Biju Suresh-Babu

📌 COP TF’s Role in the VOP Scheme Management📢    The evolution of the financial era has brought along with it innovation and threats to secure methods of payments. 🆕 Our latest blog dives deep into the implementation of the Verification of Payee (VOP) Scheme Management, overseen by the European Payments Council (EPC) AISBL.    Key highlights include:    🕵️‍♂️ VOP’s role in minimising fraud and errors  🚨Insight into the Confirmation of Payee Task Force (COP TF)  📋 Importance of Compliance and participation cohesion  🛠️ The Structured Change Management Process and ensuring innovation & transparency    Whether you’re a financial professional, stakeholder, or simply someone seeking to gain knowledge on the intricacies of payment verification, this article provides valuable insights into maintaining a robust and adaptable payment verification system in the EU.    🔗 Read more about COP TF’s Role in the VOP Scheme Management    #Finance #Payments #VerificationOfPayee #EPC #FraudPrevention #Compliance #Innovation #DigitalPayments #FinTech 

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“The performance of the Code signatories demonstrates that a consistent, independently overseen approach to APP fraud detection and prevention can make a significant difference to preventing customer harm." - Emma Lovell, Chief Executive of the Lending Standards Board.   Read more from Emma in Open Banking Expo about how maintaining high standards in fraud prevention and detection is crucial for #ConsumerProtection: https://bit.ly/3LWdl9P #APPFraudReimbursement #ConsumerTrust #LendingStandardsBoard

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A UK retail and commercial bank have achieved remarkable outcomes from successfully improving QA oversight while significantly reducing QA costs, by implementing Recordsure's innovative solutions. Recordsure's ConversationAI was used to gain comprehensive oversight of all mortgage conversations, delivering: ➡️ Increased oversight of mortgage sales from <5% to 100% ➡️ Reduced review time for QA by over 50% ➡️ Improved advice standards and decreased complaints ➡️ Reduced QA and compliance costs, leading to substantial long-term savings Discover how Recordsure is transforming QA processes in the banking sector >> https://bit.ly/3AkIS3g #AI #QA #RegTech #Compliance #Recordsure #Banking #Innovation #CustomerExperience #CaseStudy #mortgages

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The Government Digital Service (GDS) has published a request-for-information (RFI) from payment service providers as it engages with suppliers about potentially procuring #openbanking technology – a move illustrating the UK government’s growing appetite to embed #fintech solutions into its operations. GDS wants to ‘understand the market and service offerings for processing credit and debit card payments and pay by bank (open banking) #payments’, according to a ‘prior information notice’ for a payment provider for Gov.UK Pay that will set open banking suppliers’ hearts pounding. Gov.UK Pay is a digital payments platform that allows #publicsector services to take payments. Used by more than 1,100 services in 415 different organisations, it has processed 90.1 million payments with a combined value of £5.7 billion (about $7.6bn) since 2016. Read all about it in Global Government Fintech => https://lnkd.in/eyaT8fsv Ian Hall Global Government Forum Department for Science, Innovation and Technology Crown Commercial Service Open Banking Innovate Finance #government #APIs #technology #tech #innovation

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Paythru releases guiding principles EV payment specialist Paythru has published a proposed set of guiding principles aimed at greater collaboration among the payments sector, public charge point operators, and charge point management systems. The move has been undertaken by the firm to address current problems with the charging payment process. Shaped by its own research, and conversations with the industry around what drivers want. It is also backed by the Association for Renewable Energy and Clean Technology (REA), as part of its ongoing mission to accelerate the UK’s transition to a cleaner, more sustainable energy future. Paythru proposes the following set of guiding principles for all EV charge points, with the methods addressed in the charter: - No more confusion over charging costs - Standardised and reliable payment methods - Minimise payment failures - Clarity and transparency in pre-authorisation - Simplified transaction and notification processes Read the full story on the Transport + Energy website: https://lnkd.in/er6zB4QF Paythru , Keith Brown , REA , Matthew Adams , Sara Sloman #transport #energy #electricvehicles #charging #payments

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Understand the successful user centred design process used by Scotpayments https://lnkd.in/eN3DgsdY #govtech #servicedesign #payments

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A year on from moving to the #ISO20022 standard for all cross-border payments, how does the space need to develop to promote harmonisation? Read this article by Asset Servicing Times https://lnkd.in/eQ6sVnkZ In the article - Roland Brandli, Strategy Director at SmartStream addresses the challenges of cross-border payments, emphasizing that the main issue lies not in the 97% of payments that are processed successfully, but in the 3% that encounter problems. He identifies manually written 'free format' messages as a significant cause of these exceptions, noting that such issues account for a high % of problematic transactions across various regions—from 53% in the Middle East to 92% in North America. This results in considerable manual labour, making the process expensive and time-consuming. #crossborderpayment #paymentexception #failedpayment #paymentinvestigation #advancedpaymentcontrol

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Interesting to see the new strategic vision from Pay.UK, will be interesting to see how long this takes to transition from a vision to a reality for the UK payments ecosystem.

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We recently partnered with a leading bank operating in the UK and South Africa to #automate testing for their Loan IQ application using #RightClickTMS. 🔄 By covering a wide range of test scenarios, including #UI and #batch processes, the testing efforts were streamlined, and the Bank was able to adopt changes much faster. The result? 📊 A 40% reduction in manual #testing efforts and a Hot Fix implemented completed in just 6 weeks—twice as fast as before! With minimal business user involvement, the bank freed up valuable resources for strategic tasks, gained real-time insights into the software quality and ensured a seamless #upgrade with zero disruption. Explore the full case study: 👉 https://lnkd.in/gT4mgKYG Ready to accelerate your #LoanIQ upgrades? Reach out to our experts. #TestAutomation #AutomatedTesting #RightClickTMS #LoanIQ

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Triodos Bank Commits to Financing £418 Million in Nature-Based Solutions Jacco Minnaar, Chief Commercial Officer of Triodos Bank: “Investing in nature-based solutions is crucial for restoring our natural environment and mitigating the effects of the climate crisis. At Triodos Bank, we are proud to be at the forefront of this movement, demonstrating that sustainable finance can drive positive environmental and societal impact. Our dedication is evident in our emphasis on five interconnected transition themes: energy, food, resources, societal, and wellbeing. By focusing on these themes, we strive to develop a comprehensive approach to sustainability that benefits the environment while also improving the quality of life for communities around the globe.” https://lnkd.in/ebW_rWBb Imogen Jolliffe Whitni Thomas Carmel Delany Sarah Ball Hans Stegeman Jeroen Pels Simon Scholl #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Open banking is already playing a key part in the energy and utilities sectors – from affordability checks to QR codes. Our extensive new guide sets out how open banking and smart data can give UK consumers and businesses greater control over their energy consumption, costs, and environmental impact. Read our guide >> https://lnkd.in/ey_NpUJJ #OpenBanking #OpenFinance #SmartData #Energy #Utilities #Innovation #TechInnovation #Fintech #Payments #SMEs Fliss Berridge Ordo #VoltView Icebreaker One Bankers for Net Zero (B4NZ) Eviden PayPoint plc Ecospend, a Trustly Company American Express 

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⏳ The clock is ticking: 100 Days Until DORA ⏳ In just 100 days, the Digital Operational Resilience Act (DORA) will reshape cybersecurity standards across the financial sector. This regulation isn't just relevant for EU financial institutions but also for any organisation that works with them, including those in the UK. Here are 3 key points you should start thinking about: 1. Governance and ICT Risk Management: DORA requires ICT risk management to be integrated into your organisation’s broader risk strategy, with senior leadership accountable for ensuring resilience. 2. Third-Party Risk Management: You may need to review and renegotiate existing contracts with ICT providers to ensure they meet the new standards. 3. Business Continuity and Crisis Management: DORA requires clear strategies for responding to a variety of risks, from insider threats to natural disasters. As the January 2025 deadline approaches, now is the time to make sure your organisation is prepared. 📚 Need more information? Visit Kiteworks for a full guide to preparing for DORA: https://hubs.ly/Q02SJQvg0 #DORA #FinancialSector #OperationalResilience #ICTRisk #Compliance #Kiteworks

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The UK’s Payment Systems Regulator (PSR) has announced that it is considering a significant reduction in the maximum fraud reimbursement limit for APP scams (Authorised Push Payment), lowering it to £85,000. Tribe MD Alex Reddish commented on the news: "By addressing this issue, the PSR is not only enhancing the security framework but also supporting the broader financial ecosystem. While it’s crucial to tackle the underlying problem of fraud, which cost the industry nearly £5 billion in 2023, balancing these measures with the need to nurture and sustain the fintech sector is equally important. "This move signals a commitment to both innovation and security, ensuring that the UK remains a global leader in financial technology while actively working to mitigate the impacts of fraud.” Read more here: https://yhoo.it/3XihtGI #APP #Fraud #Risk #FraudPrevention #Scams #Fintech #Payments #PayTech #Technology #PSR

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🚨 New EU Instant Payments Rules: What You Need to Know About VoP and SCT Inst 🚨 The European Union has just released an 82-page FAQ addressing uncertainties around the regulation of SEPA Instant Payments (SCT Inst), particularly the Verification of Payee (VoP) process. To save you time, I’ve summarized the key points below, along with some open questions that remain to be clarified. 🔑 Key Takeaways from the FAQ: Verification of Payee (VoP): Ensures the payee’s name matches the IBAN before authorizing a payment, reducing fraud and errors. VoP applies to both regular SEPA payments (SCT) and instant payments (SCT Inst). Important Deadlines: 🗓️ 09.01.2025: All payment service providers must accept incoming instant payments. 🗓️ 09.10.2025: Providers must send outgoing instant payments. 🚀 As part of these changes, outgoing payments will require the VoP service to further enhance transaction security. ❓ Open Questions: - VoP for Joint Accounts: Question: How will the VoP process handle joint accounts with multiple account holders? Interpretation: It’s possible that the VoP will check all names associated with the account. However, this has not been confirmed in the current FAQ. - VoP for Recurring Payments: Question: What happens when the payee’s name changes due to marriage or a company rebrands, but the IBAN remains the same? Interpretation: The VoP process may require a new verification when a name mismatch occurs. Payees may need to update their details, and payers could be prompted to confirm the changes before recurring payments proceed. However, the exact process has yet to be clarified. - VoP for Scheduled Payments: Question: How will VoP be handled for scheduled payments set far in advance, where details like the payee's name might change over time? Interpretation: One possibility is that scheduled payments may trigger VoP checks closer to the payment date. If discrepancies arise, payers could be notified and asked to confirm updated details, but there is no definitive guidance on this yet. 📢 Reminder: These changes are mandatory, and it's crucial that PSPs and businesses prepare for the upcoming deadlines. The VoP process is a game-changer for payment security across SEPA, but some aspects, especially around joint accounts, name changes, and scheduled payments, still need further clarification.

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In today’s fast-evolving digital landscape, community banks and credit unions face unprecedented challenges and opportunities. Security, efficiency, and compliance are more critical than ever. Our latest blog covers the future of Identity and Access Management (IAM) and how it will impact the way you operate.

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Hello to 'PVDC' and 'VEG' - and goodbye to 'JROC'... ... the UK government has published a ‘National #Payments Vision’ – a 40-page document that responds to the findings of an independent review published last year that highlighted regulatory ‘congestion’. Read all about it => https://lnkd.in/eKM2A8Kw Global Government Forum HM Treasury Financial Conduct Authority Payment Systems Regulator Gwyneth Nurse Open Banking Henk Van Hulle #openbanking #openfinance #antifraud #digitalmoney #digitalfinance #dataportability #data #smartdata

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The UK’s HM Revenue & Customs (HMRC) is deepening its engagement with #openbanking #technology by using ‘account information services’ (AIS) for taxpayers to receive back any money they may be owed by the government more ‘easily and safely’. The department started using open banking technology to receive #payments three-and-a-half years ago – a pioneering use of ‘payment initiation services’ (PIS) that created an apparently globally pioneering public sector open banking use case. Seeking to further capitalise on the opportunities created by open banking technology, HMRC is now using AIS in situations where it needs to make payments back to people who pay their taxes via PAYE (Pay As You Earn – HMRC’s system to collect income #tax and national insurance payments via employment). Working with Ecospend, a Trustly Company, the department is specifically using AIS to access a customer’s bank account information and payment details (with the customer’s consent) to make ‘P800 repayments’.  Read all about it in Global Government Fintech => https://lnkd.in/e5p5s8F2 Global Government Forum Karen Rhodes-German Nick Down Betty Mulhearn Leigh-Anne Blake Tom Griffiths Open Banking #FintechOutToHelpOut #APIs #publicsector #innovation

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