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  • AliPay – the main silent competitor for digital payment solutions

    Changing customer needs, the liberalization of regulations, and the related digitalization of the payment market are having an ever greater effect, as seen in the proportional increase in the use of mobile payment methods. This being the case, it is expected that the global customer base will have increased by ~51%, and the volume of transactions by ~85% by the end of 2020.

  • Notification requirements for cash-free transactions: EBA’s new draft recommendations regarding PSD II

    According to Article 96 of Payment Service Directive (PSD) II, payment service providers have until 13th January 2018 to implement a reporting system for major operational and security incidents relating to cash-free transactions. The EBA proposes a classification scheme with four quantitative criteria and three qualitative ones to decide whether an incident needs to be reported.

  • Instant payments – the challenges of “money in seconds” for banks

    On 30 November of this year, the Euro Retail Payments Board (ERPB) released “Instant Payments Guidelines”, and more details are starting to emerge: banks and financial service providers will be required to implement instant payments in retail banking and operate them universally from November 2017. This requirement will create major challenges for many financial institutions. The legacy of their IT infrastructure (bringing “technical debt” in its train) means this requirement can only be met with high expenditure and lengthy lead-in times.