Panagiotis Kriaris

EPI launches Wero wallet in Germany The European Payments Initiative (EPI) has launched its mobile-first wallet and instant account-to-account payments system in Germany, with other counties set to follow in the coming months. German Sparkassen and Volksbanken, Raiffeisenbanken customers can now make instant money transfers from account to account between individuals, via their banking app. Deutsche Bank will launch wero later this year, starting with Postbank. Wero enables mobile payments from one phone to another. Unlike traditional transfers, Wero users do not need the recipient's 22-digit account number (IBAN). Instead, a mobile phone number or email address can be used for real-time money transfers. Next year, Wero will get the ability to pay any small professional from the wallet, and also pay merchants online and upon invoices via QR code. This includes the ability for consumers to manage recurring payments for subscriptions or installments, but also to pay in merchant apps at point of sale without going through the cashier. In-store payments at the cash register will also be added in 2026, along with other capabilities, such as BNPL, merchant loyalty, programme integration and expense sharing. https://lnkd.in/ev3nH8_Z

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⭐ interesting insight. interchange fee, as well as payment scheme fee, is a direct analogue of the 'gas' in the etherium network. the question in web2 is who is supposed to regulate it - corporates or governments? ⭐ in web3 this question does not even exist - validators can decide. and if the price is too high you introduce layer2. and layer3. #irf #schemafee #eth #web3 #layer2 #layer3

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🥶 The Schemes Are Coming 🥶 but unlike the dire warning of "Winter is coming" in the Games of Thrones TV series, we believe that the SPAA (SEPA Payment Account Access) scheme is set to reshape the European payments ecosystem, offering banks and fintechs a chance to thrive in an era of open banking. Rik couldn't resist continuing to draw further parallels in this article 👇 https://hubs.la/Q02YvwGZ0 But even if you're not a fan of the TV series, you'll find out why this is a throne worth claiming 👑 #SEPA #SPAA #payments #ecosystem

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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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The World of #Payments is seeing innovation at breakneck pace. #EuroZone is poised for an explosion in payment volumes due to the Sepa Instant regulation. At the same time supporting regs like Verification of Payee, PSD-3 and FIDA will ensure that fraud is in control and customer interest is kept uppermost. #Payments in #Europe will also become faster thanks to the OLO-OCT INST payment scheme (One leg out) where based on bilateral arrangements the EURO leg will settle in the 10s SLA while the guidance for the non-euro leg is 60s and this will help European banks move closer to the #G20 #CPMI guidelines of ensuring that 75% of all cross border payments settle under in under 60m. At the same time, as regulations around FIDA (Financial data access regulation), MICA ( markets in crypto assets ) , Digital Euro , Digital Identity and the EU AI Act fall in place, opportunities for innovative offerings will increase. Indeed these are exciting times for European Payments and I am happy to be presenting at #EBAday 2024 on the topic of "Immediate Cross Border Payments" along with Elena Casal Zennon Kapron Piers Marais and Paul Francis Walvik-Joynt. Look forward to meet you all . European Banking Authority (EBA) Euro Banking Association (EBA) Finextra Intellect Global Transaction Banking | iGTB Ritwik Mohanty Michael Whitehead Sriv Venkatesh Hubert Lecomte Xavier Ader Luis Barreiros Mary Lee Muir Jenny McIvor Vincent Brennan Panagiotis Kriaris David Birch Anders Olofsson Arthur Bedel 💳 ♻️Gareth Lodge Yusuf Bhanpurawala Borna Ljubicic #Payments #Fintech #financialservices  #cashmanagement #bankingtechnology #innovation #bankingindustry #corporate #cashmanagement #corporatebanking #transactionbanking #gtb #igtb Payment Pundits land in Lisbon To discuss trends and regulation BAAS, AI, ID , Fraud and CRD6 With CBDC, Liquidity and Correspondent banking Shall all be part of the mix

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Payments and privacy go hand in hand so it was great to speak to one of the leading names in online privacy, Nord Security. In this episode of the Pay It Forward podcast with payabl. we spoke to Kestas Saulis from Nord Security to hear about the growing scale of payment fraud and the use of VPNs for protecting the customer. Speaking to us from the payabl. booth at MPE 2024, Saulis also covers trends in the payments industry, such as ongoing research into Central Bank Digital Currencies (CBDCs) and Nord's commitment to enhancing payment security. https://lnkd.in/eWEXmNT7 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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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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The ultimate showdown! Equity Bank Mobile and DTB M24/7 users, have you voted? 👀 To vote for your favorite mobile banking platform, please visit:https://lnkd.in/d3YpKFAs Three intense rounds, eight Tier One mobile banking platforms, and now, only two contenders remain. Equity Bank Limited's Equity Bank Mobile and Diamond Trust Bank's DTB M24/7 have battled their way through every round, and it's all come down to this. Who will be crowned the Face-Off Champion? 🏆 Your vote decides! The more people who participate, the more accurate and impactful the results will be. So do share the poll with your network! Together, we can crown the ultimate Tier 1 Mobile Banking App champion. Please note that these polls represent the opinions of the voters participating and do not entirely reflect Kenya's perspective on the banking apps. #MobileBanking #EquityMobileVsMCoopCash #SecureBanking #UserExperience #DataPrivacy #CustomerSupport #faceoff #EquityMobil #DTBM24/7 #EquityBank #DTB

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💡New EU Regulations on Open Banking, Instant Payments, and Digital Identity 2024 is set to be a pivotal year for stakeholders in open banking, open finance, and embedded finance ecosystems. Three key regulations will take effect: ✅ Instant Credit Transfers in Euro: • SEPA Instant Payments mandate transfers up to €100k within 10 seconds, available 24/7 across the SEPA zone. • Verification of payee information is required before transfers, and payers must be informed within 10 seconds of successful payments. ✅ European Digital Identity Framework: • An EU Digital Identity based on eIDAS will be available for all European citizens, residents, and businesses. • It will enable a secure digital wallet for storing and confirming personal information, usable for online and offline services across the EU. ✅ PSD3: • The Third Payments Services Directive (PSD3) will enhance access to European payment systems and establish a financial data framework, building on existing regulations. These regulations will impact global providers operating in Europe and potentially influence global standards. Stakeholders should prepare for significant changes in compliance requirements. I highly recommend that banks and fintech companies read this report to prepare for the new EU regulations. Source: Platformable ✏️ DM me or comment if you want to learn more! #fintech #banking #instantpayments #openbanking #digitalidentity #psd3 #euregulation #vacuumlabs

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The Canton Network was launched by the industry to create a global, open network like the Internet, adding guarantees of consistency and synchronization to unlock the potential of synchronized finance - without compromising on threshold regulatory needs for privacy and control. Public blockchains showed us the power of interoperability, but with well publicized privacy and control trade-offs. Private blockchains claimed back some control but created walled garden networks and barriers to interoperability. Splice was designed to enable Canton Network participants to address these complex challenges and unlock the full value of blockchain and tokenization in regulated financial markets.  Today the Canton Network is a global ecosystem of independent smart contract applications built with Daml, and connected via the Canton blockchain synchronization protocol. As a Hyperledger Lab, Splice now provides open source code for operating a decentralized Canton synchronizer. Each node in a decentralized synchronizer is operated by an entity known in Splice as a "Super Validator." This code enables Super Validators to build an organizationally neutral infrastructure for application interoperability across the Canton Network, while maintaining granular privacy and independent control for users and application operators. Available on an open source basis with an Apache 2.0 license and maintained by a community as part of Hyperledger Labs, this technology can now be independently implemented by any organization, opening up innovation and the continued development of technology that helps to deliver on the vision of the Canton Network.  Splice also includes an open source framework, called Amulet, for creating native utility tokens. Amulet is designed to pay for traffic over a decentralized synchronization domain, incentivize application providers to use those synchronizers to connect customers and interoperate with each other, and provide a native payment mechanism for exchange between applications and users. For this interoperability infrastructure to be successful and widely adopted, it needs to be openly available to any application in the ecosystem. Application developers need to know that they can trust the service to operate in a transparent and predictable way. And early adopters should be incentivized for providing critical utility to the network to create strong network effects. #blockchain #hyperledger #splice For detailed information, visit the page on Hyperledger Labs: https://lnkd.in/dgfPN2na.  The code is available on GitHub here: https://lnkd.in/dbr5hp82 

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THE NEW UK PAYMENTS VISION Here is a brief summary, especially thinking about APP scams and Open Banking: VISION GOAL: A trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods. The National Payments Vision also outlines THREE KEY PILLARS designed to guide future activity – innovation, competition and security. The (payment) regulatory framework must be clear, predictable and proportionate. The Prime Minister has been clear that regulation should support growth and unlock investment The UK government is establishing the Payments Vision Delivery Committee. The government has outlined its priorities for UK payments through a joint remit letter to the FCA and PSR. The key priorities highlighted in the payments remit letter are: 1) Enhancing coordination 2) Supporting the development of Open Banking and 3) Ensuring high standards of consumer protection 4) Driving an agile and flexible approach to delivering the UK’s retail payments infrastructure needs. The Bank of England, PRA, FCA and PSR will revise their existing MoU on cooperation in relation to the regulation of payment systems by Q2 2025. The Vision clarifies regulatory responsibilities for Open Banking, transitioning away from current arrangements to the FCA acting as the UK’s regulator in the future. PSR has committed to an independent post implementation review of the authorised push payment fraud reimbursement rules, after 12 months. The government considers that the effective delivery of the UK’s retail payments infrastructure now and through time requires a strong and effective payment systems operator. Establishing a sustainable ‘commercial model’ for Open Banking is critical for its development. Adequate consumer protection must be delivered for Open Banking payments, and the government intends to address this through the future framework. Fraud Prevention 1. The government agrees that more focus must be placed on fraud prevention. 2. The Online Safety Act 2023 imposes obligations on large technology platforms to prevent fraudulent content on their services or face substantial fines if they fail to do so. 3. There is also ongoing work from Ofcom with operators to prevent the misuse of telephone numbers by criminals, stem the tide of scam messages and address mobile spoofing. 4. The government is determined that the technology and telecommunications sectors must take further steps to tackle fraud. 5. The government has written to the technology and telecommunications sectors to call for demonstrable action to reduce the scale of incidents and losses from fraud taking place on their platforms and networks. The government will request updates on progress and action taken at the next Joint Fraud Taskforce in March 2025. https://lnkd.in/gDpbbbzZ

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We’re proud to support grenke Middle East in streamlining collections and enhancing operational efficiency through our seamless direct debit solution. It’s exciting to see forward-thinking organizations and visionaries like Michał Mączewski embracing innovation to transform the way they manage payments and removing cheques from the lineup Here’s to a future of effortless and automated financial processes! 💡👏 #DigitalTransformation #Payments #DirectDebits #Innovation #ClientSuccess Ummair Butt https://lnkd.in/dgvfW24w

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N26 Group Reports First Quarterly Profit As Growth in Customer Numbers Accelerates Strongly Arnd Schwierholz, Chief Financial Officer of N26: “Our first quarterly profit underscores our dedication to delivering sustainable and profitable growth. Over the last few years, we have focussed on building profitable customer relationships, while ensuring strong operational and cost management. This allows us to double down on our growth momentum while maintaining this discipline and focus.” https://lnkd.in/ezSBSm-D Felix Mergemeier Will Sorby Valentin Stalf Juan Bongiovanni Mayur Kamat Carina Kozole Jean-Baptiste Gehin Crystal Goh #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

📊 +75% y2y At yesterday's MTS presentation, there were mentions of several successes in MTS's FinTech sphere. For me, one of the key figures was the growth in transaction volume in MTS PAY — up 75% year over year. It's important to remember that distribution is more crucial than feature development. #MTSPAY #FinTech #growth

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Open Banking Excellence: Industry Insights Episode 2 out tomorrow! PSD3 has proven to be more than just a sequel to PSD2; it’s reshaped payment services with a broader, comprehensive approach. The regulation was a step toward creating a harmonised system across the ecosystem, removing the ambiguity of national interpretations. We've seen a symphony of regulatory advancements post-PSD3, showcasing Europe’s commitment to strengthening and evolving its financial services market. Open banking has solidified its status as a movement, and everyone in the ecosystem has adapted to thrive in this dynamic environment. Understand the foundations of PSD3, and the future it has shaped for open banking and open finance - Out Tomorrow. Spotify - https://lnkd.in/e4S7HYNw Douglas Mackenzie FF News | Fintech Finance, Nida Sattar Allica Bank, Brian Hanrahan Nuapay - a GoCardless company, Anu Widyalankara EY, Piers Marais Currencycloud

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A new chapter begins. In a recent session with our clients, I delved into cross-border payments, and explained how banks supported this through Correspondent Banking, from the very beginning. Banks realized very early that they could earn from delivering a service that would allow their customers to access cash anywhere by simply communicating with each other. In the 1800s, banks communicated using telegraphs which is why the term “Telegraphic Transfer” still sticks until today. In the 1970s, this was transformed by the introduction of SWIFT messaging, specifically the “MT”, which at some point, was called a “SWIFT payment”, but it never stuck. After close to 50 years, the global financial community has decided to finally change the decades-old format to what is called “MX” based on ISO20022 standards. I introduced the concepts of Serial and Cover Methods of processing cross border payment and how these methods are used by banks to deliver different outcomes for their clients. What is clear is that, the demands of moving funds across borders have changed significantly, begging the question, is there a better way to do it? There is a tremendous demand for more information and to ensure that this is meaningful enough to be able to use and process. Banks have struggled to ensure that they are following the rules and enforcing controls, to prevent expensive fines by local regulators. For customers, what are important are SPEED and COST, considering that sometimes, it takes more than 24 hours for a payment to reach its destination, and can cost as much USD60! Whether the Serial and Cover Method will survive this change, or perhaps a new method will emerge, remains to be seen. As we go through transforming the underlying messages, let’s also think of new ways to communicate with each other, and deliver a more adaptive and client-centric payment services to our customers. #crossborderpayments #serialvscover

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Eurosystem launches initiatives to improve cross-border and cross currency #payments by interlinking #InstantPayments systems The Governing Council of the European Central Bank (#ECB) has decided to launch initiatives to help improve #crossborder payments within the EU and beyond. The work, which builds on the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service, will include the following: https://bit.ly/3Uhe22a (read the announcement clicking on the link)

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An awesome breakdown of card ecosystem and fees involved by Arthur Bedel 💳 ♻️ Have a read if you are aiming to understand, how it works, what it costs, etc.

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