It’s no secret that the banking landscape is being transformed by a digital shift that is seeing banks rethink their strategies and harness digital technology to improve their propositions. So what’s driving this shift?

Fraud is running rampant. The UK Government’s 2023 ‘Fraud Strategy’ report highlighted that fraud now accounts for over 40% of crime, yet receives less than 1% of police resources. More needs to be done to ensure that the consumer is protected. This is why, as per the Financial Services and Markets Bill, all PSPs will now be required to reimburse fraud victims from October 2024. In light of these upcoming changes, banks need to reassess how they manage liability associated with APP fraud and develop new methodologies in order to investigate and mitigate fraud more effectively. This Finextra impact study, produced in collaboration with Form3, gives banks a guide to tackling the new APP fraud liability landscape

The financial landscape is rapidly evolving in an era of faster payments, presenting a blend of opportunities and setbacks. One of the major hurdles that U.S. banks are facing today following the FedNow® Service launch stems from the lack of full interoperability between the Federal Reserve’s real-time payment system and the RTP network overseen by The Clearing House. This has created “a substantial headache and genuine operational and technical challenge for a lot of U.S. banks,” Form3 Chief Product Officer Eimear O’Connor told PYMNTS in an interview, pointing to the separate technical builds and distinct operational processes caused by differences in specifications and rules governing the two instant payments systems.

 As the financial industry continues to evolve, instant payments are revolutionizing how transactions are conducted, demanding immediate adaptation to stay competitive. Don't let your institution lag in the race towards financial innovation. Watch the webinar replay here and arm yourself with the knowledge to lead in the era of instant payments.

Over the last few decades, banks and financial institutions have created large technology estates to support a range of different types of payments to meet their customers’ needs. These have become more complex over the years as technical, customer and regulatory requirements evolve, leading to something of a Spaghetti Junction with multiple legacy systems and ancillary systems all connected to one another through various middleware layers. 

Cory Barnes, Senior Product Manager at Form3, tells PYMNTS that instant payments can reach their full potential only when far-flung systems are truly in sync and interoperable.

In an age where technology is fundamentally altering the fabric of our daily lives, the payments industry is witnessing its most transformative phase in years. In our recent webinar "Demystifying Payment Modernization: Separating Fact from Fiction" we brought together Jennifer Lucas, Bryan Schneider, and Preeti Chaturvedi, each a leading figure in the financial space, to provide an in-depth examination of this evolution. The webinar looked to unravel the complexities surrounding modern technologies like ISO20022, cloud solutions, instant payments, and APIs, which are pivotal yet often misunderstood elements in banking systems.

While modern technologies like ISO20022, cloud solutions, instant payments, and APIs are often hailed as keystones for advancing banking systems, they are not without their share of concerns and misconceptions. Our webinar, "Demystifying Payment Modernization: Separating Fact from Fiction," aims to shed light on these common technologies, looking at the practical applications as well as dispelling some of the misconceptions and unveiling the true impact they have on the financial sector.