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How Virtual IBANs Enhance the Growth of B2B Cross-Border E-commerce Businesses

One of the more vexing problems of the modern age when it comes to international business is that regulatory regimes often do not keep pace with technological innovation.

Nonetheless, novel solutions to B2B cross-border business have emerged in the form of virtual IBANs, financial instruments that drive the innovation economy and enable new, powerful business models.

Here we have outlined three ways that virtual IBANs are transforming the way companies do business locally and abroad:

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KYC Done Right Means Competitiveness and Business Growth

When it comes to digital banking and compliance, robust KYC practices not only prevent fraud and financial losses but also strengthen a firm’s ability to conduct business with confidence.

This is typically because of the four key elements of strong KYC practices that make sure firms know who they’re doing business with and what to expect from that relationship.

We’ve identified the four essential elements of effective compliance in KYC practices for digital banking in order to show you how they help improve the competitiveness of businesses of any size or scale:

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Driving Forces and Technology Trends Behind Fintech Innovations in 2021

The year 2020 saw many of the innovations and prognostications of analysts come true as contactless payments and digital banking solutions drove the field of Fintech innovations. Looking ahead, however, 2021 could be the year that consolidates much of this growth and prepares the economy for the next stage of digitization.

We at Monneo have identified five major trends that we think are driving the Fintech innovations in digital banking, in 2021 and beyond:

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The New Era of Custom Business Payment Solutions and the Impact on Digital Banking Services

The digital banking era is upending traditional payment solutions and transforming the global financial industry in the process. And this is on both the corporate and consumer level with changes in payments solutions reaching into every facet of the international economy.

These innovations in digital banking are not only enabling increased efficiencies and expediting capital flows at a rate previously unthinkable but also are leading the way in changing the dynamic and level of depth of the business-customer relationship.

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Re-enrollment, Customer Onboarding and Magic Links

The reason why re-enrollment is so sensitive is simple: when you do an app-based strong customer authentication (SCA), the user has already been authenticated on the device. This means that it is possible to check the ‘possession’ factor using a device fingerprint from before.

If a customer has a new device, and has an existing device registered to their account, we recommend using SCA to enroll. A typical way to do this would be to use a QR code that the user can scan from one device to another. In the case where there are no existing devices linked to an account, we recommend that the customer go through a full “know your customer” (KYC) procedure in order to re-enroll their new device.

One of the ways we’ve helped our customers strengthen their re-enrollment process is to implement a mechanism known as ‘magic link’. A magic link is a link received through a semi-secure channel that authorises the customer to use a particular device. Using a link like this can be practical, as the re-enrollment procedure might be stretched out over time.

Interested in hearing more about Magic Links? Be sure to read the full article at okaythis.com/blog.

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VIRUTAL EVENT: Leaders vs Laggards – The Race to Escape the Payments Dilemma

Join Modulr on 11th May at 10 am for the launch of this quarter’s industry pulse on payments – Leaders vs Laggards: The Race to Escape the Payments Dilemma.

We will discuss how leaders are overcoming their payments dilemma and overcoming the laggards as fintech fast-tracks innovations in a legacy ecosystem.

Secure your spot today: https://landing.modulrfinance.com/laggards-and-leaders-exclusive-launch-epa

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SCA Confusion Over Member State Ramp Ups

National competent authorities have taken an ambiguous position on their enforcement deadlines for strong customer authentication — which has left the market unsure about how much flexibility there is, sources say.

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QR Codes: A Secret History

Featured is one of Blue Train Marketing’s most recent blogs ‘QR Codes: A Secret History’. In this blog the writer, Jeff Banks, goes into detail of the history of QR Codes and how they are rapidly being adopted across the globe!

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Privat3 Money announces launch of a new Mobile App

The London based E-Money solution for global citizens Privat3 Money (P3), is pleased to announce the launch of its new Mobile App available for both Apple IOS and Android devices. This milestone is P3’s latest step to provide its global citizen clients a completely seamless user experience and ultimately greater control over their finances.

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Find Out How SimplyPayMe Can Help Your Business

Getting paid is the cornerstone of any business. It doesn’t matter if you’re an educator, retailer, tradesperson or tech entrepreneur. The one uniting factor between you is that you need to get paid if you want your business to thrive, or even just to survive.

But managing cash flow in business isn’t always easy. Especially when there are so many disruptive factors at play.

That’s why SimplyPayMe has developed a payment solution that allows small businesses to invoice clients and process payments whenever, wherever and however they like.

Give it a try for yourself and sign up for free now! https://simplypayme.com/

Free Subscription. No Obligation. No Hardware

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Android – the Fittest Kid on the Block?

Simon Fairbairn, Head of Professional Services EMEA, Terminals, Solutions & Services at Worldline, looks at why Android payment devices are on the rise and what this innovation will mean for merchants and estate owners.

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COVID-19: How PPS overcame the challenges of a pandemic through a seamless HR strategy  

Over the course of the pandemic, PPS’ HR Director, Corinne Williams, has worked tirelessly to deploy a pioneering strategy to ensure the safety of the company’s 250 strong workforce over the last year, with various processes in place to roll out homeworking through tailored kits and a top-class well-being programme. All of this to ultimately continue to maintain its high level of operations for some of today’s leading brands that are changing the face of financial services as we know it.

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TechRound Interview with Brian Hanrahan, CCO at Sentenial

Brian Hanrahan explores the current climate, with COVID-19 leading to significant economic downturn, shedding light on how holdbacks from acquirers are becoming more prevalent.

Learn how Nuapay’s Account-2-Account payments, funds are delivered in real-time as no acquiring bank is required to facilitate payments. This means no more holdbacks, giving businesses in at-risk sectors the breathing room they need to survive in challenging economic conditions.

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Financial wellbeing Open Banking FinTech, Ordo, partners with Global IT systems integrator, CGI, to help energy company, PFP, make communities better

Ordo is on a mission to make paying and getting paid easy, helping everyone control their finances, from large enterprises to small businesses and consumers. Using Open Banking technology, Ordo has digitised the process from buying goods or a service, invoicing, payment, reconciliation and confirmation to make it seamless for business and easy for payers.
Ordo has partnered with CGI, independent IT and business consulting services firm delivering an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions.
Together they helped PFP energy, a not-for-profit energy company, or as they like to call it ‘Profit for Purpose’….a partnership with that warm fuzzy feeling.

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What is payment initiation, and what is it good for?

Payment initiation is a new type of payment method made possible with open banking. Essentially, it works by letting customers connect to their banks and authorise a payment directly from their accounts. Here’s what that looks like, and what advantages it brings compared to other payment options.

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Moneyou deploys Konsentus Verify to be fully PSD2 compliant and satisfy the Dutch National Bank (DNB)

Moneyou saw PSD2 as a key enabler of innovative banking services and planned to exploit all aspects of the new regulations to provide both market-leading functionality and value to their growing user base. Moneyou needed to find a way to build a compliant solution with minimum effort and impact on their systems and identified Konsentus as being the ideal partner to achieve this.

Click here to read the full article: https://www.konsentus.com/case-studies/moneyou-case-study/

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What Makes Successful Businesses Thrive in the E-commerce Space, Too?

The recipe for success in the e-commerce business is much the same as any other entrepreneurial endeavor except it comes with many opportunities for growth and leverage that physical businesses don’t have.

Online business may be the future of many markets, and for good reason. From scalability of immediately needed resources to cost-effective innovation and optimization, we have identified five key elements of success for e-commerce business in the modern age:

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How to Secure Your E-commerce Business Against Cybercrime and Cyber Threats?

E-commerce businesses can’t put enough of a premium on online cybersecurity and protection against threats. Not only can malicious actors steal data and commit fraud, but they can also completely undermine a customer’s confidence in your business.

To avoid costly fraud and cyber threats, we’ve found five primary areas of focus that e-commerce businesses need to keep in mind as they move forward in the online market:

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Strong Customer Authentication or SCA: is Europe 3D secure (2.0)-Ready?

As part of a European Union mandate called the Revised Directive on Payment Services, or (PSD2), merchants operating in the EU economic zone must use payment service providers within the European Economic Area that offer what is known as strong customer authentication.

This is also sometimes referred to as the SCA requirement or the PSD2 compliance. In essence, this directive ensures that transactions occurring within the EU’s economic territories make use of multi-factor authentication in order to verify a buyer’s identity.

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Challenges and Opportunities Borne by the European Single Digital Market

The promises of the European Union single market, while not full borne out in the reality of the business world, where the same are actually still far from the dream promised when it comes to the virtual single market. What does this mean?

In other words, the European Union might act as a single market when it comes to monetary issues and beyond, but the EU single digital market is hampered and its growth restricted by a myriad of factors including various compliance regimes and the logistical mastery needed to make it all work.

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2021 Malware Trends

– Introduction
– Evolution of Ransomware
– Beyond Windows
– Financial and Banking Sector
– Vulnerabilities and Malware
– Conclusions

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Remote Dial as a Fallback for PSD2 SCA

If your goal is to service the largest percentage of market users, respect must be given across all accessibility levels. But what is a reliable solution for non-smartphone users? In this post, we review our remote dial option as a reliable PSD2 SCA fallback.

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