The Paypers’ Post

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

 📣 It’s official the European Parliament has approved the proposal for a Regulation on Instant credit transfers within the EU and EEA countries: https://lnkd.in/d5vNsfZE   🚀This new Regulation aims to ensure that payments clear immediately in the bank accounts of customers and corporates throughout EU and EEA countries. Payment service providers - #PSPs - will therefore need to ensure immediate processing of transfers.   🔐 These important updates will improve the speed and security of payments and banking transactions, to the benefit of individuals and businesses. This Regulation will also require Payment Service Providers (PSPs) to verify the correct correspondence between the beneficiary of an instant payment and the related account to be credited in order to avoid possible mistakes or fraud attempts before a transaction is concluded.   ✔️ CBI, in its role as industry utility, has already launched for #Banks, #PSPs, #Fintech and Technical Service Providers (#TSP), the #NameCheck Service which allows online and real-time verification of corresponding IBAN Code with the full name of the account holder. This solution enables peer-to-peer connection through real-time verification of updated data whilst reducing the risk of fraud and/or incorrect payment directions.   Find out more on: https://lnkd.in/dHXPn9k5   #InstantPayment #NameCheckCBI #VoP #Antifraud #OpenFinance #Security

Watch Now - https://lnkd.in/eCWqWJGk 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. #realtimepayments #sanctionsscreening #prevalidation #fraudprevention

🇮🇹 UIF Report: Decrease in Suspicious Transaction Reports in the First Half of 2024 In the first half of 2024, the #FinancialIntelligenceUnit (#UIF) received 70,085 #suspicioustransaction reports (STRs), marking a 9.7% decrease compared to the same period in 2023, with a reduction of 7,522 reports. This data confirms the downward trend that began in 2023. The decrease was mainly concentrated in low-risk reports, which saw a drop of over 29% compared to the first half of 2023. During the first half of 2024, initiatives were undertaken to improve the quality of reports, including two meetings with key reporters in January and June. The decline was primarily driven by financial intermediaries and operators, who submitted a total of 4,692 fewer STRs compared to the same period in 2023, and by the banking sector and Poste, with a decrease of 4,364 STRs. In contrast, non-financial entities increased their contribution by 1,534 STRs. Among financial intermediaries and operators, the reduction was particularly notable in payment institutions (-25.4%) and #electronicmoney institutions (-19.7%). In the non-financial sector, there was an increase in reports from professionals (+45.9%), primarily notaries and CNN, and from #virtualcurrency operators, with reports more than doubling compared to the first half of 2023. Communications from public administration increased from 154 to 756. Conversely, reports from #gamingservice providers (-25%) and those involved in cash or valuables custody and transport (-35.7%) decreased. #aml #compliance #moneylaundering #antimonexylaundering Banca d'Italia - Eurosistema

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

The European Commissioner for Financial Stability, Financial Services and Capital Markets Union, Mairead McGuinness, has just delivered a keynote speech at our EPIF 8th Annual Conference.   We were pleased to hear Commissioner McGuinness highlighting the important role that non-bank payment service providers have in driving payments innovation in Europe and the commitment of the European Commission to continue to embrace the digital revolution in payments.   In her speech, the Commissioner also drew attention to the important avalanche of payment files this year, including:   ·        Instant payments, with a very important agreement last week that will enable payment institutions to access payment systems via an amendment to the settlement finality;   ·        The PSD3/PSR proposals which are at the core of EPIF work and have the potential to further increase consumer protection and enhance fraud prevention; ·        The new open finance framework, which builds heavily on open banking rules and that EPIF members very much welcome; and ·        The proposal on the digital euro which, depending on design, can push innovation in the payments space by payment institutions. We again thank Commissioner McGuinness for her very relevant intervention highlighting the ongoing priorities in the EU agenda on payments.

💸 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

#instantpayment - Since 20 August 2024, the biggest Swiss banks must be able to process instant payments. The remaining Swiss banks will follow by 2026. What is instant payment? The payee’s account is credited and the payer’s account is debited virtually #simultaneously – in less than ten seconds #(<10s), regardless of the time of day or day of the week #(24/7). This development catches up with the IP systems already deployed in the EU and will improve customer experience ; on the other hand it will also be an #IT and #regulatory #challenge to correctly apply the #AML and #sanctions requirements to ultrafast and non reversible transactions. See below FAQ of SIX. We are happy to discuss the matter further with you. #deloitte #regulatory #IP Ralph Wyss Alexandre Buga

The future of finance is instant, and Europe is leading the way. 🚀 The European Parliament's recent endorsement of the regulation mandating instant payments marks a significant milestone in the digital transformation of Europe's financial landscape. This move, met with overwhelming support, underscores Europe's commitment to modernizing its payment systems and embracing the convenience and efficiency of instant payments. The new regulation requires credit transfers to be completed within ten seconds across the EU, ensuring that instant payments become the new normal. This development holds immense potential for businesses and individuals alike, enabling faster and more seamless financial transactions. However, it's important to acknowledge the challenges that lie ahead in achieving widespread adoption. The stringent deadlines imposed by the regulation put significant pressure on financial institutions to adapt their systems and processes accordingly. ⌛ For an in-depth analysis of the regulatory changes and their broader implications for the European banking industry, I highly recommend reading Sheri Brandon's latest blog. She provides valuable insights into the evolving payments landscape and the opportunities it presents. https://bit.ly/3OzKQAE Join the conversation and share your thoughts on this transformative step towards a more efficient and interconnected financial ecosystem in Europe. 🤝 #InstantPayments #EU #Worldline #Payments

"Consumers from vulnerable groups such as senior citizens, disabled people and those with low digital skills experience a decline in the accessibility and availability of payment services. This seems to be related to the fact that banks increasingly digitalise their services and close branches. At the same time, the accessibility and availability of payment services for average consumers are still adequate. This has emerged from research by De Nederlandsche Bank (DNB) on behalf of the National Forum on the Payment System (NFPS). The NFPS has drawn up an action plan to counter the negative impact of current developments on vulnerable groups." #AccessibilityInTheNews https://lnkd.in/gdT72jbj