Understanding the Key Players in Open Banking: A Focus on PISPs
As Open Banking continues to reshape the financial services industry, it introduces several new players who are pivotal in driving innovation, improving competition, and offering more tailored services to consumers and businesses alike. This article is the first in a three-part series that will explore these new actors, with a focus on PISPs (Payment...
What is Open Banking?
When you first hear the term "Open Banking," it might give the impression that banks were previously "closed." For many, this can sound confusing. However, if you're familiar with IT systems, the concept becomes clearer. In fact, the word "open" in Open Banking should be understood in its technical sense, similar to open architecture...
The future of SEPA – SCT Instant will become a Mandatory scheme – What...
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The Single Euro Payments Area (SEPA) is at the forefront of revolutionizing payment services across Europe. One of the most significant developments in this domain is the transition of the SEPA Instant Credit Transfer (SCT Inst) scheme from optional to mandatory. This article aims to provide a comprehensive understanding of...
Understanding SEPA’s Transition to 2019 ISO 20022 messages : focus on pain.001.001.09
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A significant development on the horizon is SEPA’s transition to the 2019 versions of the ISO 20022 messages, which will come into effect from March 2024. In this blog, we focus on a key element of this transition: the shift to version 9 of the pain.001 message in the customer-to-PSP...
SEPA 2024 Update: Understanding the Transition to ISO 20022 messages
In the ever-evolving landscape of financial services, staying abreast of regulatory and technical changes is not just a necessity but a strategic advantage. One such pivotal change is the transition of SEPA (Single Euro Payments Area) schemes to the 2019 version of the ISO 20022 standard. This shift, effective from March 2024, marks a...
SEPA pacs.008.001.08 message in the ISO 20022 : A Step-by-Step Guide
As we approach March 2024, the SEPA (Single Euro Payments Area) schemes are set to adopt the 2019 versions of the ISO 20022 messages. This transition marks a significant step in ensuring standardized and efficient payment transactions across Europe. In this post, we delve into the specifics of these changes and guide you through...
Fundamentals of Payments and Payment Systems
I- Introduction to fundamental concepts in payments
If you are starting in the payment industry and want to learn the basic concepts, where should you begin? In today's article, we look at fundamental concepts in payments: payment instruments, payment systems and their modeling. What we will see applies to all kinds of payment instruments. So...
Top Trends Shaping the Future of Credit Cards
From its inception, credit cards have drastically made transactions smoother between consumers and businesses. Today, credit cards have become a necessity for almost all Americans — as many issuers include a myriad of benefits and rewards programs.Credit cards are also becoming more advanced than ever, which means businesses and consumers need to stay updated...
