Are you attending #EBAday this year? Join us in session room 5A for an exclusive update on our ongoing activities. We've got two formats: ✅ If you want to know what we and our user community are up to, visit one of our side sessions. EBA CLEARING and the Euro Banking Association (EBA) provide updates on the deliverables they are taking forward with their member/user community. In each session, we have bank representatives who explain why they support these activities: Sergio A. Dalla Riva and Christof Hofmann will discuss the value of collaborative deliverables, such as FPAD and the EBA Fraud Taxonomy, for the fight against fraud. Jan Paul Van Pul and Frantz Teissèdre will zoom in on first findings from the EBA's cross-border payments survey and their take on RT1's OCT Inst Service and the IXB initiative. Michele Olin and Niklas Lemberg will talk about instant payments and how EBA and EBA CLEARING can help with the challenges and opportunities around the Instant Payments Regulation. Simone Loefgen, Lirka Bibezic and Carmen Almazán Aguilar will share their lessons learnt from the R2P proof of concept and discuss next steps. ✅ If you want to know how to benefit from our RT1 and EURO1 Systems, visit our operational sessions. We are going to explain the nuts and bolts of the two systems: what are the key features, what are the benefits and how can you optimise your set-up. We hope to see you there! #fraudfighting #crossborderpayments #instantpayments #requesttopay
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🌐 Big News on FATF Recommendation 16! 🌊 Following the plenary meeting in Paris this month, the FATF has initiated a comprehensive consultation on Recommendation 16 for #crossborderpayments. 🔄 New Definitions and Terminology: Farewell to the traditional "wire transfers"; welcome the broader term "Payment Transactions." The FATF is ushering in a new era by adopting a more generic definition, reflecting a departure from debtor/creditor to originator/receiver dynamics. 💳 Potential Changes in Card-Initiated Payments: Currently exempt for goods purchases, this will undergo some changes. The FATF's questions are seeking to include cash withdrawals and certain card-funded payments in the scope. 💌 Standardization of Messages and Originator/Receiver Requirements: The call for standardized messages, including potential originator and receiver requirements, signals a move towards a more streamlined and transparent financial messaging system. 🏦 Virtual IBANs Under Scrutiny: The spotlight is on Virtual IBANs, due to their flexible nature. Different country codes can obscure the actual location of the customer account. 🔍 Beneficiary Bank Responsibilities - The FATF underscores the responsibility of these institutions in the fight against fraud, Name Matching might become a standard. 🔄 Defining the Payment Chain: Unraveling the payment chain, the FATF raises a fundamental question. Does the chain begin with the institution receiving the payment instruction, or is it rooted in the institution where funds are pulled to finance the transaction? This would be massive and a genuine disruption in the payment space. Consultation ends on the 2nd of May 2024. Link to the consultation: https://lnkd.in/dfKb6JdP #FinancialEvolution #FATFInsights #RegulatoryChanges #FinancialTransactions #PaymentTransprency #Wolfsberg
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Digital Transformation | Product Strategy | Technology Strategy | Open Finance | Payment SME | Cloud Migration | Agile
Interesting cross border use cases can be achieved with this flow. #kudos to EBA
EBA CLEARING will deliver a One-Leg Out Instant Credit Transfer (OCT Inst) Service in the RT1 System for November 2024. “We are pleased to develop the RT1 OCT Inst Service at the request of our users, so they can leverage existing building blocks and investments for their cross-border transactions. RT1 OCT Inst will provide our users with an easy and convenient way to re-use their instant payment rails for international payments," says David Renault, Head of SEPA Services at EBA CLEARING. Read more https://lnkd.in/dk8s2JDA
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𝐒𝐄𝐏𝐀 𝐈𝐧𝐬𝐭 𝐌𝐚𝐧𝐝𝐚𝐭𝐞 𝐑𝐚𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 – 𝐍𝐞𝐱𝐭 𝐒𝐭𝐞𝐩𝐬 𝐭𝐨 𝐌𝐞𝐞𝐭 𝐭𝐡𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 The recording is now available for you to watch. Dive in here: https://bit.ly/49Nifk3 Listen to guidance from Diederik Bruggink from WSBI-ESBG and advisory board member to the European Payments Council (EPC), Jessica Ramos from EBA CLEARING, Uwe Klatt from GEVA Group, Frederic Viard from Bottomline and Mélisande Mual from The Paypers as they unpack the latest #SEPAInst timelines and help the 20% of #banks and #financialinstitutions who consider lack of clarity on the requirements for #verificationofPayee as the most significant barrier to the adoption of #instantpayments. 𝐊𝐞𝐲 𝐭𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: Meeting SEPA Inst timelines poses various considerations and challenges. Addressing these is crucial for success: · Financial institutions must prioritise regulatory compliance · Invest in technology and infrastructure · Enhance fraud prevention measures · Foster collaboration to successfully transition to SEPA Instant Credit Transfers · Meet the evolving needs of customers in the digital age. Register now to watch the recording and catch up on the valuable insights: https://bit.ly/49Nifk3 #realtimepayments #sanctionsscreening #prevalidation #fraudprevention
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In 2017, the Bank of England was the first G7 central bank to offer settlement accounts to non-bank payment service providers (NBPSPs) to promote access, competition, and innovation. This was followed in 2021 by a new access policy for omnibus accounts, which will enable RTGS to interoperate with emerging technologies (such as DLT) and new business models. The Bank has also improved international operability and reduced frictions to cross-border payments by implementing the ISO 20022 global messaging standard for CHAPS payments. There are a number of further enhancements to RTGS, informed by engagement and working together with industry, which are also under consideration as part of the RTGS Future Roadmap.In addition to the measures to further enhance resilience the Bank is working closely with the industry to design and prepare for delivering features such as: - a synchronised settlement interface to RTGS, which would allow RTGS to interoperate with other ledgers (eg overseas RTGS and other assets such as land registries) and DLT; and - extended RTGS settlement hours, which would serve as a catalyst for further innovation, for instance by facilitating integration of central bank money more seamlessly into ‘always-on’ payment solutions. I had the privilege of contributing to the Future of Payments Review 2023 and its exciting to see that HM Treasury is moving forward with a National Payments Vision, as outlined in the review. https://lnkd.in/geMnZ96H The bank has today published it approach to innovation in money and payments. https://lnkd.in/gjgFUw7x #payments #england #iso20022 #technology #banking
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QR invoicing has made #payments smoother and automated but has obliged banks to amend and adapt their messaging system. Discover how ERI has enabled the bank CBH Compagnie Bancaire Helvétique SA to benefit from pre-filled information (via scan) to process their invoices seamlessly. Want to know more: https://lnkd.in/epMbKXaE #OLYMPICBankingSystem #Privatebanking #wealthmanagement
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Helping retail banks to digitize and reimagine their core services by delivering composable cloud and SaaS solutions for Core Banking, Open Banking, Payments, Compliance and Lending.
During today's "Instant Payments: are you ready?" event, hosted by the ABBL (the Luxembourg Banking Association) and the BCL (Central Bank of Luxembourg), a BCL survey among Luxembourg banks was presented with some food-for-thought results: close to 50% of respondents do not plan to offer instant payments, and of the banks that do intend to implement instant payments, less then 50% is planning to do so within the regulatory deadline. And the first deadline is approaching fast: end of November 2024 banks need to be ready for receiving instant payments. Are you ready? #ABBL #instantpayments #BCL #regulatorycompliance Ananda Kautz Pierre Thissen
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Attention Florida banks and Credit Unions! Today we released a report that we did in collaboration with market intelligence firm PCMI, called “Becoming the Preferred Bank.” It outlines specific strategies that Florida’s banks and credit unions need to adopt to become their customers' preferred financial institution. Check it out the full report at https://lnkd.in/esibaB6u
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The end of the CBPR+ migration is getting closer and there is still a lot of work carved out for the full Swift community. #ISO20022’s richer and more structured data is the foundation of a new generation of services for banks, corporates, and consumers. Swift’s Nicolas Stuckens looks at 5 reasons you should adopt ISO 20022 now: 👉 https://okt.to/wTGKay With thanks to Paula Roels, Cathy Newcombe, Dougal Middleton, Ross Jones and Jeremy McDougall. #data #payments
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Software Quality Catalyst, Mentor (ADPList, TheLadderTech) | Fintech, Payments, Remittances | I help tech companies ship high-quality products with 0% critical bugs
I'm yet to see an article about the latest BVN & NIN Linking announcements with a list of Tier 1, Tier 2, & 3 banks (if you found one, please share). I'm yet to find a [current] list of commercial banks in tiers. (Please share if you have one). The tiers are fluid. Banks can move between tiers based on a cluster of parameters. 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀: 1- What happens to a customer with only BVN or NIN in a Tier 1 bank that recently dropped to Tier 2? 2- Why are Tier 1 Banks sending messages that depict a combination of BVN and NIN, whereas that's not what's in the CBN circular? PS: The CBN circular around the BVN-NIN linking (PSM/DIR/PUB/CIR/001/053), dated December 1, 2023; can be found here - cmpr.es/CBN_BVN_NIN_2023
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🚨 A TOI article dated 05.05.2024: Following significant losses in online betting, a 26-year-old youth resorted to setting up a staggering 125 mule accounts. 🫏 This made this 26-year-old a 'witting' money mule. Leveraging our latest Money Mule Score technology, banks and other FIs could have prevented this escalation by flagging key risk signals such as 👉 Multiple bank accounts 👉 Multiple SIM cards on the same device 👉 Anomalies in his digital footprint The Money Mule Score takes into account 160+ factors when calculating the risk potential of an account becoming a mule account. Protect your reputation and revenue. Schedule a demo with us now: https://lnkd.in/gdJixJuj
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Retired at EBA CLEARING
2moParticularly pleased to see EURO1’s liquidity efficiency being promoted