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Banking & Payments DECODED

Latest edition: 22 May 2024
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Latest news

The state of cybersecurity: AI and geopolitics mean a bigger threat than ever

Cybersecurity threats to businesses are not only more numerous than ever but are now becoming more sophisticated through the use of artificial intelligence (AI) by perpetrators and more dangerous in their use for geopolitical aims.

Fraud losses dip by 4% but over £1bn stolen by criminals in 2023 reports UK Finance

Criminals stole £1.17bn through unauthorised and authorised fraud in 2023. That represents a 4% decrease compared to 2022. UK banks prevented a further £1.25bn of unauthorised fraud through advanced security systems.

Top 20 APAC banks see 4.3% revenue growth in 2023 amid economic recovery, finds GlobalData

The top 20 Asia-Pacific (APAC) banks saw a 4.3% increase in combined revenue, reaching $1.67trn in 2023, up from $1.6trn the previous year. This growth was fuelled by a surge in interest income due to tightened monetary policies, robust economic recovery, and improved asset quality, despite a decline in non-interest income amid economic volatility and heightened competition, reveals GlobalData, publishers of RBI.

Lack of financial footprint locks millions out of the modern economy: Socure

35% of Gen Zers in the US and nearly a third of legal immigrants are so called ‘digital ghosts’. Specifically, they do not have sufficient financial footprint to pass identity verification controls to access financial and government services. The research is revealed by digital identity verification company Socure. Digital ghost demographics have little to no history of credit cards, loans, rental leases, home purchases or mobile device plans.

Deloitte and Basware form alliance to enhance e-invoicing

Deloitte and Basware have announced a partnership to enhance touchless invoice processing for global customers. The partnership will combine accounts payable (AP) expertise to accelerate automation and finance transformation.

Mastercard and Visa under fire from Payment Systems Regulator

The PSR has released its Market review of card scheme and processing fees interim report. It is now seeking views on its provisional findings to help inform its final report.

Stripe launches new payments and financing tools to accelerate UK business growth

Available in the UK first, Stripe's Open Banking-powered payment method and faster manual payouts provide businesses with quicker, cheaper ways to access their earnings.

Experian acquires stake in Reward

Reward has announced that Experian has acquired a strategic stake in the company.The investment cements an existing commercial partnership between Reward and Experian. This further collaboration will focus on leveraging Experian’s rich data and audience activation capabilities to fuel Reward’s offerings across banks and retail, expanding reach to create a more rewarding experience for consumers.