The Wolfsberg Group’s Post

I highly recommend reviewing The Wolfsberg Group’s newly published Payment Transparency Roles & Responsibilities guidance. This document provides valuable insights into the various ways payments flow, the roles played by key actors in the payment chain, and their respective responsibilities to uphold payment transparency standards. It serves as an essential reference for payment service providers, regulators, and standard setters. Building on the Wolfsberg Group Payment Transparency Standards issued in October 2023, this guidance is a practical tool to enhance transparency across global payment systems. I encourage everyone involved in the payments ecosystem to explore this document and leverage it to drive best practices. The link is available below and in the comments.

Just when, after nearly thirty odd years in the trenches, you think you understand the finer intricacies of payments, you do a piece of work with a group of passionate experts, and you realise how much more there is still to learn! After publishing the Payment Transparency Standards in 2023, we realised that there was more to do (and always will be in this rapidly evolving part of financial services) and it would benefit more than just ourselves to clarify who plays what role in a payment chain, so that the right accountability can be applied to the right parties. Well done to all involved, onwards! The Wolfsberg Group #paymenttransparency

To my knowledge nobody has attempted to set out the payment transparency responsibilities of parties in a cross border payment flow. This can be useful to all PSPs to help set expectations or serve as a basis for discussion/debate between the parties. Of particular note, this paper sets out how all intermediaries are not equal in terms of what they can see and what can be expected of them in real time payment flows.

The #Wolfsberg Group has published its "Payment Transparency Roles & Responsibilities" guidance. Payments can flow in a variety of ways and involve many types of payment service providers, messaging systems and payment market infrastructures. This document provides an overview of the roles played by key actors in a #payment chain. It also sets out their respective responsibilities to adhere to payment transparency standards across a sample of commonly observed payment flows and serves as a reference guide that can be used by all payment service providers, regulators, and standard setters. This guidance supplements, and should be read in conjunction with, the Wolfsberg Group Payment #Transparency Standards published in October 2023. #regulatory #compliance

On the 23rd of July 2024, the European Commission published "Clarifications of requirements of the Instant Payments Regulation". The document provides much-needed clarity on several pressing issues for the industry and addresses major changes and challenges payment service providers face.   To save you from reading 203 questions across 82 pages, RedCompass Labs and Kjeld Herreman has highlighted the most impactful updates for banks and financial institutions: https://lnkd.in/dz5CfAUQ #InstantPaymentsRegulation #Payments #FourTwoOne

The variety and scale of payment schemes continues to grow at pace around the globe including key faster payments platform infrastructure promoted at supra-national level. However, such developments have also, in most cases, set the scene for a proliferation of fraud, scams and other financial crimes on citizens. Regulators are becoming increasingly aware of the duality of emerging technology "risks and rewards" and the need to identify and mitigate reputational and financial risks arising through payment channels and digital repositories.   Read more in our recently published discussion piece Chris Cass Godly John:

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The SEPA Instant Payments Regulation aims to revolutionize European payments by enabling real-time electronic transactions. The scheme has 62% coverage in the EU, but only 5% in Ireland. The regulation mandates all eligible institutions to support instant payments by January 2025, requiring significant technical upgrades and stringent security measures. It promises faster transactions, reduced costs, and better liquidity management, but also poses challenges like increased fraud and compliance needs. Learn more about SEPA Instant Payments Regulation here - https://lnkd.in/e4GhMTGj

This is a perfect introductory course to the digital payment field. It gives a quick overview of the current digital payment industry standard.

The SEPA Instant Payments Regulation aims to revolutionize European payments by enabling real-time electronic transactions. The scheme has 62% coverage in the EU, but only 5% in Ireland. The regulation mandates all eligible institutions to support instant payments by January 2025, requiring significant technical upgrades and stringent security measures. It promises faster transactions, reduced costs, and better liquidity management, but also poses challenges like increased fraud and compliance needs. Learn more about SEPA Instant Payments Regulation here - https://lnkd.in/eCFfU-NY