paymentssource

Risk, Fintechs and Regs Spark Real-time Payment Reforms in U.K.

The rise of digital payments, new non-bank competition, fraud challenges, a need for improved resilience and the changed regulatory environment are spurring two major updates to the U.K.’s faster payments system. The Bank of England is upgrading the U.K.’s Real-Time Gross Settlement (RTGS) system. Separately, the U.K. payments authority, Pay.

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CFPB Catches Flak From Banks, Credit Unions on Risks of AI

The Consumer Financial Protection Bureau on Thursday got an earful on the use of artificial intelligence from members of three advisory boards who said traditional financial institutions are at a competitive disadvantage against nonbank fintech firms.

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Data: The Newest Holiday Fraud Threats

The first wave of data from this year’s holiday shopping season is in, providing insights into where the biggest fraud threats are likely to originate in the final weeks of the year.

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Payment and Fintech Startups Are Hamstrung by Avoidable Mistakes

It goes without saying that fintech and payment startups have a lot at stake. Competition is fierce. Differentiation is difficult. One would think it’s a no-brainer that startup entrepreneurs – and their investors – would want to manage one of the biggest risks to their business: compliance.

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Payments Tech and Regulation Are Pressuring Banks to Get ‘Open’

Banks are facing pressure from three overlapping forces with ties to payments and retail innovation-customer, competitive and regulatory. Customer pressure takes the form of changing expectations. Customers want-and expect-the same level of digital service and functionality from their bank as from Amazon.

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7 Ways Smart Cities Innovate Payments

The concept of Smart Cities – which use mobile payments, global positioning and related technology to streamline parking, transit, building access and traffic – is deeply intertwined with the development of payments technology and regulation.

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CFPB’s Remittance Rule Exception Needs a Reboot

The Consumer Financial Protection Bureau’s first major rulemaking put in place new consumer protections for consumer remittances, including many consumer wire transfers sent through the correspondent banking system by banks, credit unions and broker-dealers.

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As Phishing Evolves, Payment Authentication Has to Do the Same

With more personal information accessible online and its accuracy questionable, relying solely on the data provided as part of the payment messaging can be risky. Continued incidents of spear phishing and catfishing only serve to highlight the complex work required to tell the genuine apart from the fraudulent.

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How to Keep Mobile Shopping From Becoming a Gift for Fraudsters

As mobile apps become a larger part of heavy shopping days such as Black Friday and Cyber Monday, taking the proper steps to ensure security becomes more important. All mobile applications, including shopping and retail apps, should be able to protect themselves in untrusted device environments.

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Blockchain Payments Need to ‘Tip the Scales’

While interoperability is vital to blockchain payments’ success, another critical area for growth in the industry is scalability. It simply won’t be possible for enterprises to build a healthy and functional ecosystem around the technology without scale.

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Consumers Are Shopping for ‘Points,’ and It’s Hurting Issuers

Credit card users are becoming savvy reward point shoppers, and it is tripping up some banks and issuers. For example, in the second quarter of 2018, the JPMorgan Chase said that it had to record a 330 million charge because credit-card customers were redeeming points faster than anticipated.

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Politics vs. Innovation: How the Midterms Changed Fintech

The payments and financial services industry has enjoyed an unprecedented wave of invention, but the fruits of that labor are threatened by an ideologically driven political climate that complicates the evolution of global, interoperable, mobile-driven commerce. The 2018 midterm elections split the U.S.

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