Daniel Balfour

💡 Last week European Payments Council published third version of Mobile Initiated Sepa (Instant) Credit Transfer and Interoperability Guidance. Below is few highlights from the guidance SEPA Instant Credit Transfers are gaining traction within the SEPA framework, with mobile channels anticipated to play a crucial role in their adoption. Retailers being increasingly interested in SCT-based payments for both in-store transactions and mobile commerce, viewing them as a complement to traditional card payments. Several European countries have already launched various solutions in this area, reflecting the growing momentum for instant payments. Mobile Initiated SEPA (Instant) Credit Transfers (MSCTs) represent a modern approach to digital payments, allowing users to initiate instant credit transfers directly from their mobile devices. 💡 MSCT Transaction Mechanics MSCTs encompass both SCT Inst (SEPA Credit Transfer Instant) and SCT (SEPA Credit Transfer) transactions initiated through mobile devices. These transactions utilize existing payment infrastructures in the inter-PSP (Payment Service Provider) space, focusing on interactions beyond this space, such as between the payer's mobile device and the point of interaction (POI). 💡 Modes of MSCT Transactions There are two primary modes of MSCT transactions based on how payment initiation data is exchanged: 💡 Payee-Presented Data: In this mode, the payee provides necessary data to the payer, either through direct presentation or prior sharing (e.g., P2P payments). This method is widely adopted for various payment contexts, particularly P2P and consumer-to-business (C2B) payments at physical points of sale (POI), often using QR codes. 💡 Payer-Presented Data: Here, the payer provides their identification data to the payee, which can be shared through proximity technology or manually entered. This mode is appealing for businesses wanting to offer enhanced customer experiences but faces challenges such as the need for compatible POI terminals and security concerns regarding data generation. The standardization of QR codes for interoperable SCT Inst payments is currently in the final approval stage by the European Committee for Standardization (CEN). 👉 Click here to read the complete guidance: https://lnkd.in/dyAiPbSz

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Making headlines in #payments: -TymeBank partners with Flash to extend cash withdrawals to spaza shops  -Swift expands ISO 20022 adoption for improved payment tracking -African nations and fintechs urged to boost digital ID, DPI for economic gain Read more on these news snippets here: https://lnkd.in/dzvxh6-4 #payments #cash #ISO20022 #dpi #infrastructure

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UK digital bank Monzo Bank invests $4 million on its Irish division to push the expansion in Europe UK-based digital bank #Monzo has injected €4 million into its new Irish division, marking a significant step in its European expansion plans. This move follows CEO TS Anil's announcement earlier this year that Ireland will serve as Monzo's gateway to European markets. By establishing an EU office in Ireland, Monzo aims to extend its innovative banking services across the continent. Founded in 2015 by Tom Blomfield, Jason Bates, Paul Rippon, and Gary Dolman, Monzo has rapidly grown to serve around 10 million personal customers and over 450,000 business customers. Competing with other digital banks like Starling Bank and Revolut, Monzo has distinguished itself with user-friendly features and a focus on making money work for everyone. The bank recently reported a pretax profit of £15.4 million for the 13 months up to March, a significant turnaround from a £116 million loss the previous year. This financial upswing was fueled by a surge in revenue to £880 million and lending £1.4 billion to customers—a remarkable 84% increase. With its expansion into Ireland, Monzo is not only solidifying its presence in Europe but also setting the stage for further growth, including plans to enter the U.S. market. The bank continues to innovate with new products like Monzo for Under 16s and Monzo Pension, aiming to provide comprehensive financial solutions for a diverse customer base. The article on Crowdfund Insider in the first comment.

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PCBB and Finzly Partnership Boosts International Payment Services Read more: https://lnkd.in/d4Hz8GQr #PCBB #Finzly #InternationalPayments #PaymentServices #finance #fintech #FinancialIT

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