Marcel van Oost

Impact Fintech Doconomy Teams Up With European Bank KBC | Crowdfund Insider: Doconomy, an impact fintech providing banking platforms with innovative tools to drive financial wellbeing, announced partnership with KBC.

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A missing part for SEPA transactions is now defined. #verificationofPayee We @ Payment Guy took a deeper look what ist affected, requested and probably still not defined?

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Bank and Non-Bank Payment Service Providers This report addresses the need for a cohesive regulatory framework for PSPs involved in cross-border transactions. It outlines proposed policy recommendations to strengthen consistency in the regulation and supervision of banks and non-banks in their provision of cross-border payment services. ✅ This is crucial for managing risks associated with money laundering (ML), terrorist financing (TF), and other illicit financial activities. ✅ The Financial Stability Board advocates for the harmonization of AML and CFT standards across jurisdictions. ✅ Advances in technology have shaped and will continue to reshape the cross-border payments landscape, increasing the number and variety of PSPs and services they offer. ✅ In response to these changes, legal, regulatory, and supervisory frameworks that govern PSPs have had to rapidly adapt and evolve and there needs to be efficient and comprehensive standards. ✅ The Financial Stability Board has analysed existing standards, recommendations, and guidance relevant to cross- border payments developed by international standard-setting bodies (SSBs) and organizations. ✅ Taken together, these reviews and analysis highlight an opportunity for policy adjustments to strengthen consistency both within and across jurisdictions, while maintaining flexibility to accommodate the wide variety of national regulatory and supervisory frameworks applied to cross-border payments activities conducted by both banks and non-banks. ✅ As per FATF Recommendations, nations are urged to ensure that all entities providing MVTS are properly licensed. ✅ It highlights the need for financial institutions to include accurate originator and beneficiary information in wire transfers and this information should remain permanently. ✅ The Financial Stability Board( FSB) is actively seeking feedback on the proposed recommendations from its diverse stakeholders. By aligning standards and practices, the Financial Stability Board aims to enhance the security and efficiency of the global financial system.

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Top level demos at our stand MRV7 from our partner Group-IB ! They will share strategies and tactics to further enhance your fraud protection with two sessions every day. Session 1 - Fast and Furious: the Future of Instant Fraud Protection This session dives into the critical need for instant fraud prevention in the era of real-time transactions. Designed for fintech and banking professionals, we will explore the unique challenges of safeguarding fast payments and showcase cutting-edge technologies that enable split-second fraud detection. Session 2 - The Fraud Matrix: Empowering Your Team to Anticipate and Prevent Fraud This session will introduce the Fraud Matrix, a powerful free tool designed to empower your team with the insights and knowledge needed to proactively identify and mitigate fraud risks. Learn how to deconstruct common fraud schemes, pinpoint their vulnerabilities, and develop targeted prevention strategies. Register for our sessions now https://lnkd.in/eikaiT_t

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The SEPA Instant Payment framework is now live across the EU as of 9th January 2025, setting a new standard for real-time payments. Here are the key points: - Instant Transactions: Payments must settle in under 10 seconds, 24/7, across participating countries. - Compliance Challenges: Financial institutions face heightened pressure to perform real-time due diligence, including sanctions screening, fraud prevention, and AML compliance. Stringent cutoffs in sanctions screening could lead to increased payment declines, current manual operational processes are not equipped to handle the speed and accuracy required. Financial institutions must modernize and automate to meet these demands effectively. - Impact on Businesses: B2B firms may need to rethink cash flow strategies, risk management, and compliance workflows to keep pace with this shift. - Customer Demand: This upgrade responds to growing expectations for faster, more transparent financial services. While the framework opens doors for innovation, it also underscores the urgent need for agile and automated compliance solutions. Is your organization ready to adapt?

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The agenda of the Amsterdam Fintech Forum for June 3 is updated! Top speakers from different parts of the world. Unique stories. Impressive real life story about exposing Europe’s €24 billion fraud of a payment fintech. Want to check it first? Here is a link to the agenda: https://lnkd.in/eUEXet8p And don't forget about Money20/20 pre-party after the forum, top speakers confirmed for that too. The Banking 50 Fintech Netherlands #Amsterdam #money2020 #fintech #banks #thebanking50 #fintechnetherlands #amsterdamfintechforum

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Maybe PSD2 was meant to save banks? 🤔 Do you remember when PSD2 and open banking became mandatory in the EU in 2018? In the years prior and afterwards, many banks complained as they were forced to offer 𝘧𝘳𝘦𝘦 access to third parties putting their own customer frontend at risk of losing relevance. Many banks built sub-ideal APIs, often with poor connectivity and in same cases even missing data fields. If customers cannot use third party services properly, maybe these third party services just go away and customers return to the bank-own frontends? But guess what, these third party services and PSD2 exists because of customer demand.  Banks can limit the performance of their 𝘰𝘸𝘯 APIs but cannot change customer demands. With embedded finance and the fintech development in general, we are seeing an ongoing rise of infrastructure providers. Building, designing and launching financial services will become easier and easier. Customers have more choices than ever. And if banks are not addressing their customer needs, others will. Many banks fought the implementation of PSD2. But I feel, they should be thankful for the open banking regulation, because it forced them to leave their silo and interact with customers, fintech companies and non-financial brands. It was just a first step but maybe an important one for (some) banks to understand how they can continue to grow? What do you think? PS: Subscribe to my newsletter if you want to follow the developments in embedded finance (link under my name). #embeddedfinance #openbanking #embeddedbanking

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Another German bank in the news. Volksbank Duesseldorf Neuss, a member of Germany’s cooperative banking sector, plays a key role in a €100 million fraud suffered by a French retailer, and committed by a consultant to the retailer, as court documents claim. Some important takeaways for others as the bank missed several red flags: 1)     The French fashion retailer set up a banking account at Volksbank in May 2023. In June 2023, the account received a deposit of €100 million from Société Générale. Less than a week later the bank received and executed an order to transfer the deposit to a Turkish bank. The quick succession of events – account set-up, deposit, transfer out – is a prototypical pattern of financial fraud, usually for money laundry purposes. 2)     The order to transfer-out the funds arrived from an e-mail address which had not been registered or used at the bank before – another important signal of potential fraud. 3)     At the time of the transfer, Turkey was a high-risk country for financial fraud purposes under FATF. Court proceedings are ongoing against the consultant and the shell companies she used, but the court documents reveal important gaps in compliance procedures at the bank.

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SEPA Instant Payments – A Catalyst For New Developments In The Payments Market 💡 In November 2024, the European Payments Council (EPC) published an updated and enhanced version of the SEPA Instant Credit Transfer (SCT Inst) rulebook. This rulebook enters into force on 5 October 2025. The following infographic illustrates the conceptual work flow of an SCT Inst and some use cases. There are several benefits this new payment method brings to the table, including a strong reduction of working capital trapped to fund operations. Much will also depend on some factors such as: 🔹 Can it seamlessly be integrated into the sale process? 🔹 Which additional services will be linked to this type of payment? Retailers might want to combine these payments with their loyalty programs. 🔹 What will be the rate of adoption by both banks? 🔹 How quickly the various CMS systems in Europe will be able to interoperate? 🔹 Which prices the banks will charge for this new payment instrument? 🔹 Will it be possible to combine instant payments with new technologies such as the NFC (Near Field Communication)? For financial institutions, this will imply major changes, as they need to be able to: 🔹 Make the necessary compliance and KYC checks; 🔹 Do real-time processing and routing; 🔹 Upgrade their current architecture to support SCT Inst; 🔹 Comply with the SLA of the SCT Inst Scheme; 🔹 Allow 24/7/365 operational processes, availability, reporting and servicing; 🔹 Make extra notifications and reach filtering (as the SCT Inst scheme is not mandatory); 🔹 Adapt their fraud/sanctions management systems; 🔹 Adapts their liquidity management processes and monitoring; We can think that it is a matter of time before instant payments become widely used in Europe. Although financial institutions have a lot of challenges ahead, embracing innovations such as instant payments will be a crucial factor in meeting customers’ growing expectations for faster, more secure and more efficient payments. PSD2 could be a catalyst to the development of SCT Inst. Many Fintechs are already positioning themselves to offer their services. The experts agree that whilst from the start, there will be use cases enabling the SCT Inst to take off, it will take a couple of years before we will see use cases in e-commerce and with the retailers, leading to a progressive mass adoption. Source: European Payments Council (EPC) - https://t.ly/O17lb #Innovation #Fintech #Banking #OpenBanking #API #FinancialServices #Payments #DigitalPayments #InstantPayments #SEPA #SCTInst #KYC #AML

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Great insight from #FIS Kevin Flood - are you and your firm ready for the mandatory change in the payments landscape? Do you need assistance with your technology to support the impacts of moving to real-time? Consider; fraud, payments, real-time core, reconciliation - FIS are supporting clients with the change. Get in touch. #sepa #payments #instantpayments

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👛 Secure wallets for online and offline payments 💸 How do secure CBDC wallets work? I will explain at the 2024 webinar series of the Java Card Forum. I will do two runs of the talk on 📅 Monday 9th December, once in the morning (🕘 9am–10am CET) and once in the evening (🕔 5pm–6pm CET). Bring all your questions! Register here: Morning session 👉 https://lnkd.in/dNU_4TB3 Evening session 👉 https://lnkd.in/dnW6b2Px What can you expect? Many central banks – including the European Central Bank – have started investigating or piloting digital currencies (CBDC) to introduce yet another way to pay electronically. The wish list for CBDC is long: it should support online & offline payments, work as usual at the point of sale, be accessible to users without bank accounts, … At the centre of these design discussions are wallets, powered by secure hardware. In this talk, I give an overview over the current CBDC ecosystem, explain some novel techniques that could help to implement wallets at scale, and give a perspective regarding standardisation.

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👇 European Banks providing crypto services - Update 12/2024👇 Germany on crypto ride… ⚡️ As announced here on LinkedIn DZ Bank is launching pilot phase of the project to enable private customers of co-operative „Volksbanken“ to trade digital-assets. In cooperation with Atruvia AG and Boerse Stuttgart Digital, Westerwald Bank eG is the first cooperative bank to open crypto-wallets and successfully make transactions. Other cooperative banks will also enter the test phase shortly. Any bank supporting crypto-assets missing? Just let me know… #cryptoassets #Banking #crypto #Innovation 

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⬇️ Today we’ll talk about the #Payments ecosystem in #Germany from our white paper, "Key Players in the EU Payments Landscape 2024": https://lnkd.in/dVYy5rTP 💳 Dominating the market, the local girocard system remains the most widely used payment method, with approximately 7.5 billion transactions in 2023 and accounted for up to 88% of debit card payments. Other key players include Visa and Mastercard. 📱 Despite a strong preference for cash, Germany's shift towards digital and cashless payments is accelerating. Leading mobile payment methods like Google Wallet, Apple Pay, Amazon Pay, and PayPal are increasingly popular in e-commerce. Newly launched in 2022, Digital giropay aims to rival these major platforms, alongside other mobile payment options such as PAYBACK, Barclays bPay, and BitPay. 🏦 The German banking sector is diverse and comprises three main groups : commercial banks, savings banks, and cooperative banks. The three largest bank, Deutsche Bank, DZ BANK AG, and Commerzbank AG, alongside a strong network of savings and cooperative banks, issue most of the debit cards. 📶 Computop - the payment people, PAYONE, Nexi Germany, Unzer, Verifone and VR Payment GmbH are major players that lead in payment processing, offering a range of omnichannel solutions. The top five players in the German Banking-as-Service market are Deutsche Bank, Commerzbank AG, KfW Bankgruppe, DZ BANK AG, and HypoVereinsbank - UniCredit - Deutschland. Besides them, there are players such as Raisin Bank AG, Solaris SE, Fidor Bank AG, and many others. The Payments Association EU is proud to work with many important players in the German payments landscape, including StoneX Group Inc., Giesecke+Devrient, 1-CP, epay, a Euronet Company, NG-Consulting Europe and RS2 . Key Takeaway💡: “Germany’s payment landscape is distinguished by a strong preference for the Girocard, which recorded approximately 7.5 billion transactions in 2023, alongside a robust shift toward cashless payments as evidenced by ..” Want to read the full “Expert Opinion” from Deloitte professional Daniel Scheuermann on the German payment landscape? Download the report here: https://lnkd.in/dVYy5rTP

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I generally do not comment news, but this is quite interesting. Hopefully BaFin lifting N26 growth restrictions it is a sign of the adaptation of existing regulatory framework to digital banking #digitalbanking #n26 #AML #regulatorycompliance https://lnkd.in/dT6Qkd3h

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The time is up. The first pillar of the EU instant #payments regulation (IPR) comes into force today and here is my summary with all-you-need-to-know. Key provisions:   1)     #Instantpayments are becoming compulsory for banks and PSPs   2)    Instant credit transfers must arrive in recipients’ accounts within 10 seconds, regardless of the date or time of day.   3)    Any charges for sending and receiving instant transactions cannot be more expensive than standard ones. 4)     Verification of Payee: a messaging functionality ensuring verification of the payee (IBAN and name). It applies to both standard and instant credit transfers and is free of charge. 5)     Instead of screening transactions one by one, PSPs need to check clients against #EU sanctions lists periodically.   Timeplan: —    PSPs in the euro area need to be ready to receive euro instant credit transfers as of today. Send is due in October. —    A transition period is planned - it will be faster in the euro area and longer for non-euro countries Implications: —    IPR does not affect only banks, but also non-bank PSPs like PIs and EMIs. Practically all issuers and acquirers are affected. —    Some heavy lifting from banks will be needed (infrastructure and operations). This is not a walk in the park (i.e. upgrade core banking systems) - there are already complaints about the deadlines. —    Sanctions screening and fraud detection are most impacted. Banks and PSPs need to adjust to a 24-7-365 model and fundamentally change their approach (i.e. no individual screening, real-time fraud monitoring). VOP is an additional challenge with 3rd-party providers in demand. —    Treasury managers both on the banking and on the corporate side need to adjust their set-up (i.e. continous access to funds has liquidity implications, client transactional behaviour might change, etc). —    PIs and EMIs will have the option to get direct access to payment systems, removing today’s requirement to rely on banks as sponsors. —    Bulk payments used by corporates will be affected. For banks this means 1) obligation to offer instant settlement with no additional costs 2) convert the batch files and execute in single transactions. Strategic drivers:   —    Europe needs to be able to compete in the global landscape (i.e. India, Brazil). SCT Instant adoption is still low and IPR wants to fix this. —    The EU IP landscape is very fragmented. There are several instant local schemes but they are not interoperable. —    There is a huge potential to free up €200 billion that are locked in transit daily in the financial system and reinject them into the #economy. —    Europe has long been dependent on US payments rails (Visa, Mastercard, PayPal, Apple, Google, Amazon) missing a domestic scheme. Instant payments are part of the effort to fix this. Opinions: my own, Graphic sources: Panagiotis Kriaris, European Payments Council Subscribe to my newsletter: https://lnkd.in/dkqhnxdg

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Much like the Stark family preparing for winter, many banks found themselves battling to survive the compliance burden without reaping meaningful rewards. SPAA changes the game. Inspired by a webinar by European Payments Council (EPC) on SPAA, with industry leaders like Gijs Boudewijn, Ghela Boskovich, Joe Morley, Federico Travella, Christian Schäfer and Louise Beaumont, I decided to write a summary, but with a little twist. Enjoy the read!

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