Salt Edge Partner Program – a door to open banking without extra investment. Salt Edge is coming to Banking 4.0

Via Salt Edge Partner Program, companies can start using real-time data from across all the EU, in just 15 minutes. Salt Edge handles all the technical, security, compliance matters so that companies can focus on providing services to their clients. Canada-based Salt Edge announced that it now offers a simple solution which enables companies to get instant access to open banking channels in a compliant way, without having their own PSD2 licence. Salt […]

The National Bank of Romania announces the launch of the FinTech Innovation Hub project

Fintech Innovation Hub is a platform for dialogue with companies developing innovative public interest solutions in the area of payment and financial services (FinTech). Thus, the NBR aims to support the market developments in payment and financial services as well as to bring innovation monitoring into line with European trends in the area of payment services and payment instruments, in order to ensure their security and safety. “The FinTech Innovation […]

How UiPath makes banking compliance easier to manage. UiPath is coming to Banking 4.0

an article written by Nitin Purwar, senior functional architect at UiPath. Over the last ten years, I’ve had dozens of conversations with banking colleagues about regulatory compliance. As regulatory complexity increases, banks are still scrambling to figure out how to get compliance under control. According to Forbes, banking regulatory costs will rise from 4% to 10% of banking revenue by 2021. Hiring more people to reduce regulatory burden isn’t a solution to the […]

Due to fintech competition, banks risk losing US$280 billion in payments revenue by 2025, according to Accenture Report. Accenture is coming to Banking 4.0

Yet, as digital payments continue to grow, banks can tap into US$500 billion opportunity in new payments revenue if they adopt innovative business models. As much as 15% of banks’ global payments revenue, or US$280 billion, is likely be displaced by the growth of digital payments and competition from non-banks, as payments become more instant, invisible and free, according to a new report from Accenture. The report found that global […]

Open banking, the payments industry and BigTech challengers: „in a market defined by innovation, many incumbents are more fearful than optimistic about the pace and direction of change”, CapGemini report

As global non-cash transactions boom and competition flourishes, many banks remain reluctant to embrace Open Banking via data sharing, ecosystem partnerships and open platforms, with multiple incumbents still being cautious of change. Instead, they perceive Open Banking as a potential challenge when it is a necessity for improved customer experience and retention in the long-run. That’s according to Capgemini’s World Payments Report 2019, which tracks and analyzes non-cash transaction volume, regulatory […]

Joint industry letter on PSD2-SCA implementation for cards. European Banking Federation, Visa and Mastercard recommend EBA an additional timeframe of 18 months.

European Payment Institutions Federation (EPIF), European Association of Payments Service Providers For Merchants (EPSM), European Banking Federation (EBF), European Hotel Forum (EHF), Ecommerce Europe, EuroCommerce, Visa and Mastercard, has taken the lead on a further joint industry letter to the EBA on SCA Implementation. The organisations jointly share the goal of a harmonised EU implementation of SCA. In a first instance they have therefore called on the EBA to use […]

The Hungarian National Bank provides card issuers and acquirers an additional 12 months to comply with PSD2 strong customer authentication

On 10 September 2019, the Hungarian National Bank (HNB) issued a press release (available in English here) in which it provides Hungarian cards issuers and acquirers with additional time to comply with the PSD2 strong customer authentication (SCA) requirements, as implemented within Hungarian, but only in relation to online card-based payments. Pursuant to PSD2 and the related regulatory technical standards for strong customer authentication and common and secure open standards of […]

Mastercard and R3 partner to develop new blockchain-powered cross-border payments solution

Blockchain-enabled model to further support banks to deliver a single frictionless real-time payments proposition. Mastercard will act as the network operator to process, clear and settle international payments. Mastercard and R3, a leading enterprise blockchain software provider, have today announced a strategic partnership to develop and pilot a new blockchain-enabled cross-border payments solution that will initially focus on connecting global faster payments infrastructures, schemes and banks supported by a clearing […]

Banks and TPPs provide update of their joint PSD2 task force to the European Commission

Following the Joint Statement between the ECSAs and TPP associations, banks and TPPs now write to provide the European Commission with an update from the Joint PSD2 Task Force. In the Joint Statement, banks and TPPs agreed on some topics, together with progress made so far: 1. The parties agree to call upon ASPSPs to provide contingency relevant documentation in their developer portals, more specifically on TPP identification and use of […]