Kate Fitzgerald

Great to take part today at FTT Payments and to discuss the importance of cash in our increasingly digital society. Payments need to work for everyone, both individuals and businesses. It was a great opportunity to learn and share insights on #cash #digitalpayments #financialinclusion.

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Earlier today, new rules requiring banks to compensate victims of authorised push-payment fraud, known as APP, came into effect. The new rules mean that banks will have to refund up to £85,000 within 5 working days. The Payment Systems Regulator estimates that this cap will cover more than 99% of claims. In what's believed to be a world first, these rules are mandatory and replace the voluntary scheme that most banks have followed over the past few years. There was also another announcement last week, which could be a significant boost in the fight against fraudsters. The Government hopes that by giving banks up to 72 hours to investigate suspicious payment requests (as opposed to the current 24 hour limit), they will be able to better protect consumers. Further details in the BBC article below: #fraud #onlinesafety #banking https://lnkd.in/gk6N78hz

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Eimear O'Connor, CPO at Form3, told FXC Intelligence that the introduction of PSD3 could help speed up the uptake of instant payments across the region. "We believe the new regulation will continue the journey towards 'normalising' the use of instant payments across the SEPA region, by providing the tools to strengthen the instant payments proposition offered to consumers and ultimately resulting in future cannibalisation of payments routed via traditional clearings such as STEP2." Read the full article here 👉 https://form3.co/44h4tnS #PaymentsPlatform #CloudNative #PSD3 #PaymentFraud #Eurozone #Banking #Payments #FinancialCrime #Fintech

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The ISO 20022 deadline for CHAPS has moved from Nov 24 to May 25... or has it?   It’s worth noting that Bank of England have made it very clear that they will not move the deadline beyond this point!  The Bank of England will expect banks, and their customers to work towards the deadline as if it was still the end of November. The May deadline is just a buffer for those businesses who aren’t ready. In the latest episode of our “Mastering ISO 20022” series, I discuss the updated deadline, and specifically the fact that even this extended timeline still requires banks and corporates to move quickly to prepare.  

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Thanks for sharing our news FF News | Fintech Finance!

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Proud to see the momentum building as we work to tackle one of the most pressing challenges facing our economy today – economic crime. Our collective efforts, uniting experts from across finance, technology, and regulation, are paving the way for a safer and more resilient financial landscape in the UK. Digital verification isn't just another technological advancement; it's a transformative approach to enhancing security for both businesses and consumers. This initiative aligns with the strategic goals outlined in the Smart Data and Digital Information Bill, reinforcing our commitment to robust data protection and innovative solutions. Our focus on corporate digital IDs, rather than traditional consumer digital IDs, marks a strategic shift in how we address fraud prevention. By developing and implementing enhanced digital identities for businesses, we aim to create a more secure framework that protects against fraudsters, strengthens economic integrity, and drives growth. Looking forward to continued collaboration with our incredible partners as we move from research to actionable solutions. Learn more and join the conversation 👇

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