Latest EBAday News: Finextra Research

Cross-border payments: Unveiling the real value of industry initiatives

At EBAday 2024, Simon McConnell, Board Member, Euro Banking Association, and Annick Moes, Assistant Director, Euro Banking Association, provide a sneak peek into an EBA survey on cross-border payments. While there is a clear roadmap for enhancing these payments, the multitude of industry initiatives makes it difficult for payment service providers to determine how to best get there. This mesmerising conundrum can only be resolved by cutting through the marketing speak, taking stock of the different initiatives and unveiling their value for solving the identified challenges.

09 July 2024

Finextra TV/crime

Verification of Payee: Why pan-European cooperation matters

At EBAday 2024, Hays Littlejohn, CEO, EBA Clearing and Erwin Kulk, Head of Service Development and Management, EBA Clearing, explain how network-based fraud pattern and anomaly detection can boost the customer experience and safety provided by verification of payee checks. The pair exposes the added value that EBA Clearing’s pan-European verification of payee solution will bring as from its launch in December 2024. Cooperation on fraud mitigation was one of the biggest topics at EBAday and this practical example of a collectively designed and delivered toolset makes it clear why joining forces against fraud matters.

08 July 2024

Finextra TV/payments

Balancing Regulation with Innovation: Paving a Way Forward

At EBAday 2024, Erik Alstromer, Head of Product Europe and New Markets, Form3, comments on how financial institutions spend the majority of their time and resource on regulatory compliance and keeping up with their competitors. At EBAday, it was revealed that regulatory matters was the number one driver away from innovation, which is a disappointing revelation. The solution is two-fold: products must be built on the cloud so that change can be implemented flexibly and banks must partner with the ecosystem - gone are the days where one partner supports a financial institution with all projects.

08 July 2024

Finextra TV/payments

What other regions can learn from instant payments success in the Nordics and the UK

At EBAday 2024, Peter Larsson, Director European Markets, Tietoevry Banking, chats through the future of the Instant Payments, and how success from the Nordic region and the UK showcase real-time value for Europe. Instant Payments are expected to become the universal standard in the coming years, and after bringing harmonisation through interest in real-time, Instant Payments will become the core and baseline for innovation of new products and services at banks for domestic and cross border payments.

05 July 2024

Finextra TV/payments

Instant Payments: Are Banks Ready for the Transformation Wave?

At EBAday 2024, Daniel Hurst, Head of Products and Services for FIS' B2B Payments and Money Movement - EMEA, FIS Global, offers his opinion on whether banks are ready for the rollout of instant payments and in particular, the January 2025 deadline for inbound payments. It is evident at EBAday that while some banks are taking compliance extremely seriously, other financial institutions are in discussions with regulators to extend timelines or are campaigning against it, citing PSD3 and that their organisation does not come under the jurisdiction of the rules. The industry must also consider whether banks are prepared to migrate every process to real-time, because that will mean that in addition to payments speeding up, core banking, reconciliation and fraud prevention will also have to keep pace. For banks currently not operating at 24/7/365, this will be a sea change.

05 July 2024

Finextra TV/payments

Instant Payments and Fostering Interoperability

At EBAday 2024, Marianne Demarchi, Chief Executive Europe, Middle East & Africa, Swift, focused on the incoming Instant Payments Regulation and Swift's recently released research on SMEs and cross border payments. Exploring the impact of the regulation on the industry and Swift's role, the discussion covers how interoperability can be facilitated between domestic Verification of Payee providers, enhancing their reach across Europe and beyond, while simplifying compliance with the regulation for financial institutions.

04 July 2024

Finextra TV/payments

Instant Payments Liftoff: The Importance of Customer Experience

At EBAday 2024, Simon Eacott, Head of Payments, NatWest, discusses the instant payments evolution, revolution and the challenges that remain for banks that are required to implement instant payments. Beyond the technical challenges and the regulatory agenda that has led to congestion in delivery and before full adoption of instant payments can be achieved, financial institutions must ensure they have a customer experience that works. Technology must be embedded in the customer journey to allow instant payments to take off, and consumer protection must also be prioritised so that the experience is akin to card payments.

04 July 2024

Finextra TV/payments

Is the era of A2A payments about to begin?

At EBAday 2024, Simone Del Guerra, Head of Central Institutions & International Sales, Nexi Group, talks about the development of A2A payments and how instant payments will be the catalyst for A2A payments in Europe. A2A payments are currently fragmented due to the user experience at point of sale not being as efficient as more popular payment methods such as credit cards or digital wallets and customers also do not have the knowledge of or trust in A2A payments. However, successful case studies from across the globe tend to be based on instant payments, driving home the fact that perhaps these two types of payment should be connected, particularly because this will in turn, push forward standardisation of overlay services such as Request to Pay, database proxy and use of QR codes.

04 July 2024

Finextra TV/payments

Payments as a Service - Modernising and Outsourcing

At EBAday 2024, Nadish Lad, Global Head of Product, Volante Technologies, sets the scene in regards to Payments as a Service, where the industry is at and the next steps for financial institutions looking to modernise further. Gone are the days of the traditional model where products were procured by banks and deployed in their own data centres. The future is PaaS, and the product and the delivery mechanism must be outsourced, leaving banks to focus on banking - assured that their infrastructure, upgrades and maintenance are well looked after.

04 July 2024

Finextra TV/payments

Instant Payments Regulation and the Impact on Cash and the Digital Euro

At EBAday 2024, Nuria Mohedas, Head of Payments and Digital Banking, Cecabank and Julio César Fernández, Head of Business Development and Operations Support, Cecabank, share their opinion on the new European Instant Payments regulation. Join Cecabank as they explore the evolution of cash in Europe and the dive deep into what influence the new Digital Euro project could have, particularly in light of new regulations like PSR.

03 July 2024

Finextra TV/payments

Implementing Instant Payments: Challenges and Strategies for Banks and PSPs

At EBAday 2024, Sheri Brandon, Chief Market Officer, Northern & Western Europe, Worldline, sets the scene around the challenges and strategies that permeate when implementing instant payments, including short deadlines that must be met amid many other ongoing regulation projects. Resources can be constrained in these scenarios, and banks must now consider how new regulation will lead to new requirements, such as Verification of Payee, and ensure these processes fit into current processes. The discussion also covers implementation of instant payments and the trade-offs that must be established. Security must be enhanced, the back office must be managed differently and maintenance windows must be rescheduled as liquidity management is of paramount importance. Moving from predictable flows to instant flows will be a cumbersome challenge.

03 July 2024

Finextra TV/ai

AI's Role in Shaping the Bank of the Future

At EBAday 2024, Lilia Christofi, EMEA Banking Leader, Microsoft, explores the potential risks associated with implementing AI in the financial services industry, but also the role that the technology can play in shaping the bank of the future. Financial institutions need to ensure that they are leading across AI adoption to mitigate any potential risks that may emerge.

03 July 2024

Finextra TV/payments

European Instant Payments Regulation: Are Banks Ready?

At EBAday 2024, Kjeld Herreman, Head of Strategy Advisory, RedCompass Labs, discusses the fast approaching deadlines and how financial institutions can be best prepared for the SEPA instant payments regulation. The conversation explores how the deadlines are short, with just nine months to ensure banks are receiving instant payments and 18 months to send instant payments. Further, ensuring Verification of Payee operates across all channels is a colossal task and with banks no longer able to charge for instant payments, the industry can expect hundreds or even thousands of friction-free transactions per second, but a lot of work needs to be completed before that point can be reached.

02 July 2024

Finextra TV/payments

2025 - 2030: Predictions for Real-Time Payments, ISO20022 and APIs

At EBAday 2024, Akshat Saharia, Head of European Financial Institutions Product and Propositions, Global Payments Solutions, HSBC discusses the biggest changes to occur across the cross-border payments landscape in the next five years. While 90% of cross-border transactions complete in 30 mins, the other 10% can be delayed, resulting in frustration and a lack of transparency. Robust change will be seen with real-time payment schemes opening up for cross-border payments. In turn, with ISO20022 being mandated from November 2025, banks in the world will be operating with enhanced data, standardised information and LEIs which will significantly enhance STP and reduce costs. Digital transformation through the use of APIs will also bolster end-to-end connectivity, paving the way for value-added services offering increased transparency and verification with Confirmation of Payee.

28 June 2024

Finextra TV/payments

Achieving Operational Excellence in Real-Time Payments

At EBAday 2024, Roland Brandli, Strategy Director, SmartStream and Zennon Kapron, Founder/Director, Kapronasia, explore their recently released report where findings revealed that in 2023 there were 266 billion real-time payments made around the world, which is a 43% increase from the year before, and represents a 27% of all payments. This surge in instant payments brings with it many complications, for example delays in managing exceptions can lead to additional costs and customer dissatisfaction. With this trend set to continue, how prepared are banks and what are they prioritising?

28 June 2024

Finextra TV/payments

Building the bank of tomorrow

At EBAday 2024, Tsvetanka Nankova, Global Head of Sales, Institutional Cash & Trade Finance, Deutsche Bank, discusses what banks need to do to stay in the game and the key trends driving transaction banking innovation. A new wave of technology and digitalisation is emerging, and with this, and the way in which data and analytics is leveraged is also changing. The discussion explores the critical technology of the future, which includes AI, cloud and blockchain settlement, in addition to the regulations that are setting the guardrails for innovation.

28 June 2024

Finextra TV/payments

Collaboration is key to achieving growth in transaction banking

At EBAday 2024, Bana Akkad-Azhari, Head of Treasury Services EMEA at BNY, discusses the innovations, client demands, and regulatory changes, like ISO20022 migration and T+1 settlement transition, that are reshaping transaction banking. Amid inflation and geopolitical instability, the conversation focuses on how collaboration is key to overcoming challenges and achieving sustainable growth.

26 June 2024

Finextra TV/cloud

Cloud-based payments outsourcing: The strategic choice for banks

At EBAday 2024, Neil Clarke, Director of Payment Solutions at CGI, and Peter Hazou, Business Strategy Leader at Microsoft, discuss the transformative benefits of cloud-based payments outsourcing for banks. With regulators increasingly supportive of this approach, modernising payment systems with cloud-based solutions allows banks to do more with less. These services offer increased scalability, flexibility, and cost savings, enhancing data-driven insights and improving customer experiences.

25 June 2024

News/payments

EBAday 2025 is coming to Paris!

In the final session of EBAday 2024 in Lisbon, Debi Bell Hoskings moderated a closing panel of speakers Thomas Egner, secretary general of the Euro Banking Association; Wolfgang Ehrmann, chairman of the board at the Euro Banking Association; Sophie Giorgi, head of payment system and infrastructure relationships at Credit Agricole; and Luis Simões, managing director / EVP, banking operations at Novobanco.

21 June 2024

News/ai

EBAday 2024: Growing use cases for AI in banking and payments

During the last panel of EBAday 2024, Patricia Hines, head of banking and payments at Celent talked all things AI with Sara Amara, head of currency and clearing Europe at HSBC; Gurumurthy Palani, head of transaction banking at Gulf International Bank; Christian Sarafidis, chief executive EMEA financial services at Microsoft; and Andy Schmidt, vice president, global industry lead – banking at CGI.

20 June 2024