YETE Technologies, LLC.’s Post

⚡"According to the FCA, funds shown on customer balances of Electronic Money Institutions (EMIs) and Payment Institutions (PIs) must be moved to the safeguarding account no later than one business day after the first transfer has been deposited, and customer balances on the balance sheet should match the amount in the safeguarded account excluding the fees collected. But, when all your customer funds are sitting in one pooled safeguarding account — which is what is typically offered by most banks — it can be difficult to see whose money is where, posing a major compliance problem " 💡Wondering what the way out is? Checkout our blogs on: 1. Understanding safeguarding accounts: https://lnkd.in/eC3RSCNf 2. Why dedicated accounts trump pooled accounts: https://lnkd.in/ek3JsGye #safeguardingaccounts #dedicatedaccounts #fintechs

During the FPC’s Spring Member Meeting, we looked for answers to the tough questions around a host of faster payments topics. We sought answers to “why are we where we are” when it comes to cross-border transactions; pursued the “why” and “how” around fraud; explored the “what’s next” for faster payments; and even asked questions of ourselves, as an organization. And in response, we gained valuable expert perspectives around some of the most pressing challenges and considerations facing the future of faster payments today. Check out our latest blog to learn some of the perspectives shared by industry experts and more: https://bit.ly/4bqxvnl #FPC #FasterPaymentsCouncil #FasterPayments #InstantPayments #RealTimePayments

Credit Card Swipe Fees to be capped? This is a constant strain on #SmallBusiness What do you do to minimize the fees? This cap would be welcome news. Great article from Bloomberg #CreditCard Why Credit-Card Swipe Fees Are So Hotly Contested https://lnkd.in/eUsb3grS

Hot off the presses, our latest edition of the #Payments Docket, featuring key enforcement and litigation updates affecting the industry!

In 2023, both American and British consumers exhibited a significant increase in chargeback filings compared to 2022. This trend highlights the growing necessity for issuers to have an effective dispute management solution. While delivery issues in the UK have decreased, the number of chargebacks has risen, reflecting a shift in consumer behavior. Justt #Payments #FinancialServices #Fintech

Wire payments are used for critical, time-sensitive or large-value payments that need to be fast, final and guaranteed. Why? Because #wirepayments have strong technological and legislative protections. Learn more about wire payments in our new Payments Academy video: https://bit.ly/3SQGh7N #PaymentsMatter #SaferPayments

Critics of the deal blasted the preliminary settlement as being insufficient. You can see why: In the suit, merchants alleged that the card companies and the banks that issue cards with them colluded to charge businesses inflated swipe fees and prevented them from directing their customers to other, cheaper payment options. Under the preliminary settlement, the card companies denied any wrongdoing and agreed to maintain the swipe fee rates that existed as of December 31, 2023, for a period of five years. https://lnkd.in/gDaxUyXM

Have you ever noticed a strange charge on your credit card statement? Wondering how to dispute these charges? Well, you’re not alone! Today, we’re diving into how to handle credit card disputes. You see, credit cards offer great convenience, but to really benefit from them, you need to stay vigilant about your transactions. Watch the full video here: https://lnkd.in/gN6q83Ai #personalfinance #creditcard #creditscore #bankbazaar 

I’m very pleased to see the FCA publish its policy statement on Access to Cash this morning, providing firm guidance for industry on how we can work together to protect cash use into the future. My 3 key takeaways from an early scan: 1. If as a result of a community assessment request, the assessment determines that the remaining cash infrastructure does not serve the needs of all customer segments, a banking hub may be recommended as a possible solution. 2. Assistance on deposit services must be considered where a deposit need has been identified. This can be delivered through video. Likely that video support on self service devices will be important. 3. Coin must be considered. In practice this is likely to mean a requirement for coin deposit (and potentially withdrawal) in some automated settings outside of Banking Hubs. Overall, this is positive regulation that will protect access to cash for the most vulnerable in our society, increase the number of Shared Banking Hubs across the country, and ensure flexibility in solutions which are able to leverage technological innovation. https://lnkd.in/dWNcxCJ9

Wire payments are used for critical, time-sensitive or large-value payments that need to be fast, final and guaranteed. Why? Because #WirePayments have strong technological and legislative protections. Learn more about wire payments in our new Payments Academy video: https://bit.ly/3SQGh7N #PaymentsMatter #SaferPayments