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 209: TechnoXander podcast on Open Finance
Unveiling Finance- Navigating Open Finance in 2024

Open Finance is a portal to a monumental change in the financial services industry. It builds on the success of Open Banking where access to banking data is granted to Third-Party service providers through an API. It is access to financial data beyond just banking.

TechnoXander 183 Six Years of Open Banking
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.

TechnoXander 152 Empowering Mid-Tier Banks
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 […]

TechnoXander 155 Evolution of PSR Regulations
Navigating the Changing Tides: The Evolution of PSR Regulations

In 2023, the Payment System Regulator (PSR) made strides against rising Authorised Push Payment (APP) fraud. The legislation mandated 100% reimbursement, shared between banks. The UK government's three-pillar strategy aimed at pursuing fraudsters, blocking fraud, and empowering individuals. June saw additions to Faster Payment rules and the introduction of Confirmation of Payer. Seeking industry input in August on reimbursement limits showcased PSR's commitment to collaboration. Adjusting timelines to October 2024 reflected responsiveness to industry feedback, emphasising a proactive and adaptable regulatory landscape, and shaping a more secure financial future.

TechnoXander 151 Improving accountability and transparency against APP fraud
Enhancing Transparency and Accountability in the Fight Against APP Fraud

Transparency and accountability are key in banking and finance, and for consumer trust and consumer interests to be upheld. With this ever-changing landscape financial institutions must show how they are tackling Authorised Push Payment (APP) fraud and supporting victims – this new initiative does just that. By providing unprecedented insight into this it could be […]