It has been three years since the introduction of Open Banking legislation, which consists of a series of reforms designed to bring more competition and innovation to the financial services landscape, with the broader ambition of creating new products and services for consumers.

Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, announced its partnership with The Sentry, an investigative and policy team that seeks to prevent African war criminals and their business networks from abusing the international financial system.

iBanFirst, a global financial services provider delivering solutions across banking borders, launched its ‘Payment Tracker’ – a real-time payment-tracking service that sets new transparency standards for the payments industry. Rolled out to both payers and payees, this unique feature provides live updates on the status of international payments at any stage of the fund transfer process. The ‘Payment Tracker’ also highlights potential roadblocks or delays along the payment’s journey.

Leading European Banking-as-a Service and payments provider, Contis, is delighted to announce its partnership with Pin4, an international fintech pioneering access to cash. This collaboration will enable account holders to access cash via their mobile phones which they can instantly collect at any enabled ATM, including any of 12,000 Cardtronics ATMs across the UK, without the need for a card or pre-registration.  

While left 2020 behind, we see last year was challenging to fight against financial crime like all the other sectors. COVID-19 has affected many industries. The same challenges will likely occur in 2021 as the virus is still not losing its impact worldwide. Some gaps in AML compatibility emerged in epidemic conditions, and criminals tried to fill those gaps. Therefore, in 2021, regulators such as the FATF and the European Union may increase their regulations to fill these gaps. 

Surecomp®, the leading provider of global trade finance and treasury solutions for banks and corporates, today announced that brokerage firm Puente has chosen to deploy its front-office treasury solution Trade10™ across 3 countries in Latin America.

Sage (FTSE: SGE), the market leader in cloud business management solutions, today announced the launch of Sage Intacct 2020 Release 4. As the current business environment places more demands on the CFO, digital transformation is accelerating the trends we have seen become common place. To help CFOs navigate the new normal, Sage continues to release new and enhanced product functionality designed to help companies embrace the adoption of digital technology.

The COVID-19 pandemic has undeniably had a profound, long-term, transformational effect on all businesses.It has accelerated the shift to online and cashless payments, due in part to increased social distancing, as well as the national and local lockdowns and restrictions and meant that many businesses have had to adapt quickly.

Economic pressures hindered growth in 2020 but underlying trends show positive outlook for the payment cards sector

Global payment card spending reaches $35 trillion worldwide