Lipis Advisors - Global Payment Strategy

Nacha and the U.S. Faster Payments Council launched the Accredited Faster Payments Professional (AFPP) program to equip professionals with the knowledge and skills needed to excel in the evolving landscape of faster payments. We’re proud to share that the Lipis Advisors team wrote the AFPP handbook. Our expertise in payment systems ensures the materials are comprehensive, relevant, and tailored to meet the needs of industry professionals. Highlights of the AFPP Program: ▶ In-depth curriculum: Covering essential topics such as Faster Payments operations, risk management, and technology considerations. ▶ First exam date: The inaugural AFPP exam will be held from February 17 to March 8, 2025, with registration opening in October 2024. ▶ Target audience: Designed for professionals across the payments ecosystem, including financial institutions, fintechs, and regulatory bodies. We encourage all industry stakeholders to explore this program and enhance their understanding of faster payments. For more details, visit the Nacha AFPP page here - https://www.nacha.org/afpp #FasterPayments #AFPP #LipisAdvisors #PaymentsIndustry #ProfessionalDevelopment

Catch up with the latest discussion on the evolving payments landscape in Europe, the UK, and the US. Leo Lipis was invited by Bottomline to look at Europe's instant payments regulations and explore how countries are using instant payments to foster innovation and streamline cross-border transactions. Don’t miss this compelling conversation! 🎧 Listen now to the Payments Podcast: Apple Podcast ▶️ https://ow.ly/evM450SupF9 Spotify ▶️ https://ow.ly/2cJI50SupF8 Have comments or questions? Leave them in the comment box below—we’d love to hear your thoughts! #InstantPayments #DigitalPayments #PaymentsIndustry #GlobalPayments #BottomlinePayments

The Financial Stability Board (FSB) released a consultation report aimed at enhancing the alignment and interoperability of data frameworks for cross-border payments. This initiative is key to advancing the G20 Roadmap for cross-border payments by making these transactions faster, cheaper, and more transparent. Here are the report’s key recommendations: 🔍 Balancing regulatory obligations: there is a need to address the complexities of aligning anti-money laundering (AML) requirements with data privacy regulations; this balance is crucial to ensuring compliance without compromising user privacy. 🔗 Promoting interoperability: The FSB advocates for the alignment of regulatory and data requirements to facilitate smoother cross-border transactions, including encouraging the adoption of standardized legal entity identifiers (such as Global Legal Entity Identifier Foundation (GLEIF)’s LEI) and harmonized ISO 20022 data formats. 🌐 Data flow restrictions: barriers that hinder the flow of payment-related data across borders should be lowered as much as possible, which is essential to improve the efficiency and speed of cross-border payments. 🚀 Innovation barriers: The FSB calls for measures to minimize obstacles to innovation in data-sharing technologies. Promoting a conducive environment for technological advancement is essential to meet the evolving needs of cross-border payments. The FSB is calling for feedback on these recommendations until September 9. For more, read the full report here - https://lnkd.in/eYkfYieD What other challenges do you see in aligning regulatory requirements with data privacy in cross-border payments? We’d love to hear your thoughts on how to refine data frameworks to better meet the evolving needs of global payments. 💬📈 #CrossBorderPayments #DataInteroperability #FSB #G20 #FinancialInnovation

Thank you, Central Bank Payments News, for featuring us! In this month's issue (out on 26 August!) Leo Lipis and R. Andrew Gómez delve into four key methods for preventing fraud, urging stakeholders to get their heads 'out of the sand' and effectively confront these challenges.   Interested in learning more? Check out the link here: https://lnkd.in/g66n5abs  You can also learn how to receive new issues of CBPN each month here: https://lnkd.in/dETS_Nfv   #paymentfraud #fraudprevention #centralbankpaymentsnews #paymentsregulation

Interested in learning more about cross-border payments? Here’s your chance! The Euro Banking Association (EBA) Winter School 2024, which will focus on cross-border payments, will take place November 19-21. We’ll discuss upcoming cross-border payment initiatives, challenges, implications of the G20 Roadmap, and how collaboration can enhance value transfer. Our CEO, Leo Lipis, will be emceeing this seminar on cross-border payments. Swift will host the EBA Winter School 2024 in La Hulpe, Belgium. For more details and to register, check out the link here: https://lnkd.in/diaTvkNV Don’t miss out—registration is open now! #crossborderpayments #payments #EUbanking #EBA

The Digital Euro Association Working Group Chairs, including Anurag Dubey, have published a paper on MiCAR's impact on stablecoins. The paper dives deep into the regulatory considerations, benefits, risks, and use cases for stablecoins, providing a comprehensive analysis of how MiCAR will help shape the future of digital currencies. The paper also offers strategic recommendations for policymakers.   To complement the paper there is also a new podcast episode where the authors share key insights and behind-the-scenes perspectives. See link here: https://lnkd.in/e8mdkR2K   Curious to learn more? Check out the paper, "MiCAR's Influence on Stablecoins: Industry Insights and Implications," here 👉 https://lnkd.in/diY5eeu9.   Please note: The views expressed in the paper reflect those of the Working Group participants and not necessarily the Digital Euro Association.   Happy reading and listening! 📖🎧 #DEApodcast #MiCARinfluence #stablecoins #EUregulations

ECB and EBA joint report on Payment Fraud    The European Central Bank (ECB) and European Banking Authority (EBA) have released a joint report providing insights into the state of payment fraud in Europe. This report is essential for policymakers, regulators, and financial institutions as they navigate the evolving fraud landscape. Here’s a snapshot of the key takeaways:   🔍 Persistent Fraud Challenges in Europe:  Despite ongoing efforts, payment fraud remains a significant challenge in Europe. The total value of fraudulent transactions reached €2.0 billion in the first half of 2023, following €4.3 billion in 2022, highlighting the need for continued vigilance.   💳Varying Fraud Rates Across Payment Methods:  ▶ Card Fraud accounts for 0.031% of transaction value and 0.015% of transaction volume. ▶ Credit Transfers suffer from much lower fraud rates (0.001% in value and 0.003% in volume). ▶ Direct Debits have a relatively low fraud rate, but a substantial portion of direct debit fraud involves cross-border transactions.   🔒Effectiveness of Strong Customer Authentication (SCA):  SCA has successfully reduced fraud rates within the European Economic Area (EEA). However, countries with higher cross-border transactions, especially outside the EEA, are more vulnerable due to varying SCA requirements.   🤝 Importance of Collaboration:  The report emphasizes the critical role of collaboration among financial institutions in combating payment fraud. By sharing intelligence, best practices, and working together to enhance fraud prevention measures, the industry can better protect consumers and maintain trust in the digital payments ecosystem.   Explore the full report for more detailed insights here: https://lnkd.in/eY_KUFrz   💬 What are your thoughts on these findings? How do you see these trends impacting the future of payment security?   #ECBEBAfraudreport #Europepaymentfraud #SCAresults

PSR APP scams performance report highlights   We’re excited to share some updates on payment fraud trends in the UK and Europe, including key Insights from the Payment Systems Regulator’s (PSR) second report on Authorised Push Payment (APP) scams performance. Here are some key insights from the report:   🔍 Reimbursement Rates Improve, but Gaps Remain:  The overall reimbursement rate for APP scams rose from 61% in 2022 to 67% in 2023, thanks to the Contingent Reimbursement Model (CRM). However, non-CRM banks lag behind, reimbursing only 48% of losses.   📉 Smaller Firms Face Disproportionate Impact: In 2023 smaller firms received 38% of total APP scams by value, despite handling only 17% of FPS transactions.   📅 Mandatory Reimbursement Policy on the Horizon: The PSR’s mandatory reimbursement policy, which will launch in October, aims to standardize reimbursement rates and enhance accountability across all firms.   🔐 Enhanced Strategy to Tackle APP Scams:  The PSR will enhance intelligence-sharing and ensure comprehensive consumer coverage through the Confirmation of Payee service by October 2024.   To learn more, see below or the link here - https://lnkd.in/euNBgJy2   What are your thoughts on these developments?   #PSR #APPfraud #fraudreportUK #COP2024

We are happy to share that R. Andrew Gómez has been reappointed to the U.S. Faster Payments Council (FPC) Board Advisory Group for 2024! 🎉 Congratulations to Andrew and all the other board members!   Since its establishment in 2020, the FPC Board Advisory Group has helped address various challenges related to faster payments, including the formation of new work groups and successful use cases for faster payments in the U.S.   About the U.S. Faster Payments Council (FPC): The FPC is an industry-led organization dedicated to creating a top-tier payment system in the U.S., where transactions are safe, secure, and near-instantaneous. The FPC brings together diverse stakeholders to address challenges and drive innovation in faster payments. For more information, please visit FasterPaymentsCouncil.org.   🔗 Check out the full announcement here: https://lnkd.in/gUCiMT5K   #FasterPayments #Innovation #Payments #PaymentsLeadership #FPC2024 #FPCBAG

Have you ever imagined paying for your wedding with instant payments - it’s possible in India with UPI.   In this video Anurag Dubey shares how he managed to cover almost 95% of his wedding expenses using UPI with just a few taps on his phone, showcasing UPI's widespread adoption and convenience, even for significant life events such as weddings.   Anurag also discusses UPI’s transformative impact on India’s payment ecosystem and the challenges and opportunities faced by businesses and consumers.    🔗 Check out the full episode for more insights on UPI here: https://lnkd.in/edGYGANJ   Thank you, Payments Professor "Kevin Olsen", for having us on your podcast!   #DigitalPayments #UPI #FinTech #Innovation #PaymentsPodium #FinancialInclusion #India #instantpayments