Latest long reads: Finextra Research

The future of payments: New assets - new security challenges

Hamish Monk Senior Reporter at Finextra

The future of payments: New assets - new security challenges

By some, blockchain technology is considered a strong means of combatting rising cases of chargebacks, which come hand-in-hand with financial fraud. Indeed, it can be extremely difficult for fraudsters to extract customers’ information from a blockchain system, since it is decentralised, and distributed across a network of computers that form digit...

28 June 2021 /crime

The future of payments: Digital currencies for a digital future

Paige McNamee

The future of payments: Digital currencies for a digital future

While neither the ECB nor the Bank of England have outlined a final decision on pursuing a CBDC, the central banks are actively researching the digital currency proposition and public discourse tends to suggest that CBDC is inevitable in one form or another. In the US, regulators have historically been loudly critical of digital currencies, howeve...

25 June 2021 /crypto

Madhvi Sonia Head of Content at Finextra

The future of payments: Scheme juggling

Following the determination that SWIFT messaging standard MT was below the mark for today’s evolving payments industry, its requirement for frictionless services and secure movement of high-quality, expensive data, ISO 20022 was established. This is an excerpt from Finextra Research report 'The Future of Payments 2021', which is exclusively availab...

24 June 2021 /regulation

The future of payments: Perfecting payments protection

Hamish Monk Senior Reporter at Finextra

The future of payments: Perfecting payments protection

With merchants leaning on card-not-present payments during the pandemic, and consumers themselves further embracing online banking, new opportunities have been created for financial criminals to exploit weaknesses in the digital payments system, and defraud people out of their hard-earned cash. Therefore, financial institutions are adjusting their...

23 June 2021 /security

The future of payments: An open future for finance

Paige McNamee

The future of payments: An open future for finance

The push from open banking toward the more encompassing approach of open finance is being driven by several elements, from consumer pressure to regulatory obligations to greater awareness around privacy concerns. However, there is by no means a unanimous approach to open banking, and certain players believe that we are at different stages of compl...

22 June 2021 /regulation

The future of payments: Meeting instant expectations

Madhvi Sonia Head of Content at Finextra

The future of payments: Meeting instant expectations

Digital transformation continues to alter traditional business models across several industries such as retail, transport, and travel, to name a few. While the financial services industry is yet to experience a sea change of equal measure, a number of payments processes and business banking touchpoints are indeed undergoing transformation. This is...

21 June 2021 /payments

Cryptocurrencies and the offshore world - a difficult marriage?

Sam Sturrock Group Partner at Collas Crill

Cryptocurrencies and the offshore world - a difficult marriage?

This piece was co-authored by Sophia Moustras and Sam Sturrock, Jersey Corporate Finance, Collas Crill. The constant evolution of Fintech and the rise of cryptocurrencies to ubiquity has resulted in offshore regulators and legal frameworks having to continuously adapt and keep pace with change in order to ensure that the integrity of their financia...

18 June 2021 /crypto

Best practices for neobanks utilising machine learning to prevent fraud

Madhvi Sonia Head of Content at Finextra

Best practices for neobanks utilising machine learning to prevent fraud

Unburdened by legacy technology, physical branches and stringent regulatory requirements, digital financial outfits — otherwise known as neobanks — can disrupt the status quo, scale retail propositions, and expand into lucrative spaces such as business banking with a streamlined model. With over 250 neobanks operating worldwide and many more on t...

17 June 2021 /retail

Leveraging fraud and risk data to enhance customer experience

Hamish Monk Senior Reporter at Finextra

Leveraging fraud and risk data to enhance customer experience

In the wake of the widespread shift to digital banking and commerce caused by national lockdowns due to the Covid-19 pandemic, fraud teams have seen a sharp increase in cybercrime. This has been an upward trend for some time. Since 2011, financial crime has more than tripled, to $32 billion in 2020. By 2027, it is expected to exceed $40 billion by...

16 June 2021 /crime

The Westminster Series: Why the UK needs a trusted digital identity system

Chris Holmes Peer at House of Lords

The Westminster Series: Why the UK needs a trusted digital identity system

My heart sank last week when I noticed the hashtag #NHSDataGrab trending on twitter. Public anxiety about the use of their medical – or indeed any personal data - is entirely understandable. As Elizabeth Denham, the Information Commissioner said “It is clear that there remains considerable confusion regarding the scope and nature of the [data-shari...

15 June 2021 /identity

The Bank of England’s digital currency proposal an exploration of digital sterling

Arvin Abraham Partner at Goodwin Procter

The Bank of England’s digital currency proposal an exploration of digital sterling

Sometimes lost in the excitement around Bitcoin and cryptocurrencies is the potential for digital asset technology to revolutionise more traditional forms of money. The emergence of new and disruptive technologies in the currency space is creating incredible pressure for central banks the world over to compete and to co-opt some aspects of these n...

11 June 2021 /regulation

Is UK open banking mature enough to survive without the OBIE?

Paige McNamee

Is UK open banking mature enough to survive without the OBIE?

In March 2021 the CMA launched its consultation on the future governance of open banking, a process in which the Open Banking Implementation Entity (OBIE) sits firmly at the centre. On May 17, the CMA published an update featuring consultation responses from key stakeholders, and a final decision as to the future strategic direction is expected to...

09 June 2021 /regulation

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