One of the most important pieces of legislation created to crack down on cyber fraud has come into force. Strong Customer Authentication (SCA) is a critical part of the Second Payment Services Directive (PSD2). This legislation comes at a time when fraud has reached critical levels across Europe, with the European Central Bank estimating the continent suffers from £1.3 billion in online fraud each year. This number is set to increase, as the number of people making payments via digital wallets internationally is expected to skyrocket from 2.3 billion to nearly 4 billion this year.

Banks that are future-ready will gain a lot of valuable commercial intelligence.

Straight-Through-Processing (STP) has long been an objective for banks - large and small. This is because of due to the increase in customer satisfaction level that comes with enabling customers to transparently and efficiently monitor the movement of their cross border payments. SWIFT gpi has arrived to regulate and facilitate this process and is now becoming the global standard a reality in cross-border payments.

Wins for all?

Financial IT speaks with Nick Haslehurst , CFOO, moneycorp about correspondent banking and payments at Sibos 2019

Stratis, an enterprise blockchain technology company, announces the launch of its online hackathon to promote the use of smart contracts. The competition has been set up to create a community of experts to develop projects using Stratis Smart Contracts to streamline business processes.