FedNow FAQs: A guide for banking & payments operations teams
Posted: 23/10/2023 | Read time: 3 minutes The Federal Reserve has launched its FedNow service. So participating banks and payments services providers (PSPs) can now offer instant payments to businesses and individuals. This will have huge consequences for the global payments industry. For individual firms, offering the service will also have a big impact…
FedNow adoption in the US requires a pragmatic approach
…featuring AutoRek’s Global Payments Lead, Nick Botha. See AutoRek in action Nick joins Albert Bodine, Director of Commercial and Enterprise Payments at Javelin Strategy & Research. They answer the following…
How EU instant payments legislation will affect your back-office teams
Posted: 09/10/2023 | Read time: 3 minutes Nicholas Botha, Global Payments Lead at AutoRek, explains how the EU instant payments legislation proposals will impact banks and payment service providers’ key functions – and how to prepare for impending changes. In October 2022, the European Commission proposed new legislation to make instant payment services…
The Paytech Show: The future of payments, reconciliation & automation
In the June 5th edition of FF News Paytech show, AutoRek were joined by Steve Naude, Head of Wise Platform at Wise and Alan Marquard, Executive Vice President, Applications and Cross Border Lead at Mastercard to provide valuable insights into the ever-evolving landscape of cross-border and instant payments. We covered the following topics: Customer expectations…
Payments regulation 2023: Safeguarding best practices and regulatory updates
In March, the FCA issued a Dear CEO letter to all payments and e-money firms. Similar to a letter published by the Central Bank of Ireland (CBI) in January, it highlighted three priorities: Ensure customers’ money is safe Ensure operations don’t compromise the integrity of the wider financial systems Meet customer needs with high-quality products…
Safeguarding: How to meet the FCA’s Dear CEO requirements
AutoRek’s Nick Botha discusses how the FCA is taking payments safeguarding very seriously and firms should be able to demonstrate robust governance and control frameworks to avoid unwanted consequence. The…
Cross-border payments: How to create frictionless processes
As international trade and e-commerce continue to expand, cross-border payments are rising. According to Bank of England projections, the value of cross-border payments is set to reach $250 trillion by 2027 – up from $150 trillion in 2017. However, the growing prevalence of borderless transactions has so far presented an operational challenge to payments organisations…
Safeguarding for payments and e-money institutions
What is safeguarding? In the UK, payment institutions, e-money institutions and credit unions that issue e-money are required by regulation to safeguard customer assets. Upon immediate receipt of funds, the FCA expects firms to ‘ensure appropriate organisational arrangements are in place to protect the safeguarded funds.’ Much like CASS, these new provisions ensure that organisations…
Federal Reserve selects AutoRek for FedNow Service Provider Showcase
Posted: 04/05/2023 | Read time: 2 minutes The US Federal Reserve has selected AutoRek, a global end-to-end financial data control platform, to feature in its FedNow Service Provider Showcase, which connects financial institutions with providers offering real-time payment solutions. Launching in July this year, the FedNow Service – an instant payments infrastructure developed by…
Payments in 2023: 5 key trends and changes to expect
Posted: 15/03/2023 | Read time: 4 minutes Payments organisations around the globe have had much to contend with in 2022. The sector experienced rapid growth, high levels of competition, and ceaseless front-end development. Although the success of the industry has been widely celebrated, many firms are struggling to keep up with its sheer growth…