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Articles by Michelle Plevey
The future of payments
Payments modernisation is now imperative. It is not just that the regulatory landscape continues to evolve at pace, requiring organisations to update their systems and processes to remain compliant, important though this clearly is. The bigger picture is that customers are demanding change. Both organisations and consumers now expect a seamless payments experience that is secure, reliable and high-speed – and they want more choices than ever before about how to pay.
A change in mindset in light of the new Consumer Duty
Since its publication by the FCA, I have supported a variety of payments service firms to help them comply with the standards set out by the new Consumer Duty regime. It is fascinating, and almost unsurprising, that the range of business models of firms operating in the payments sector has led to diverse challenges when considering, implementing, and ultimately complying with the new rules.
The FCA & PSRs Call for Information on Big Tech and Digital Wallets
1000 KPMG in the UK › Insights › The FCA & PSRs Call for Information on Big Tech and Digital Wallets There is no doubt that, as consumer demand for more seamless, quicker and more convenient ways to pay expands (coupled with technological developments) digital wallets have become a mainstream payment method for many people and their adoption and usage is expected to only grow.
Payment Services: SCA-RTS ‘audits’
For the last few months, as in previous years at this time of year, we have been heavily involved in a number of exercises focussed on reviewing firms’ compliance with the Technical Standards for Strong Customer Authentication and Common and Secure Open Standards of Communication (SCA-RTS).
Regulatory spotlight: Payment services and sales staff remuneration
What is this article about? The critical regulatory landscape that firms in the payment services industry must navigate and the importance of compliance to avoid regulatory scrutiny and disciplinary actions. Understanding and adhering to payment services and sales staff remuneration regulations is crucial for ensuring consumer protection, regulatory compliance, and competitive advantage in a complex and evolving financial services landscape.
AI for good: Boosting payments compliance with technology
What is this article about? AI’s potential to improve regulatory compliance and efficiency in financial services, particularly in safeguarding funds, consumer duty, API monitoring, and fraud prevention It’s crucial for showcasing AI’s role in making financial services more efficient, compliant, and secure, benefiting both firms and customers.
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