Join us in this insightful webinar, with a range of experts in the mobile payments, cards and risk space, to learn how payments are changing, and how mobile applications can help strengthen authentication and improve your customer experience – all at the same time.
Compliance, requirements, deadlines, oh my! By now you should have a comprehensive overview of what to be aware of as PSP. As such, it is time to wrap up the topic of SCA compliance. In this article, we cover how Okay uses security evaluations to fine-tune our product as well as how we can help you meet SCA PSD2 RTS compliance standards.
Join our upcoming webinar on May 11 to hear how fintech partnerships are driving innovation in payments in 2021.
ekko partners with Paynetics UK to power fintech arm of new app that is turning the tide on climate change
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:
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:
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:
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.
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.
Okay has been running compliance audits since 2016. What did it look like back then compared to today? Are two channels for SCA really needed? This week we briefly explore the changing security environment of mobile phones related to identity verification.
The Fintech for Fintech’s Kani Payments, specialising in payment reconciliation and reporting has announced hitting £5 billion reconciliation milestone and the appointment of three senior hires.
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:
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:
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.
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.
Fintech and trusted payments enabler Paynetics has partnered with Benamic, the global leader in promotional fulfilment, to develop its mobile first, digital corporate card programme.
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.
Close to a quarter of a million people around Ireland received a Perx Reward from their boss while working from home last year.
Okay wants to make the payment process as smooth as possible, specifically when it comes to customer authentication. While this is just one part of the payment process that can introduce friction, it is often where checkout abandonment occurs. In this post, we’ll try to describe some of the options that we’ve seen in the market regarding frictionless payments, including their strengths and weaknesses.
One of the great innovations of the modern age is the ability of eCommerce to connect businesses, merchants, and consumers all across the world. Not only has this opened up new opportunities for businesses and consumers alike, but also it has expanded the realm of what is possible for small and medium enterprises on the global stage. And here we start with the interesting part of the current topic.
The global economy is expected to begin the process of recovery from the 2020 pandemic throughout 2021 and an integral part of that will be the payments industry as well as virtual IBANs and digital banking.
Analysts see five major trends on the horizon for 2021 in how things will change for the payments industry and digital banking services including enhanced automation to more robust identity verification as well as an authentication technology.
Over the last few years, Okay has gone through both security certifications and penetration testing. While they represent two uniquely different processes, each has greatly improved our product’s security, code quality and architecture. In this post, we discuss the importance of each, as well as what we’ve learned along the way.
Now, in 2021, and with the Brexit negotiations in their rearview mirror, the EU market is looking to digital banking solutions to help address problems of inequality, sustainability, and supporting a circular economy.
Indeed, the future of the market in Europe is not only digital but digital banking, in particular, will play a huge role in bringing about the social transformations and member-state cohesion needed to build economic resilience and growth for the future.
What are some of the major forces driving the corporate banking digitization process? What are the factors and trends behind some of the most seismic moves in recent years in this otherwise quite conservative industry? What are the main key-topics we should have on our radar in order to stay ahead of our business competitors and be the first to learn what would be the next
Not only is the extension of digital banking services and digital payments solutions integral to the growth of mobile and online marketplaces, but also it is central to the monetary revolution taking place right now with cryptocurrencies and the rise of a cashless economy. We have identified three major movements in digital banking that could shape how the next several years play out, from enhanced payments processing to the integration of new consumer blocks into the financial system.
Radar Payments launches Tap to Phone, making it easier for sellers to use their mobile devices to accept payments and offer enhanced customer experience.
EML Payments Limited (ASX: EML) is pleased to release its FY21 Interim Report.
Beam launches new service, to bring instant and secure payments to WooCommerce merchants via Open Banking. Leveraging Nuapay’s payments platform, Beam is aiming to help UK businesses save £100k over the next year.
The partnership enables Beam to provide Open Banking payments to its clients on WooCommerce – the open-source e-commerce plugin for WordPress – bringing online and omnichannel retailers the benefits of faster, more secure and cost-efficient payments.
Rob Shore, Group CFO at EML, is very excited about the company’s 3-year Accelerator strategy.
Leading European Banking-as-a Service and payments provider, Contis, is delighted to announce its partnership with Pin4, an international fintech pioneering access to cash. This collaboration will enable account holders to access cash via their mobile phones which they can instantly collect at any enabled ATM, including any of 12,000 Cardtronics ATMs across the UK, without the need for a card or pre-registration.
New data from Open Banking pioneer Nuapay, powered by Sentenial, has revealed that consumers are frustrated with the user experience when making card payments online. This follows recent findings that highlighted a raft of payment card security failings. The news comes as retailers ready themselves for the busy festive shopping season – an event that is even more important this year as businesses seek to plug pandemic losses.
2020 saw significant growth in digital payments with the pandemic as one of the key factors. Covid 19 and shifting consumer behaviours steered the move toward contactless options and Open Banking for a safe, efficient, and contactless alternative to traditional payment methods.
Discover how Account to Account payment providers like Nuapay have worked to enable seamless recurring payments for businesses to deliver a faster and more frictionless experience for their customers.
Explore key trends including subscription models powered by recurring payments and QR codes which are fast becoming a mainstream payment method.
Visa and Conferma Pay announced a strategic partnership to launch Visa Commercial Pay, a suite of B2B payment solutions, to help improve cashflow for businesses and eliminate outdated manual processes.
An interview with Kani CEO Aaron Holmes
EML CEO Relishes Marching To The Beat Of A Different Drum in 2021.
The rise in cloud-based technology has paved the way for a whole new industry, fondly known as Software as a Service (SaaS). This global industry has resulted in a number of small businesses ‘accidentally’ importing goods from abroad, which can result in hidden foreign exchange costs.
A gift card isn’t just for Christmas, it’s handy for a crisis too: reflecting on the small things making a huge difference
The future of global commerce could be a cashless society, many experts predict, and that puts the burden on financial institutions to make sure their customers’ data is secure and protected.
As digital banking rises to replace the more traditional industry, one phenomenon has arisen hand-in-hand with it and that is the use of biometric technologies.
The rise of digital banking has taken the traditional financial sector by surprise and for many good reasons. From pioneering the art of customer service online to using artificial intelligence to handle many of their operational tasks, digital banking is not just a glimpse of the future of finance. It is a peek into the future of the world of business itself.
The fast-changing world of digital business is one in which staying ahead of the competition is often as much about thinking outside of the box as it is anything else.
But that’s much harder than it might seem at first glance, especially for firms in highly-competitive environments.
The COVID-19 pandemic is nothing less than an inflection point for the global economy. From this point on, people will discuss business in terms of pre-COVID-19 and post-pandemic, and for good reason.
The global pandemic has initiated changes in the global supply chain that were slowly developing before but that are now becoming more prominent features of the landscape. Not only are companies pulling resources in towards the home base, but also they are recentering their businesses for the digital landscape.
Judopay has launched its integrated payments offering, JudoAccept, that will help SMEs maintain safety and social distancing measures at the checkout as highstreets reopen.
JudoAccept totally removes the need for interaction with any sort of payment terminal by allowing businesses to use smartphones and tablets to present the customer with a QR code that can be scanned by their devices at a distance.
Removing the need for costly payment terminals, integration resources and development time, JudoAccept also presents companies with a cost-effective alternative to usual payment methods as they operate in the current economic downturn. It can also be used can also create and send payment links for items such as takeaway food, taxi fares, invoices or utility bills.
Taxi Companies in Scandinavia Go Contactless and COVID-safe with HIPS Payment Group’s QR Payment Solution, a First for the European Market Solution supports current trend