Andy Renshaw

Monzo has introduced three new security controls-Known Locations, Trusted Contacts, and Secret QR codes—to protect customers from fraud. These opt-in features require customers to use at least two controls for bank transfers or savings withdrawals above a set limit, adding layers of verification based on location, trusted contacts, or QR codes. Digital financial services have brought remarkable advancements, making payments more convenient, inclusive, and efficient. However, these benefits come with challenges such as security risks, regulatory hurdles, technological barriers, and privacy concerns. The controls introduced by Monzo are straightforward solutions that traditional players can adopt to enhance consumer trust. #dfs #tech #digitaltransformation #innovation #controls #fintech

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There’s lots to like about the now published #NationalPaymentsVision for the UK… I can recognise a number of priorities and challenges The Payments Association (and others) have been talking about for some time. That in itself, is hugely encouraging. The Government is listening. A UK Government making a commitment to collaboration, and that sees the importance and opportunity of the Payments industry, is incredibly positive and something I applaud. On initial reading, some key points within the detail: The vision - “A trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.” ·      “Payments Vision Delivery Committee” – Senior representatives from the FCA, PSR, Bank of England, and chaired by HM Treasury. ·      Innovation, Competition and Security (3 key pillars driving all activity) ·      BoE and PSR will lead on requirements for upgrades/replacements for FPS and UK retail payments infrastructure. Approach agreed no later than end Q2 2025 ·      Reforming of PAY.UK ·      Coordination between regulators needs to improve - the government is concerned that the collective impact is hampering the sector’s capacity for innovation and growth. ·      Commitments to ‘explore’ CBDCs and a Digital Pound ·      Government support for adoption of digital identities in financial services ·      Priority initiatives in Open Banking and Fraud (Financial Crime) o  PSR commits to 12 month review of APP R after 12 months (plus recognition of role of tech and telcos) o  Regulators to examine data sharing initiatives across the financial services sector. o  Adequate consumer protection must be delivered for Open Banking payments, and the government intends to address this through introduction of a dispute resolution process o  The FCA is to be the UK’s regulator on Open Banking ·      A push to boost cross-border activity and international interoperability, but not at the expense of consumer protection or financial stability. Now is the time for #action and #delivery.  The Payments Association will play it’s role, and looking forward to working with government, regulators and the wider industry to support this vision. https://lnkd.in/e6RsUU7r

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Goodbye "New Payments Architecture", hello "UK agile and flexible (retail) payments infrastructure". Lots to be excited about here but is the UK missing an opportunity to unify where possible, retail payments with wholesale payments? In so many discussions on Institutional/Corporate/Wholesale banking I lament that the Open Banking APIs on a retail account are not present on a corporate account. The paper signposts that Wholesale banking will be similarly considered through Bank of England initiatives but seems too RTGS focused. Important but not enough. I welcome the adoption of ISO20022, in many ways a "no brainer" but the finance industry has been far too slow to adopt this standard. This paper is a step in the right direction, but to fully realise its potential, the UK must bridge the gaps between retail and wholesale payments, accelerate ISO 20022 adoption, and embrace a more unified approach to payment system modernisation. https://lnkd.in/eQDi8i6e

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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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💡 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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A welcome easter egg 🥚 in today's Bank of England piece on innovation in money and payments, is confirmation that the new Government 👉 will 👈 take forward the National Payments Vision 🛣 That's another tick in the box ✅ for open banking payments, after the Government also brought back the Smart Data Bill, key for underpinning open banking standards. Now if only we could see some progress on VRP from the Payment Systems Regulator and acknowledgment of the risk APP fraud rules pose to growth in the payment sector... Read our piece on the National Payments Vision: https://lnkd.in/eTTiGwNR The Bank of England's Approach to innovation in money and payments: https://lnkd.in/eiFKmxTE #progress #growth #payments #openbanking

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France Says Hello to Wero!🎉 France ditched its old Paylib P2P payment scheme (with 35 million users) for Wero, brought to you by the European Payments Initiative (EPI). Aimed at unifying Europe. Following Germany’s launch, Belgium, Luxembourg, and the Netherlands are next in line. The Big Moves: 👋🏽 Bye Bye Card Schemes: EPI wants Europe to break free from Mastercard and Visa. With Wero, you can travel across Europe and pay seamlessly, no fees, no confusion—just one payment app that works anywhere. ❓ Cheaper, Faster?: With fewer intermediaries compared to card payments, Wero should be cheaper. But whether theory meets reality is still up in the air. 🤚🏽 Not So Fast, EPI... Introducing the Southern Alliance! Spain, Italy, and Portugal are forming their own interoperable payment system to challenge EPI, adding some south-vs-north rivalry to the mix. 🙃 So, what will happen—European payment unity or a split north-south showdown? Your guess is as good as mine!

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Regulations to Slow payments - Sunday musings In the interest of delivering to high expectations (err, shouldn't my payments be as fast as an email !) payments have become faster and faster. Everyone is on this, banks, fintech's, providers all promise delivery of payments in seconds if not minutes. The stated objective is we can do anything faster and quicker and dare I say cheaper. What happens though is rampant fraud where the gullible - young and old alike become victims of fraud From experience, once money moves out of your account, it takes well-meaning entities an enormous effort to recall payments. There are kill switches installed and providers like SWIFT have GPI which can potentially stop a payment. There are some victory stories of monies being recovered and the unwitting remitter made whole. But there are many who lose the money to malicious actors. God save you if this payment goes cross border. I am an advocate of slower payments ! Enough time to check and recheck payment instructions before moving money. So, happy to see this now coming in a regulation. Other countries will follow suit for sure. UK payments could be delayed up to three days to prevent fraud This draft regulation would act as an amendment to the 2017 Payment Services Regulations, which requires PSPs must execute a payment within a maximum time limit. This move comes after findings that UK bank fraud losses topped £1 billion last year. Authorised Push Payment (APP) scams take up a large part of this cost, with APP reimbursement legislation coming into effect on 7 October from the Payment Systems Regulator (PSR). The PSR recently confirmed it would be cutting the reimbursement limit of this legislation to £85,000. https://lnkd.in/gDMEtYKk Thoughts ?

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Very interesting article in the Financial Times which sums the situation up perfectly. The new entrants have moved the market on with the services delivered, however despite being used for their "free" or innovative services, users still remain wedded to the incumbents. https://lnkd.in/eR3kaGXV

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With the rise of sophisticated scams, regulators are ramping up protections against APP (Authorised Push Payment) fraud. But what impact will these new measures truly have on financial institutions and customers? I recently had the opportunity to share my thoughts on the topic in RegTech Analyst's latest article: "How Will the New APP Scam Protections Impact APP Fraud?" #Scams #RegTech #Compliance #Muinmos

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Standard Chartered Launches ESG-Linked Cash Account “As companies move from ambition to execution on sustainability, banks play an important role in enabling and motivating them on this journey,” said Mahesh Kini, Global Head of Cash Management at Standard Chartered. “The launch of our ESG-linked Cash Account is another testament to our commitment to offer our clients solutions that empower them to meet both their treasury and sustainability goals.” https://lnkd.in/eU_FBrbt Rami Lawand Alvina Neo Marisa Drew Charlotte Love Christopher Ben Parvinder Singh Sameer Nemazie Mir Rashaduddin Muadh Al Balushi #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Strong Customer Authentication (SCA) Reduces Payment Fraud Across Europe 🚀 The European Central Bank (ECB) and the European Banking Authority (EBA) have published a joint report revealing the positive impact of strong customer authentication (SCA) on reducing payment fraud in the European Economic Area (EEA). 📊 The report analyzed payment fraud data from various methods, including credit transfers and card payments. In 2022, the EEA saw fraudulent transactions totaling €4.3bn, with €2.0bn reported in the first half of 2023. Credit transfers and card payments were the most affected, with fraudulent credit transfers amounting to €1.13bn in H1 2023, a 14% decrease from H1 2022. 💳 Card fraud involving EU/EEA-issued cards totaled €633m in H1 2023. However, the total fraudulent card payments processed were higher at €826m. Fraudulent direct debits, cash withdrawals, and e-money transactions were significantly lower, each below €100m. 🔒 The implementation of SCA requirements, as mandated by the revised EU Payment Services Directive (PSD2), has shown significant benefits. Transactions authenticated through SCA had much lower fraud rates compared to non-SCA transactions, especially for card payments. Notably, card payment fraud rates were 10 times higher for transactions involving parties outside the EEA, where SCA is not a legal requirement. 🌍 Cross-border transactions accounted for a significant portion of fraud, with 71% of card fraud value and substantial shares in credit transfers and direct debits. This highlights the need for continued vigilance and enhanced security measures in international transactions. This report underscores the importance of regulatory measures like SCA in combating payment fraud and protecting consumers across Europe. #PaymentSecurity #SCA #PSD2 #FraudPrevention #FinancialRegulation #DigitalPayments #Fintech #BankingInnovation #ECB #EBA #OpenBanking https://lnkd.in/dtQ9JiAY

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What does PSD3 mean for cross-border payments? An excellent deep-dive report by FXC Intelligence's Joe Baker on this critical topic for the sector: The report will get you up to speed fast on the topic and covers: - What is PSD3 and its benefits - PSD3’s impact on open banking - How this may level the playing field between banks and non-banks - What have been the main EU payments initiatives to date - What the European cross-border payments landscape looks like - What are cross-border payments companies doing to prepare for PSD3 #fxcintelligence #payments #fintech #financialservices #regulation #banking #openbanking https://lnkd.in/edXUtYpf

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Monzo Bank Raises Additional $190 Million TS Anil, CEO of Monzo: “The huge interest we see from global investors is testament to the momentum and strength of our business model and the commitment of our teams, who put our customers at the heart of everything we do. With even more rocketfuel for our ambitions and exciting products in the pipeline, there’s no doubt in my mind that the best of Monzo is yet to come.” https://lnkd.in/etJWG4yq #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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We at Payall Payment Systems, Inc. are honored to have contributed to this insightful whitepaper, addressing the critical issue of app fraud in the evolving landscape of cross-border payments. 🌍 The Payments Association’s study highlights how technological advancements in global payments bring both opportunities and challenges, particularly in safeguarding security and trust. The whitepaper also calls for increased collaboration among financial institutions, regulators, law enforcement, and technology providers - an essential step for sharing data, intelligence, and best practices. A huge thank you to FF News | Fintech Finance for spotlighting this vital topic and to The Payments Association for their outstanding work in driving this important research forward. 🙌 Together, we’re shaping a more secure and transparent future for global payments. Read the full article here: https://lnkd.in/eRwFjZf6 #CrossBorderPayments #Fintech #AppFraud #DigitalSecurity #PayallPaymentSystems

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The UK has taken ‘decisive action’ to advance #openbanking with its newly released National Payments Vision. This vision sets a clear direction for the future of payments in the country. It aims to cut through regulatory congestion and build a trusted, consumer-focused, and world-class payments ecosystem built on next-generation technology. The UK recognizes that a long-term regulatory framework is needed to scale open banking effectively and deliver greater competition and innovation. For this reason, the Financial Conduct Authority (FCA) has been appointed as the UK’s primary open banking regulator. The response from industry leaders has been overwhelmingly positive! Many view it as a "roadmap for creating a secure, innovative, and competitive payments sector". Here's all you need to know!👇 https://lnkd.in/e-zxUJdV

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Yawn. More push back from firms via The Payments Association in the #UK now that they’re finally on the hook for fraud. TLDR: FIs need to stop whining and do better for their customers. The story to date is approximately this 1. a super complaint is referred to the regulator to say customers aren’t being fairly treated when #AuthorisedPushPayment (APP) #fraud occurs, as liability largely sits with the customer 2. the Payment Systems Regulator (PSR) asks financial institutions (FIs) “how big is this problem?” 3. the FIs respond - “not that big”, under reporting the scale of fraud, pointing to some voluntary industry guidelines 3. the #PSR replies - “if it’s not that big, you should be liable” and sets up the contingent reimbursement mechanism (#CRM) 4. FIs don’t really up their game in terms of payout ratios so the regulator works with government to change the law to make the liability shift more concrete - splitting liability 50/50 between sending and receiving FIs. 5. The Financial Ombudsman Service (FOS) receives more complaints and upholds a higher proportion in favour of consumers, also raising the maximum reimbursement limits to cover a greater proportion of claims 6. FIs moan that they haven’t had enough time to prepare so request that the deadline gets pushed out. 7. FIs start complaining that it’s not fair, not their fault, too fast, and now - too much A. “Too many complaints are being upheld by FOS” (you’ve got away with doing too little, for too long: it’s time to make your fraud systems better, and while you fix, you pay) B. “FIs shouldn’t be liable, digital platforms for not doing their part to clamp down on fraud” (FIs have the duty of care, and now the financial incentive to fix it - maybe collaborate rather than throwing shade at Meta etc?) C. “Faster Payments Scheme Limited is too fast” (it’s been around for 16 years), and so now FIs are looking to slow some payments down (ok, but use the data available and build real time decision engines) D. The latest version - “we’re small so please bring down reimbursement limits to £30k from £415k” (either allow big ticket tx and comply, or don’t - and you should be performing enhanced due diligence for a large tx or a series of transactions) Bottom line: do better FIs and stop whining. Make better use of existing capabilities like #MITS, and #innovative #startups offering best of breed fraud reduction solutions like Ask Silver and Trident AI (yes, I’m an investor) https://lnkd.in/eu8eFA4i #payments #fintech #regulation Alex Somervell Zain Hussain

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Finom Launches SEPA Direct Debit B2B Across Its EMI-Licensed Markets, Expanding Payment Options for European SMEs “With the launch of SEPA Direct Debit B2B, we’re empowering SMEs across Europe to efficiently manage their payment flows,” said Yakov Novikov, co-CEO and co-founder at FINOM. “This feature simplifies complex financial operations, allowing small and medium-sized businesses to automate and manage their outgoing payments to other companies and tax authorities. It’s another step in our mission to build a full-stack financial operating system that enables entrepreneurs to streamline their financial commitments and focus on growing their businesses.” https://lnkd.in/eiaDuxB4 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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