Unveiling Finance Podcast Episode 2: Navigating the future of Finance
Podcast with Madush Gupta - presented by TechnoXander.
Unveiling Finance Podcast Episode 1: Demystifying the DPDI Bill
Podcast with Lord Chris Holmes - presented by TechnoXander.
A Look Back at Six Years of Open Banking
Over the past six years, Open Banking in UK has grown significantly and changed the way we make payments. Thanks to its emphasis on affordability, security, and ease of use, Open Banking-enabled payments are set to take the lead in the digital payments space. To realise Open Banking's full potential, collaboration as well as backing will be essential along the way.
Unveiling Confirmation of Payee- Navigating Changes in Confirmation of Payee: A Strategic Overview
In the evolving financial technology landscape, significant changes are occurring in Confirmation of Payee (CoP) services, shifting from the Open Banking system to a new directory by Pay.UK. This transition, aimed at enhancing CoP and overlay services, poses challenges and strategic considerations. Pay.UK's decision to create a new directory simplifies the complex three-agreement structure for Payment Service Providers (PSPs), streamlining contracts to Pay.UK only. The new Pay.UK directory, operational in Spring 2024, mandates PSPs to transition from the Open Banking Directory by a specified date. Financial Organisations are advised to assess business benefits, potential risks, and change management strategies.
FCA’s findings from review with a focus on APP Fraud
The Financial Conduct Authority (FCA) released a report recently titled, “Anti-fraud controls and complaint handling in firms,” with particular attention paid to Authorised Push Payment (APP) fraud. This study included current account providers, challenger banks and payment firms among its participants. While the FCA identified effective control frameworks and best practices, it also identified various […]
Insights from the Future of Payments Review Report- Open Banking’s Role in Shaping Tomorrow’s Economy
Explore insights from Future of Payments Review Report, delving into dynamics shaping the UK's future payments landscape. The success of contactless payments and the growth of digital wallets highlight the nation's leadership in digital adoption. However, challenges persist, such as merchant dissatisfaction with card costs, a consumer protection gap in Open Banking, and the absence of a unified National Payments Vision. A balanced, consumer-centric approach is the need of the hour, calling for seamless experiences, Open Banking advocacy, and regulations fostering innovation. In our ever-evolving financial landscape, let's strive for efficiency, inclusivity, and security in shaping a digital economy.
Enhancing Transparency and Accountability in the Fight Against APP Fraud
APP fraud in the UK is complex with mixed responses and outcomes for victims. However, the industry is getting better at fraud prevention. Regulatory bodies have introduced the 2024 reimbursement requirement and Confirmation of Payee making it more consistent and accountable when dealing with APP fraud.
CoP solves the growing problem of APP fraud for banks in the UK
Authorised Push Payment (APP) fraud has spread like wildfire in the UK. According to UK Finance, APP fraud increased from £208 million in the initial months of 2020 to £355 million in 2021. The trend followed in the second half of 2021, with APP fraud reaching £819 million. This growth in APP scams is staggering […]
‘Confirmation of Payee’, a.k.a. CoP is combating APP fraud
A drastic surge in Authorised Push Payment (APP) fraud took over the world with a storm during the pandemic. The fraudsters searched for innovative ways to target people and attack their banks and financial institutions for APP fraud. Worldwide lockdown increased digital payment transactions, which worsened the situation irrespective of innumerable security steps integrated by […]