Panagiotis Kriaris

The World of #Payments is seeing innovation at breakneck pace. #EuroZone is poised for an explosion in payment volumes due to the Sepa Instant regulation. At the same time supporting regs like Verification of Payee, PSD-3 and FIDA will ensure that fraud is in control and customer interest is kept uppermost. #Payments in #Europe will also become faster thanks to the OLO-OCT INST payment scheme (One leg out) where based on bilateral arrangements the EURO leg will settle in the 10s SLA while the guidance for the non-euro leg is 60s and this will help European banks move closer to the #G20 #CPMI guidelines of ensuring that 75% of all cross border payments settle under in under 60m. At the same time, as regulations around FIDA (Financial data access regulation), MICA ( markets in crypto assets ) , Digital Euro , Digital Identity and the EU AI Act fall in place, opportunities for innovative offerings will increase. Indeed these are exciting times for European Payments and I am happy to be presenting at #EBAday 2024 on the topic of "Immediate Cross Border Payments" along with Elena Casal Zennon Kapron Piers Marais and Paul Francis Walvik-Joynt. Look forward to meet you all . European Banking Authority (EBA) Euro Banking Association (EBA) Finextra Intellect Global Transaction Banking | iGTB Ritwik Mohanty Michael Whitehead Sriv Venkatesh Hubert Lecomte Xavier Ader Luis Barreiros Mary Lee Muir Jenny McIvor Vincent Brennan Panagiotis Kriaris David Birch Anders Olofsson Arthur Bedel 💳 ♻️Gareth Lodge Yusuf Bhanpurawala Borna Ljubicic #Payments #Fintech #financialservices  #cashmanagement #bankingtechnology #innovation #bankingindustry #corporate #cashmanagement #corporatebanking #transactionbanking #gtb #igtb Payment Pundits land in Lisbon To discuss trends and regulation BAAS, AI, ID , Fraud and CRD6 With CBDC, Liquidity and Correspondent banking Shall all be part of the mix

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Payments Recap - Latest Happenings 💳 Klarna has relaunched their #creditcard product with #BNPL being the default payment option. There is no interest if paid early and rates vary based on when you make the payment. Affirm has a similar set up with their #debitcard product. It will be important to see how adoption of these products goes, especially with the younger generation. If this becomes a product demand most #banks and #creditunions are not set up to support this and could continue to lose market share to the providers. 💳 Uber has begun to offer #paybybank to consumers with incentives to switch from their card on file. As we have discussed, the key to adoption for pay by bank is making it compelling enough for consumers to switch. The benefit to this is almost exclusively for the merchant. If they can make it compelling enough to shift behavior this could have a material impact especially on #debit cards. 💳Bank of America Earnings Tidbits Zelle® send transactions 2X checks written (224MM v 100MM) Total Zelle growth is 26% v 29% last year Digital Sales continue to represent 50% of total consumer sales Credit Card Chargeoff is up from 2.21% to 3.62% YoY RAM is down from 8.69% to 6.81% as a result Outstanding grew by almost 9% Credit quality and continued impact on margins will have to be closely monitored. My guess is the current numbers are closer to the new normal and will have to be baked in moving forward. In terms of Zelle the growth continues to impress but BOA as you see if very much displacing checks and other offline payments. The impact on cards has still not been material though Zelle for Small Business does represent a risk. Finally Digital Sales continue to be outstanding and candidly something than other Banks and CUs need to prioritize 💳JPMorgan Chase & Co. Earning Tidbits Credit Card Chargeoff is up from 2.07% to 3.32% YoY Outstandings were up 13% due to increased revolve rates and new accts Acquisition cost for new cards were also higher Net revenue rate was down from 10.38 to 10.09 The message here is consistent with Bank of America margins in credit card are getting squeezed and losses are returning to the normalized historical rates of 3-4%. Consumers are also revolving more balances which can help with margins but also drive losses. These shifts do not even contemplate the potential impacts of #CCCA or the Visa/Mastercard settlements which be anywhere from immaterial to game changing depending on the outcome. So What - The #Payments business continues to get more and more competitive and margins continue to see pressure. You must be diligent and aggressive at managing this business to ensure you can maximize your returns and stay competitive in the marketplace. What did I miss? Brandi Gregory Lindsay Hooks Kevin Von Holten Jayme Madden Emily Osburn Mary Wisniewski Sam Kilmer Glenn Grossman

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EPI launches Wero wallet in Germany The European Payments Initiative (EPI) has launched its mobile-first wallet and instant account-to-account payments system in Germany, with other counties set to follow in the coming months. German Sparkassen and Volksbanken, Raiffeisenbanken customers can now make instant money transfers from account to account between individuals, via their banking app. Deutsche Bank will launch wero later this year, starting with Postbank. Wero enables mobile payments from one phone to another. Unlike traditional transfers, Wero users do not need the recipient's 22-digit account number (IBAN). Instead, a mobile phone number or email address can be used for real-time money transfers. Next year, Wero will get the ability to pay any small professional from the wallet, and also pay merchants online and upon invoices via QR code. This includes the ability for consumers to manage recurring payments for subscriptions or installments, but also to pay in merchant apps at point of sale without going through the cashier. In-store payments at the cash register will also be added in 2026, along with other capabilities, such as BNPL, merchant loyalty, programme integration and expense sharing. https://lnkd.in/ev3nH8_Z

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💡Exciting insights from #Klarna on the leading European banks in Open Banking! Netherlands emerges on top for several reasons, with a focus on: ➡️ Exceptional user experience ➡️ Clear, intuitive payment processes ➡️ Minimal downtime and swift issue resolution. #OpenBanking #Banking #DataDriven #CustomerExperience

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Until November the ECB-Trials are running, allowing financial institutions to explore 3 different options for blockchain-connectable wholesale payment solutions. But what should be the next? 💶 Wholesale payment for scaling digital assets 📈 Yesterday in the ECB NTW Contact Group I highlighted the need for a central bank money payment solution for scaling digital assets. To allow a strong European DLT-ecosystem, the market requires a payment solution that is offered beyond November - not excluding to incrementally improve the then offered option in the future, #agility is the way to go! 🌟 Furthermore, it will be exciting to see, which kind of use cases will be revealed at the end of the trials. The ECB shared that use cases are spanning from securities related use cases (issuance, secondary market, lifecycle management and repo) to PvP-cases and automated reconciliations! 🔬 #digitaleuro #digitalassets #blockchain SWIAT DekaBank Deutsche Girozentrale LBBW SC Ventures by Standard Chartered

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To the next big thing. Joining EBA Day 2024 at the Lisbon Congress Centre 18-19 June! 💪 Waiting good discussions around hot topics - Instant payments and IPR regulation. Lets meet there! 👌💯 #EBADay2024 #instantpayments #payments #lisbon #ebaclearing #nordea

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Glad to see #BIS shares same vision as #Partior for next generation correspondent banking. As per the report, the role of commercial banks and Central banks will remain unchanged but the platform would harness 3 new capabilities: 1. Combining payment messaging and account updates as a single operation - Partior simultaneous messaging and settlement solution enables it. 2. Executing the chain of payments atomically rather than as a series of sequential updates to separate ledgers - Partior shared ledger provides instant/ atomic settlement for Fx PVP and multi settlement bank use case. 3. Drawing on privacy-preserving platform - Partior privacy solution ensure that transaction data and participant balances are visible only to the transacting parties. Partior is a Live multi-bank multi currency settlement network and provides : - Multi-cloud decentralised platform for participants to do P2P messaging. - Token smart contracts to issue and record balances on-chain - Applications to support use cases like cross border payments, FX PvP and new instruments like Intraday FX swaps etc.. Please reach out to us who wants to explore and happy to collaborate together to disrupt the future of money movement. Happy weekend... #Partior #Programmability

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👓🦯🫱💳 UniCredit is the first banking group to switch all its payment cards to the Mastercard Touch Card. The Mastercard Touch Card design is based on side notches that make it easier for blind and partially sighted people to identify debit, credit and prepaid cards by touch alone. The Mastercard Touch Card with this new feature is now available in Italy and will be gradually introduced over the course of 2024 to all card holders in the 12 countries where the bank operates – in Germany to the HypoVereinsbank - UniCredit - Deutschland customers. The card is designed to increase the independence for people with visual impairments while making payments with their Mastercard. According to the European Blind Union, it is estimated that there are over 30 million blind and partially sighted people in Europe. An average of 1 in 30 Europeans experience sight loss. “Inclusion lies at the core of Mastercard´s values, and Mastercard Touch Card exemplifies our commitment to standards in payment cards, promoting inclusivity. We are delighted to work with an esteemed partner like UniCredit to deliver consumer-centric solutions that enhance accessibility for all,” said Mark Barnett, President Mastercard Europe. Read more about Mastercard Touch Card👇

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🏦 We have developed an SDK for Bank Payment Module    The customer is Raiffeisenbank, one of the major banks.   ✅ Task: To develop an SBP payment module to be integrated into the mobile apps of Raiffeisenbank partners with the bank’s logo.   ✅ What we did:   • Preferred banks The module keeps track of up to four frequently used banks and offers them first.   • Default bank The user may click ‘Open Default Bank’ button to use the selected default bank for the transaction.   • Bank search The user can enter the name of the bank in the search bar to find the required one faster.   👉 Read more about the development on our website https://lnkd.in/djdDCAfB.

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The financial sector is witnessing a transformative collaboration🤝, with banks and fintechs joining forces to deepen and diversify service offerings. This strategic alliance paves the way for innovative solutions 🚀 and shared success, but it also brings new dimensions of risk to the fore.   Risks and mitigation strategies: ⛈ Cybersecurity: The integration of cloud services and external fintech platforms increases exposure to cyber threats such as data breaches, ransomware, and phishing attacks. ☂ Implement cybersecurity measures including encryption, multi-factor authentication, and endpoint security. ☂ Conduct regular security audits and penetration testing. ☂ Strengthen real-time incident response and monitoring system. ⛈ Compliance and Regulatory : Cloud and digital technologies must comply with regulations like GDPR, CCPA, and others specific to financial services, such as SOX and PCI DSS. ☂ Develop compliance checklists for each technology solution and ensure all fintech partners and cloud services comply. ☂ Regularly train staff on regulatory requirements and conduct compliance audits. ⛈ Vendor Dependence: Reliance on third-party fintech companies and cloud service providers can lead to risks associated with vendor stability, data security, and operational dependencies. ☂ Conduct thorough due diligence before engaging with any service provider. ☂ Establish strong contracts with clear SLAs and contingency clauses and assess vendor performance regularly. ⛈ Data Privacy and Integrity: Ensuring the privacy and integrity of customer and company data across multiple platforms and services is crucial and challenging. ☂ Implement strict data access controls and data encryption both at rest and in transit. ☂ Regularly back up data and implement robust data recovery processes. ☂ Develop and enforce comprehensive privacy policies. ⛈ System Downtime and Availability: Outages of cloud services or fintech solutions can lead to significant disruption in financial services, impacting customer trust and company reputation. ☂ Establish redundant systems and data storage across multiple locations. ☂ Design and implement failover mechanisms to ensure high availability and minimal service disruption. ☂ Conduct scenario-based drills involving both internal teams and external partners. ⛈ Integration Complexity: Integrating new digital solutions with legacy systems can lead to technical difficulties, data silos, and inefficiencies. ☂  Use enterprise architecture principles to guide integration projects. ☂ Establish a dedicated change management team to oversee the integration of new digital solutions. ☂ Conduct regular training and awareness programs for employees to ease transitions. #LIPostingChallengeIndia #LinkedInNewsIndia #BanksandFintech --- Photo credit: Alesia Kozik Please give a thumbs up or write your comments, if you like this post. You can also consider following Durgesh P. Sharma for more such content.  

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📊 +75% y2y At yesterday's MTS presentation, there were mentions of several successes in MTS's FinTech sphere. For me, one of the key figures was the growth in transaction volume in MTS PAY — up 75% year over year. It's important to remember that distribution is more crucial than feature development. #MTSPAY #FinTech #growth

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Unlocking Digital Banking Success: Must-Have Features and Game-Changing Innovations for 2024 🔵🔴🟢 Interesting highlights: 1️⃣ Standardization and Differentiation: ↳ 80% Standard Features: About 80% of mobile banking functionalities are standard across the industry, with only 20% being true differentiators that provide a competitive edge 2️⃣ Essential Features (Musts): ↳ Basic and Overdraft Features: Basic functionalities like account reporting and overdraft facilities are crucial, with nearly all banks offering these to meet customer expectations and retain clients​ ↳ Notification Management: Customizable notification settings reduce fatigue and enhance user experience​ 3️⃣ Security and Convenience: ↳ Freezing and Blocking Cards: Security features like card freezing/blocking are vital for immediate action against suspected fraud or loss​ ↳ In-app Data Updates: Allowing users to update personal contact information within the app is fundamental for convenience and accuracy 4️⃣ Savings and Transfers: ↳ Savings Account Accessibility: Offering various savings accounts within the app, including goal-setting features, helps users manage their finances effectively ↳ Internal Transfers: Easy money transfers between a user's accounts are essential for seamless money management​ 5️⃣ Advanced Analytics and Budgeting (Delighters): ↳ Spend Analysis and Budgeting: Advanced spend analysis tools and budgeting features help users manage their finances better and plan for the future​ 6️⃣ Innovative Savings Techniques: ↳ Rounding and Automated Transfers: Features that round up transactions and automate transfers to savings accounts encourage consistent saving habits​ 7️⃣ Integration of Additional Services: ↳ Insurance Products: Integrating insurance products like life, travel, and device insurance within banking apps adds value and convenience for users 8️⃣ Unique and Exclusive Features (Differentiators): ↳ Conditional Rules and Gamified Savings: Innovative features like conditional rules for automated savings and gamified savings challenges make saving engaging and enjoyable​ ↳ Social Savings Mechanisms: Social mechanisms involving friends in saving goals or competitive challenges enhance engagement and motivation 9️⃣ Cryptocurrency and AI Predictions: ↳ Cryptocurrency Investments: Offering cryptocurrency investment options attracts tech-savvy users and diversifies investment opportunities within banking apps ↳ AI for Foreign Currency: AI-powered tools for predicting foreign exchange rates provide valuable insights for managing international transactions​ 🔟 Gig Economy and Financial Marketplaces: ↳ Gig Economy Tools: Specialized tools for freelancers and gig economy workers to manage income and expenses separately from personal finances are valuable differentiators ↳ Financial Marketplaces: Access to a wide array of financial products through integrated financial marketplaces offers comprehensive money management solutions within a single app​

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💡New EU Regulations on Open Banking, Instant Payments, and Digital Identity 2024 is set to be a pivotal year for stakeholders in open banking, open finance, and embedded finance ecosystems. Three key regulations will take effect: ✅ Instant Credit Transfers in Euro: • SEPA Instant Payments mandate transfers up to €100k within 10 seconds, available 24/7 across the SEPA zone. • Verification of payee information is required before transfers, and payers must be informed within 10 seconds of successful payments. ✅ European Digital Identity Framework: • An EU Digital Identity based on eIDAS will be available for all European citizens, residents, and businesses. • It will enable a secure digital wallet for storing and confirming personal information, usable for online and offline services across the EU. ✅ PSD3: • The Third Payments Services Directive (PSD3) will enhance access to European payment systems and establish a financial data framework, building on existing regulations. These regulations will impact global providers operating in Europe and potentially influence global standards. Stakeholders should prepare for significant changes in compliance requirements. I highly recommend that banks and fintech companies read this report to prepare for the new EU regulations. Source: Platformable ✏️ DM me or comment if you want to learn more! #fintech #banking #instantpayments #openbanking #digitalidentity #psd3 #euregulation #vacuumlabs

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Back to basics- Treasury management issues EACT - European Association of Corporate Treasurers Ziv Dekel Report: https://lnkd.in/gcsQgqkd #payments #treasury #banking #treasurymanagement #iso20022 #instantpayments

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One of the key requirements of the new Instant Payment Regulation is the mandatory deployment of a Verification of Payee (VoP) for all credit transfers. The VoP service will check if the provided IBAN and the account holder name mach. The heart of this service is the name matching functionality. If you want to know why this name matching is more than a simple string comparison, please read my new blog.   https://bit.ly/3WdUMEs

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This week we published the #EY survey results on How European banks compare on readiness for EU payments regulations. The EU Payments package includes SEPA Inst, PSD3, PSR, FiDA and the digital euro, designed to make the existing digital finance infrastructure more competitive. It includes: 1) Streamline the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) with round-the-clock, speedy transactions and allow customers to verify the name and the International Bank Account Number (IBAN) of payees 2) Payment Services Directive 3 (PSD3) updates licensing and authorization for Payment and Electronic Money Institutions 3) Payment Services Regulation (PSR) strengthens Open Banking rules by harmonizing implementation across the EU and boosting consumer rights and protection 4) The Financial Data Access (FiDA) framework transforms Open Banking to Open Finance by extending data sharing to insurance, investments and other financial data 5) A digital euro, still in development, to accelerate the shift to digital in day-to-day transactions As these proposals are being finalized, it’s crucial for financial services providers to prepare for comprehensive changes across their organizations — from underlying digital business models to products, compliance, IT and legal — if they are to remain compliant and competitive. These changes will impact more than just an organization’s compliance and IT functions. For banks and many FinTechs — especially those that rely on data exclusivity - the changes will necessitate a major shift in their business model. The immediate challenge for banks will be updating IT systems to align with ECB standards. This could open opportunities for additional value-added services to serve new and existing customers. Looking ahead, the new environment will likely encourage and reward innovation. Susan M. Barton Dr. Jan Rosam Sigrid Hansen Clément Robert Nigel Moden Alex Birkin Omar Ali Christopher Woolard CBE Jan Bellens Abigail Viljoen Genevieve Marjoribanks James Sankey Jean-François Delorme Olivier Perrin Sven Schenkel Remi Hesterman Jeroen van der Kroft Zeynep Deldag Martin Dieussaert Sylvie Goethals Yannick Grecourt Christopher Schmitz Tom Bull Oliver Carew Simon Spencer Laurent Nossent Oliver Pugh Silje Arnesen Ioannis Bolossis, PMP, MSP Enrico Ugoletti Federico Guerreri David Castello David Ibáñez Melguizo Ben Lewis Khrystyna Valach 🇺🇦 Aadel HALIM

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