TechnoXander 241: 10+ Benefits of CoP Implementation in 2024!
10+ Benefits of CoP Implementation in 2024!

Implementation of CoP not only improves payment security but also boosts customer trust in banking services and encourages the adoption of digital banking. Discover the benefits of CoP and its ability to transform the security and efficiency of Financial Institution by 2024."

TechnoXander 237 New Labour Govt May Pause APP Reimbursement Policy! 
New Labour Govt May Pause APP Reimbursement Policy! 

The UK's proposed APP fraud reimbursement policy faces industry backlash and potential changes. Labour's victory presents an opportunity for financial institutions to strengthen fraud detection systems.

TechnoXander 215 COP TF’s Role in the VOP Scheme Management
COP TF’s Role in the VOP Scheme Management

The Verification of Payee (VOP) Scheme plays a role, in ensuring that payments reach the intended recipients accurately thus minimizing the potential, for fraud and mistakes. Overseen by the European Payments Council (EPC) AISBL the VOP Scheme Management follows an approach to uphold its reliability and flexibility.

TechnoXander 213 Unveiling Finance Quote Card - Ruwani Hewa
Unveiling Finance: Open Banking Use Cases

With open banking paving the way there is a future of a more efficient, consumer-friendly financial ecosystem.

TechnoXander 216 5+ Obligations as a VOP service provider
5+ Obligations for VOP Service Providers

All PSPs registered under the VOP scheme must follow the set of rules and guidelines laid out in the VOP Scheme Rulebook by the European Payment Council.

TechnoXander 175 APP Fraud Prevention
Navigating the Landscape of APP Fraud Prevention: Unpacking the June 2023 Policy

The impending reimbursement requirement for Authorised Push Payment (APP) scams, outlined in the June 2023 Policy Paper by PSR, heralds transformative changes in the financial sector. This breakdown scrutinises the policy's intricacies, encompassing the scope, limits, exceptions, and critical enhancements to the reimbursement framework. Targeting UK Faster Payments system participants, including high-street banks and payment firms, the policy introduces the novel concept where receiving PSPs are mandated to share 50% of the reimbursement burden, bolstered by a defined timeline and ultimate backstop. A pragmatic extension of the reimbursement period to five business days acknowledges operational complexities.

TechnoXander 169 Authorised Push Payment Scams
Transforming Reimbursement Policies for Authorised Push Payment Scams: Current Landscape and Future Strategies

The landscape of reimbursement policies for authorised push payment (APP) scams is undergoing a transformative shift following recent legislative changes in the UK. The Financial Services and Markets Bill, granted Royal Assent in June 2023, empowers the Payment Systems Regulator (PSR) to implement an innovative 50:50 cost-sharing model between banks involved in sending and receiving funds for APP scams. This article reviews the current Contingent Reimbursement Model (CRM) Code, outlines upcoming changes, and provides strategic guidance for banks preparing for this shift.

TechnoXander 160 Navigating the Evolving Landscape
Navigating the Evolving Landscape : The Data Protection and Digital Information Bill 2023-24

The Data Protection and Digital Information Bill 2023-24 represents a transformative shift in the evolving legislative landscape governing data protection. Introduced in the House of Commons, the bill aims to create a comprehensive and adaptive regulatory framework for the digital era. It builds on the 2022-23 session's Data Protection and Digital Information (No. 2) Bill, receiving Royal Assent in June 2023. As organisations prepare for the paradigm shift, proactive strategies and compliance measures become crucial. The bill signifies a forward-looking approach, fostering transparency, protecting individual rights, and fortifying digital landscapes for a resilient and secure future.

TechnoXander 162 Unravelling SD20
Unravelling SD20 : Insights for Faster Payments

Specific Direction 20 (SD20), introduced by the Payment Systems Regulator (PSR) in December 2023, outlines a reimbursement mandate for victims of Authorised Push Payment (APP) scams in the Faster Payments Scheme. This directive, effective from October 7, 2024, necessitates full reimbursement from all Payment Service Providers (PSPs). While SD20 aligns with the broader goal of combating financial fraud, challenges arise, particularly for Electronic Money Institutions (EMIs) and smaller PSPs. Proactive risk mitigation, robust fraud prevention measures, and strategic planning are imperative for industry players to navigate the regulatory landscape, fortify resilience, and ensure compliance with SD20.

163 Step-by-Step Guide to Setting Up Confirmation of Payee
Unveiling Confirmation of Payee: A Step-by-Step Guide to Setting Up Confirmation of Payee for your Financial Institution

This guide provides a strategic roadmap for financial institutions aiming to enhance payment security through Confirmation of Payee (CoP) implementation. Highlighting its pivotal role in combatting APP fraud, the guide outlines key steps: building a business case, engaging crucial bank teams, and deciding on a build versus buy strategy. It advocates an API-first approach for seamless integration, emphasises data integrity through cleansing, and underscores the importance of clear communication channels and proactive customer education. It offers a concise, strategic approach to fortify financial transactions, ensuring heightened security and upholding the industry's trustworthiness.