FedNow Launch and Fintech Innovation Drive Americans Towards Digital Transactions In a recent survey titled "Cashing in on the rise of digital – key trends in US payments," it was revealed that a significant majority of Americans are anticipating a complete transition to digital payments in the near future. The survey, conducted by Temenos, [...]
The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. According to the recent findings of the True Cost of Financial Crime Compliance Study by LexisNexis Risk Solutions for 2023, the increasing costs have surpassed a staggering $200 [...]
With the upcoming July launch of the Federal Reserve's instant payment platform, FedNow, many are wondering how it differs from the existing Real-Time Payments (RTP) network. While both systems enable 24/7/365 clearing and settlement of domestic payments in the United States, a closer examination reveals unique advantages and characteristics for each method. In this [...]
The global banking industry is grappling with an ever-growing threat of financial crimes, particularly money laundering and sanctions violations. The costs and risks associated with these criminal activities are staggering, with an estimated loss of $1.6 trillion, equivalent to 2.7% of the global GDP, due to money laundering alone. Additionally, the rise in sanctioned [...]
The Federal Reserve is set to launch its new real-time payment service, FedNow, in July. With the potential to reach thousands of U.S. banks and credit unions, this new payment service is expected to revolutionize the payments industry. But what exactly is FedNow, and how will it impact businesses? Let's take a closer look. [...]
The prepaid debit and credit card industry has been steadily growing over the past few years with more businesses getting involved in the prepaid market arena. COVID-19 cannot be overlooked as an influencing factor in this industry, as it has accelerated the need for cash alternatives and overall demand for cards. As a means [...]
2020 proved to be a rough year for the financial services industry, with the Covid-19 pandemic bringing with it new challenges and exposing shortcomings within the sector. In 2021, the pandemic has continued to change the way compliance functions operate within organisations; hybrid working policies becoming more prevalent, the increasing [...]
As the financial world gets more and more regulated, organisations are facing greater burden and stress to keep up with the pace of alterations and to comply with the evolving regulations. Tightening of risk and compliance budgets, regulatory and cultural change and the possibility of increasing personal liability, are just a few of the [...]
