Wed.Dec 06, 2023

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Navigating the embedded finance revolution: Strategies for simplifying legacy bank technology

Payments Next

By Michael Engel, Managing Director & VP Software | Banking, Diebold Nixdorf The race to seamlessly integrate financial services into everyday consumer The post Navigating the embedded finance revolution: Strategies for simplifying legacy bank technology first appeared on Payments NEXT.

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Amex CEO weighs in on Apple card reports

Payments Dive

The card issuer’s premium designation isn’t compatible with all potential card issuing partners, Amex CEO Steve Squeri said Tuesday.

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AI In Europe: What The AI Act Might Mean

Fintech Weekly

AI regulation might prevent the European Union from competing with the US and China.

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FPC 2024 Fall Member Meeting

Faster Payments Council

Save the date for the FPC Fall 2024 Member Meeting taking place in Denver, CO on September 30-October 1 at the Denver Hyatt Regency Convention Center Hotel.

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The Evolving Retailers Fulfillment Strategy: Meeting Demands with Agility

Speaker: Becky Parisotto

Fulfillment is no longer just about getting products from point A to point B – it's about crafting seamless, scalable, customer first experiences. Flexible fulfillment strategies are more important than ever for those aiming to stay ahead and build resilience as retail enters a new era in 2025. Learn how to optimize fulfillment processes, tackle complex, multi-vendor orders, and create seamless customer experiences – from white-glove delivery for high-value items to quick-ship solutions for ever

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Addressing Threat Prioritization Challenges Within the Financial Payments Industry

Fintech Weekly

At the recent Payment Card Industry Security Standards Council (PCI SSC) Community Meetings in North America and Europe, the premiere conference for everything related to the payment card and financial payment industry, several topics were top of mind for participants and attendees. For instance, many discussions around emerging payment technologies ease assessment across various PCI standards, as well as conversations about the challenges businesses and assessors face in implementing ongoing ch

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Singapore and China to Begin e-CNY Pilot, Explore Cross-Border Payment Linkage

Fintech News

Singapore and China have agreed to collaborate on a pilot programme that uses the e-CNY, China’s central bank digital currency (CBDC), for cross-border transactions. This programme is designed to ease payments for travelers from both countries during their overseas visits. This pilot programme is part of a series of initiatives announced following the 19th Joint Council for Bilateral Cooperation (JCBC) in Tianjin.

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Samsung pushes mobile wallet take-up with Mastercard partnership

Finextra

Samsung is joining Mastercard's new Wallet Express programme, making it easier for banks and card issuers in the UK to offer their customers the electronic giant's own multi-faceted mobile wallet offering.

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Request for Comments: Draft PCI 3DS Core Security Standard v2.0 and Draft PCI 3DS Data Matrix v2.0

PCI Security Standards

From 6 December to 19 January 2024, eligible stakeholders are invited to review and provide feedback on the draft PCI 3DS Core Security Standard v2.0 and draft PCI 3DS Data Matrix v2.0 during a 6-week request for comments (RFC) period.

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Airwallex Taps Generative AI to Speed Up KYC, Reduces False Positives by 50%

Fintech News

Payments company Airwallex has introduced a generative AI tool to improve its customer onboarding process. The new tool, which utilises large language models (LLMs), aims to expedite the company’s “Know Your Customer” (KYC) assessments. According to Airwallex, the introduction of this generative AI technology has led to a 50 percent decrease in false-positive alerts during the KYC due diligence phase.

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From Start to Scale: Driving Growth Through Seamless Payments Implementation

Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting

Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical

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UK Fintech News Roundup: The Latest Stories 06/12

The Fintech Times

Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from SmartSave, Moneyhub, PayPlan, Littlepay, and Napier. High-street banks leave UK adults short-changed Two-thirds (65 per cent) of UK adults feel that high-street banks have prioritised making profits over passing on higher interest rates to customers in the past 12 months; according to a new survey commissioned by SmartSave , run by Chetwood Financial.

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What Will Be the Top Fintech Trend in 2024? Hint: It’s Not AI.

Finovate

When it comes to predicting the next leap in fintech, you have to risk not only getting things wrong , but also being ok with it. So while I could play it safe and predict that the top fintech trend in 2024 will be AI, or industry consolidation, or even growth in the use of buy now, pay later tools, I’m going to step into less charted territory and say that the 2024 fintech buzzword will be quantum computing.

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Wert and Ancillary Service Provider, Avata, to Enable Warranty On NFT Purchases

Fintech Finance

Wert , the payment solution provider enabling fiat payments in Web3, today announced their partnership with Avata , an InsurTech service provider and expert in digital asset insurance solutions, to offer customers first-of-its-kind protection for consumers purchasing NFTs on platforms leveraging Wert’s checkout solution. The opt-in warranty option backed by insurance-on-blockchain pioneer YAS ensures customers that the value of their digital assets are protected in case of potential losses and w

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Cassandra Goh Set to Lead Silverlake Axis as New Group CEO in 2025

Fintech News

Silverlake Axis, a Singapore-mainboard listed fintech and digital banking solutions provider, has announced a major leadership change. Cassandra Goh Shiou Ling, currently the Deputy Executive Chairman of Silverlake Axis , is set to become the new Group CEO on 1 January 2025. This move comes as part of a transition process, following the decision of Andrew Tan Teik Wei to step down from his role as the current Group CEO at that time.

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15 Modern Use Cases for Enterprise Business Intelligence

Large enterprises face unique challenges in optimizing their Business Intelligence (BI) output due to the sheer scale and complexity of their operations. Unlike smaller organizations, where basic BI features and simple dashboards might suffice, enterprises must manage vast amounts of data from diverse sources. What are the top modern BI use cases for enterprise businesses to help you get a leg up on the competition?

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How 3D Secure Works to Protect Consumers and Merchants

Basis Theory

3D Secure ( 3DS ) is an extra layer of protection for consumers when paying by credit card online. The “3D” stands for “3 domains”, because this extra step involves adding a third participant in the process: to the merchant bank and the acquiring bank is added an intermediary layer. In simple terms, when a transaction is sent to 3DS, the consumer must interact with an extra step to confirm their identity - usually a special password entered into an interstitial page - even though they may have c

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Beyond Onboarding: Maximising Customer Value through Risk Decisioning in APAC

Fintech News

Discussions about risk decisioning platforms often center around onboarding and loan origination. However, investing at the start of the journey is just one aspect of the puzzle. Growth relies not only on attracting new customers but also on maximising the value of existing ones. While sophisticated, automated onboarding/origination solutions are crucial, it’s equally vital to focus on the tools used for the entire decision-making process.

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Undetectable Scams: How the Combination of Deepfakes and Large Language Models Will Change the Game

BioCatch

Criminals aren’t slouches when it comes to technology – quite the contrary. Just because they chose a life of crime doesn’t make them inherently lazy. In fact, they’ve demonstrated a level of creativity and problem solving that has made digitally enabled crimes, such as scams, harder and harder to stop. And with the advent of consumer-ready artificial intelligence applications that can be used to create near perfect imitations of trusted people and organizations, scams are about to evolve to a p

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HSBC trials quantum protection for AI-powered FX trading

Finextra

HSBC has piloted the use of quantum key encryption to protect client FX trading data from the threat of increasingly powerful cyber attacks.

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eCommerce in 2025: How Customer Experience Drives Online Retail Success

Speaker: Jennifer Wright and Nick Barron

2025 is right around the corner, and with it comes a new wave of consumer expectations, competitive pressures, and operational challenges. Success lies in finding the balance between operational flexibility and creating experiences that keep customers coming back. The future of retail belongs to those who can stay ahead of shifting customer preferences and marketing trends. 🔮 In this session, we’ll dive deep into what it takes to keep customers engaged and your operations nimble, no matt

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Beyond Queries: How ChatGPT in Banking Unleashes Innovation

Fintech News

Financial services companies are increasingly taking advantage of ChatGPT and similar solutions. These technologies allow for the easy integration of corporate data into AI assistants, enhancing the utility of large language models (LLMs) for various applications. While consumers are rapidly adopting AI-powered LLMs, banks are proceeding with caution, mindful of data security.

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PayPal taps Fiserv exec for top new post

Payments Dive

PayPal’s new CEO is making executive suite changes, creating a president of global markets post and tapping a payments industry veteran for the role.

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MAS Unveils Code of Conduct to Bolster Confidence in ESG Ratings and Data

Fintech News

The Monetary Authority of Singapore (MAS) has released its comprehensive Code of Conduct (CoC) for Environmental, Social, and Governance (ESG) rating and data product providers. This release, accompanied by a self-attestation checklist , marks the culmination of a public consultation process that spanned from June to August 2023. The CoC is designed to set baseline industry standards focusing on transparency in methodologies and data sources, governance, and management of conflicts of interest.

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What is a Surcharge Fee? How it Helps Consumers and Businesses

Stax

In an era defined by digital transactions and cashless payments, the process of paying for goods and services is more convenient, and increasingly reliant on credit card transactions. However, as the popularity of credit cards and digital wallet payments continues to surge, the costs associated with accepting them also do. Businesses—especially small and medium businesses— continually seek ways to offset these expenses and improve profit margins, leading to the rise of credit card surcharging.

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7 Essential Criteria for Choosing the Right Payments Partner

Speaker: Brad Pinneke, VP of Business Development at Payrix and Worldpay for Platforms

In this webinar, Brad Pinneke, Vice President of Business Development at Payrix and Worldpay for Platforms, will dive into the 7 must-have criteria for evaluating payments partners, helping you maximize both efficiency and the long-term value of your investment. From assessing technology capabilities to leveraging business development opportunities, this session will give you a clear, actionable strategy to select the right partner for scaling your business.

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In conversation: The impact of geopolitical tensions on cross-border payments

The Payments Association

Clear Junction CEO Dima Kats sat down with our reporter George Iddenden to discuss how challenges to the cross-border payments sector are becoming bolder with the increase in geopolitical tensions and, contrary to some within the payments space, how he believes the regulatory frameworks offer enough security.

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Luxury brand uses RFID tags and QR codes to link perfumes to digital twins

NFCW

ENGAGEMENT: QR codes enable customers to access information about the perfumes and their authenticity French brand Bastille Parfums has added RFID tags and QR codes to bottles of its luxury perfumes to enhance supply chain traceability, product tracking, fraud prevention and customer engagement by linking individual products to a unique cloud-based digital twin.

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Bridging the trust gap in open banking: The role of digital rewards

The Payments Association

Open banking — a promised financial utopia where data flows freely, consumers reign supreme, and businesses can reduce their payment processing fees — but what use is this powerful innovation if you can’t get customers to actually adopt it?

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Judge Accepts Guilty Plea from Binance’s Former CEO Changpeng Zhao

Fintech News

Seattle’s U.S. District Court Judge Richard Jones has accepted a guilty plea for money laundering from crypto exchange Binance’s former CEO Changpeng Zhao (CZ). The sentencing for CZ is scheduled for 23 February 2024 where he could face up to 18 months in prison. He has been released on a US$175 million bond which could have allowed him to return to the UAE where he resides.

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Loyalty 101: How To Turn Browsers Into Buyers For Lasting Engagement

Speaker: Shaunna Bruton, Danielle Wyllie, and Kailey Holmes

Say goodbye to one-size-fits-all retail, and say hello to experiences that keep your customers coming back for more! Customer loyalty isn’t just earned - it’s cultivated through meaningful engagement with the help of data. This webinar will take you behind the scenes of how top retailers turn customer data into personalized experiences that drive engagement and retention.

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African digital commerce startup tappi raises $1.5 million in pre-Seed funding

Finextra

tappi, an end-to-end digital commerce SaaS solution tailored for small and medium-sized businesses, has raised $1.5M in an oversubscribed Pre-Seed round led by Mercy Corps Ventures and Chui Ventures.

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Taking applications for Bank Automation Summit U.S. 2024 demo challenge

Bank Automation

Bank Automation News is pleased to announce that applications are now being accepted for the AI in Action Demo Challenge, which will take place at Bank Automation Summit U.S. 2024 on March 19 in Nashville, Tenn.

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Regulating Fintech: 5 Steps To Grow Sustainably [UPDATE]

Fintech Weekly

Regulating fintech can lead the industry to a sustainable growth - let's see how this is possible in 5 steps regulators can take.