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Tag Archives: Payments

Video: Visa B2B Connect to launch

Visa’s first distributed ledger-based payment solution has been announced and will allow businesses more opportunities to thrive on a global level. Pay with a smile Non-cash payments up 33% in Azerbaijan Denmark to use a cryptocurrency to help developing countries

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Open banking in the UK: one year out

In January 2018, the United Kingdom (UK) launched open banking to improve the way finances in the UK are managed, borrowed, saved and invested. Now, more than one year on, the UK has set a gold standard for open banking. Despite the fact open banking is still a relatively new …

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Polish realities in a PSD2 Europe

A recent survey of the Polish banking sector concerning the Second Payment Services Directive (PSD2) of the European Union (EU) was published by KPMG. Specifically, the survey found that Polish banks view their main competition as other banks in the short term; however, the realities of PSD2 shift that perception …

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8 in 10 millennials ready to switch away from banks

FinTech players and challenger banks are at the forefront of capturing the millennial market as 8 in 10 millennials now state that they are ready to switch from using banks to using the personalized financial services offered by the open banking era. In fact, FinTech players and challenger banks now …

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Gates Foundation supports open mobile banking platform in Africa

Two of Africa’s largest mobile operators and mobile money providers (Orange Group and MTN Group) have announced they will use Mojaloop, an open source financial services technology sponsored by the Gates Foundation. The two companies call their joint venture Mowali (mobile wallet interoperability), which will make it possible to send …

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Isracard selects Temenos as its digital open banking platform

Isracard, the largest credit card company in Israel, has selected banking software company Temenos to serve as its open banking platform. Isacard’s selection of Temenos will help the company achieve its strategic goals of simplifying its system architecture and providing enhanced digital experiences. Temenos’s T24 Core Banking platform will provide …

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41% of EU banks fail to meet important PSD2 deadline

A survey of 442 European Union (EU) banks conducted by the Swedish open banking platform Tink has found that 41% of EU banks have failed to provide a testing environment or sandbox for third-party service providers by the deadline set by the EU’s Second Payment Services Direction (PSD2). It is …

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Russian banks’ tentative start with open APIs

As the Second Payment Services Directive (PSD2) becomes just another part of business in the European Union (EU), it is natural to wonder about the state of open APIs in Russia. In general, Russian banks seem wary about the possibility of using an open API to allow third parties to …

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Qiwi launches open API money transfer service

Qiwi has launched an open API money transfer service for its customers, giving users the chance to customize their own way of receiving funds. The new service makes it easier and safer for users to accept money transfers by removing the use of personal data from such transactions, instead using …

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The impact of PSD2 in Ukraine

With the implementation of the Second Payment Services Directive (PSD2) in the European Union (EU) and Ukraine’s relationship with the EU, it is natural to wonder about the implications of PSD2 in Ukraine. In fact, Ukrainian authorities are currently in discussions regarding the directive and its Ukrainian implications with donors. …

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Kazakhstani banks embracing open APIs

Open APIs are starting to emerge as a trend in the market of IT solutions in Kazakhstan, with private banks actively exploring the potential of open APIs and the National Bank of Kazakhstan (National Bank) discussing how it will regulate open APIs in the financial sector. While awaiting regulations from …

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Sberbank launches 3 new payment services

Sberbank now offers three new ways of making payments that are faster and more convenient. The first is called “B2B Corp Checkout”. It allows legal entities to add a button on their website that, once pressed, lets consumers confirm a payment via an SMS code. The payment is then immediately …

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PSD2: a brief overview

As the Second Payment Services Directive (PSD2) becomes the new reality across Europe, here are the main changes it is driving: External payment service providers are now better defined and regulated. Legal entities applying for a license as a payment organization will have to provide increased documentation describing their payment …

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Is Ukraine ready for a PSD2-like initiative?

Worldwide trends in the financial sector are creating new conditions that Ukraine should follow, especially if it wishes to create a more transparent and open payment market that is attractive to financial players and consumers alike. In the European Union (EU), the Second Payment Services Directive (PSD2) governs this direction, …

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Kazakhstan actively developing digital financial infrastructure

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The National Bank of Kazakhstan, together with the banking community, is implementing a number of new initiatives on the digitization of financial services such as its launch of the interbank Instant Payment System, a system which allows consumers to execute online payments instantly via a mobile number. The regulator is …

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New Zealand on the path to open banking

New Zealand is well on the path to open banking, with Payments NZ releasing the first API standards for payment initiation and account information. A pilot test for open banking and digital payments in the country was held in March 2018 by six partners (ASB, BNZ, Datacom, Paymark, Trade Me …

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South Korea plans interbank payment network

South Korea’s financial regulator has revealed plans to create an open interbank payment network. The system is expected to help the country foster more successful FinTech firms and rejuvenate the country’s economy. Currently, only banks are granted access to the financial network to make money payments and transfers. Each bank …

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Video: PSD2 explained in 4 minutes

The Payment Services Directive 2 (PSD2) may be one of the most disruptive developments in banking and FinTech this decade. The new legal framework established has forced financial institutions to open their consumer data to third-party providers. Find out more in this short video about PSD2. Big Data pushing online …

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Infographic: the changing landscape of payments

The Payment Services Directive 2 (PSD2) and other emerging payment initiatives such as Instant Payment are impacting the way payments are completed. They present an opportunity for merchants to upgrade consumer experiences while also improving the speed, convenience and security of payments. Smart Contracts Explained Digitalization levels in Kazakhstani financial …

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Infographic: a brief overview of PSD2

The Payment Services Directive 2 (PSD2) is a European Union (EU) regulation that aims to adapt the regulatory framework of payment services to the challenges posed by the emergence of new, innovative services. 4 keys for financial institutions to keep in mind about the world of open APIs Uzbek government …

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