A primer and overview of Open Banking, also known as Payment Service Directive 2 or PSD2, which went into effect in the UK on 13 January 2018. Produced by Digital Ventures, the Fintech arm of Siam Commercial Bank. Credit to Nat Wittayatanaseth for the research.
Open Banking - Opening the door to Digital Transformation WSO2
The open data era is just beginning in Australia. While the main purpose of the Consumer Data Right is to provide consumers, better control over their data, it is also paving the way for banks and financial institutions to step into newer business models through digital transformation. This talk will detail how banks stand to benefit from an open data ecosystem with a winning strategy and the right tools to achieve it. It will discuss the following topics:
The journey from Open APIs to Open Banking - An ecosystem for digital transformation
Building an open banking strategy for long term success
Realising the digital transformation opportunities of Open Banking
Open Banking - The Digital Transformation Opportunity in Disguise WSO2
Seshika Fernando, head of financial solutions at WSO2, session at Bank Tech Asia - Colombo on “Open Banking: The Digital Transformation Opportunity in Disguise.” Seshika’s talk with cover the following:
A cross border transfer of experiences: What EU and UK banks have taught us
A 360 degree perspective of global open banking
How to break the barriers for a successful open banking strategy
Why open banking and digital transformation belong in the same sentence
The journey from open banking to open finance+. The evolution of open banking based on API as of now and where it could go from here. Risks and opportunities for market participants.
Banking is Now More Open: Open Banking UpdateMikeLeszcz
Update on Open Banking initiative by Chris Michael , Head of Technology, Open Banking. Chris presented this at the “OpenID/Open Banking Workshop: The Implications for the Banking Industry” in London on November 6, 2017.
In recent months, many customers have been asking us the question – how to monetise Open APIs, simplify Fintech integrations and accelerate adoption of various Open Banking business models. Therefore, AWS and FinConecta would like to invite you to Open Finance marketplace presentation on October 20th.
Event Agenda :
Open banking so far (short recap)
• PSD2, OB UK, OB Australia, OB LATAM, OB Israel
Intro to Open Finance marketplace
• Scope
• Features
• Tech overview and Demo
The role of the Cloud
The Future of APIs
• Complying with regulation
• Monetizing data / APIs
• Business models
• Time to market
One platform for all: a Strategic approach
Q&A
Open Banking - Opening the door to Digital Transformation WSO2
The open data era is just beginning in Australia. While the main purpose of the Consumer Data Right is to provide consumers, better control over their data, it is also paving the way for banks and financial institutions to step into newer business models through digital transformation. This talk will detail how banks stand to benefit from an open data ecosystem with a winning strategy and the right tools to achieve it. It will discuss the following topics:
The journey from Open APIs to Open Banking - An ecosystem for digital transformation
Building an open banking strategy for long term success
Realising the digital transformation opportunities of Open Banking
Open Banking - The Digital Transformation Opportunity in Disguise WSO2
Seshika Fernando, head of financial solutions at WSO2, session at Bank Tech Asia - Colombo on “Open Banking: The Digital Transformation Opportunity in Disguise.” Seshika’s talk with cover the following:
A cross border transfer of experiences: What EU and UK banks have taught us
A 360 degree perspective of global open banking
How to break the barriers for a successful open banking strategy
Why open banking and digital transformation belong in the same sentence
The journey from open banking to open finance+. The evolution of open banking based on API as of now and where it could go from here. Risks and opportunities for market participants.
Banking is Now More Open: Open Banking UpdateMikeLeszcz
Update on Open Banking initiative by Chris Michael , Head of Technology, Open Banking. Chris presented this at the “OpenID/Open Banking Workshop: The Implications for the Banking Industry” in London on November 6, 2017.
In recent months, many customers have been asking us the question – how to monetise Open APIs, simplify Fintech integrations and accelerate adoption of various Open Banking business models. Therefore, AWS and FinConecta would like to invite you to Open Finance marketplace presentation on October 20th.
Event Agenda :
Open banking so far (short recap)
• PSD2, OB UK, OB Australia, OB LATAM, OB Israel
Intro to Open Finance marketplace
• Scope
• Features
• Tech overview and Demo
The role of the Cloud
The Future of APIs
• Complying with regulation
• Monetizing data / APIs
• Business models
• Time to market
One platform for all: a Strategic approach
Q&A
In conjunction with Accenture, the Overseas Bankers Association of Australia (OBAA) Committee hosted a Thought Leadership Event in early August for OBAA members on the topic of Open Banking. Accenture has been spearheading research into the global adoption of Open Banking and the way in which it could revolutionise how banks generate value.
Find out more here: https://www.accenture.com/au-en/insight-open-banking-brave-new-world
MEDICI’s new ‘Open Banking’ report is a detailed analysis of the Open Banking landscape. Read about the evolution of Open Banking, the regulatory landscape, critical factors affecting the implementation of Open Banking, partnerships, market dynamics, and more!
A PISP (Payment Initiation Service Provider) is a regulated actor under PSD2 who has been granted permission to request consent from a consumer to connect to their bank account and initiate payments or transfers on their behalf. Open Banking API specifications support Payment Initiation Services (PIS)
that enable a PISP to initiate a payment order, with the PSU's explicit consent, from their online payment account held at their ASPSP. The PISP is then further able to retrieve the status of a payment order.
This deck covers the different payment types, API resources, the PISP Flow, multi authorization, cut-off date time, payment restrictions, integrating with the bank backend, and release management.
PSD2 is finally here and 2018 is turning out to be a big year for the banking industry as financial institutions open their APIs and make them available to third-party providers.
Find out what Kony is doing about Open Banking and Kony PSD2 solution.
Open Banking APIs with case studies for senior stakeholdersMimi Ajayi, PMC
Open Banking APIs with case studies for senior stakeholders in under 10 slides
#innovation #futureofbanking #psd2 #digitalbanking #digitization #digitisation #digitaltransformation #investment #fintech #banking #payments #wallets #VC #tech #futuretrends #quickguide
The Banking-as-a-Service 2.0 report is an in-depth analysis of the fast-evolving BaaS segment. In this report, we analyze the global landscape of specialized FinTech companies and banks that have BaaS as core to their business, funding and investment patterns since 2018, regulatory & market drivers, and a host of industry expert opinions.
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
Financial services is under profound pressure to transform: legislative catalysts, heightened customer expectations and new fintech entrants are forcing banks and credit unions to re-consider their role in the banking value chain. Leading organizations are responding by moving from traditional paradigms of branch banking, to Banking-as-a-Service, where the bank becomes a platform of capabilities that can be accessed and monetized via APIs, to both internal and external consumers alike. Attend this session to learn how Coast Capital, Canada's largest credit union, is making this vision a reality.
ThoughtWorks: Monetising Open Banking Thoughtworks
Open Banking is disrupting the future of financial services in Australia, and we believe that it will do much more than just enhance customer experience. It will pave the way for innovative, highly personalised products; new partnerships that generate mutual value; and new business lines that create additional revenue streams.
Wallet Factory platform is a constructor for a wide range of use cases:
- Launching digital banking for traditional banks and credit unions (white-label mobile and web apps and integration with banking core system);
- Enabling extra revenue sources for telecom operators, e.g. P2P, service catalogues, money transfers etc. (e-wallet processing and a mobile app);
- Setting up loyalty\payments system for retailers etc. (e-wallet processing and mobile app, alongside with the loyalty platform).
WSO2 Open Banking: Digital Transformation Through PSD2WSO2
If you are a financial institution in Europe, you would be in one of three places when it comes to PSD2: ready to take PSD2 by the horns, making some progress with compliance but still trying to understand the big picture, or unsure of where to start.
The good news is that it doesn’t matter where you’re at. WSO2 Open Banking offers a solution that addresses all compliance requirements. It doesn’t stop there. It can open up your business to broader revenue generation opportunities through PSD2 in the context of digital transformation.
Join Seshika Fernando, head of financial solutions at WSO2 as she explores
The role of PSD2 in redefining banking as we know it.
The core capabilities of WSO2 Open Banking including the WSO2 API Management platform that enables opening APIs in a secure and controlled manner.
How WSO2 Open Banking can support your technology infrastructure for capabilities beyond banking.
A demonstration of the solution - https://wso2.com/solutions/financial/open-banking/
White-label Neobank. Turnkey solution for Enterprises, Banks, and Startups.
Launch your own comprehensive Neobank under your brand in a short timeframe by utilizing our network, licenses, permissions, certifications, and software.
Learn more - https://optherium.com/digital-banking/
Banks are deploying APIs to offer their customers transparency and new services faster than their traditional infrastructures will allow. PSD2 requires all banks to offer third party access to data and payments. Join this session to learn more about architecture that can provide a scalable front end to allow banks to publish their APIs via AWS, and to integrate with API gateways and core banking platforms.
In conjunction with Accenture, the Overseas Bankers Association of Australia (OBAA) Committee hosted a Thought Leadership Event in early August for OBAA members on the topic of Open Banking. Accenture has been spearheading research into the global adoption of Open Banking and the way in which it could revolutionise how banks generate value.
Find out more here: https://www.accenture.com/au-en/insight-open-banking-brave-new-world
MEDICI’s new ‘Open Banking’ report is a detailed analysis of the Open Banking landscape. Read about the evolution of Open Banking, the regulatory landscape, critical factors affecting the implementation of Open Banking, partnerships, market dynamics, and more!
A PISP (Payment Initiation Service Provider) is a regulated actor under PSD2 who has been granted permission to request consent from a consumer to connect to their bank account and initiate payments or transfers on their behalf. Open Banking API specifications support Payment Initiation Services (PIS)
that enable a PISP to initiate a payment order, with the PSU's explicit consent, from their online payment account held at their ASPSP. The PISP is then further able to retrieve the status of a payment order.
This deck covers the different payment types, API resources, the PISP Flow, multi authorization, cut-off date time, payment restrictions, integrating with the bank backend, and release management.
PSD2 is finally here and 2018 is turning out to be a big year for the banking industry as financial institutions open their APIs and make them available to third-party providers.
Find out what Kony is doing about Open Banking and Kony PSD2 solution.
Open Banking APIs with case studies for senior stakeholdersMimi Ajayi, PMC
Open Banking APIs with case studies for senior stakeholders in under 10 slides
#innovation #futureofbanking #psd2 #digitalbanking #digitization #digitisation #digitaltransformation #investment #fintech #banking #payments #wallets #VC #tech #futuretrends #quickguide
The Banking-as-a-Service 2.0 report is an in-depth analysis of the fast-evolving BaaS segment. In this report, we analyze the global landscape of specialized FinTech companies and banks that have BaaS as core to their business, funding and investment patterns since 2018, regulatory & market drivers, and a host of industry expert opinions.
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
Financial services is under profound pressure to transform: legislative catalysts, heightened customer expectations and new fintech entrants are forcing banks and credit unions to re-consider their role in the banking value chain. Leading organizations are responding by moving from traditional paradigms of branch banking, to Banking-as-a-Service, where the bank becomes a platform of capabilities that can be accessed and monetized via APIs, to both internal and external consumers alike. Attend this session to learn how Coast Capital, Canada's largest credit union, is making this vision a reality.
ThoughtWorks: Monetising Open Banking Thoughtworks
Open Banking is disrupting the future of financial services in Australia, and we believe that it will do much more than just enhance customer experience. It will pave the way for innovative, highly personalised products; new partnerships that generate mutual value; and new business lines that create additional revenue streams.
Wallet Factory platform is a constructor for a wide range of use cases:
- Launching digital banking for traditional banks and credit unions (white-label mobile and web apps and integration with banking core system);
- Enabling extra revenue sources for telecom operators, e.g. P2P, service catalogues, money transfers etc. (e-wallet processing and a mobile app);
- Setting up loyalty\payments system for retailers etc. (e-wallet processing and mobile app, alongside with the loyalty platform).
WSO2 Open Banking: Digital Transformation Through PSD2WSO2
If you are a financial institution in Europe, you would be in one of three places when it comes to PSD2: ready to take PSD2 by the horns, making some progress with compliance but still trying to understand the big picture, or unsure of where to start.
The good news is that it doesn’t matter where you’re at. WSO2 Open Banking offers a solution that addresses all compliance requirements. It doesn’t stop there. It can open up your business to broader revenue generation opportunities through PSD2 in the context of digital transformation.
Join Seshika Fernando, head of financial solutions at WSO2 as she explores
The role of PSD2 in redefining banking as we know it.
The core capabilities of WSO2 Open Banking including the WSO2 API Management platform that enables opening APIs in a secure and controlled manner.
How WSO2 Open Banking can support your technology infrastructure for capabilities beyond banking.
A demonstration of the solution - https://wso2.com/solutions/financial/open-banking/
White-label Neobank. Turnkey solution for Enterprises, Banks, and Startups.
Launch your own comprehensive Neobank under your brand in a short timeframe by utilizing our network, licenses, permissions, certifications, and software.
Learn more - https://optherium.com/digital-banking/
Banks are deploying APIs to offer their customers transparency and new services faster than their traditional infrastructures will allow. PSD2 requires all banks to offer third party access to data and payments. Join this session to learn more about architecture that can provide a scalable front end to allow banks to publish their APIs via AWS, and to integrate with API gateways and core banking platforms.
PSD2: The Advent of the New Payments Market in EuropeTransUnion
Register today for this webinar that summarizes Aite Group’s PSD2 Research Report, commissioned by iovation, a TransUnion Company, providing an in-depth analysis of how those in the payment services and e-commerce market should prepare to handle the new strong customer authentication (SCA) requirements under the second Payment Services Directive (PSD2).
Join Angie White, Product Marketing Manager and PSD2 expert at iovation, a TransUnion Company, and Ron Van Wezel, Senior Analyst at Aite Group's Retail Banking and Payments Practice, as they analyze the results of the actual market status in Europe regarding the main changes that PSD2 will bring to the online payments market. Learn what Aite Group concluded after interviewing 20 payments executives from European banks, other PSPs, merchants, payment networks and industry experts.
Key takeaways:
The impact of PSD2, highlighting the priorities that organizations have yet to manage in the transition to the new world after PSD2.
How organizations seek to implement the requirements for secure customer authentication (SCA) and minimize the impact on customer experience.
An analysis of the potential of payment innovation and open banking as a result of PSD2.
If you haven’t already, register for this complimentary research report, PSD2: Advent of the New Payments Market in Europe.
Read the overview of the implications of PSD2 for the payment space in relation to fraud prevention and authentication, including recommendations for banks and other players on how to comply while minimizing friction during the payment process.
PSD2 is the second Payment Services Directive, which is set to further revolutionise the payments industry. PSD2 is affecting everything from the way we pay online, to what information we see when making a payment.
Diaporama utilisé par Begoña Blanco Sánchez, Head of Product Management-Payments chez ING lors de sa conférence au Firum financier de Liège, le 7 novembre 2018
Σίσσυ Παπαγιαννίδου, Διευθύντρια της Διεύθυνσης Εποπτείας Πιστωτικού Συστήματ...Starttech Ventures
Oμιλία από την Σίσσυ Παπαγιαννίδου, Διευθύντρια της Διεύθυνσης Εποπτείας Πιστωτικού Συστήματος, Τράπεζας της Ελλάδος στο πλαίσιο του Digital Finance Forum 2016
Περισσότερες πληροφορίες: http://digitalfinance.ethosevents.eu/
The New Payments Platform: Fast-Forward to the FutureCognizant
Today's bank customers demand digital payment instruments that support real-time payments and settlements. While banks worldwide have adopted this concept, Australia's New Payments Platform (NPP), when contrasted with global models, takes this concept a step further with benefits that include all of the features today's bank customers want, such as 24x7x365 availability; real-time settlement, posting in seconds, premier messaging standards and alternate identifiers. It is thus imperative to build a carefully planned, all-inclusive NPP solution that will remain viable, profitable, efficient and serviceable from internal, regulatory, payments and customer perspectives alike.
Startup workshop on refining your messaging, drafting better pitch decks, and effective public speaking & presentation. Hosted by Gobi Partners and The Hive Bangkok.
My slide deck on VC investment in the blockchain and cryptocurrency space globally, recent regulatory developments in Southeast Asia, and a summary of enterprise-grade blockchain solutions launched in Thailand. Presented 26 April 2019 at the Fintech on the Block networking night and fireside chat in Bangkok hosted by Bitkub. Many thanks to Vasharada Lapcharoen of Digital Ventures, who did much of the research and created many of the slides.
Some tips on better connecting and communicating with others in networking settings, and as a presenter or public speaker. This presentation was originally delivered as a meet up and workshop hosted by startup/angels and Smart in Phnom Penh, Cambodia on October 19, 2018, with the support of Digital Ventures and Seedstars.
An overview of Thailand's Fintech landscape and investment opportunities, presented by Paul Ark (Managing Director of Corporate Venture Capital at Digital Ventures) at the Next Money Asia Fintech Finals on 30 Jan 18.
Some thoughts on the recent trends in token crowdsales, presented to Siam Commercial Bank's top management as part of Digital Ventures' briefings on latest trends in the Fintech world.
Presented at the Digital Ventures/Siam Commercial Bank Faster Future Fintech Forum (28 Feb 2017, Bangkok) by Paul Ark, Managing Director of Corporate Venture Capital of Digital Ventures
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
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3. Executive Summary
Objectives
• Improve rules for electronic payments: It takes into account emerging
and innovative payment services, i.e. internet and mobile payments.
• Level the playing field for new financial service providers: Third party
providers can access customers’ account data or initiate payment
transactions.
Key additions
• Standardize and promote online transactions and payment services
• Strong Customer Authentication (SCA) for online payment
• Enhance consumer rights
• Expand the scope of regulated payment transactions
The revised Payment Services Directive (PSD2) will make banks in European Economic Area (EEA) open up their Application
Programming Interface (APIs) to provide third parties with access to customer account information.
4. EEA* + Switzerland
What?
SEPA PSD1 PSD2
Objective
Key players
When
To provide a legal framework for
payment services**.
It improves rules for electronic
payments, taking into account
emerging and innovative payment
services.
Payment institutions:
Non-bank institutions that provide
payment services.
Third party providers (TPP):
Those who can access account
information or initiate payment
transaction.
PSD2 is one of the initiatives intended to create an efficient and integrated market for payment services in the EEA.
To create an efficient and
integrated market for cross-
border payment services.
Payments are processed under the
same conditions.
Banks
Effective by 2009
Where EEA EEA + Switzerland
Effective by 1 Nov 2009 Effective by 13 January 2018
*EEA = 28 EU members, Iceland, Liechtenstein, Norway
**Payment services = Service relating to payment account (current account, e-money, credit card account, current account mortgage); card issuing; merchant acquiring; remittances; mobile-
based payment services.
5. When?
2007
Jul 2013
2014
Oct 2015
Jan 2016
Feb 2017
Jan 2018
2019
PSD1 come into force
A review of PSD1 proposed
by European Commission
PSD2 prepared by the
European Commission
PSD2 adopted by the
European Parliament
PSD2 is introduced by
regulators to financial
institutions
A draft of Regulatory Technical
Standards (RTS) was
submitted by the EBA*
Member States introduce into
national legislation
PSD2 is fully enforced
across the EEA
*EBA =The European Banking Authority
Timeline
6. Standardize and promote
online transactions
Strong Customer
Authentication
Enhance consumer rights
Expand the scope of regulated
transactions
How?
PSD2’s
4 key additions
7. #1 Standardize and promote online transactions
Banks need to open up their API to allow Payment Initiation Service Provider to initiate payment transactions with customer
consent.
Payment Initiation Service Provider (PISP)
Check balance: Receives information from the payer's bank
on the availability of funds (a yes/no answer) on the account
before payment initiation with the payer’s consent.
No intermediaries: Funds are transferred directly from an
issuer bank to merchant bank, bypassing card network.
Requirement: Must be authorized; have a minimum of
€50,000 in initial capital (or higher depending on types of
service); and hold a professional indemnity insurance (PII).
Sofort offers real-time online banking payment service in Germany
iDEAL is an e-commerce payment system in the Netherlands, allows customers to
buy on the Internet using direct online transfers from their bank account.
Sample of startups that will be affected
Present flow
Future flow
1. Initiate payment &
give consent
2. Check balance &
authenticate as required
by issuer bank
3. Payment
8. #1 Standardize and promote online transactions
AISP may retrieve balance and transaction data from payment accounts from accounts that customer has authorized the AISP to
retrieve data from.
Account Information Service Provider (AISP)
Aggregate data: Provides an aggregated view of past
transactions that have already occurred and present it in one
place. AISP cannot transfer funds out of a payment account.
Limited information access: Receives information
explicitly consented by the payer and only to the extent they
are necessary for the service.
Requirement: Must be registered; hold a professional
indemnity insurance (PII).
Money Dashboard is a personal financial management service in the UK.
Users can view all of their online financial accounts in one place.
AtomBank is a digital-only bank in the UK that provides banking services
through a smartphone app.
Sample of startups that will be affected
Present flow
Future flow
APIAPIAPI
Aggregate data
Data Data Data
9. #2 Strong Customer Authentication (SCA)
PSD2 introduces a requirement for strong or 2-factor customer authentication (2FA)
Knowledge
Something only the
user knows
(e.g. password, PIN)
Inherence
Something only the
issuer is
(e.g. a finger print
or voice)
Possession
Something only the
user holds
(e.g. a card, a
token)
2 out of 3 elements must be satisfied Sample application of SCA
More detail on 2FA in Appendix
Note: TAN = A “transaction authentication number” used by some online banking services as a form of single use one-time
passwords to authorize financial transactions
10. #3 Enhance consumer rights
Reduced liability
In case of an unauthorized
payments (stolen card),
payers’ liability is capped at
€50, reduced from €150
Right of recourse
If payment service providers
(banks) fail to provide SCA,
they should compensate the
other payment service
providers.
Sample case:
Non-execution, defective or
late execution of payment
transactions
Multilateral interchange fees
(MIF)
MIF charged on issuing
banks on consumer debit
cards are limited at 0.2%,
credit cards at 0.3%.
Ban retailers from imposing
surcharges on customers
for the use of cards
(impacting about 95% of
payment cards).
More detail in Appendix
11. #4 Expand the scope of transactions
PSD2 extends the scope to payments in non-EEA currencies, and to where only one payment service provider is located in the EEA.
Note: PSD2 starts impacting a PSP when funds are credited to a clearing account of one of its entities domiciled
in the EU, and the required information becomes available to this entity (for inbound payments); or until the
clearing account is debited (for outbound payments).
• All payments in EEA-currencies carried
out within the EEA.
• Italy Germany
Two-Leg-Principle
• Payments in any currencies, where all
participant PSPs are located within the
EEA.
• Italy Germany
Foreign currency
transactions
• Payments in every currency, where only
one of the PSPs is within the EEA.
• Italy USA
One-Leg-
Principle
New
New
€ €
$ $
€ $
Value dating and availability of funds under Two-Leg-Principle
€ € €
12. #4 Expand the scope of transactions
Note: PSD2 starts impacting a PSP when funds are credited to a clearing account of one of its entities domiciled
in the EU, and the required information becomes available to this entity (for inbound payments); or until the
clearing account is debited (for outbound payments).
• All payments in EEA-currencies carried
out within the EEA.
• Italy Germany
Two-Leg-Principle
• Payments in any currencies, where all
participant PSPs are located within the
EEA.
• Italy Germany
Foreign currency
transactions
• Payments in every currency, where only
one of the PSPs is within the EEA.
• Italy USA
One-Leg-
Principle
New
New
€ €
$ $
€ $
Value dating and availability of funds for foreign currency transactions
PSD2 extends the scope to payments in non-EEA currencies, and to where only one payment service provider is located in the EEA.
$ $ $
13. #4 Expand the scope of transactions
Note: PSD2 starts impacting a PSP when funds are credited to a clearing account of one of its entities domiciled
in the EU, and the required information becomes available to this entity (for inbound payments); or until the
clearing account is debited (for outbound payments).
• All payments in EEA-currencies carried
out within the EEA.
• Italy Germany
Two-Leg-Principle
• Payments in any currencies, where all
participant PSPs are located within the
EEA.
• Italy Germany
Foreign currency
transactions
• Payments in every currency, where only
one of the PSPs is within the EEA.
• Italy USA
One-Leg-
Principle
New
New
€ €
$ $
€
CreditValue date and availability of funds when the payer’s bank is outside the EEA
under One-Leg-Principle
DebitValue date when the payee’s bank is outside the EEA
under One-Leg-Principle
PSD2 extends the scope to payments in non-EEA currencies, and to where only one payment service provider is located in the EEA.
€
14. Impact: Re-distribute payment value chain
Taking the UK as a case study, the average Merchant Service Charge (MSC) is 0.68% of the transaction value for debit
cards.
With PISP, the PISP itself will be the only intermediary to which this MSC is to be distributed.Therefore, the new fee is
likely to be between 0.2%-0.68% (below current MSC level).
15. Impact: Experience-driven payment evolution
PISPs are being purchased to streamline the payment flow, e.g., Braintree, Stripe.
Incumbents will need to adopt new technology for SCA.
Visa, Master-Card and American Express are working with Apple on establishing Apples mobile payment application.
Physical (in store) merchants Online merchants
Polymorphic payments (online + in store)
16. Impact: MIF regulation depresses issuers’ revenue
Effective interchange rates for select European markets
(2014 vs 2016)
Estimated annual interchange revenue drop for issuers
(2013 to 2017)
Source: ACI Universal Worldwide
Source: ACI Universal Worldwide
17. Impact: MIF regulation raises card usage
Low interchange fees are associated with a higher usage of cards
EU survey shows that
Credit interchange caps hurt issuers (around €2bn
reduction in annual revenue)
Issuers cut back consumer loyalty programs and
cash back offers
Some have introduced card fees
The UK, the largest credit card market, has been
most impacted
Conversely, large merchants received a significant
revenue transfer, adding to their profitability
SMEs have not seen pass-through
19. Key provisions under PSD2
PSD1 PSD2
Transactions &
Services
Card payments, direct debits and credit transfers in the EU/EEA at
national and cross-border level.
Cash deposits and withdrawals
M-payments and e-payments
Money remittances
Card payments, direct debits and credit transfers in the EU/EEA +
Switzerland at national and cross-border level.
Cash deposits and withdrawals
M-payments and e-payments
Money remittances
PISP & AISP
Amounts
Transferred
& received
Charges should not be deducted from the amount transferred
for payments in member state currencies. Full payment amount should
be transferred.
Charges can be deducted from the payment amount received by
the payee, with prior agreement.
Actual payment received and charges deducted should be provided in
the confirmation to the payee.
Same
Execution Time Process payments by D+1 max. from 2009 (D = point in time of
receipt)
Up to D+3 until 2012 only if there is an agreement between payment
service provider and ordering customer
D+1 for paper-initiated transactions
D+4 possible for certain intra-Community payments
Process payments by D+1 max. (D = point in time of receipt)
D+1 for paper initiated transactions
D+4 for certain intra-Union payments
Value Date For the payer/ordering customer – Debit Value Date is date of receipt
of payment order. If the payment is received on a non-working day,
then value applied will be next Business Day.
Rule is applicable for payments in member state currencies.
For payee/beneficiary – Credit Value date is the date of receipt
of funds in the Payee’s bank account. This applies to payments in
member state currencies.
For the payer/ordering customer – Debit Value Date is date
of receipt of payment order.
If the payment is received on a
non-working day, then value applied will be next Business Day.
Rule is applicable for payments in any currency.
For payee/beneficiary – Credit Value date is the date of receipt
of funds in the Payee’s bank account. This applies to payments
in any currency involving no currency conversion and payments
in member state currencies, involving a currency conversion
Information Stipulates minimum information requirements from payment service
provided to customer.
Stipulates minimum information requirements from payment service
provided to customer.
Also, makes it mandatory to disclose the terms and conditions upfront
(execution time, exchange rate and end to end charges) to the payer
before execution of the payment and execute upon receiving consent.
20. What are APIs?
Application Programming Interface (APIs)
An API is a software-to-software interface that allows web-based
applications to communicate with each other and share data.
Technically, they are sets of protocols that define how one application
interacts with another.
They can be viewed as messengers taking a request and returning the
response, i.e. the ‘share buttons’ on social media sites.
“partner API” model
• By providing APIs to partners, i.e. creditors,
brokerage firms, clearing houses, custodian banks,
etc, partners can sign up for services and access
information on customer accounts.
“open and licensed API” model
• By making an API available to the public, banks
have the opportunity to compete for new
business by enabling potential customers to
compare product/service available in the market.
21. Liability for transaction errors
Payment Initiation
service providers
(PISP)
PISP is liable for submitting payment order to ASPSP (i.e. bank)
Account servicing
PSP (ASPSP)
If the PISP can show that the payer’s ASPSP received the correct receipt of the payment order, the
ASPSP is responsible for ensuring the money is transferred correctly.
Where defective payments occur, the payer’s ASPSPs shall refund payers.
Where the payer’s ASPSP fails to require SCA, the payer’s ASPSPs shall refund payers.
Payer
If payers act fraudulently or with gross negligence
If unauthorized payments are caused by the loss or misappropriation of a 'payment instrument',
i.e. stolen/lost card/mobile device.
Payee If the payee’s ASPSP fails to require SCA, it shall refund any losses caused to the payer.
22. Strong Customer Authentication (SCA)
2-Factor Authentication is a way of authenticating yourself by combining SomethingYou Know, SomethingYou Have, and/or
SomethingYou Are
• The traditional way of signing into an
application is by using a User-Id and a
Password (something you know or a
‘single factor authentication’).
Common
Practice
• Can be relatively easily hacked.The Problem
• 2-factor authentication is
introduced.
• Something you know (user-id and
password)
• Something you have (a one time
code)
• Something you are (fingerprints)
The SolutionSource: EBA
23. Current landscape for card fees
Merchant Service Charge (MSC) includes interchange fee, acquiring fee, and payment scheme/network fee.
Issuing bank keeps interchange fee, acquiring bank keeps acquiring fee, and card network (Visa/Mastercar) keeps payment scheme/network fee.
Merchant receives the amount of purchase after MSC fee.
1. Purchase with a card (€100)
2. Merchant submits transaction
for authorization
3. Issuing bank approves & keeps
0.2% interchange fee (€0.2)
4. Issuing bank transfers €99.8
(€100- €0.2) to acquiring bank
through card network
6.Acquiring bank keeps 0.24%
acquiring fee and transfer €99.32
(€99.56- €0.24)
7. Merchant is paid €99.56
(€100 - €0.68 MSC)
5. Card network keeps 0.24%
payment scheme fee and transfer
€99.56 (€99.8-0.24)
8. Bills cardholder €1009. Cardholder pays issuing bank
€100
24. MIF regulation
Current problem
• Despite previous regulations, the European cards market
remains fragmented and interchange fees are widely
varying (0.3%-1.8%).
• Interchange fees are agreed between the acquiring payment
service provider and the issuing payment service provider for
each sales transaction made.
Solution
• MIF was introduced to cap interchange fees, hence,
lowering costs for retailers and consumers and intensifying
competition.
Key rules
• Limit MIF for transactions: debit cards at 0.2%; credit cards
at 0.3%.
• Ban surcharges: Ban retailers from imposing surcharges on
customers for the use of these types of cards.
Benefits
• Acquiring banks and PSPs have higher margin (no regulation on
having to pass-through lower fee to merchants).
• Merchants may accept more cards if total merchant servicing
fees (MSC) is lower.
• Merchants may negotiate better deal (lower acquiring fee) with
acquirer banks
Source : Sia Partners Note: MSC fee includes interchange fee, acquiring fee, and payment scheme/network fee, (ranked by magnitude).