Open Banking: What, Where, Who and Why?
We'll explore how the recent trends and changes around the world—especially regulatory changes in the EU and UK—are likely to affect banks, fintechs, and other businesses in the US. We conclude that globalization is forcing US banks, fintechs, and other businesses to make internal changes to comply with EU and UK regulations, but these same changes also prepare them to join the open banking community.
Trustly has been in this space for over 10 years and operates across US and Europe, leading the way in PSD2 payments in Europe. We connect to banks via multiple integration points that are embedded in the flow of funds, allowing us to mitigate risk, offer faster settlement through our intra-bank network and deliver state-of-the-art reconciliation.
As our world becomes increasingly digital, consumers are demanding slicker, quicker, more personalized experiences that fit conveniently into their lifestyles. This creates a tough environment for merchants and service providers who need to meet this customer demand while controlling costs and growing their businesses. Open Banking is one of the key initiatives helping to address both consumer and merchant needs when it comes to payments.
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As technology and fraud techniques advance, businesses need to move beyond traditional fraud detection techniques and incorporate user behavioral features to boost accuracy. In this double presentation, Agoda and Booking.com will share how they leverage behavioral features to detect fraud in the travel industry. Agoda will explore the process of generating behavioral features, the technology behind incorporating them into machine learning models, and some of the techniques used to amplify the difference between fraudulent and non-fraudulent behavior. Booking.com will share their approach to detecting fraudulent hotel listings, which includes a multi-stage machine learning system that monitors the behavior of new hotels as they onboard onto the platform . The models monitor hotel actions from the early stages of signup up until the hotel is live on the website and interacting with guests.
As vertical software vendors and platforms continue to embed financial services into their platforms, these businesses are becoming increasingly responsible for supporting products and services outside of their core products and operations. Even with the help of partners that provide these services, businesses often have to adapt their organization through new roles and responsibilities, processes, and policies to enable use cases and areas of focus like payment facilitation, risk mitigation, compliance, card issuance, and lending. This presentation will draw from platforms that have embedded financial services as well as select technology providers that provide the technology.
Are you still on the fence about including alternative payments into your e-commerce stack?
Join Paypal, and Eric Liang, Co-founder and CIO at Spokeo, as they share lessons learned and recommend some best practices on how merchants can successfully incorporate alternative payments into its payment systems. Using the partnership between Spokeo and Paypal as the case study, the pair will highlight what worked and pitfalls to avoid that enabled Spokeo to achieve a 25% lift in conversions and 14% increase in net new customers.
Key Takeaways include:
Learn about Spokeo’s business model and how Paypal has become a vital alternative payment method to Spokeo’s legacy payment platform
Understand how Spokeo implemented Paypal by conducting a controlled A/B test in its acquisition funnels to avoid upsetting current payments performance
Find out what metrics to track and analyze in order to quantify the true impacts of the Paypal A/B test
Hear how Spokeo used Paypal’s built-in fraud detection system to reduce costs by eliminating duplicative fraud tools
Find out how Spokeo discovered and reached a new customer segment with Paypal that are privacy minded & risk averse to having their credit card information potentially breached
Alternative Payments do not only provide consumers with more choice, but they also increase your revenue by expanding your audience.
Alternative payment methods continue to expand in importance and volume globally, and though this provides a wide spectrum of opportunities for merchants, it also means new fraud attack vectors to contend with.
This presentation explores the methods fraudsters are using to attack alternative payment providers through real-world examples, and the solutions businesses can implement to proactively prevent and combat payment fraud.
Ultimately, in the world of payments, success depends on human factors, like how consumers perceive and respond to risk, reward and effort.
Against this backdrop, Token surveyed over 1,000 people across Europe about the attitudes, preferences and behaviours shaping their financial and digital lives.
Token presents: "Who Will Pay by Bank" a data-driven look at the human element that will fuel the future of open banking payments.
A glimpse into this report:
- Learn which consumers are paying by bank today and where will we see demand tomorrow
- Discover the behaviours and opportunities that could support continued uptake of account-to-account (A2A) payments
- Understand how consumers in Europe perceive the benefits of A2A payments and other payment methods on a country-by-country basis
- Uncover how consumers understand open banking's evolving role in their lives
- Read commentary from the Open Banking Implementation Entity, Open Banking Expo, American Express, Ban
With the upcoming 3DS1 decommission planned in Oct’22, it’s important for merchants to plan their authentication strategy to not just process EMV 3DS transactions but optimize the entire payment experience.
To find out, join Gautam Pande – Director, Product Management, Identity Solutions at Mastercard to provide key considerations ahead of the 3DS1 Decommission & share updates of the Identity Check platform to enable seamless digital commerce
- Find out what to expect after the decommission date
- Be able to understand key changes in EMV 3DS 2.2
- Understand Mastercard’s Smart Authentication Platform
- Preview the Identity Check Express and the customer journey
False positives down, revenue up! Learn from an Experian fraud expert how machine learning strengthens fraud prevention, reduces false positives, and leads to new revenues.
Fraud prevention is one of the most exciting areas in commerce. However, it is also challenging to core business functions. This webinar will present how modern fraud prevention becomes more efficient through machine learning models and how this results in new revenue potential.
By participating in this webinar, the learner should be able to understand:
- State-of-the-art fraud prevention methods and current fraud figures
- How machine learning supports fraud prevention
- Why companies should rely on smart fraud prevention with machine learning models
Open banking in the UK and EU has created a new online payment option: instant bank transfers, which offer lower fees, better security and more convenience for consumers. In February of 2021, more than one million open banking payments were processed in the UK, compared with 300,000 for the whole of 2019. But how mature is this payment option, who’s already using it and will consumers adopt it?
Join TrueLayer and guests, as we cover: What open banking payments are and how they work - The retail trends that are driving the growth of this new payment option - Is the time right? A status check on usage, adoption and readiness of open banking payments in the UK and Europe - How open banking payments drive value for ecommerce merchants - The consumer payment experience: demo of UX + real case studies - Consumer protections for open banking payments.
This whitepaper begins with a snapshot of PSD2 and summarizes the directive's main changes, focusing on SCA. After highlighting how SCA will affect financial services companies, the paper examines how biometrics can meet SCA requirements while avoiding unnecessary friction. The document concludes with an overview of Nuance's biometrics solutions.
This whitepaper details three alternative payment methods European and American companies should adopt to capitalize on the buying power of Chinese shoppers, which are Alipay, WeChat Pay, and UnionPay QuickPass. The paper also considers how payment methods can be used as channels to more effectively market to consumers and why mobile payments are vitally important in capturing new customers.