More motivation is needed from banks to develop open banking and instant payments
The strategy of payment regulations has been very clear and transparent since it started to develop at the European level almost 10 years ago. Convenient and secure payments are based on two pillars - on the one hand open banking and on the other - instant payments, including cross-border instant payments. Like many other things that are not directly dictated by the market, this happens with more resistance because the motivation to enforce the regulations is somewhat artificial.
05 September 2024
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7 minutes read
Even stricter control against money laundering is needed when entering the eurozone
Our exchange rate was 7.5345, so it wasn't that easy to convert kuna to euro by heart. This is shared for the DIGI PAY blog by Ivana Rosancic, a business development consultant at the successful Croatian financial company KOIOS. The goals were to prevent exploitation through unjustified price increases and to prevent businesses from excessively rounding prices during the transition. In my opinion, this was not fully achieved, she commented. What else did she admit about Croatia's experience and the steps they went through?
01 September 2024
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6 minutes read
Anti-money laundering solutions are in focus due to the increased level of risks
The Financial Services sector continues to evolve in 2024 with significant challenges and opportunities. GenAI and Machine Learning are providing highly valuable toolkits in the “arsenal” of banks and other financial institutions to effectively deliver their digital transformation programs. That comments on DIGI PAY BLOG Anestis Dimopoulos, Director, Head of Digital & Risk Advisory, Baker Tilly Southeast Europe.
14 August 2024
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3 minutes read
What is next: Cross border payments in Europe?
Instant account-to-account payments have been around in Europe for more than a decade now, with several schemes operating very successfully at national level, like Blik in Poland, Swish in Sweden and iDEAL in the Netherlands. They are extremely popular, often with market shares of over 70%. But while these systems have been a success, they cater only to their specific markets and don’t often work across national borders.
23 July 2024
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5 minutes read
Regulators Should Exert Enough Pressure to Protect Consumers
Key trends in fraud follow the money. Fraudsters focus on areas where they can make the highest profits with the least effort. The digitization of payments naturally directs fraudsters towards schemes targeting weak points in processes, with the most common and painful being Account-Take-Over (ATO), Authorized-Push-Payments (APP or known as pig butchering), and cyber frauds often resulting from malware infecting the end device.
20 July 2024
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8 minutes read
With instant payments, we are entering markets outside of standard payment methods
Instant payments are changing the market of financial services in Bulgaria a little more than a year after their launch, Stoilka Arsova, director of the National Card and Payment Scheme, part of BORICA AD, commented on the DIGIPAY 2024 Blog.
11 April 2024
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7 minutes read
DORA and Аrtificial Intelligence on the horizon in Bulgaria
Globally in 2024 the focus on cybersecurity in the financial sector continues to grow. As the number, value and complexity of attacks increase, so do the needs of the industry. If we had to point out the two main highlights for the year, they would be: on the one hand, the introduction of the new European DORA regulation, and on the other hand, artificial intelligence with all the opportunities and threats it reveals on the cyber horizon. This is what Boris Goncharov, Chief Visionary Officer of the cybersecurity company AMATAS and part of the Advisory Board of the DIGIPAY conference in 2024, commented on the DIGIPAY blog.
03 April 2024
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4 minutes read
The new old in 2024 is extremely fast developing artificial intelligence
The new old in 2024 in the world of cyber security is the extremely fast developing artificial intelligence, expert and teacher Yasen Tanev reported to the DIGIPAY Blog. Its use, apart from protection, will be to abuse it and create even better and personalized letters, messages (SMS), photos, videos and sound that will look even more real. And unfortunately, the abuse of artificial intelligence will succeed in automating the process of sending it perfectly (time and emotional state) and taking control of the process.
19 March 2024
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5 minutes read
Bulgaria with more recommendations for money laundering against the background of payments around the world
The world is changing. 2023 was e record year of terms of paid ransoms, which exceeded $1.1 billion. The fraud is rising.
19 March 2024
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4 minutes read
2024 will be the year of developing embedded payments
MPoC (Mobile Payments on COTS) is a relatively new PCI standard that establishes security requirements for accepting card data and PINs on the same mobile device, comments especially for DIGIPAY Blog Pavel Kaminsky, Founder and CEO, 7Security and Member of the Advisory Board of DIGIPAY 2023. It enables technology providers to optimize and significantly improve the payment experience for merchants and consumers.
13 March 2024
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1 minute read
Payments Top Trends 2024
Non cash transactions volumes are expected to reach about 2.3 trillion by 2027, doubling since 2022, shows Capgemini’s report “Payments Top Trends for 2024”. This exponential growth is driven by the expansion of instant payment infrastructure in major markets, ongoing adoption of open banking framework, and more: evolving customer expectations, regulations, and industry initiatives are catalyzing the fast adoption of new instruments and instant payments.
11 March 2024
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3 minutes read
