Strong Customer Authentication in Australia: Reducing CNP Fraud and Streamlining eCommerce Payments

Minimizing fraud without harming the customer experience can be done – using the right tools In 2017-18, card-not-present (CNP) fraud cost Australian eCommerce AUD $478 million and accounted for some 85 percent of all fraud on Australian-issued cards1. In 2016, CNP fraud in Europe represented 70% of all card fraud2. Seriously uncomfortable numbers.

2020 Fraud Predictions: What to Expect Across the Globe as Cybercrime Evolves

Our payment experts take stock of the trends that shaped 2019 and make their predictions for where they see the industry heading in 2020. I sat down with our own fraud experts, Marc Trepanier, principal fraud consultant for North America, and Giselle Lindley, principal fraud consultant for APAC, to get their thoughts on what we can expect in the year ahead around payments fraud.

Real-Time Payments Hits Its Stride in the U.S.

The recent announcement of FedNow in the U.S., the launch of cross-border services like SWIFT gpi, and multiple real-time payment systems including The Clearing House’s (TCH) RTP system and Zelle underline the fact that real-time payments are here to stay. The need to deliver real-time payment services to customers has never been more pressing for banks, credit unions, processors, acquirers and fintechs. However, the U.S. payments ecosystem – and its infrastructure – must keep pace with global markets to remain competitive, and interoperability between real-time payment systems will be key.

Strong Customer Authentication under PSD2: Consumer Education Will Be Crucial to Success

The European Banking Authority (EBA) has finally provided the promised update on SCA supervisory flexibility timelines – with a new hard deadline for migration completion of December 31, 2020. According to the new guidelines, migration plans of PSPs – including the implementation and testing by merchants – should be completed by that date, otherwise all players could face serious penalties for non-compliance.

Deep Dive: Latin American Fintech Market (Part 2)

To support fintechs’ development and create a more inclusive financial system, governments across the Latin American region should adopt different regulations. Some good practices implemented in other countries, like the U.K. or Singapore, could also be adopted in Latin America, such as temporary exemptions on fintech authorizations on behalf of regulating entities, or the creation of temporary regulation sandboxes in which fintechs can operate, evaluate their business models and offer their innovative products in supervised environments.

Women in Payments: “Make Failure Your Fuel”

ACI’s Darcy Locke, new business development principal, was recently appointed Chair of the American Financial Services Association (AFSA), Business Partner Board. During her two-year term, Darcy will preside over the AFSA Business Partner Board meetings, and concurrently serve as a member of the AFSA Board of Directors and Chair of the AFSA Business Partner Task Force.

Deep Dive: Latin American Fintech Market (Part 1)

There is a gap between what financial institutions currently offer versus what today´s customers want in Latin America, and this is where fintechs are earning a reputation for customer-centricity, personalization, quick response and seamless delivery. The relationship between fintechs and traditional financial institutions in Latin America has evolved from competition to collaboration, with the aim of efficiently working together and effectively scaling innovation, while also driving financial inclusion for the underbanked.

From API to AI to I: Banking Tech Gets Personal

Tired feet. Running out of business cards. Countless LinkedIn connections – sound familiar? This time of the year is conference season; the annual SIBOS (SWIFT) and Money20/20 USA gatherings spanning the autumn give attendees plenty of hot topics and talking points. My American colleagues refer to this season as “the fall.” I trust this to be an observation on leaves and fruit rather than a sequitur on the state of the fintech industry. Either way, it’s a good time to harvest, to take stock and to work out what we should be doing with the apparent abundance of innovative produce.

How Do You Drive Full Value from SWIFT gpi?

As part of SWIFT and ACI Worldwide’s joint mission to accelerate adoption of SWIFT gpi, ACI’s SWIFT gpi global marketing lead Zhenya Winter spoke with Daniel Lynch, Data Analytics and Payments Innovation Lead at SWIFT, and ACI’s Global Head of Real-Time Payments, Craig Ramsey, about some of the key questions raised by attendees of our second Global Webinar: Drive Full Value from SWIFT gpi. The relevancy of these was reinforced at Sibos 2019, the SWIFT community’s annual conference, which recently took place in London.

India’s Unified Payments Interface: Breaking the billion barrier

September brought about quite a stir in the Indian payments ecosystem, with three years passing since the launch of UPI (Unified Payments Interface), and the realization that UPI is closing in on a significant milestone: one billion transactions per month. In September 2019, UPI clocked 955 million transactions, amounting to 1.61 trillion rupees (INR), demonstrating the extent to which Indian consumers have exuberantly welcomed real-time payments.

The Need for Financial Inclusion in Developing Countries

The payments ecosystem globally is changing – and the idea of financial inclusion is increasingly featuring as part of long-term strategy. At a glance, financial inclusion means that people and businesses have access to important financial products, services and data, such as transactions, credit cards, payments, savings and insurance, and that these are delivered in a sustainable way. The challenge for banks lies in being more inclusive and meeting social needs, while remaining profitable and increasing market share.

Merchants: Digital Presence and Strategy are Key to Success in Today’s Competitive Environment

Over the last decade, merchants across all sectors have gone through a metamorphosis of sorts, with new online merchants emerging and often growing fast and furiously, while many larger, physical anchor stores struggle to remain relevant in the face of digital displacement. Now more than ever, merchants need to innovate to stay relevant to their customers in a fiercely competitive landscape with constantly changing channel and buying desires.