NextTech Communications’ Post

As banks look to stave off disintermediation from fintechs, while managing technical implementations and navigating new regulatory changes, XMLdation explores the issues that should be top of mind in 2024 🤔 📖 Read our brand new blog post here: https://lnkd.in/dv6A7BJf #payments #paymentsolutions #paymentautomation #XMLdation

The outlook for the global fintech industry is covered in the Banking Technology magazine’s June 2024 issue, showcasing the major trends in the given field. Some of the key highlights include: - The consequences of the #BaaS provider #Synapse failure, which has caused significant ripple effects within the fintech space in the #US. - Regulatory actions, such as the #CFPB designating #BNPL firms as credit card providers and imposing new consumer protection rules. - The issues that the building societies in the #UK face when executing strategies for increased speeds of digital transformation to retain customer orientation. - Insights on the growing importance of composability and core #modernization in building a robust tech stack for financial institutions. The magazine also sources professional opinions from experts and various leaders in the field of banking and fintech thus helping one get a holistic view of the current trends within the market. Recommended for those who are keen on catching up on the current and upcoming trends and #technologies in the #financial industry. Thank you FinTech Futures Official Link: https://lnkd.in/gGtJvcch #bankingtechnology #fintech #BaaS #BNPL #digitaltransformation #regtech #bankingInnovation

Synapse, a fintech provider of banking-as-a-service, collapsed in 2024, freezing nearly $160 million in user funds. Despite attempts to sell assets and ongoing legal battles, funds remain inaccessible. The fallout has affected numerous fintechs and their customers, prompting scrutiny of the digital banking model and investor accountability. #Fintech #BankingAsAService #SynapseCollapse #DigitalBanking https://shorturl.at/e7eDC

That’s a wrap! #PaymentsLeadersSummit was a blast; we hope you enjoyed it, too. Here are some of our key insights: 💡Payment Orchestration is key to improving transactions flows and reducing costs. Owning the journey, including the token vault, is key to ensuring the flexibility needed to make the best routing decisions and eliminate duplicate investments with multiple PSPs. 💡Open Banking - merchants are starting to explore options around Open Banking and what it will mean for their business, with the goal to provide consumers with more payment options at lower fees. 💡Utilizing additional data for AI decisioning - data gathering and safeguarding. 💡Educating the consumer in why data is needed and how it will be used to improve their experience. What stood out for you? Reach out to the team to discuss your take. #PLS24 #PLSUS #Payments #Innovation #Endava

The projected transaction value of US$995.00 billion in the UK's #neobanking market for 2024 underscores the rapid adoption and growth of digital banking solutions in the country. This significant figure from Statista's market insights reflects the increasing preference among consumers and businesses for the convenience and efficiency offered by neobanks—#digital-only banks without physical branches. The growth is driven by factors such as technological advancements, a supportive regulatory environment, and a strong fintech ecosystem in the UK. This trend indicates a transformative shift in the banking industry towards digitalization, with neobanks poised to play a crucial role in the future of financial services in the region. To explore the latest developments in neobanking, register for the FMLS:24 and discover cutting-edge innovations at the Inspire Stage taking place this November. Get Your Pass: https://lnkd.in/euFa2Vhj #fmls24 #fmls #fmevents #neobank #digitalwallets

For US banks, credit unions and fintech, the upcoming CFPB Section 1033 rules will inspire new financial data innovation, in cases where customers consent to sharing their data. Banks are also looking at opportunities to introduce AI into their products and services. Do you know what is needed to take advantage of both of these emerging opportunities? Data governance! Join me and the OpenFinity team for a webinar on Data Governance best practices in banking and finance, planned for 11 July. https://lnkd.in/dCStpfQm And if you have any particular needs or have suggestions you want covered in the webinar, add a comment below and we will make sure to incorporate. We discuss current #openbanking and #openfinance #datagovernance issues in each of our Quarterly Trends Reports, like this overview from Q2 2024:

What is one key to success when it comes to rolling out commercial Variable Recurring Payments (VRPs)? A multilateral agreement signed by banks and payment initiation service providers. We worked with UK Finance, law firm Addleshaw Goddard and a select group of banks and fintechs to create a stepping stone towards this goal as part of the VRP Model Clauses Working Group. Read more about how the model clauses complement and support the regulatory-driven process for open banking -- and how they’ll accelerate the arrival of commercial VRPs: https://lnkd.in/dH9NiMWh #policy #openbanking #VRPs

Ready to make waves at MPC? ❇️ The early bird rate ends THIS Friday! 💸 Network like a pro, learn from the experts, and gain exclusive perks all at “The Future of Money, Now!” Link in comments to register! Tedd Huff, Wayne Brown, MPC Digital Commerce Event #mpc24 #digitalcommerce #atlanta #banking #payments #ai #retail #fintech

This #Money2020 meet us to launch your instant cross-border payment network. Join us for a demo to witness how our easy API integrations converge financial compliance, banks, and FinTech platforms. Explore More. https://lnkd.in/diSAJjnP #Instantpayments #ModernizePayments #AIBots #BankingBots #ContractAI #riskasessment #fraudprevention #BankingCompliance #Financialcrime #AIinInsurance #InsuranceAutomation #LendingAutomation #KYCAutomation #GenAI #Money2020

In a world of rapidly evolving financial technologies, the security and convenience of online payments have become paramount for banks and their customers. However, despite the existence of advanced technologies like 3D Secure, which provide additional guarantees and protection, many European banks have yet to fully integrate them into their operational processes. In this article, we will explore how 3D Secure technology can enhance the security of online payments and improve the customer experience, as well as why it is crucial for banks to actively implement this method into their services. Read more -> https://lnkd.in/d265xd3B hashtag #financial #fintech #development #security #banking #customer