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✈️ Final Call for CoP Compliance! Don’t Miss the October 31st Deadline! ✈️ With tell.confirm, there’s still time to get your systems up and live for the final approach. Confirmation of Payee is essential for secure, fraud-free payments, and we’re here to help you make a smooth landing before the deadline. 🛫 Hop on board now—tell.money can fast-track your CoP compliance. Don’t let the deadline fly past - https://lnkd.in/dTiWCBTP #CoP #Compliance #OpenBanking

🦍 Terry’s trying to pick his Halloween costume 🎃, but nothing scares him more than the looming CoP compliance deadline! 😱 If you’re still scrambling to find a Confirmation of Payee solution, don’t panic— there’s still time, and we’re here to help. Reach out today: tell.money/tell-confirm #Halloween #CoP #Compliance 

CFPB faces lawsuit over new open banking rules in US bank pushback. The Bank Policy Institute (BPI) and Kentucky Bankers Association (KBA) have filed a lawsuit against the Consumer Financial Protection Bureau (CFPB), challenging new open banking rules. These rules allow consumers to direct banks to transfer their financial data to other institutions, aimed at enhancing competition and enabling easier switching between providers. The CFPB argues that this will lower costs and improve services, but banks are pushing back. BPI President & CEO Greg Baer contends that while a competitive marketplace is important, the CFPB’s rules compromise sensitive financial data, equating its protection to that of web browsing history. He warns that without sufficient oversight, technology companies could misuse this data. The BPI claims the rule places all data protection responsibilities on banks, while the CFPB fails to ensure third parties protect the data. The KBA, through its president Ballard W. Cassady, Jr., argues that the rule jeopardises the safety and soundness of the banking system, with insufficient protection for consumer data. Both organisations demand stronger consumer data safeguards. This lawsuit is part of a broader wave of legal challenges against the CFPB, with other industry groups and major players like JPMorgan also exploring legal actions over the agency’s regulatory initiatives. Key points: - The CFPB’s new rule mandates banks to share consumer financial data with other institutions, aiming to foster competition. - The BPI and KBA claim the rule weakens data protection and places undue burden on banks. - The lawsuit is part of a growing backlash against CFPB regulations, with fintechs and other banks also considering legal action. Read the original @Finextra article here: https://lnkd.in/dnyrPbAN #OpenBanking #DataProtection #Fintech

🚌 Don't Let the CoP Deadline Pass You By! 🕒 The Confirmation of Payee deadline is just around the corner. If you're not on board yet, it's time to fast-track your compliance. tell.confirm ensures you're on the right route, get started today and avoid any unnecessary delays. https://lnkd.in/dTiWCBTP #CoP #Payments #Compliance

🔗 PSD2 Compliance Made Easy with tell.gateway. Under PSD2, publishing a dedicated interface for open banking can be complex and costly. But with tell.gateway, we’ve made it simple. Our cloud-based API gateway is fully compliant, fast, scalable, and ready to go! Let us take care of the hard work so you can focus on what you do best. Find out more here: https://lnkd.in/e5ygF_sc #OpenBanking #PSD2 #Compliance

📈 Open Banking: reaching a new milestone 🚀 As Open Banking continues to transform the financial landscape, FStech’s Alex Leonards recently caught up with Henk Van Hulle, CEO of Open Banking (OBL), to explore the next steps for the industry. With the groundwork of 10 million users laid earlier this year, the focus is now shifting towards innovation, regulation, and the expansion of services. Van Hulle outlined how Open Banking is evolving, with a growing ecosystem of innovators and financial players driving change. One key area of development is Variable Recurring Payments (VRPs), which promise to revolutionise direct debits by offering more flexibility and control to users. Van Hulle explained that VRPs will be a major focus for the next six months, as more financial institutions adopt them, paving the way for smoother payment experiences. Another significant area of progress is the upcoming Digital Information and Smart Data Bill. Van Hulle stressed the importance of this legislation in unlocking further value for both businesses and consumers. By standardising data across sectors like energy and telecoms, Open Banking could expand beyond finance, creating new opportunities for growth and innovation. He urged the government to prioritise the bill, citing its potential to boost the UK economy by up to £28 billion. The next 12 months will also see a stronger focus on fraud prevention, as OBL aims to enhance security through improved APIs and international standards. Collaboration with key bodies like the Joint Regulatory Oversight Committee (JROC) will be crucial in shaping the future of Open Banking, ensuring it remains a secure and scalable solution for businesses and consumers alike. For Van Hulle, the real strength of Open Banking lies in its ability to support innovation while maintaining rigorous standards. With organisations like HMRC using Open Banking for tax payments and lenders leveraging it for responsible lending, the possibilities are vast. The challenge now is to scale these innovations across industries and expand the reach of Open Banking to all areas of daily life. Read more about the future of Open Banking in Alexandra Leonards' article on FSTech: https://lnkd.in/e8fT5HKw #OpenBanking #Innovation #Fintech

Have you left CoP compliance to the last minute? ⏳ Don’t worry, there’s still time! Get in touch now and secure a quick, easy solution with tell.confirm before the October 31st deadline. https://lnkd.in/dTiWCBTP #CoP #Compliance #OpenBanking

Anthony Jarman our Head of Partner Engagement will be attending Open Banking Expo UK & Europe today and tomorrow in London. Make sure to stop him and ask about our PSD2 and Confirmation of Payee solutions or DM him to arrange meeting. #TalkToTell #OpenBanking #OBExpo

Massive thanks to Carl Raven and the entire Visa team for the invite to the “enablers” event. Great presentations, great panels, great networking, great partners! Looking forward to the next one. Thanks from the tell.money team sat with Roger Binks of Kani and Neil Wake and Craig Luther of Dialect Communications Amazing to see so many friends and partners and indeed make some new acquaintances too 🙏

The Financial Conduct Authority (FCA) has published two significant Dear CEO letters outlining its expectations on authorised push payment (APP) fraud reimbursement. These letters, issued on 8 October 2024, emphasise the need for banks, payment institutions, and e-money firms to comply with the new Payment Systems Regulator (PSR) requirements, which took effect on 7 October 2024. Key expectations include: 1. Strengthening anti-fraud systems at on-boarding and through continuous transaction monitoring. 2. Regularly reviewing and updating fraud prevention systems to ensure effectiveness. 3. Adhering to Consumer Duty, ensuring firms don’t cause foreseeable harm to customers and act swiftly when harm occurs, including offering redress when necessary. 4. Properly managing capital and liquidity to address potential liabilities related to APP fraud reimbursement. The FCA and PSR will collaborate using a data-driven approach to monitor compliance, safeguarding consumers without disrupting the payments process. Read the full details via the link in the comments section 👇 #APPFraud #Compliance #OpenBanking Norton Rose Fulbright