The payments boom has taken a new shape in recent years. Emerging technologies – like blockchain, digital currencies, and open banking – are playing an ever-greater role in day-to-day transactions.
According to IBM research, more than 70% of banks and credit unions worldwide are either developing or implementing a range of next-gen applications and modern technologies.
The FCA is responding to these changes with new and updated regulations. The PSD2 regulation, for example, emerged in 2015. But it has since exceeded projections because of ecommerce trends sparked by the COVID-19 pandemic.
Financial authorities outside the UK are also reviewing their payments regulations. New safeguarding measures have been implemented in the EU to better protect customers. And in the US, the Office of the Currency Comptroller has indicated that federal regulation could soon be introduced.
What does this mean for payment service providers (PSPs)?
As the payments landscape becomes increasingly competitive, industry leaders are focusing on customer acquisition.
But, to meet payment service user (PSU) expectations – and comply with new regulations – PSPs must ensure their infrastructure is robust. Firms will therefore need to solidify their end-to-end reconciliation processes.
In this whitepaper, we put forward the case for an end-to-end reconciliation platform to help organisations succeed in this fast-changing payments landscape. You’ll discover:
- What modern, forward-thinking PSPs must take into consideration
- The five key obstacles facing PSPs that rely on manual solutions
- The challenges of the current payment operations landscape
- How automated payments reconciliation software can mitigate these challenges and help firms meet user expectations
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