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January 4, 2024

On the web

Europe’s Payment System’s Big Bang: Inside the ISO 20022 Migration

International Banker

"Rolling out a new common language for global payment data is no small feat. However, the transition is gathering momentum, with one domestic payment system after another converting to ISO 20022 (a standard for financial-information interchange between financial institutions developed by ISO, the International Organization for Standardization) over the past two years, including in countries such as Singapore"

November 13, 2023

On the web

October 16, 2023

On the web

October 5, 2023

On the web

September 18, 2023

On the web

September 14, 2023

On the web

March 1, 2023

On the web

January 12, 2023

On the web

PayPal’s Xoom Service Expands Debit Card Deposit Feature to Include Cross-Border Remittanceste Commerce Specifications For More Flexible Online Checkout

PayPal Newsroom

"Xoom, PayPal’s international money transfer service, today announced that it has launched a new cross-border money transfer product, Debit Card Deposit, enabling Xoom customers in the U.S. to send money directly to their friends & family’s eligible Visa debit cards in 25 countries. Launched in collaboration with Visa, the new feature will offer remittance receivers easy, secure and real-time2 access to funds, which are sent directly to a recipient’s eligible Visa debit card."

EMVCo Updates EMV® Secure Remote Commerce Specifications For More Flexible Online Checkout


"Global technical body EMVCo has updated the EMV Secure Remote Commerce (SRC) Specifications to support more flexible online checkout options for merchants and consumers. EMVCo worked with EMVCo Associates to update the specifications in line with marketplace needs. Version 1.3 of the EMV SRC Specifications is now available on the EMVCo website and can be used royalty-free. As global e-commerce soars, consumers expect faster, simpler ways to pay online.  Merchants can improve the online checkout process with Click to Pay solutions, which are based on EMV SRC Specifications."

November 17, 2022

On the web

PCI SSC Publishes New Standard for Mobile Payment Solutions

PCI Security Standards Council

“Today the PCI Security Standards Council published a new standard designed to support the evolution of mobile payment acceptance solutions. PCI Mobile Payments on COTS (MPoC) builds on the existing PCI Software-based PIN Entry on COTS (SPoC) and PCI Contactless Payments on COTS (CPoC) Standards, which individually address security requirements for solutions that enable merchants to accept cardholder PINs or contactless payments using a smartphone or other commercial off-the-shelf (COTS) mobile device. The PCI MPoC Standard aims to provide increased flexibility not only in how payments are accepted, but in how COTS-based payment acceptance solutions can be developed, deployed, and maintained. PCI MPoC is a new, flexible mobile standard and program for payment solution development. It provides a modular, objective-based, security standard that supports various types of payment acceptance channels and consumer verification methods on COTS devices. PCI MPoC combines many of the aspects of the existing PCI SPoC and PCI CPoC standards, primarily by including the entry of both PIN and contactless cardholder data on the same COTS device.”

October 6, 2022

On the web

EMVCo Publishes EMV® Contactless Kernel Specification


“Global technical body EMVCo has published a new specification to support the evolution of contactless and mobile payments and simplify global acceptance for merchants, solution providers and payment systems. Version 1 of the EMV® Contactless Kernel Specification* has been developed in collaboration with EMVCo Associates and approved for release by the EMVCo Board of Advisors. As contactless and mobile transactions rapidly increase around the world, the specification addresses industry demand for an EMV contactless kernel that can be used by all stakeholders globally for seamless and secure contactless acceptance. A kernel is software that enables payment acceptance devices (such as point-of-sale terminals and ATMs) to process transactions. The EMV Contactless Kernel Specification supports the development of an EMV contactless kernel that uses existing terminal architecture, co-exists with legacy kernels for transition, and is licensable under the same royalty-free conditions as the EMV Contact Chip Specification.”

September 19, 2022

On the web

How to Prepare for New PCI DSS 4.0 Requirements


“The upcoming changes to the Payment Card Industry Data Security Standard (PCI DSS) will affect every organization that stores, transmits, or processes cardholder data and/or sensitive authentication data. Effective starting in March 2024, the new standard, known as PCI DSS 4.0, spans dozens of changes in areas including risk assessment, how keys and certificates are managed, and what can be accessed remotely. The update will also impact identity and access management (IAM) and the technologies used for email filtering, anti-malware, multi-factor authentication (MFA), security information and event management (SIEM), as well as application development.”

June 22, 2022

On the web

Amadis Unveils OLA Payment Processing Standard


“Amadis, a global payment software editor, today announced OLA (Open Level 2 API), a standard that enables standardized interface between EMV Level 2 stack and EMV Level 3 payment applications, independent of device, Operating System or geography. It precisely defines the interface between the EMV and Nexo domains. The open and universal attributes of OLA enable merchants and third-party providers to seamlessly add the L3 payment application on top of any EMV level 2 stack from any supplier, resulting in greater flexibility, lower costs, and accelerated production of large-scale payment applications.”

March 31, 2022

On the wires

March 14, 2022

On the web

Online Retailers Warned of Lost Sales As SCA Comes Into Effect

Finextra Research

“Online retailers are being warned to be prepared for the introduction of Strong Customer Authentication (SCA), the biggest change to payments since Chip & Pin rolled out 16 years ago. Initially scheduled for introduction on 14 September 2019, the rules – which demand a two-step verification process for all online purchases over €30 – come into effect today.”

March 4, 2022

On the web

UK Merchants Warned to Get Ready for Imminent SCA

Finextra Research

“With the UK finally set to officially enforce Strong Customer Authentication (SCA) rules, vendor Forter is warning merchants that issuing banks are already issuing soft declines on transactions which have not been sent to 3DS and are not flagged as either exempt or out of scope. Initially scheduled for introduction on 14 September 2019, the rules – which demand a two-step verification process for all online purchases over EUR30 – will finally be introduced on 14 March.”

March 3, 2022

On the wires

ASC X9 Publishes ISO 20022 Remittance Content Market Guide

“The Accredited Standards Committee X9 Inc. ( X9 ) today announced the availability of the ISO 20022 Remittance Content Market Guide, which documents recommendations for remittance information content. The guide is intended to advance a major benefit of ISO 20022, which is to support straight-through processing of remittance data for business-to-business payments. It provides guidance on remittance content needed by payees to post payments and promotes the adoption of structured remittance data to enable automation. The new Informative Report is available for download at no charge.”

February 23, 2022

On the web

February 14, 2022

On the wires

Nacha Announces Updates to ISO 20022-to-ACH Mapping Guide & Tool | Nacha

“Today, Nacha announced updates to its ISO 20022-to-ACH Mapping Guide & Tool , which provides background, explanation and examples as well as detailed data mapping between the ISO 20022 messages and the corresponding ACH transactions. These updates include revisions to align with recent Nacha Rules changes, including the expansion of Same Day ACH, changes to return reason codes and adding the ability for an Originator to identify a recurring or single entry or an entry initiated as part of a standing authorization. In addition, the Mapping Guide & Tool now includes mapping for Notifications of Change.”

January 24, 2022

On the wires

Financial Data Exchange (FDX) Reports 28 Million Consumer Accounts Use FDX API for Open Finance and Open Banking

The Financial Data Exchange (FDX) today reports 28 million consumer accounts now use its FDX API for open finance and open banking data sharing. Since the group’s last report, more than one million additional consumer accounts were transitioned to the FDX API per month, representing an increase of six million additional consumer accounts that use the FDX API. FDX also reports that FDX API calls increased to more than 2.2 billion per month – indicating an expansion of data usage in the FDX API.”

January 5, 2022

On the web

ABA Supports Fed Single-Day Migration to New Message Format, Concerned About Lack of Detail | ABA Banking Journal

ABA Banking Journal

“The American Bankers Association told the Federal Reserve on Monday that it supports a plan to migrate to a new message format, ISO 20022, on a single day but said it has “serious concern” regarding the lack of detail about the plan. ABA requested that the Fed provide a detailed implementation plan as soon as possible to allow banks to develop their own internal teams and allocate resources. Specifically, the association asked for a “technology roadmap” that establishes a series of key dates and milestones related to the system requirements and testing procedures.”

November 9, 2021

On the web

BNY Mellon Launches ISO 20022 Hub

Finextra Research

“BNY Mellon has launched an ISO 20022 Hub to help clients and other financial institutions to manage the transtion to the new payment standard. Set for introduction in November 2022, the ISO messaging standard promises to have significant and widespread impacts on financial institutions across the globe over the coming years.”

November 3, 2021

On the web

November 1, 2021

On the wires

Financial Data Exchange (FDX) Adds 26 New Members

The Financial Data Exchange (FDX) has welcomed 26 new members since May 2021, bringing its total membership to 208 organizations. FDX members include financial institutions, financial data aggregators, fintechs, payment networks, consumer groups, financial industry groups and utilities and other stakeholders. FDX works through its members to define and promote adoption of its common, interoperable, and royalty-free FDX API standard for financial data sharing.”

October 21, 2021

On the wires

Financial Data Exchange Releases FDX API 5.0

The Financial Data Exchange (FDX) today announced a major update of its common open finance standards via the release of FDX API version 5.0. The new version of the FDX API significantly increases market standardization of financial data sharing around consent, user control and consumer dashboards, and aligns with other global standards like the Open ID Foundation’s Financial-grade API (FAPI) security standard and the insurance industry’s ACORD annuity standards to promote greater interoperability and industry adoption.”

October 6, 2021

On the wires

EMVCo Publishes EMV® 3-D Secure 2.3 to Support More Secure and Convenient E-Commerce Authentication – EMVCo

“Global technical body EMVCo has enhanced the EMV® 3-D Secure (3DS) Specifications to improve the consumer experience and fraud fighting capabilities for issuers, acquirers and merchants across e-commerce channels and devices. The latest version, EMV 3DS 2.3, has been published following approval of its release by EMVCo’s Board of Advisors. EMV 3DS 2.3 introduces enhancements to increase flexibility for optimising EMV 3DS implementation across multiple channels and devices, help issuers identify fraudulent transactions more quickly and accurately, and streamline the authentication process for consumers to improve the overall payment experience.”

September 16, 2021

On the wires

EMVCo Publishes Guidance for EMV® 3-D Secure Transactions to Utilise EMV Payment Token Data – EMVCo

“Global technical body EMVCo has published new resources to help card issuers and merchants to optimise the EMV® 3-D Secure (EMV 3DS) authentication experience for online shoppers when EMV Payment Tokens are in use, enhancing the fraud-prevention benefits that EMV 3DS provides. EMV Payment Tokens are used across the payments ecosystem to increase the security of card-based transactions by replacing the primary account number (PAN) with a unique alternative value. Industry feedback identified an opportunity to improve the EMV 3DS authentication process by making Payment Tokens and related data available as part of the 3DS Authentication Request to improve issuer decision making and the consumer experience.”

September 1, 2021

On the wires

Financial Data Exchange (FDX) Reports 22 Million Consumer Accounts on FDX API

The Financial Data Exchange (FDX) today reports that 22 million consumer accounts are now using its FDX API for open finance data sharing. Since FDX’s last report in April 2021, over 1 million additional consumer accounts per month were transitioned to the FDX API, representing an increase of 6 million more consumer accounts using the FDX API today since this spring. FDX also reports that API calls have surged to just shy of 2 billion per month which illustrates the expansion of data usage in the FDX API.”

August 23, 2021

On the wires

EMVCo Publishes EMV® 3-D Secure UI/UX Guidelines – EMVCo

“Global technical body EMVCo has published EMV® 3-D Secure (EMV 3DS) UI/UX Design Guidelines to help card issuers, banks, merchants and solution providers optimise the EMV 3DS payment authentication experience for e-commerce consumers. The guidelines are publicly available on the EMVCo website in an easy-to-use interactive format. In e-commerce purchases where EMV 3DS solutions are used, EMV 3DS user interface (UI) and user experience (UX) design refers to the look and feel of the screen that consumers interact with on their device during authentication with their card issuer. This includes how visual components (e.g., logo, colour, iconography, etc.) are displayed in various device layouts, and how information is presented and communicated to guide them through the steps for verifying that they are the legitimate cardholder.”

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