Hamish Monk - Community Author: Finextra Research

Hamish Monk Senior Reporter at Finextra

What is CFPB Section 1033?

The Consumer Financial Protection Bureau, or CFPB, is an independent agency of the United States government. On 22 October 2024, the CFPB issued a final rule to implement Section 1033 of the Dodd-Frank Act, seeking to govern how consumers access and share their financial data – and how that data is protected. In essence, the regulation marked an ...

18 March 2025 /regulation

Hamish Monk Senior Reporter at Finextra

What is APP reimbursement?

In October 2024, the Authorised Push Payment (APP) victim reimbursement scheme came into effect, under rules from the Payment Systems Regulator (PSR). The scheme means that Payment service providers (PSPs) are obliged to reimburse victims of APP fraud, up to £85,000 – and PSR asks that the value of reimbursement be split 50/50 between the sending...

11 March 2025 /crime

Hamish Monk Senior Reporter at Finextra

Understanding the G20 targets

At a November 2020 summit, a coalition of the world’s largest economies, the Group of Twenty (G20), tabled a roadmap aimed at enhancing international retail, wholesale and remittance transactions. By 2021, working with the Financial Stability Board (FSB), the G20 issued a set of qualitative targets – across access, cost, speed, and transparency – ...

25 February 2025 /payments

Hamish Monk Senior Reporter at Finextra

How to implement Open Banking

Launched in the United Kingdom in January 2018 with the European Commission (EC)’s second Payments Services Directive (PSD2), open banking gives third-party financial service providers access to consumer banking, transaction, and other financial data, from banks. In a practical sense, open banking was a major milestone in the journey toward sharing...

18 February 2025 /payments

Hamish Monk Senior Reporter at Finextra

Generative AI: A new age of banking

Artificial intelligence (AI) is no longer just a buzzword – it is essential to financial services’ development. The keys to unlocking this nascent technology’s full potential are relevant applications and concrete use cases. To identify what these use cases are, we must look beyond the hype. To find out more, Finextra spoke with Temenos’ chief pro...

11 February 2025 /ai

How to establish a hybrid cloud strategy

Hamish Monk Senior Reporter at Finextra

How to establish a hybrid cloud strategy

Hybrid cloud is a computer programming architecture used by IT teams to reap the benefits of both the private and public hosting environments. These work in tandem to run an organisation’s workload. The benefits of such a strategy are well-established. Dual architecture allows both sensitive data and customer activity to remain on premise (in the ...

11 February 2025 /cloud

How to establish an embedded finance strategy

Hamish Monk Senior Reporter at Finextra

How to establish an embedded finance strategy

Embedded finance is the digital provision of financial products within a non-financial context, such as the purchase of an Uber journey within the Uber application. This relatively recent innovation – accelerated by the wave of digitisation following COVID-19 – enables the entities that deploy it, in both the digital business-to-business (B2B) and...

04 February 2025 /payments

Hamish Monk Senior Reporter at Finextra

How can banks automate effectively?

Automation in financial services encapsulates a range of tools and techniques which have the effect of reducing human intervention in business and information technology (IT) processes. On the business side are repetitive tasks that hobble workflows. It is estimated that companies lose 20-30% of their revenue to such inefficiencies every year. Au...

28 January 2025 /ai

Hamish Monk Senior Reporter at Finextra

$Trump: The new presidential meme coin

Donald Trump’s inauguration on 20th January was followed by a salad of executive orders, including the ejection of the USA from the Paris climate accord, the termination of birthright citizenship, the renaming of the Gulf of Mexico to the Gulf of America, withdrawal from the World Health Organisation (WHO), the enforcement of a two-sex gender poli...

22 January 2025 /crypto

Hamish Monk Senior Reporter at Finextra

How to use APIs

According to a global survey on application programming interfaces (APIs) by McKinsey, 81% of respondents said APIs are a priority for business and IT functions. “Large banks are launching API programs and allocating about 14% of their IT budget to APIs, on average,” claims the survey. So what exactly are APIs, and how should institutions be using...

21 January 2025 /payments

Hamish Monk Senior Reporter at Finextra

How to comply with PSD3

In June 2023, the European Commission (EC) announced plans to update its Payment Services Directive, which was originally designed to drive integration across the payments market, level the playing field for payment service providers (PSPs) and enhance security across the value chain. The latest proposed changes will swap the existing second Paym...

14 January 2025 /regulation

Consumer Duty: How to go beyond compliance

Hamish Monk Senior Reporter at Finextra

Consumer Duty: How to go beyond compliance

In force since 31 July 2023, the Financial Conduct Authority (FCA)’s Consumer Duty regulation was designed to improve financial services protections for consumers. Since the go-live date, firms have made numerous improvements, and better, fairer outcomes are being delivered to customers. Yet, there remains room for firms to improve, and to build...

06 January 2025 /regulation

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