Navigating t he FCA’s Consumer Du t y

Pre-register for our latest interview with a member of The Payments Association on the consumer duty

•Discover how a leading member of The Payments Association is approaching the consumer duty.

•Learn how to create good customer outcomes and what steps to take.

•Discover why it is so important to get senior leaders on board with the consumer duty and how to do it.

Scan to receive this exclusive interview.

Noda’s ladies join Women in Open Banking initiative

Open banking solutions platform Noda takes step towards being more inclusive.

The financial industry has been traditionally dominated by men, but in recent years, there has been a push to increase gender diversity and promote equal opportunities for women.

One of those initiatives is Women in Open Banking, launched by Open Banking Expo in partnership with American Express.

“What can be more beautiful than women having each other’s backs in the finance sector,” says Dana Lihotina, head of PR at Noda.

“Being confident in terms of your profession and also having an opportunity to share it is an amazing feeling.”

Rise in cyberattacks sees banks opt for better security

Fraud cost UK financial institutions £305.2 million in the first half of 2022, yet just half (51%) of customers are worried about it when shopping online, a survey by Entersekt found.

The majority (74%) reported feeling secure about using a mobile app for online banking and 72% said they used their banking app several times a week.

With the rise of sophisticated cyberattacks, the report – titled ‘Fighting back against mobile banking and payments Fraud in Europe’ – highlighted that many financial institutions are leaning towards increased security over user experience.

However, banks should be ensuring the user experience is simple and incorporates the latest technology for better security.

The full report is available at info.entersekt.com.

New technology settles payments in real-time

ConnexPay has partnered with Payouts Network to launch a push-to-card function to enable payments.

Push-to-card payouts are initiated by the payer, who ‘pushes’ funds to a payee’s account through an eligible Visa or Mastercard debit card or reloadable prepaid card.

Unlike traditional bank-to-bank transfers, push-to-card payouts are settled in real time and need only the payee’s name and email to be set up.

The payee’s card information is then captured on the initial payment through a quick and easy, white-labelled flow and stored for future payments; there is no need to collect banking information.

The new functionality is available to all ConnexPay customers in the US. However, both ConnexPay and Payouts Network are looking at ways to expand this to other markets.

Paytech firm secures UK EMI licence

PingPong Payments has been awarded an Electronic Money Institution (EMI) licence from the FCA.

The approval means the US-based cross-border payments firm will be able to offer its services to customers in the UK and Europe.

This includes cross-border payments, VAT payments, accounts payable and receivable management solutions, virtual credit cards and more.

PingPong, which provides a payments network covering over 200 markets, has received regulatory approvals from the US, mainland China, Hong Kong, Australia, Japan, India and Luxembourg