Payments regulation 2023: Safeguarding best practices and regulatory updates
In March, the FCA issued a Dear CEO letter to all payments and e-money firms. Similar to a letter published by the Central Bank of Ireland (CBI) in January, it highlighted three priorities: Ensure customers’ money is safe Ensure operations don’t compromise the integrity of the wider financial systems Meet customer needs with high-quality products…
Safeguarding: How to meet the FCA’s Dear CEO requirements
AutoRek’s Nick Botha discusses how the FCA is taking payments safeguarding very seriously and firms should be able to demonstrate robust governance and control frameworks to avoid unwanted consequence. The…
Cross-border payments: How to create frictionless processes
As international trade and e-commerce continue to expand, cross-border payments are rising. According to Bank of England projections, the value of cross-border payments is set to reach $250 trillion by 2027 – up from $150 trillion in 2017. However, the growing prevalence of borderless transactions has so far presented an operational challenge to payments organisations…
Safeguarding for payments and e-money institutions
What is safeguarding? In the UK, payment institutions, e-money institutions and credit unions that issue e-money are required by regulation to safeguard customer assets. Upon immediate receipt of funds, the FCA expects firms to ‘ensure appropriate organisational arrangements are in place to protect the safeguarded funds.’ Much like CASS, these new provisions ensure that organisations…
Federal Reserve selects AutoRek for FedNow Service Provider Showcase
Posted: 04/05/2023 | Read time: 2 minutes The US Federal Reserve has selected AutoRek, a global end-to-end financial data control platform, to feature in its FedNow Service Provider Showcase, which connects financial institutions with providers offering real-time payment solutions. Launching in July this year, the FedNow Service – an instant payments infrastructure developed by…
Payments in 2023: 5 key trends and changes to expect
Posted: 15/03/2023 | Read time: 4 minutes Payments organisations around the globe have had much to contend with in 2022. The sector experienced rapid growth, high levels of competition, and ceaseless front-end development. Although the success of the industry has been widely celebrated, many firms are struggling to keep up with its sheer growth…
Payments industry outlook 2023: Strategic priorities, operations, regulation and data
The changing payments landscape The payments industry is no stranger to change. Growing payment methods and volumes, regulatory developments and emerging fintechs continue to drive the evolution of this dynamic sector. As expected, 2022 has so far been another turbulent year for payments, defined by key trends like fierce competition, innovations on the frontend and…
Safeguarding for payments and e-money institutions
What is safeguarding? In the UK, payment institutions, e-money institutions and credit unions that issue e-money are required by regulation to safeguard customer assets. Upon immediate receipt of funds, the FCA expects firms to ‘ensure appropriate organisational arrangements are in place to protect the safeguarded funds.’ Much like CASS, these new provisions ensure that organisations…
ISO 20022: The story so far
Posted: 19/01/2023 | Read time: 4 minutes As finance becomes increasingly globalised, the need for a simplified and standardised cross-border payments messaging system has become more crucial than ever. Growing demand for the safe and efficient flow of payments messages has culminated in the creation of ISO 20022, which is a common language for…
Payments: The case for an end-to-end automated reconciliation tool
The payments boom has taken a new shape in recent years. Emerging technologies – like blockchain, digital currencies, and open banking – are playing an ever-greater role in day-to-day transactions. According to IBM research, more than 70% of banks and credit unions worldwide are either developing or implementing a range of next-gen applications and modern…