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 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 […]

TechnoXander 148 Confirmation of Payee (CoP) slows down APP fraud in UK
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 […]

TechnoXander 147 Confirmation of Payee (CoP) combating APP fraud
‘Confirmation of Payee’, a.k.a. CoP is combating APP fraud

A drastic surge in APP (Authorised Push Payment) scams 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 […]