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What banks don’t get about the Open Banking API economy
The Open Banking ecosystem can learn a lot from the smartphone operating system (OS) market. In particular, banks that are developing APIs in a bid to control the new ecosystem should ask themselves this: Why did the mobile operating systems of Nokia, Bada, Symbian and Blackberry (among others), fail? Like most high growth markets, the mobile [...]
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What is transaction laundering and what is the Industry doing about it?
Transaction laundering has quickly evolved into one of the payment industry’s most prominent and most difficult problems. Transaction laundering — also previously known as “undisclosed aggregation” or “factoring” — occurs when a merchant processes unknown transactions on behalf of another business. This hidden business is often engaged in prohibited activities, and the “front” merchant may [...]
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Global Shadow Banking monitoring now worth $45tn – Report
The Global Shadow Banking Monitoring Report 2017 presents the results of the FSB’s annual monitoring exercise to assess global trends and risks from the shadow banking system. The 2017 monitoring exercise covers data up to end-2016 from 29 jurisdictions, including Luxembourg for the first time, which together represent over 80% of global GDP. This Report also includes, [...]
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Interpretation of Payment Services Regulations brings Metro Bank policy into question
On January 13th 2018 new regulations came into force – called the Payment Services Regulations – Article 105 of which compels banks to offer bank accounts and payment services to a class of payment service provider called a Payment Institution. In preparation for this the Payment Systems Regulator issued its guidance as to how it [...]
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nexo and FIS sign for globally standardised card payments acceptance
nexo standards has signed an agreement with FIS to develop a suite of test tools that will allow vendors, acquirers and processors to test the compliance of their payment systems and devices with nexo’s payment acceptance messaging standards and specifications. As part of the agreement, FIS will create a test solution that supports development and [...]
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