🔍 New Blog Post: Safely Instant - The Future of Verification of Payee (VoP) in Europe 🔍 Dive into our latest blog post where we explore the transformative impact of the Verification of Payee (VoP) mandate on payment security in Europe. Learn about the regulatory requirements, interoperability challenges, and practical steps for seamless compliance. 💡 Key Insights: - Understanding VoP regulations and their global impact - Strategies for managing liability and preventing fraud - Technological solutions for implementing VoP effectively - Prepare your organization for the future of payments and ensure compliance with the latest regulations. Read the full blog and register for our upcoming webinar to learn more! 👉 https://lnkd.in/gQUycjGw #VoP #CoP #Europe #Compliance #FinTech #Payments #IPiD #ThePaypers
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The Payment Services Directive 3 (PSD3) and the new Payment Services Regulation, published by the European Commission in late June, have set the stage for a new era in European payments. We've prepared a brief summarizing the key points to know for the future. 🔎Highlights: • Empowered Consumers with more data • Strengthened Fraud Prevention mechanisms • Enhanced Open Banking capabilities • Boosted support for non-bank PSPs Visit our blog for the full article. 👇 #PSD3 #EuropeanPayments
PSD3 Explained: The Future of Payment Services in Europe - Praxis Tech
https://praxis.tech
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The European Commission published proposals for the review of the Payments Services Directive (PSD3) and the establishment of the Payments Services Regulation (PSR), evidence of the EC’s efforts to further promote digital transformation and eliminate fragmentation in the European payments market. We welcome this initiative and would like to share our views on the proposed revisions, in particular in relation to rules on strong customer authentication (SCA) and open banking. Read our full position paper below 👇 Some key takeaways: 🔹 It is of utmost importance to ensure that the PSD3 and PSR set a future-proof framework for SCA. 🔹 It is essential that the SCA framework ensures the highest level of consumer protection and fraud prevention. 🔹 It is very important to clarify the liability of PSPs when it comes to fraud prevention. 🔹 It is fundamental to ensure flexibility and business continuity by allowing transactions to proceed without SCA in case of no connectivity as well as supporting dynamic linking in legitimate scenarios. 🔹 We fully support the ongoing efforts on the current Open Banking and upcoming Open Finance Framework, which should ensure a high level of consumer protection and foster innovation. 🔹 It is of utmost importance that open banking (and finance) enable consumers to be in control of their data with strong and transparent measures to ensure the protection of sensitive data. 🔹 The responsibilities and roles of the service providers involved should be very clearly defined to ensure the highest level of service and to establish clear tools and practices whilst preventing unnecessary compliance burdens. #paymentseurope #futureofpayments #digitaltransformation #payments #europe
PSD3 and PSR: Payments Europe’s Position
https://www.paymentseurope.eu
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📰 #LegalPRess | In our new article, we discuss 𝗢𝗽𝗲𝗻 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 and 𝗦𝗲𝗿𝗯𝗶𝗮’𝘀 𝗮𝗰𝗰𝗲𝘀𝘀𝗶𝗼𝗻 𝘁𝗼 𝗦𝗘𝗣𝗔 🏛️💶 The NBS has prepared draft #regulations to further align with EU regulations, enhance security, and promote innovation, competition, and transparency in the payment services market. The proposed changes include the introduction of #OpenBanking, which facilitates instant and cashless payments, and preparations for #SEPA membership to improve international payment efficiency. Will these novelties lead to cost reduction and better protection of the payment system users? 💰🔒 🔎 Discover more by clicking on the links below: ENG | https://lnkd.in/dtTUmDAb SRB | https://lnkd.in/dmVcnTST ©️ PR Legal [Predrag Pavlicic]
"Open Banking" in Serbia and Membership in the Single Euro Payment Area (SEPA) - PR Legal
https://www.prlegal.rs
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🚨Must-read whitepaper on EU Verification of Payee (VoP) Mandate set for all banks & PSPs for October 2025🚨 iPiD just released its guide on the new VoP regulation, providing direction on how to leverage this new scheme in Europe and what to consider in order to comply. Please share it around : https://lnkd.in/geRNj84X 📥 As part of the PSR1 regulation, all Payment Service Providers in Europe will be required by October 2025 to pre-validate payee details for all EUR-denominated transactions & expose their account data to support this instant validation. This is a major milestone for the European payment industry as it will support the adoption of instant payments while reinforcing the fight against fraud and significantly enhancing the customer experience. And it comes with a very ambitious timeline for compliance. 💡 Next steps for PSPs: 1️⃣ Develop capabilities to query payee data in core banking systems 💻 2️⃣ Implement a name-matching algorithm following VoP guidelines 🔄 3️⃣ Expose a secure API endpoint following EPC rules to enable other European PSPs to query them (similar model to CoP in the UK) 🛡️ 4️⃣ Identify an aggregator to connect to all other PSPs (scheme or non-scheme) in Europe 🤝 5️⃣ Extend VoP to all channels (e-banking, mobile banking, etc.) 📱 6️⃣ Design premium payment security solutions for corporate customers requiring additional functionalities 🛡️💼 iPiD is supporting PSPs with all of the above! Authored by our CEO Damien Dugauquier to guide PSPs in their VoP project, it also includes expert perspectives on meeting and exceeding new regulatory standards from major industry stakeholders including EPC members. Please reach out if you would like to know more and exchange views on the topic. #VerificationOfPayee #ConfirmationOfPayee #VoPCompliance #EURegulation #iPiD #PaymentSecurity #FinancialServices #VoP
Verification of Payee: The Race to Compliance
ipid.tech
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The explosion of #digitalpayment technology allows Money Service Businesses (MSBs) to offer customers direct, bank-like services straight from their mobile phones. In the U.S., despite the ever-increasing pace of the development of digital payment systems, corresponding regulations remain stagnant. Current regulations — many of which were first implemented decades ago — did not contemplate, and often cannot meaningfully address, today’s technological innovations. Guidehouse can help MSBs assess their compliance programs to navigate these and other regulatory concerns, including developing and implementing updates to operations, policies, procedures, controls, and technology: https://lnkd.in/e4TzsguC #payments
Money Transmission – AML Considerations in a Digital World: Identity Verification for Account-Based Money Transmission Models
guidehouse.com
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FOMO Pay, a leading digital payment and digital banking solutions provider headquartered in Singapore, announces its strategic partnership with Notabene. The implementation of Notabene’s end-to-end solution for global Travel Rule compliance enables FOMO Pay to further enhance its know-your-transaction (#KYT) capabilities and highlights FOMO Pay's commitment to compliance and customer security. In addition, through comprehensive licensing and adherence to regulatory requirements, FOMO Pay has obtained “Super VASP'' status in Notabene’s Virtual Asset Service Providers (#VASP) network. This milestone empowers the public with streamlined access to accurate and verified business information, aligning with FOMO Pay’s consistent efforts to foster #trust in the digital payment and digital asset fields. 👉 Click to read more: https://lnkd.in/g9UaC2SG Connect to #FOMO, Connect to ALL #SuperVASP #KYT #Compliance #Trust #TravelRule #DigitalAsset #DigitalPayment #DigitalBanking
FOMO Pay Bolsters Digital Asset Compliance through Strategic Partnership with Notabene
https://www.fomopay.com
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Payment & Fintech, Regional Business Development, Presales, Digital Transformation & Project Account Management
Steps to obtaining a Payment License in Europe.
The Steps to Obtaining a Payment License 💡 Securing financial licenses introduces a spectrum of financial services to new institutions. Nevertheless, the acquisition process can be intricate and timeconsuming. Licensing mandates fintechs to adhere to rigorous control processes, potentially contrasting with the agility, speed, and flexibility intrinsic to their initial operations. In Europe, applications for licenses as Payment Institutions (and Electronic Money Institutions) are submitted to competent national authorities within the European Union. The 4 steps to obtaining a payment license: 1️⃣ Drafting and Filing the Application: During this initial stage, the complete file for the payment license application is prepared and submitted to the relevant regulatory authority. This phase is organized into workshops that allow for a thorough examination of each section of the file. This first phase is comprised of three parts: 🔹 Scoping Phase 🔹 Workshops 🔹 Final Presentation 2️⃣ Partner Search: Its objective is to enhance the technical aspects of the application by initiating discussions and identifying the necessary partners for the operation of your Payment business. 🔹 Technology Partners: Core Banking, Card Issuer and Processor, Payment Service Provider, Loyalty program engine, currency conversion system, etc. 🔹 Business Partners: KYC and AML, Back-office accounting service provider, A bank where funds are credited to an Account Holder’s Payment Account to safeguard consumer funds, Audit firm responsible for periodic inspections, and potentially a national or international card network (such as Visa, Mastercard, etc.). 3️⃣ Drafting Legal and Contractual Documents This third phase holds particular significance in obtaining approval. It should be delegated to a reputable law firm, responsible for creating the necessary legal and contractual documents. 4️⃣ Iteration This phase is a response to the regulator’s comments and requests. It is essential to ensure that the dossier meets regulatory standards and expectations, and consists of deepening and updating the dossier according to the regulator’s requirements. The theoretical provisional timetable outlined below presupposes a certain degree of complexity in project implementation and/or the need to further develop the functional and technical components, both in terms of information systems and non-information systems. These components are essential for the compliant operation of the future financial institution. Source: Skaleet - https://bit.ly/3LqnCLI #Innovation #Fintech #Banking #Ecommerce #Retail #Corporates #PSD2 #PSD3 #OpenBanking #OpenAPIs #FinancialServices #CoreBanking #Payments #KYC #AML #Regulatory #Compliance #License
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Senior SAP Finance Control Consultant bei ISAP Solutions FZE. Blockchain | Wallet | NFT | DeFi | Metaverse |
The Steps to Obtaining a Payment License 💡 Securing financial licenses introduces a spectrum of financial services to new institutions. Nevertheless, the acquisition process can be intricate and timeconsuming. Licensing mandates fintechs to adhere to rigorous control processes, potentially contrasting with the agility, speed, and flexibility intrinsic to their initial operations. In Europe, applications for licenses as Payment Institutions (and Electronic Money Institutions) are submitted to competent national authorities within the European Union. The 4 steps to obtaining a payment license: 1️⃣ Drafting and Filing the Application: During this initial stage, the complete file for the payment license application is prepared and submitted to the relevant regulatory authority. This phase is organized into workshops that allow for a thorough examination of each section of the file. This first phase is comprised of three parts: 🔹 Scoping Phase 🔹 Workshops 🔹 Final Presentation 2️⃣ Partner Search: Its objective is to enhance the technical aspects of the application by initiating discussions and identifying the necessary partners for the operation of your Payment business. 🔹 Technology Partners: Core Banking, Card Issuer and Processor, Payment Service Provider, Loyalty program engine, currency conversion system, etc. 🔹 Business Partners: KYC and AML, Back-office accounting service provider, A bank where funds are credited to an Account Holder’s Payment Account to safeguard consumer funds, Audit firm responsible for periodic inspections, and potentially a national or international card network (such as Visa, Mastercard, etc.). 3️⃣ Drafting Legal and Contractual Documents This third phase holds particular significance in obtaining approval. It should be delegated to a reputable law firm, responsible for creating the necessary legal and contractual documents. 4️⃣ Iteration This phase is a response to the regulator’s comments and requests. It is essential to ensure that the dossier meets regulatory standards and expectations, and consists of deepening and updating the dossier according to the regulator’s requirements. The theoretical provisional timetable outlined below presupposes a certain degree of complexity in project implementation and/or the need to further develop the functional and technical components, both in terms of information systems and non-information systems. These components are essential for the compliant operation of the future financial institution. Source: Skaleet - https://bit.ly/3LqnCLI #Innovation #Fintech #Banking #Ecommerce #Retail #Corporates #PSD2 #PSD3 #OpenBanking #OpenAPIs #FinancialServices #CoreBanking #Payments #KYC #AML #Regulatory #Compliance #License
The Steps to Obtaining a Payment License 💡 Securing financial licenses introduces a spectrum of financial services to new institutions. Nevertheless, the acquisition process can be intricate and timeconsuming. Licensing mandates fintechs to adhere to rigorous control processes, potentially contrasting with the agility, speed, and flexibility intrinsic to their initial operations. In Europe, applications for licenses as Payment Institutions (and Electronic Money Institutions) are submitted to competent national authorities within the European Union. The 4 steps to obtaining a payment license: 1️⃣ Drafting and Filing the Application: During this initial stage, the complete file for the payment license application is prepared and submitted to the relevant regulatory authority. This phase is organized into workshops that allow for a thorough examination of each section of the file. This first phase is comprised of three parts: 🔹 Scoping Phase 🔹 Workshops 🔹 Final Presentation 2️⃣ Partner Search: Its objective is to enhance the technical aspects of the application by initiating discussions and identifying the necessary partners for the operation of your Payment business. 🔹 Technology Partners: Core Banking, Card Issuer and Processor, Payment Service Provider, Loyalty program engine, currency conversion system, etc. 🔹 Business Partners: KYC and AML, Back-office accounting service provider, A bank where funds are credited to an Account Holder’s Payment Account to safeguard consumer funds, Audit firm responsible for periodic inspections, and potentially a national or international card network (such as Visa, Mastercard, etc.). 3️⃣ Drafting Legal and Contractual Documents This third phase holds particular significance in obtaining approval. It should be delegated to a reputable law firm, responsible for creating the necessary legal and contractual documents. 4️⃣ Iteration This phase is a response to the regulator’s comments and requests. It is essential to ensure that the dossier meets regulatory standards and expectations, and consists of deepening and updating the dossier according to the regulator’s requirements. The theoretical provisional timetable outlined below presupposes a certain degree of complexity in project implementation and/or the need to further develop the functional and technical components, both in terms of information systems and non-information systems. These components are essential for the compliant operation of the future financial institution. Source: Skaleet - https://bit.ly/3LqnCLI #Innovation #Fintech #Banking #Ecommerce #Retail #Corporates #PSD2 #PSD3 #OpenBanking #OpenAPIs #FinancialServices #CoreBanking #Payments #KYC #AML #Regulatory #Compliance #License
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The Steps to Obtaining a Payment License 💡 Securing financial licenses introduces a spectrum of financial services to new institutions. Nevertheless, the acquisition process can be intricate and timeconsuming. Licensing mandates fintechs to adhere to rigorous control processes, potentially contrasting with the agility, speed, and flexibility intrinsic to their initial operations. In Europe, applications for licenses as Payment Institutions (and Electronic Money Institutions) are submitted to competent national authorities within the European Union. The 4 steps to obtaining a payment license: 1️⃣ Drafting and Filing the Application: During this initial stage, the complete file for the payment license application is prepared and submitted to the relevant regulatory authority. This phase is organized into workshops that allow for a thorough examination of each section of the file. This first phase is comprised of three parts: 🔹 Scoping Phase 🔹 Workshops 🔹 Final Presentation 2️⃣ Partner Search: Its objective is to enhance the technical aspects of the application by initiating discussions and identifying the necessary partners for the operation of your Payment business. 🔹 Technology Partners: Core Banking, Card Issuer and Processor, Payment Service Provider, Loyalty program engine, currency conversion system, etc. 🔹 Business Partners: KYC and AML, Back-office accounting service provider, A bank where funds are credited to an Account Holder’s Payment Account to safeguard consumer funds, Audit firm responsible for periodic inspections, and potentially a national or international card network (such as Visa, Mastercard, etc.). 3️⃣ Drafting Legal and Contractual Documents This third phase holds particular significance in obtaining approval. It should be delegated to a reputable law firm, responsible for creating the necessary legal and contractual documents. 4️⃣ Iteration This phase is a response to the regulator’s comments and requests. It is essential to ensure that the dossier meets regulatory standards and expectations, and consists of deepening and updating the dossier according to the regulator’s requirements. The theoretical provisional timetable outlined below presupposes a certain degree of complexity in project implementation and/or the need to further develop the functional and technical components, both in terms of information systems and non-information systems. These components are essential for the compliant operation of the future financial institution. Source: Skaleet - https://bit.ly/3LqnCLI #Innovation #Fintech #Banking #Ecommerce #Retail #Corporates #PSD2 #PSD3 #OpenBanking #OpenAPIs #FinancialServices #CoreBanking #Payments #KYC #AML #Regulatory #Compliance #License
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