Fintech Finance

MAY 21, 2024

The deadline from the UK Payment Systems Regulator for Payment Service Providers is 31 October 2024 (Specific Direction 17). The deadline in Europe for Verification of Payee, based on the Instant Payment regulation, is October 2025. billion CoP/VoP checks across the UK and EU since 2017.

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Payee Verification Regulatory Compliance Scams 52

The Fintech Times

MARCH 31, 2024

SurePay , the IBAN-name check provider, confirmation of payee (CoP) and verification of payee (VoP) to over 100 banks, has expanded its services following a strategic agreement with Swift , the messaging network, and the integration of Swift’s payment pre-validation service.

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Payee SWIFT Cross-Border Cross-Border Payments 59

Fintech Finance

APRIL 4, 2024

iPiD , a leading payment validation solutions provider, today announced the publication of a pivotal whitepaper, “Verification of Payee: The Race to Compliance,” authored by CEO Damien Dugauquier. The paper is now available on the iPiD website at www.ipid.tech/verification-of-payee-the-race-to-compliance.

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Payee Service Provider Verification Compliance 40

Fintech Finance

JUNE 10, 2024

This collaboration will enhance the security and efficiency of payments for banks, corporates, and other financial institutions, reinforcing the protection of their customers and suppliers against financial fraud globally. This service is vital for ensuring the accuracy of instant payments, where funds are irrecoverable.

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Payee Instant Payments Verification Payer 52

Fintech News

JUNE 13, 2024

The increasing prevalence of digital and instant payments highlights the need for secure transactions. iPiD’s solution ensures protection against failed or misdirected payments through real-time payee verification, addressing issues before they occur, and identifying malicious parties.

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Verification Payee Account Validation Payments 93

The Payments Association

OCTOBER 25, 2023

This report is based on a peer-based, real-time comparison benchmarking survey on - real-time/instant payments, cross-border payments, ISO 20022 messaging, transitioning from on-premise to SaaS, compliance and regulation, cash positioning and fraud monitoring, and pre-validation (Confirmation of Payee). Read more

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ISO 20022 Cross-Border Payments Cross-Border Payee 88

PYMNTS

DECEMBER 3, 2019

But by the numbers, it is starting to look an awful lot like instant disbursements are about to join the pantheon. As of the closing days of 2019, instant payments are far from an exotic product. When we asked in 2017 how many consumers have received an instant payment, the answer was a paltry 11 percent.

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Instant Payments Payee Payments P2P 56

Finextra

MARCH 18, 2024

A few days after the Instant Payments Regulation adoption by the Council of the EU, LUXHUB’s shareholders (Spuerkeess, BGL BNP Paribas, POST and Raiffeisen) are expressing today their support to the company’s Payee Verification Platform.

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IBAN Checks Payee Instant Payments 52

PYMNTS

AUGUST 10, 2020

Instant payments are one of these solutions, allowing companies to digitally transfer funds 24/7 year-round. Consumers and other businesses can access their tax refunds, benefits, freelance income, insurance claims, dividend payments and other disbursements within 30 minutes of being paid — sometimes even within seconds.

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Payee Instant Payments Point-of-Sale (POS) Debit Card 91

Finextra

JUNE 12, 2024

FinextraTV and Banfico’s CEO Kannan Rasappan explore all the current moving pieces of the puzzle for payments service providers in the EEA region, dive deep into the biggest challenges ahead of compliance with the incoming instant payments regulation in October 2025 and how Verification of Payee will impact this.

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Regulations Interoperability Cross-Border Payments Cross-Border 59

PYMNTS

JANUARY 3, 2020

Rarely do consumers and businesses agree on anything as much as they have on instant. Now, legacy FIs and a host of other players are scrambling to get a piece of the instant money action. Inspecting the “up-and-to-the-right” growth curve of instant payments , it’s no shock how many players want in. Making Money Fast.

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Instant Payments Payments Push-to-Card Ubiquitous 60

Fintech Finance

JUNE 5, 2024

This funding will accelerate iPiD’s efforts to enhance payment security globally, with a focus on strategic markets like Europe and Asia. Founded in 2021 by a team of former Swift executives, iPiD provides cutting-edge payee verification and identification solutions. Confirmation of Payee in the UK is a case in point.

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Payee Verification Cross-Border IBAN 52

PYMNTS

AUGUST 10, 2020

Instant payments that enable the 24/7, year-round transfer of tax refunds, benefits, dividend payments and other disbursements could be key to quickly getting them money for much needed purchases within 30 minutes or less.

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Payee Instant Payments Tax Refunds Debit Card 88

PYMNTS

OCTOBER 1, 2020

consumers and 500 microbusinesses that receive disbursements, as well as 600 companies of all sizes that make disbursements on payout options, instant payment adoption and fees for these services, among other topics. percent) received at least one, non-tax disbursement in the past year, the vast majority of which were not instant.

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Instant Payments Payee Same Day ACH Non-Bank 122

PYMNTS

MARCH 21, 2019

That’s because, when a customer is dealing with the healthcare system, worrying about how to receive the payment is likely their least important concern. While from a consumer standpoint, the payment process in healthcare might look like a payor cuts a check and a payee gets it in the mail, Bloh noted that the process is rarely that simple.

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Instant Payments Innovation Payments Visa 60

Fintech Finance

AUGUST 15, 2024

The Sionic Fraud Protection Service (FPS) is the final component required for true Pay-by-Bank transactions at the point of sale, alongside verified buyer and seller credentials, a consistent customer experience and automated dispute resolution instantly between payers and payees.

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AI Fraud Detection Technology Real Time Payments 97

PYMNTS

MARCH 21, 2019

That’s because, when a customer is dealing with the healthcare system, worrying about how to receive the payment is likely their least important concern. While from a consumer standpoint, the payment process in healthcare might look like a payor cuts a check and a payee gets it in the mail, Bloh noted that the process is rarely that simple.

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Instant Payments Innovation Payments Visa 40

Fintech Finance

JULY 4, 2024

The Bank for International Settlements (BIS) defines offline payments as the transfer of a digital money token between devices that takes place without the payer and payee requiring a networked connection to any ledger system or backend system to complete the payment.

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Digital Payments Online and Mobile Banking Financial Inclusion Central Bank 98

PYMNTS

AUGUST 5, 2019

It’s why he is emphatic that understanding the “how” of check fraud via digital channels like mobile remote deposit is what will ultimately lead banks to the “why” and “why now” of instant payments. Unlike checks, instant payments is, well, instant – and irrevocable. The Whole New World of Check Fraud.

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Checks Instant Payments Online and Mobile Banking Irrevocability 65

PYMNTS

AUGUST 31, 2020

A growing group of financial institutions (FIs) are placing themselves at the forefront of the modernization push by engineering disbursements frameworks easily accessed via digital platforms, and which promise to improve the experience for payees and payors alike. “In Overcoming Flawed Perceptions. That’s changing.

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Payee Cross-Border Instant Payments Push-to-Card 60

PYMNTS

NOVEMBER 19, 2020

With all of the problems and challenges 2020 has thrown at us, the last thing anyone needs is a nagging perceptual rift between payees and payers about what “instant” means. percent, state that most of their non-government payments come through non-instant methods and take more than a day to receive. Yet, there it is.

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Instant Payments Non-Bank Payer Payments 94

PYMNTS

JANUARY 23, 2020

State agencies handle disbursements for property refunds, public programs, taxes and more, and many are still clinging to paper checks as part of their processes, even as they adopt ACH or direct debit payments. The payment disbursement method varies from payee to payee,” Lyons said. What deters faster disbursements .

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Checks Government Governance Tax Refunds 52

PYMNTS

NOVEMBER 18, 2020

In this month's Smarter Payments Tracker, Raghupathy discusses how offering streamlined mobile payment experiences can convert cash-loving shoppers and ease merchants’ headaches. EXCLUSIVE: Mastercard, Ingo Partner to Bring Instant Payments to Treasury Banks.

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Credit Cards Consumer Instant Payments Online and Mobile Banking 91

PYMNTS

OCTOBER 15, 2020

If merchants need instant payments — and PYMNTS/Ingo Money’s recent Disbursement Satisfaction Index indicates they strongly do — why does progress seem to be going so slowly? Why PayPal And Square Already Offer Instant Payments. Edwards said the path to instant disbursements is being pushed forward by players like PayPal.

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Small Business Instant Payments Push-to-Card Payee 60

PYMNTS

OCTOBER 30, 2019

As of late 2019, there are few people left who need to be talked into the “why” of instant payments — that case has already been well made. There’s financial risk, and making sure the payee who ends up in possession of the funds is the intended recipient. “But There is no shortage of risks to consider, she noted.

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Instant Payments Payee Payments Risk 41

PYMNTS

NOVEMBER 26, 2019

For the person on the receiving side of an instant payment, there isn’t a lot of selling that has to happen because the concept of getting one’s money faster more or less sells itself. Offer a customer a choice between a check and a digital payment, and they’ll pick the digital payment. Investing in Certainty .

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Instant Payments Payee Payroll Checks 68

PYMNTS

SEPTEMBER 8, 2020

Yet, the way consumers receive disbursements stands in stark contrast to how many of them make payments today, with one-touch simplicity of peer-to-peer (P2P) apps like Venmo and digital wallets like Apple Pay. Our research reveals a perception gap between payers and payees when it comes to payment choice.

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Instant Payments Small Business Venmo Direct Deposit 73

PYMNTS

MARCH 9, 2020

Consumers and businesses do not want to use new payment networks unless they believe others are already using them, creating a chicken-and-egg problem. Payers have to know that payees will accept certain payment methods before making purchases, and payees do not want to invest until they know payment instruments are in demand.

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RTP TCH ISO 20022 Real Time Payments 81

PYMNTS

SEPTEMBER 26, 2019

Pull payments do carry risks for both merchants and payers, however. Account holders who provide authorization do not necessarily know when payees will withdraw the promised funds and may not remember to keep enough money in their accounts to cover the costs. Push payments do not carry the same risk and tend to be quicker.

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Payer Real Time Payments Push-to-Card Payee 67

PYMNTS

JANUARY 21, 2020

For example, moving disbursements online could save Filipino government agencies approximately $100 million annually, as it will allow payees to have faster access to their funds. The Instant Payment Ubiquity Challenge. To learn more about some of the challenges instant payments are facing, visit the Tracker’s Deep Dive.

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Online and Mobile Banking Instant Payments Payee Checks 67

PYMNTS

OCTOBER 7, 2019

Bitcoin, Libra, instant payments, Open Banking — these were the big subjects on repeat last week, Dobbie told Webster. Instant payment fraud is absolutely a real thing. To stop a bad instant payment , one must literally go faster than instant to get ahead, identify the flaw and step into the transaction. “The

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Instant Payments Real Time Payments Payments RTP 67

Fintech Finance

APRIL 9, 2024

EBA CLEARING has announced that it will provide its service users with Verification of Payee at a pan-European level as from December 2024. The roll-out of Verification of Payee is one element in the comprehensive preparation programme that the Company is engaging in with its user community to take instant payments to the next level.

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Payee Verification Instant Payments Regulatory Compliance 52

Fintech Finance

JUNE 18, 2024

Swift today published the findings of research that shows Small and Medium Enterprises (SMEs) in the European Union feel positive about the EU’s Instant Payments Regulation, with many expecting it to save them money, improve their cashflow, and increase their competitiveness. Harnessing the benefits of instant payments in Europe.

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Instant Payments SWIFT Cross-Border Payments Cross-Border 97

PYMNTS

JULY 27, 2020

For example, many workers who receive their payroll biweekly via a direct deposit on payday or pensioners who receive their payouts on the exact same day count themselves as receiving an instant payment because their money is in the account instantly on the exact day it is supposed to show up. Flipping The On-Demand Switch.

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On-Demand Instant Payments Push-to-Card Treasury 91

The Fintech Times

JUNE 19, 2024

Small and medium enterprises (SMEs) across the European Union currently feel positive about the EU’s Instant Payments Regulation, with many expecting it to save them money, improve cashless, as well as their competitiveness; according to new research by financial messaging network Swift. One in five expect to be more competitive.

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Instant Payments SWIFT Cross-Border Payments Regulations 59

PYMNTS

JANUARY 12, 2021

Instead, it lacks the necessary recipient experience to enable instant payments. The government does not need to rebuild its payments infrastructure from the ground up – but it does need to partner with the payments industry to leverage what is already proven and modernize.

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Government Governance IRS Payer 90

PYMNTS

JULY 6, 2020

It Takes a Village to Build an Instant-Payments Ecosystem. The COVID-19 pandemic and the move to digital commerce it has spawned is giving fresh impetus to the idea that payments must move from payer to payee in real time. Here’s why.

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Payee Payer Payments Audit 52