IBERBANCO’s Post

An exciting couple of days with my colleague Anna Kelly in Brussels at the European Payments Council (EPC), discussing plans to take the SPAA scheme live. Two parting thoughts: 1. A serious push is needed to make banks aware that through SPAA they can get paid for #openbanking APIs. Investments in #psd2 can be leveraged here. 2. The demand from merchants for Dynamic Recurring Payments (aka #VRP in the UK) is huge due to the wide range of use cases it can support. SPAA will be the bridge between PSD2’s open banking and the wider open finance framework under #FIDA.

💸 My 2 cents on what the next EU term should be about when it comes to payments. We need: 1. to have the IPR and the PSR fully implemented 2. more support for an open banking commercial model like SPAA, and 3. to eliminate IBAN discrimination within the Single Euro Payments Area. This is how you promote competition and enable a truly European payment method that satisfies both the sovereignty agenda and the huge commercial demand for an alternative to cards. Vixio Regulatory Intelligence #instantpayments #openbanking #sepa

The Instant Payments Regulation (IPR), which came into effect on 8 April 2024, will impact all payment service providers offering SEPA payments, both inside and outside of the Eurozone. INNOPAY experts Linda Geux, Martine Nau, and Tim Gillieron highlight six key areas affected by the IPR and explore the broader implications of the IPR to assist market participants in navigating the new requirements. Read the blog here > https://lnkd.in/eSJJvEVQ #InstantPayments #IPR #InstantPaymentsRegulation #Payments

Instant Payments Regulation is changing the European payments landscape. Want to learn more about the impact it has? Read along 👇

PCI NPCI International Payments Limited (NIPL) and the (Banco Central de Reserva del Perú - BCRP) have announced a partnership to enable the deployment of a UPI-like real-time payments system in Peru. This collaboration marks a significant milestone, making Peru the first country in South America to adopt the globally renowned Unified Payment Interface (UPI) technology a symbol of India's pioneering excellence in digital payments. This strategic partnership empowers the BCRP to establish a reliable and efficient real-time payments platform within the country. This innovative system facilitates instant payments between individuals and businesses, thereby reducing reliance on cash-based transactions and expanding the use of digital payments to Peru's large unbanked population. UPI's collaborative and open banking ethos enables greater connectivity and interoperability with both domestic and international payment networks and will foster innovation and resilience in the Peruvian payment ecosystem. Source: https://lnkd.in/eGwf5HbH Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #fintech #fintechnews #payments #digitalpayments #bankingtechnology #financialtechnology #financialservices #financialsolutions

Congratulations to the RSN team for the publishing of the results of the latest PoC - a great achievement from all concerned. Some interesting takeaways for me: - Implementing CSD and CCP functionality in RSN partitions may ease the migration path from traditional market infrastructure to a Unified Ledger/RLN target state, but does it also reduce the ultimate transformative benefits? - Good to see the focus on interoperability with Swift and Mastercard MTN, and discussion on the trade-offs between interoperability vs integration, but what target state will industry consensus or regulatory direction lead us to? - The integration with TassatPay and Broadridge DLR is also great to see but begs a similar question on the level of balkanisation in a tokenised future state? - As shown in previous RLN/RSN phases, the need for a regulated, resilient FMI is very clear - who or what will step into this space? - Whilst potential benefits are highlighted and functional and non-functional requirements etc are flagged as next steps, the implementation and parallel running costs will be large, presumably driving a need for a pragmatic, quantitative assessment of business case for change at both industry and participant level? - The PoC includes simulation of tokenised central bank deposits but when might we see wCBDC in the wild, to what extent is there a chicken and egg problem between tokenised cash vs tokenised assets, and what form will wCBDC takemin practice? (More on this next week.. Link to reports in the comments.. Tony McLaughlin Yuval Rooz Nick Kerigan Rhiannon Butterfield Jana Mackintosh Lee McNabb #rln #rsn #wcbdc

At Sibos 2024, we heard how the financial industry is collaborating to meet the G20 targets for enhancing cross-border payments. Swift’s Julie Bolan shares three ways to drive progress towards this global milestone. 👉 Catch up on Swift sessions on demand today: https://okt.to/mxdvYy #swiftatsibos #payments

In the Single Euro Payments Area, the SEPA Payment Account Access (SPAA) initiative is reinventing the way banks and third-party providers (TPPs) communicate. Through API standardisation, SPAA promotes innovation and improves consumer convenience while guaranteeing strong data security by enabling banks to share payment account data with TPPs safely and for a fee. At Ximedes, we help banks and PSPs create and implement standardised APIs that comply with Berlin Group standards, EBA and PSD2 laws, and SPAA specifications. Read more about the next big thing in Open Banking in our latest blog: https://lnkd.in/eCAGAzxs #OpenBanking #SPAA #Fintech #SEPA #APIs #Ximedes

SEPA Instant Credit Transfers (#SCTInst) have huge potential. However, adoption still lags at 18.88% as of Q2 2024, according to the European Payments Council (EPC). Since the introduction of SEPA Instant Credit Transfers in 2017, the payment landscape has been rapidly evolving to meet demands for speed, accessibility, and cost-efficiency in transactions. But with new regulations by the European Commission in place, the door is now open for a major shift. Adoption is expected to accelerate significantly, enabling a seamless and modernised payment environment across Europe. Read BNP Paribas' information leaflet and gain an in-depth understanding of the upcoming changes in SEPA Instant Payment regulations and its impact on real-time transactions: https://lnkd.in/eNcyyFaK #InstantPayments #SEPA #Regulation #BNPParibas #PaymentInnovation #ProudlyCash

Lately, I have been dissecting EBA reports to explore the regulator's understanding of AML/CFT risks relating to virtual IBANs. An accurate understanding of legitimate use cases is required to comprehend vulnerabilities for AML/CFT. EBA report has elaborated on the use cases in detail. Thanks a lot Jekaterina Govina for sharing them in the form of infographic making them more easy to understand.