Payments

The introduction of PSD3, PSR, and FIDA marks a new era for the European Payments market. The new payment service package aims to strengthen consumer protection, foster innovation, and improve the competitiveness of banking services. This white paper explores the main features, what it means for the financial sector, and the necessary steps for a successful transition and compliance

In an increasingly interconnected world, we depend on digital systems operating 24/7, which aligns with customer expectations on the market as well. Payments are made with a tap of a card or phone, while merchants rely on card terminals and internet connections to process transactions. But what happens when the system fails? Imagine a scenario where power outages or cyberattacks disrupt electricity grids and sever internet connections. Society is suddenly “off-grid,” and the conveniences of digital payments vanish. How do we ensure stability in such crises?

The Nordic banking sector has faced significant challenges in modernizing its payment infrastructure in recent years, most notably with the terminated P27 project. Now, Bankgirot has initiated a national-level transformation of the Swedish payment infrastructure. In this article, Mikael Hjorth, Partner at 421, shares his insights from P27 and how he guides a Swedish bank in their transformation journey.

The payment market infrastructure is the backbone of the local, regional, and global trade markets. It facilitates the clearing, settlement, and payment processing, which are fundamental to a well-functioning society. However, what happens during a disruption, and what contingency options are available?

Verification of Payee, also known as Confirmation of Payee, is a part of the European Commission’s Instant Payment Regulation, which is expected to become legislative for cross-border instant payments for EU countries in 2025. While some countries already have an infrastructure for domestic use to develop further, many still lack a solution. In this article, Magnus Hedenberg, CEO at Movitz Payments, shares his insights from working with Confirmation of Payee and how stakeholders such as banks and PSPs best meet the challenge that lies ahead.

Big changes are coming to Europe’s banking and payment service industry. The Instant Payments Regulation, proposed by the European Commission, will ensure around-the-clock and direct transactions in the eurozone. Countries outside the zone also must implement the new regulatory framework. On the one hand, it is a welcomed proposition, as it strengthens the European market and trading amongst its countries, businesses, and citizens. On the other hand, how can instant payments also become more secure when APP fraud is at a record high? And is it even possible to make such fundamental changes to the digital infrastructure and banks' processes in such a short time?

This article aims to elucidate the concept of Confirmation of Payee (CoP) and its significance in ensuring secure financial transactions. It delves into the evolving landscape of CoP processes and highlights the necessary measures that financial institutions should adopt to stay ahead in safeguarding their payment offering.