Sandra Mianda🖇

What does PSD3 mean for cross-border payments? An excellent deep-dive report by FXC Intelligence's Joe Baker on this critical topic for the sector: The report will get you up to speed fast on the topic and covers: - What is PSD3 and its benefits - PSD3’s impact on open banking - How this may level the playing field between banks and non-banks - What have been the main EU payments initiatives to date - What the European cross-border payments landscape looks like - What are cross-border payments companies doing to prepare for PSD3 #fxcintelligence #payments #fintech #financialservices #regulation #banking #openbanking https://lnkd.in/edXUtYpf

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Mintos Expands European Presence With Official Launch in Portugal “In analyzing these results, the heavy reliance on owned real estate assets in Portugal and the low engagement with financial instruments indicate an opportunity for diversification,” comments Martins Sulte, CEO and co-founder of Mintos. “Mintos is designed for investors who seek to steadily grow their portfolio over time, using automated tools and a range of multi-asset options to help investors diversify their portfolios wisely.” “We're excited to continue introducing diverse investment options on our platform to new regions. Our goal is to make investing accessible to all levels of investors, providing simple ways to diversify portfolios with both traditional and alternative assets.” https://lnkd.in/e_QiFA-T #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Today, BHMI announced that Payshop, part of the CTT Group, has expanded its use of the Concourse Financial Software Suite to meet its back office payments processing needs. Payshop serves clients with a broad range of payment services. Based in Portugal, the company allows users to pay for various services, including utility bills, tolls, and mobile top-ups, at post office branches and through a network of retail agents in diverse commercial establishments nationwide. Concourse was originally selected by Payshop to perform the back-office processing for SIBS payments and Single European Payments Area (SEPA) transactions. Concourse’s support of the #ISO20022 message format is enabling Payshop to successfully process these transactions and enhance the efficiency of cross-border payments. “Since the flexibility provided by Concourse allows Payshop to configure virtually any payment service, we are expanding the use of Concourse across our full portfolio of services including utility bills, mobile top-ups, public transport ticketing, money orders, and toll payments,” said Tiago Mota, CEO of Payshop. “We originally selected Concourse because it was ideal for our omni-channel processing needs and we are pleased to say that it continues to support our strategic objectives and continued growth.” “We are delighted that Payshop is expanding the use of Concourse for back office processing across all their digital and retail payment channels,” said Lynne Baldwin, President of BHMI. “This further validates that Concourse is highly flexible with the configurability and scalability to meet the needs of all transaction types, ensuring leading payments companies like Payshop can meet their payment processing needs for any type of payment.” The full press release can be found on Business Wire at https://lnkd.in/gTQsv77u #CTT #SEPA #payments #paymentsindustry #paymentsprocessing #paymentprocessing #paymentsinnovation #fintech #fintechnews #paymentsnews #paytech #paytechnews #crossborderpayments

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The payments in the EU are about to change, and PSD3 is at the center of it all. 🌐 It's about to come in effect in the first half of 2025. What does it mean for you as a user of banking system, for the crypto sector and businesses.  PSD3 stands for Payment Services Directive 3. It's a proposed update to regulations on electronic payments and the banking system within the EU.   It means new changes and regulations for:  - Changing contactless payment limits; 📲  - Mandatory info on currency conversion costs before making a transaction;  - Regulating crypto payments and deferred payments (BNPL);  - Expanding open banking to include insurance and investment products;  - Introduction of transfers between accounts (A2A), which will allow you to transfer funds without additional intermediaries, e.g. a payment card. What does it mean for businesses? 💡 Companies that handle electronic payments in the EU will need to comply and introduce changes to how they handle customer data and authorization processes. This involves analyzing data security protocols, customer authorization processes, and agreements with payment providers. Identifying any gaps between current practices and the upcoming requirements is crucial for developing a solid compliance plan.  The goal of PSD3 is to improve the open banking systems. Although while there are clear benefits it also comes with stricter KYC/AML regulations, which some suggest might stifle innovation in the crypto space. There are also people on the other side of the argument, who say it will allow for clearer regulations and establishing more legitimacy within the decentralized currency space. 👨‍💻 This PSD3 directive is also expected to encourage more competition in the payments industry, potentially benefiting individuals by offering a wider range of payment options. This new directive aims to create a more secure, innovative, and competitive payments environment in the EU. It means that businesses that operate in the EU should keep an eye on the changing regulations. As Chabre, we will gladly help you deal with the challenges of implementing this regulation within your company 📈    #psd3 #finance #crypto #banking #payments 

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Portugal's fintech startups are in good hands. The Pay it Forward podcast is back and this time we get an insight into the Fintech scene in Portugal with Mariana Gorjão Henriques from Portugal Fintech, who shares their mission to bridge the gap between fintech startups and regulators. We find out the history of this important organisation and Portugal's attractiveness as a fintech hub. The conversation also uncovers different facets of the fintech ecosystem here and we get some region focused consumer and e-commerce trends. Be sure to tune into this podcast to find out about all this and much more. https://lnkd.in/eMrNG7Pj payabl. #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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The Milestones for the implementation of the mandatory SEPA Instant Payment scheme! 🕒 As of March 19, 2024, the regulation on instant payments was officially published in the Official Journal of the European Union, setting in motion a new timeline for payment service providers (PSPs) within the Eurozone. These providers now have 9 months to accept incoming SEPA Instant Payments and 18 months for sending outgoing payments, effective from the publication date. By January 9, 2025, PSPs must be equipped to receive instant payments in euros, and by October 9, 2025, they will also need to manage outgoing instant payments. SEPA countries outside the euro zone are granted an additional two-year period to comply, with their respective deadlines set for January 9, 2027, for incoming and October 9, 2027, for outgoing payments. These changes mark significant steps towards faster and more efficient financial transactions across Europe. They reflect the ongoing efforts to enhance the financial infrastructure, ensuring a seamless and secure transfer process that benefits both consumers and businesses alike. How will these changes affect business operations or financial practices? Do you think institutions will be prepared in time for these changes? #SEPA #InstantPayments #FinancialRegulations #Eurozone #PaymentServiceProviders #Finance #Banking 

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Dreaming of moving to Portugal? Don't want to overpay those inflated exchange rates charged by your bank? MTFX has an online payment solution for you, ensuring cost-efficient international payments with our competitive exchange rates. Read our complete blog: https://bit.ly/3VLiBTB #EURCAD #CADtoEUR #BuyPropertyinPortugal #ForeignExchange #MTFX

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Cboe Clear Europe Successfully Participates in ECB Experiment on Use of DLT Vikesh Patel, President, Cboe Clear Europe, said: “As Europe’s largest and most-connected pan-European clearing house, our core mission has always been to advance Europe’s post-trade landscape. Our successful participation in the ECB’s exploratory work, alongside ABN Amro Clearing Bank N.V., demonstrates our commitment to innovation and building our understanding of new technologies such as DLT.” https://lnkd.in/e-haU_uE #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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📢 Estonia Takes a Stand Against EU Reform "VAT in the Digital Age"! Estonia firmly opposes the proposed VAT reform, which would burden digital platforms like Bolt Technology OU and Airbnb Inc. Estonian Finance Minister Mart Vorklaev advocates for a voluntary opt-in approach, emphasizing fairness and competition. Read more about the ViDA struggle and the push for consensus across EU member states. 💡🌐��🇪 #VAT #DigitalAge #RegTech #Estonia #EU #BusinessNews

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Modulr unveils payments solution tailored for the travel industry Modulr has announced the launch of its travel payments solution, specifically designed to address the needs of online travel agents (OTAs) and travel industry intermediaries. The new offering enhances operational efficiency, streamlines reconciliation and cash flow processes, and unlocks margin improvement opportunities within the travel sector. The traditional payment infrastructure in the travel industry is often fragmented and outdated, relying on multiple vendors and creating cumbersome manual processes. With the International Air Transport Association (IATA) reporting that 41% of travel firms still place payment inefficiencies as their biggest concern. This not only puts operational strain on businesses impacting tight margins, but also affects supplier relationships and deteriorates the customer experience. Modulr’s platform and payment network connectivity are engineered to overcome these challenges and is tailored to the needs of the travel industry It provides a suite of solutions in a range of currencies that includes virtual cards, account-to-account transfers and customisable notifications, all supported by detailed reporting and accessible through a single API integration and an online portal tailored for travel agents. Travel companies can benefit from an array of fixed interchange rates available with both VISA and Mastercard, allowing for customised arrangements with suppliers and responding effectively to changing customer needs. Modulr’s virtual cards are enhanced with advanced authorisation controls ensuring every transaction is transparent, flexible, and secure. Myles Stephenson, CEO and Founder of Modulr, said: “Our goal is to alleviate the payment challenges experienced by the travel industry, bringing together our comprehensive suite of virtual card programs with our leading-edge payment and account issuance capability, delivering an all-in-one solution for the travel industry.” Modulr’s platform integrates into the payments ecosystem to include a full spectrum of payment functionalities such as virtual cards, collections, disbursements, and supplier payments; encompassing methods like Open Banking, Direct Debit, Faster Payments, Bacs, Chaps, SEPA, and SWIFT. Source Electronic Payments International #fintech #payments #cardpayments

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The UK's Economic Secretary to the Treasury, Bim Afolami, emphasized the government's commitment to enhancing the #payments landscape and providing clear regulations for digital #assets and #blockchain technology. Afolami announced that the UK Treasury aims to unveil a #regulatory #framework for #crypto assets and #stablecoins by July, with the goal of fostering local innovation in these areas. During his speech at the Innovate Finance Global Summit (IFGS) 2024, Afolami underscored the government's efforts to modernize the country's #payment systems while stressing the importance of crypto #regulations to maintain global competitiveness. He stated, "To truly enact change, we recognize that establishing a robust regulatory regime for crypto assets and stablecoins is essential for maintaining our position as a global leader in fintech." Afolami also highlighted the government's approach to regulation, which seeks to strike a balance between enabling innovation among firms and safeguarding consumers. #Albus_Protocol_News

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#EBAday is coming to Lisbon on 18-19 June 2024. Instant Payments remains a hot topic for the industry. Expert speakers will deep dive into the subject considering questions such as: What remain the main challenges for banks in the adoption of instant payments? Which fraud-fighting solutions are there? Which role does confirmation of payee play? Register to join us and learn more https://lnkd.in/dNWeufb #EBAday #Finextra #EBA_Association #nextgenbanking #CBDCs #crossborderpayments #BaaS #realtimepayments #openfinance #identity #fraud #fraudprevention #liquiditymanagement #cashmanagement #fintech #regulation #intantpayments #paymentsasaservice #requesttopay #embeddedfinance  

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𝐓𝐡𝐞 𝐈𝐧-𝐬𝐭𝐨𝐫𝐞 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐄𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 In 8 Simple Steps: Let's walk through the process of an in-store Payment Transaction: For a payment transaction in-store to take place, a legacy payment process also mostly called Card Present (CP), there needs to be a few players involved: 👉 Issuer 👉 Acquirer 👉 Card Network 👉 ISO / MSP 👉 Merchant 👉 Customer 🔸 𝐒𝐭𝐞𝐩𝐬 0️⃣ - 1️⃣ : The cardholder opens an account in the issuing bank (Wells Fargo, Chase, Bank of America…) and gets the debit/credit card. The merchant registers with ISO - Square (Independent Sales Organization) or MSP - The Transaction Group (Member Service Provider) for in-store sales. ISO/MSP partners with payment processors (Nuvei) to open merchant accounts. 🔸 𝐒𝐭𝐞𝐩𝐬 2️⃣ - 5️⃣ : The acquiring process. The payment gateway (Cybersource, Nuvei, Braintree) accepts the purchase transaction and collects payment information/data. It is then sent to a payment/acquirer processor (who often can be the same as the payment gateway - Nuvei, Fiserv, Elavon, Inc.) which uses customer information to collect payments. The acquiring processor sends the transaction to the card network. It also owns and operates the merchant’s account during settlement, which doesn’t always happen in real-time. 🔸 𝐒𝐭𝐞𝐩𝐬 6️⃣ - 8️⃣ : The issuing process. The issuing processor talks to the card network (Visa, Mastercard, American Express) on the issuing bank’s behalf. It validates and operates the customer’s account. 🔸Once the funds have been credited/deposited, in this case for either debit or credit card transactions, the transaction is finalized ✔️ 𝐒𝐨𝐮𝐫𝐜𝐞: ByteByteGo, Hua Li for the diagram edited by Arthur Bedel 💳 ♻️ Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ]

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ICYMI - the April issue of Cash, Payment & CBDC News has been published! Cash, Payment & CBDC News provides an overview of cash in the context of payments, including CBDCs, so that stakeholders and relevant actors remain informed and can ensure cash is best optimised to serve society. Inside this issue: - Consumer Complexity and Digital Payments - The New Cash Paradox - News in Brief: Vermont considers cash legislation, new note demand at Eid in Indonesia, a new approach to polymer sustainability from Spectra, making ATMs 'green' from Auriga, debit cards knocked back by smart devices - Sustainability and Cash Services – Bantas, A Case in Point - Options for Expanding an ATM Network - Payment News: payment infrastructure needs resilience in light of technical issues, Visa and Mastercard reach interchange fee settlement, digital wallets usurp Denmark's Dankort payments, a new paper explores how less cash can lead to more tax, Thailand's digital wallet moves closer, six trends driving change in the financial services industry - Getting Digital Financial Inclusion Right - Digital Payments Need Discipline - CBDC News: offline complexity revealed by Riksbank's latest CBDC phase review, a successful test of Swift's CBDC connector, RBI to allow non-bank payment system operators to offer CBDC wallets, Bank of China pilots taxi payments using e-yuan app, ECB prepares for wholesale DLT trials - rCBDC Lessons from the Caribbean - CBDC Privacy and the Merchant Subscribers can download and read the latest issue here: https://lnkd.in/ebAbNDti To find out more information about Cash, Payment & CBDC News, including our subscription options, click here: https://lnkd.in/dk_YYPBg #cash #payments #cbdc #digitalcurrency #cashparadox #cashsustainability #currencypublications #cashpaymentcbdcnews John Winchcombe

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#OpusTechnologies Launches #Payment Integration Framework for #FinancialInstitutions #financialservices #fintech #banks #banking #payments #ecommerce #digitaltransformation #Money2020EU #FintechLive https://lnkd.in/eTjF8gqu

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Finom Launches SEPA Direct Debit B2B Across Its EMI-Licensed Markets, Expanding Payment Options for European SMEs “With the launch of SEPA Direct Debit B2B, we’re empowering SMEs across Europe to efficiently manage their payment flows,” said Yakov Novikov, co-CEO and co-founder at FINOM. “This feature simplifies complex financial operations, allowing small and medium-sized businesses to automate and manage their outgoing payments to other companies and tax authorities. It’s another step in our mission to build a full-stack financial operating system that enables entrepreneurs to streamline their financial commitments and focus on growing their businesses.” https://lnkd.in/eiaDuxB4 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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🎉 We're excited to welcome ValidiFI as the 139th member of the LendAPI Marketplace! ValidiFI provides predictive bank account and payment intelligence to validate accounts and optimize consumer interactions for businesses. About ValidiFI: ValidiFI is the leading provider of predictive bank account and payment intelligence. Leveraging the Omni Platform, ValidiFI empowers organizations and financial institutions with actionable insights to validate bank accounts, detect fraud, and assess credit risk. By analyzing the intricate connections between bank accounts, consumers, and payment performance, ValidiFI offers a more comprehensive view. As a trusted partner, ValidiFI unlocks the power of predictive bank account and payment intelligence through credentialled and non-credentialled solutions, enabling more confident transactions. Solutions & Product Offerings: - vIndex: Dynamic Financial Institution Identify High and Low-Risk Financial Institutions. - vAccount: Streamlined Bank Account Validation for Nacha Compliance. - vAccount Plus: Enhanced Bank Account Validation revealing critical insights into transaction patterns, account stability, and payment performance to reduce fraud risk and ensure compliance. - vFraud: Detects high-frequency changes in Personally Identifiable Information (PII) and velocity metrics to check for past inquiries, flag invalid contact details, and identify suspicious information for comprehensive fraud assessment. - vCredit: FCRA score providing a precise prediction of ability to pay, potential future risks, and likelihood of defaults or payment issues. - vAuth: Verifies a user’s access to a bank account through real-time microdeposits, confirming account validity within seconds versus traditional 3-4 day processing times, covering FedNow, RTP, and Same-day ACH payment rails. - vConnect: Access bank accounts with consumer-permissioned transactional data through an intuitive user interface. Combined with vInsights, it provides categorized and analyzed data in one comprehensive report format, complete with an affordability score. - vInsights: Unlocks cash-flow underwriting to enhance product placement decisions and improve customer experience by performing a deep behavioral analysis of bank transaction history to evaluate risk, ability to pay, ownership, and fraud signals. Welcome aboard, ValidiFI! We look forward to the innovative insights and solutions you'll bring to our community. Upgrade your lending game with Kevin Harrison today for more information. https://lnkd.in/ghaXSnsN

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#Kabbage to pay $120M in PPP #fraud settlements with #DOJ #financialservices #fintech #banks #banking #payments #ecommerce #digitaltransformation #Money2020EU #FintechLive https://lnkd.in/e6u756Kv

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