Revolutionising Euro Payments: European Parliament’s legislative resolution on instant payments
The legislation on instant euro transfer passed by the European Parliament represents a significant advancement in the modernization and standardization of financial transactions throughout the EU. The regulation lays the groundwork for a more efficient, secure, and transparent digital payment ecosystem by promoting competition and innovation, strengthening safety measures, imposing liability requirements, and permitting 24/7 instantaneous payments. As the European Parliament legislation has been adopted, there are some serious changes forecasted in the near future.
Strengthening Financial Security: The Australian Banking Sector’s Confirmation of Payee Initiative
Australia has made significant advances in safeguarding people and businesses with its proactive approach to combating financial scams, as demonstrated by the Scam-Safe Accord and the Confirmation of Payee system. In the end, the phased deployment approach guarantees flexibility and adaptation, which helps to make everyone in Australia's financial future safer and more secure. Collaboration between the banking sector, technology companies, and the general public fortifies the community's resistance against fraud and opens the door for a thriving financial ecosystem.
Navigating the Changing Tides: The Evolution of PSR Regulations in 2023
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.