦 As of 2024 the Central Bank of Cyprus, CBC, identified five credit institutions as systemic banks429 among which can be found the Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, AstroBank and Alpha Bank Cyprus. The Cypriot banking sector is heavily concentrated with the five largest banks capturing over 90% of the total market share. In 2023, Eurobank Cyprus acquired a 17% stake in Hellenic Bank and as of march 2024 the bank’s parent Eurobank acquired a majority stake in Hellenic Bank. Other players worth mentioning in the Cypriot banking system are cdbbank (The Cyprus Development Bank Public Company Ltd), Société Générale and Ancoria Bank. 📶 In the realm of payment processing, many companies stand out such as payabl., JCC Payment Systems, Nuvei and Unlimit. payabl. is an EU-regulated PSP which specialises in acquiring, issuing, mobile payments and banking services. The company processes Visa and Mastercard but also other payment methods such as PayPal, Apple Pay, Google Pay or Klarna. The Payments Association EU is proud to work with many important players in the Cypriot payments landscape, including payabl. and ECOMMBX. Key Takeways💡: “The payments industry in Cyprus has been continuously evolving in recent years through the rapid introduction of new players and modern technologies such as mobile wallets. The increasing accessibility and adoption of such technologies by the wider population of the island demonstrates..” “The payments landscape in Cyprus is evolving rapidly, driven by EU regulations like PSD2, which promote open banking and innovation. The rise of fintech solutions, including mobile payments and e-wallets, reflects …” Want to read the full “Expert Opinion” from Deloitte professionals George Nathanael and Elsa Abdo on the Cypriot payment landscape? Download the report here: https://lnkd.in/eZCqN7j7

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EPI’s Wero Wallet Launch & MUFG’s Investment The European Payments Initiative (EPI) has launched the Wero wallet in Germany, enabling instant account-to-account payments via banking apps for Sparkassen, Volksbanken, and Raiffeisenbanken customers. Deutsche Bank will introduce Wero later this year, starting with Postbank. 🌍 By the end of July, KBC customers in Belgium will gain access, with France following in the Autumn. EPI, backed initially by 31 major Eurozone banks, aims to rival Mastercard and Visa by offering a comprehensive digital wallet, P2P payments, and more. 🏦 Despite setbacks with member departures, EPI acquired the Dutch payment scheme iDeal and Luxembourg’s Payconiq to support Wero. Future expansions include paying small professionals, online merchants, and in-store payments. CEO Martina Weimert emphasises Wero’s goal to simplify and secure all payment types through a single wallet. 💼 Meanwhile, MUFG and the Finnoventure Private Equity Trust I fund have invested $195 million in Thai fintech unicorn Ascend Money. 💰 Ascend Money, part of the Charoen Pokphand Group, operates the TrueMoney super app, offering services like e-payment, lending, BNPL, investment, and insurance. 🌐 With a strong Southeast Asian presence and 30 million active users in Thailand, Ascend Money is positioned for significant growth. MUFG’s Yasushi Itagaki highlights the strategic investment in digital finance in Asia Pacific. Ascend Money founder Suphachai Chearavanont sees this funding round as pivotal for creating an inclusive financial ecosystem and accelerating digital transformation. 🚀 #Fintech #DigitalPayments #EPI #AscendMoney #Investment #FinancialServices 📈 See: https://bit.ly/4cM7eQX #ascendmoney #bnpl #crowdfunding #digitalpayments #ewallet #epi #fintech #investment #mufg #p2ppayments #southeastasia #werowallet

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SIBS was present at the Impact'24 with the participation of Teresa Mesquita, Chief Marketing and Product Office at SIBS, in a panel about the prospects for building a European payments ecosystem. 💳 🌎 This international event brings together leaders from different sectors to discuss pressing issues, share innovative solutions and collaborate on projects aimed at sustainable development and fostering a positive social and environmental impact on society. 🌱 During the panel discussion, Teresa presented EuroPA, the interoperability project that SIBS is developing together with Bizum (Spain) and Bancomat Pay (Italy), which aims to allow users to make instant payments more easily and securely between the three countries using only cell phones. The panel was joined by Martín Azcue López, New projects & Innovation Lead at Bizum, and Michał Szymański, New Markets Strategy Director at BLIK SK, moderated by Dariusz Mazurkiewicz, President of the Management Board of Polish Payment Standard at BLIK System. For SIBS, this participation reinforces its commitment to #sustainability, demonstrating once again that it is at the forefront of payments by creating cutting-edge solutions that improve the day-to-day lives of all its users and that make it possible to build a unique European payments ecosystem. 🤝 #SIBSistrust #SIBSisinnovation #SIBSisexcellence #SIBSisintegrity

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NEXT-GENERATION CARD PROCESSING In recent years, new forms of card processing have been gaining increasing amounts of attention in the payments market, with providers like Pismo, Marqeta, Enfuce, and BPC growing faster than established processors. Their success is driven by more advanced processing systems and a focus on new target groups, with concepts such as "cards as a service" taking hold in embedded finance. In this white paper, Arkwright Consulting analysed a sample of 10 challengers and found that their growth rates are four times higher than the overall card processing market. Thank You Francesco Burelli !! While this growth must be considered relative to their baseline, it raises an important question: What defines "next-generation card processing“, and what is key to its success? Three working hypotheses regarding factors in market adoption: 1. Openness and integration: Although API-based integrability was once a distinguishing feature of new processing solutions, incumbents have largely caught up in terms of functionality, meaning that this is no longer a clear differentiator. 2. Regulatory enablement: Regulatory and scheme licensing access can unlock new market segments, including nonbanks and smaller financial institutions. However, in this study, this was not found to be a defining factor. 3. Functional innovations: Based on our analysis of 46 providers and over 150 card portfolio wins, we concluded that, at their core, new card processing solutions are not driven by isolated elements like open APIs, regulatory access, or advanced technical features. Instead, it is the interplay of these factors, coupled with the ability to effectively target specific customer segments or parts of the issuing value chain, that drives success. Notably, no single provider offers all of the innovative features identified in our research, highlighting the uniqueness and differentiation potential of these offerings. In collaboration with BPC, this whitepaper presents several case studies and examples which illustrate these findings. Merchant Payments Ecosystem | Vishal Maru | ­Tejas ­Dhabalia | Gulshan Pruthi | Sam Boboev | David Jimenez Maireles | Enrico Molinari | Panagiotis Kriaris | Varun Thakar | Varun Sakhuja| Hua Li | Sanjeev Kumar | Sudin Baraokar | Anish Achuthan | Anjani Rathor | Anjit Anand | Sunith Menon | Ambreesh Mohan | Nikhil Mehta | Manishaa R Rupani | Deepak Gawshinde | Srijit Sanyal | Devendra Dhole | Dilip Asbe | | Ankit Bhatnagar | Joydeep Dutta | Abhishant Pant | Rajesh Johnny | Victor Yaromin | Jimmy Karanjia #banking #FutureOfFinance #Cards #Technology

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Anticipating our annual conference "Payments Tomorrow" in Paris on October 10 https://bit.ly/PayT_1024 ⬇ Today, let's dive into the #Payments ecosystem in #France from our latest insight, "Key Players in the EU Payments Landscape 2024": https://lnkd.in/dVYy5rTP Home to renowned corporates as well as disruptive paytech start-ups, the French payments sector has been thriving over the last years… 💳 GIE Cartes Bancaires is the preferred local card scheme with more than 65% of daily consumption being paid with a CB card, making CB a market leader. More than 95% of French cards are Carte Bancaire co-branded with Visa or Mastercard. 🌐 As for e-wallets, the mix includes local players like Paylib, Lydia, and Lyf Pay, alongside global brands such as PayPal, ApplePay, and GoogleWallet. These digital wallets account for 27% of e-commerce transaction values. Worth noting that EPI Company (European Payments Initiative) is set to launch 'wero,' its new digital wallet in Sept or Oct 24 🏦 The French banking sector, the largest in the EU, is led by giants such as BNP Paribas,Groupe Crédit Agricole , Crédit Mutuel, Societe Generale, and La Banque Postale, all major issuers of CB cards and drivers of payment innovation. 📶 The principal regulated payment Institutions in France are Worldline, Lyra, Hipay and Payplug. Other major players in the country include Checkout.com, Adyen and Mangopay. Open Banking and Open Finance are gaining popularity more broadly in France. Powens Group, @Bridge , Linxo, and Fintecture are four companies enabling open banking and open finance. 🌟 France is home to many leading BaaS and core banking providers: Sopra Banking Software, Skaleet, Treezor, Xpollens, Okali, eZyness , and Swan. The Payments Association EU is proud to work with many important players in the French payments landscape, including IDEMIA, Up Coop, Sopra Banking Software, Paytweak Universal Payment Services, Arkéa Banking Services, Groupe BPCE and Skaleet. Key Takeaway💡: “France is among the largest payment markets in Continental Europe. Its payment landscape is notably characterized by a well-established cashless system and a vibrant e-commerce sector, alongside a …” Want to read the full “Expert Opinion” from Deloitte professionals Alexandre Havard and Ménaïs Bruant-Solska on the French payment landscape? Download the report here: https://lnkd.in/dVYy5rTP

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Digital euro, FIDA, PSR, PSD3 and instant payment are the key points of attention of European banks 🇪🇺 today, according to EY, in Money20/20 Europe, Amsterdam 🇳🇱 #payments #innovation #finance #Europe PARTELYA CONSULTING European Women Payments Network (EWPN) AEFI Asociación Española de FinTech e InsurTech AFIP - FinTech and InsurTech Portugal CLUB ITALIE-FRANCE AFTE Finance Mag The PAYTECH Book Portuguese Women in Tech Merchant Payments Ecosystem

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⬇ Today, we’ll dive into the #Payments ecosystem in #Austria, from our white paper  "Key Players in the EU Payments Landscape 2024": https://lnkd.in/dVYy5rTP 💳 Despite the strong cash culture, Austria is shifting towards a more digital-friendly payment environment. Contactless payments have seen substantial growth, now accounting for over 75% of all cashless transactions. The country has also a high bank account penetration rate of 98.2%, with 1.81 cards per capita, primarily dominated by debit cards. 🌐 Alternative payment methods: Digital wallets are fast becoming a preferred method for online transactions, making up about 25% of all online transactions. PayPal remains the top choice for Austrian consumers, while other players include Amazon Pay, Apple Pay, WebMoney, Seqr, Skrill, and Google Pay. Local solutions such as Raiffeisen Bank International AG ’s ELBA-pay, Erste Group’s George and Electronic Payment Standard (EPS) are also popular. 🏦 Banks: The Austrian banking system is well-organized, with banks grouped into industry associations based on their specific focus. The largest Austrian banks in terms of total assets in 2024 are Erste Group (245,7 billion €), Raiffeisen Bank International AG (152,2 billion €), UniCredit Bank Austria AG (101,66 billion €), BAWAG Group (45,66 billion €), and Raiffeisenlandesbank Oberösterreich AG (37,2 billion €). Other important banks include Oberbank, Steiermärkische Bank und Sparkasse, and HYPO NOE Landesbank für Niederösterreich und Wien AG. 📶 Payment processing & gateways: Key local players include DIMOCO Payments (founded in 2000, offering over 100 payment methods) hobex AG Payment Systems, and Paysafe. PAYONE, popular in Austria and Germany, facilitates various payment methods like Visa, Mastercard, and PayPal. Unzer serves over 70,000 merchants across Europe and recently expanded its POS solutions in Austria. Other notable regional providers include Concardis GmbH jetzt Nexi, Netcetera , Qenta Inc., Worldline and Global Payments Inc. ⚙️Infrastructure providers: PSA Payment Services Austria GmbH is a transaction service provider and has been the competence center for cashless payment in Austria for many years. The company focuses on transaction processing and helping banks ensure smooth payment operations for their customers. 🌟Austria is also home to our prestigious members Funanga AG and DIMOCO Payments. Key Takeway💡: “In Austria, the payments landscape is balanced between cash and digital methods, with a strong preference for cash among different age groups. However, there is a trend towards…” Want to read the full “Expert Opinion” from Deloitte professional Thomas John on the Austrian payment landscape? Download the report here: https://lnkd.in/dVYy5rTP

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Originally known for its buy now, pay later (BNPL) services, Klarna has expanded into the broader banking industry. Klarna Bank offers a range of financial products, including traditional savings accounts, consumer loans and payment services. The Swedish fintech company is launching its own full-fledged banking services in Europe, initially focusing on Germany and Sweden. The move marks Klarna's attempt to diversify its revenue streams and strengthen its position in the competitive fintech space. This expansion is in line with the broader trend of fintech companies evolving into neobanks, offering a wider range of financial products to their customers. #Fintechs #payments #neobanks

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STET and ACI Worldwide have reached a RECORD high, processing of over 50 MILLION cross-border payments is set to DOUBLE annually 🤯 🤝 💸 Having partnered since 2017, the STET platform uses ACI's Low Value RTP as a SaaS service to offer SOPHISTICATED routing and processing capabilities to enable its 20 member banks to connect DIRECTLY to the European schemes 👨‍💻 “ACI is uniquely positioned to provide interoperability and connectivity to all European and global schemes, which is crucial as efforts to build cross-border payments networks accelerate across the world, said Nick Craig, Head of Europe, ACI Worldwide. “Central infrastructures, banks and PSPs are using ACI to maximize the use of their real-time rails and position themselves for the future growth of instant payments, whilst offering new and innovative service for their customers.” Find out more on the link below! 👇 Regis Folbaum #aciworldwide #instantpayments #digitalpayments #europe #paymentprocessing #crossborderpayments #stet #SEPA

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Excellent, deep research from #Fxcintel (behind a paywall but free account available) on the size of the cross border payments business, concentrating on business to business (B2B not remittances) and profitability of the largest companies. https://lnkd.in/gBSx4zKx The findings should not be surprising (despite the loud incessant noise in this area from new companies) "For some time, the industry perception has been that banks have been behind non-bank players when it comes to cross-border payments innovation – and that they have been losing customers to non-banks as a result. ...In reality, those involved in cross-border payments at many banks have taken significant steps to respond and innovate their offerings." "According to FXC Intelligence Market Sizing Data, in 2023 the entire B2B cross-border payments market, which covers B2B payments directly handled by companies rather than additional processors or intermediaries, saw total flows of $30.2tn globally. However, $27.8tn of this was handled by banks – a 92% share of the overall flows. " "The remaining non-bank players saw combined flows of $2.4tn in 2023 – still a significant market opportunity, but dwarfed by the amounts handled by the banking sector. Our data also indicates that non bank players’ 8% share represents an improvement on previous years, meaning it is taking share from banks. Given that the B2B cross-border payments sector is set to be worth $56tn by 2030, the opportunity for banks is significant, but so too is that for non-bank players. " What is the market? "Across the total, $10tn were flows from small and medium-sized (SME) companies, which accounted for 33%. The remaining 67% – $20.2tn – was made up of flows from larger businesses, referred to here as corporate." That is the cross border payment business is dominated by the largest banks servicing the largest companies But why is this important? The G20 has recognized the importance of faster, cheaper cross-border payments to global trade and has created a road-map for enhancing such payments https://lnkd.in/gr8mcR3D The G20 breaks this effort into three segments, wholesale, retail and remittances with wholesale having the greatest impact. It is obvious that such efforts must be based on accurate data and that data (provided by FXC) shows the key points at which efforts should be concentrated - i.e. focus on tackling the biggest problem first and hopefully the solutions will drag other sectors along with it. One obvious way is to prioritize IPS (instant payment systems) to IPS across borders, especially supporting Regional Payment Systems (RPS) As ever, I expect to receive dozens of emails from companies and individuals insisting that they (and they alone) have THE solution. I will respond by referencing the article.

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⬇️ Today, let’s talk about the #Payments ecosystem in #Spain from our latest white paper, "Key Players in the EU Payments Landscape 2024": https://lnkd.in/dVYy5rTP 💳  STMP (Sistema de Tarjetas y Medios de Pago) is the core payment system in Spain which resulted from the merger of Servired, 4B and Euro6000. STMP oversees the Spanish card payments ecosystem ensuring the correct flow of transactions. Majors schemes include Visa, Mastercard and American Express.   🌐 Similarly to other European countries, Spain has multiple alternative payment methods. International e-wallet providers such as PayPal, Apple Pay, Samsung Pay, and Google Pay are present in the market. Private banking reports state that Apple Pay is the leading entity among mobile wallets with over three-quarters of the market by volume. Worth noting that the most popular local payment solution is the mobile payment solution Bizum. Aside from those well-known players many BNPL and cross-border payment solutions can be found such as Klarna, Oney and Scalapay, SeQura Aplazame, Ria Money Transfer, Small World Financial Services, and Monty Global Payments S.A.U.   🏦 The Spanish banking sector is quite concentrated with the four largest banks capturing over 70% of the market. There are 189 Credit institutions out of which 74 EEA branches and 4 non-EEA branches. The three largest banks of the country are Santander, CaixaBank, and Banco Bilbao Vizcaya Argentaria (BBVA). Other banks can be found in the Spanish market such as Banco Sabadell, which recently partnered with the ATM network NCR Atleos to increase access to cash in the market. Some other players are Bankinter, ABANCA. In the Neobank segment, notable names include EVO Banco, Openbank, Revolut, N26 and bunq. 📶 In Spain, there are many different companies offering payment processing and gateway services. Some of the most popular solutions are the ones offered by commercial banks. Launched by Santander Group, PagoNxt (a Santander company) is a global payments platform that brings together all its payment solutions under one umbrella. Comercia Global Payments is the result of a joint venture between CaixaBank and Global Payments Inc. and recently acquired UniversalPay, the EVO Payments, Inc. solution. Redsys España is also one of the largest payment service providers in the Spanish market. Other PSPs include Cecabank, Minsait, Nexi Group, MONEI, PaynoPain, CommerceGate, PAYMATICO, Sipay, PayRetailers, SumUp, and WPS. Key Takeaway💡 : “Spain remains a country with a high degree of innovation and where the payment industry thrives. This year the players in the Spanish payments’ ecosystem have mostly developed solutions on the A2A and instant payments fields. Furthermore, the country is playing an active role in the development of the digital euro with multiple banks deploying pilots for the development of the currency.” Carolina B. | Senior Manager – Monitor Deloitte Spain 

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Fintech News 🚨: Nexi Group secures €220m financing from the European Investment Bank European PayTech Nexi Group has secured €220 million in financing from the European Investment Bank (EIB) to support its innovation in the digital payments sector. Nexi will use the EIB funds to develop and manage projects aimed at modernising digital payments in Europe. The funds will also finance specific initiatives that leverage the expertise of Nexi Digital, a European technological innovation hub created in collaboration with Reply. The identified projects are fully aligned with Nexi Group’s environmental, social, and governance (ESG) objectives, which have already been communicated to the market. These include promoting digital payment innovation across Europe, creating jobs for young people and disadvantaged areas, and enhancing environmental sustainability by optimising data centres and developing cloud-based activities. This is the first EIB loan granted to a publicly listed company in the digital payments sector, underscoring Nexi’s commitment to advancing the digital and technological transition. With its portfolio of innovative products, eCommerce expertise and industry-specific solutions, Nexi provides flexible support for the digital economy and the entire payment ecosystem globally across a broad range of different payment channels and methods. EIB Vice-President Gelsomina Vigliotti said, “This operation represents a major step forward in the development of Europe-wide digital payment solutions, helping to reduce the use of cash and prevent fraud and tax evasion. This operation highlights the EIB’s commitment to promoting digitalisation and innovation in businesses and public sector organisations, which are key elements of the National Recovery and Resilience Plan.” Nexi Group CFO Bernardo Mingrone added, “We are proud that the European Investment Bank has recognised our ongoing commitment to the development of innovative products and services promoting digital payment reliability and security, two key requirements for rolling out these services in the European countries where we operate. This agreement is further confirmation that even major players like the EIB recognise Nexi’s vital role in developing and supporting digitalisation in Europe.” 👉 Subscribe for more insights https://lnkd.in/d94JgWBU Source IBS Intelligence #fintech #payments #investments

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