Ziv Keinan

When acquirers send card transactions to issuing banks through the card schemes, they use a Message Type Identifier (MTI) to indicate the type of message being transmitted. The MTI in an ISO 8583 message is a four digit number: WXYZ W: Indicates the version of ISO 8583 0 = 1987 version (commonly used) 1 = 1993 version 2 = 2003 version X: Indicates the type of message 1 = Authorization 2 = Financial 3 = File updates 4 = Reversal 5 = Reconciliation 6 = Admin 7 = Network Y: Indicates the function of the message 0 = Request 1 = Response 2 = Advice 3 = Advice Response Z: Indicates the originator of the message 0 = Acquirer 1 = Acquirer Repeat 2 = Issuer 3 = Issuer Repeat So, if an MTI of 0100 is sent to the issuer, it means that the 1987 version of ISO 8583 is being used for an authorization request originating from the acquirer. This normally results in MTI 0110 which indicates that the authorization response is sent back to the acquirer. In a scenario where for example the scheme is unable to route the 0110 to the acquirer, the scheme will initiate a reversal advice to the issuer which reverses the original authorization 0420 message for which the issuer responds with an advice response 0430 message. The ISO message is more complex and includes additional components like Bitmap and Data elements. Remember we are here to support you in your interactions with the various parties involved in processing transactions. #Payorch #PaymentProcessing

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Johnna Powell at the #SFF2024 "Financial Infrastructure - Pathways for Scaling Tokenized Markets" panel: “To build a resilient and scalable digital ecosystem of the future, financial market infrastructures should take a unified approach to develop a framework for risk management, interoperability and operational changes." More insights: https://brnw.ch/21wOC3b #tokenization

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The Consumer Financial Protection Bureau has dropped a regulatory bombshell on the BNPL industry, declaring that BNPL lenders are essentially credit card providers and must adhere to the same legal protections and rights. The interpretive rule, issued in late May, has elicited a range of reactions from industry players and observers, from tempered objections to enthusiastic support. Some believe the bureau's move will level the playing field between fintech BNPL providers and traditional banking institutions. Others predict the rule will accelerate changes already underway in the design of fintech BNPL programs. However, there are concerns that fundamental issues weren't addressed, and speculation is rife about potential future rounds of CFPB rulemaking and legal challenges. According to Michael Guerrero, partner at Ballard Spahr LLP, the rule is more than most expected and will likely change the BNPL product. The bureau's bypass of the traditional regulatory development process has caught providers off guard, imposing massive compliance duties with a short lead time on an industry that has been around for nearly a decade. The rule's implications for the future of BNPL are multifaceted. Some suggest it will favor larger providers who can more easily absorb compliance costs, potentially leading to market consolidation. Others point out that traditional institutions, with their existing regulatory burden, may have a leg-up on fintechs now facing a compliance catchup game.

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PIB EXPLAINED Interoperability (safely moving money from a store of value held at one institution to a store of value held at another organisation) introduces new forms of risk across the payment system. The Payments Industry Body (PIB) activities and participation structures provide a structured and focussed way of managing these risks. #PIB #Payments #Impact

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Memento Blockchain ZK Chain demonstrates how tailored blockchain technology can empower institutions to navigate the changing landscape of digital finance securely, compliantly, and at scale. The Memento testnet is built with ZKsync’s technology and aims to create a permissioned blockchain designed to facilitate the management and distribution of: 1. Digital native funds 2. Hybrid funds that integrate both traditional and digital assets, and 3. Tokenized traditional investment funds. Read more: https://lnkd.in/ebtaVeD8

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How to Use Real-Time Account Updates: On-demand, Continuous...Both? VGS's latest blog post answers this and more, detailing the strategic approaches for updating card-on-file information, and how VGS’s direct integration to Visa and Mastercard surpasses outdated batch file methods to deliver real-time account updates… 🔄 𝗢𝗻-𝗱𝗲𝗺𝗮𝗻𝗱 for immediate transaction needs, low transaction volumes, and initial subscription enrollments, providing updates only when necessary to save costs. 🔄 𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗼𝘂𝘀𝗹𝘆 for high-frequency usage and long-term customer relationships, keeping payment methods updated with minimal customer intervention. 🔀 In a 𝗵𝘆𝗯𝗿𝗶𝗱 approach using both on-demand and continuous updates depending on product set and consumer behavior to optimize costs and enhance customer segmentation. With #VGS, merchants can implement real-time card updates whenever and however their business and consumers need, increasing authorization rates, ensuring customer satisfaction, and consolidating vendor costs. Looking to implement or upgrade a solution for card updates? #VGS has you covered. Read the full article by Jennifer Marshall and Arvind Santhanaraman to learn more ➡️ https://lnkd.in/gzkH-Tfk #SavedPayments #ExpiredPayments #SubscriptionPayments #CardUpdates

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Aman Union Partners with RISC Institute DMCC to Enhance Insurance Expertise Across AMAN Union Members Commenting on the agreement, Dr. Khalid Khalafalla, Secretary-General of AMAN Union, stated: “We are excited to embark on this partnership with RISC Institute DMCC. The insurance sector plays a critical role in driving economic stability and development across OIC member countries, and it is essential that our members have access to world-class training and certification. This initiative will empower our professionals with the skills and qualifications needed to excel in their roles and contribute to the continued growth of the insurance sector across the region.”  https://lnkd.in/esbBtujD Silvan Said #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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💻 Blockchain technology is playing a pivotal role in transforming financial inclusion across Asia, opening doors to the unbanked and underserved. By leveraging data analytics and partnerships with fintechs, banks are now better equipped to assess creditworthiness in previously “high-risk” markets. 🔗 Emerging technologies like blockchain and tokenisation are also creating new pathways for small businesses and individual investors to access finance and asset classes. 🤝 As partnerships between banks, fintechs, and regulators deepen, the potential for blockchain to drive financial inclusion and create new opportunities across Asia is becoming undeniable. With comment from Henry Choi, Alex Manson, Evy Wee and Boon-Hiong Chan Natasha Teja reports https://lnkd.in/edP26cnk

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Top Institutions Point to Blockchain Interoperability as Critical to Asset Tokenization: A group of prominent financial institutions and Web3 pioneers has collaboratively produced a comprehensive report detailing strategies for attaining interoperability of tokenized assets across public blockchains, private blockchains, and traditional systems. The newly released paper, titled "Institutional Interoperability: How Financial Institutions Navigate a Multichain World," explores methods to enhance accessibility and liquidity for tokenized assets while maintaining flexibility, privacy, transparency, and scalability. Download the report here: https://lnkd.in/gSnfXcUz

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📊 Summary: "Re-Architecting the Financial System: Digital Payments" (Aug 2024) 🌐💱 Key insights from #PointZeroForum2024 roundtable: 1️⃣ Digital payments revolutionizing transactions 📱💳 #BlockchainInnovation #DigitalWallets 2️⃣ Interoperability challenges persist 🔗🌉 #PaymentSystems #Decentralization 3️⃣ Regulatory clarity crucial for global adoption 🏛️🌍 #MiCA #ConsumerProtection 4️⃣ Education key to bridging knowledge gaps 🎓💡 #FinTechEducation #Upskilling 5️⃣ Safe integration needs regulations, sandboxes & cooperation 🔒🤝 #DigitalCurrencies #GlobalCooperation Collaboration is vital for innovation in #DigitalPayments! 🚀💼 #FinTech #FinancialInclusion #ElevandiInsights #FinancialInnovation #PaymentTech #FutureOfFinance

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Many types of applications and protocol functions stand to benefit from integrating Q’s governance. Protocol treasuries are an obvious case: For example, real-world identities of treasury managers, who initiate or approve transfers in and out of the treasury, could be embedded. #Governance #blockchain #crypto q.org

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Absrbd Cross-Border Payment Statistics For 2024 Cross-border payments emerged in the late 20th century, driven by the growth of international trade and globalization. It refers to the transfer of funds between individuals, businesses or financial institutions located in different countries. Since its inception, cross-border payments have evolved significantly, with the advent of digital technologies and the rise of fintech companies marking key milestones. The global cross-border payments market was valued at USD 190.2 billion in 2023. https://lnkd.in/dgHczpF2

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