Latest News
Nium and Kapronasia Partner to Shed Light on Cross-border B2B Payment Challenges in Asia
The launch of the paper is the first of many activations Nium has planned for Money 20/20 Asia
SINGAPORE, April 19, 2024 /PRNewswire/ — Nium, the global leader in real-time, cross-border payments, and Asia’s leading payments, banking, and capital markets research firm, Kapronasia, today launched “Breaking Borders: The Revolution of Real-Time Cross-Border B2B Payments in Asia“ – a new data-backed white paper that addresses cross-border B2B payment challenges, current initiatives, and the important role of intermediaries.
In global commerce, cross-border B2B payments are crucial, yet hindered by complexity, high costs, and slow processing times. These challenges, compounded by diverse regulatory environments, can erode profitability and stall growth. There’s a pressing need for innovation and reform in cross-border payments. In the paper, readers will learn more on how fintech solutions and regulatory harmonization efforts promise to simplify processes, reduce costs, and speed up transactions. The research calls out initiatives, such as SWIFT GPI, Project Nexus, and ASEAN’s Regional Payment Connectivity, alongside emerging technologies, that signal a brighter future for cross-border transactions. Download the paper to see the data and learn more.
“Cross-border B2B payments are critical, but they face formidable challenges – from outdated systems to regulatory complexities,” said Zennon Kapron, Founder and Director of Kapronasia. “Our latest research, in collaboration with Nium, sheds light on this critical issue. As we chart the course forward, it’s evident that transformative change is imminent. Intermediaries like Nium play a pivotal role in this journey, bridging gaps and reshaping the landscape of global commerce. However, this transformation demands collective action to overcome technological and regulatory hurdles. Yet, the vision is clear – a world where cross-border transactions flow seamlessly, fostering collaboration across borders.”
The launch of the paper is a part of a wider push leading into Money 20/20 Asia in Bangkok, Thailand (April 23-25). Nium plans to take the city by storm with announcements, panels, and parties, that highlight its expansion in the region.
The company will be making three blockbuster announcements during the event:
- First, in a bold move to fortify its regional footprint, Nium is expanding its presence in Indonesia and will be signing an MOU at Money 20/20 with a pioneer in the Indonesian fintech space. Nium has also made headway into the dynamic landscape of Korea with the official launch of a key Korean bank, marking a pivotal milestone in its expansion journey and supporting its mission to further financial inclusion, globally. The company has already made waves in Thailand, where it powers four of the country’s premier banks;
- Second, Nium will be announcing its first ever Chief Payments Officer. With this newly-created position, Nium sets itself up to closer align itself with partners across the payments ecosystem. Nium’s CPO will work across Nium’s markets, leading the company’s Global Banking and Payment Operations teams;
- Finally, Nium will be show continued momentum in the exploding travel payments space, announcing a partnership with a leading global payments processor to issue virtual cards in the APAC region. By 2027, virtual card transactions industry-wide are expected to exceed 121 billion as travel intermediaries and their suppliers look for modern solutions to streamline payments.
Nium will be very visible on the event’s main stages:
On April 23 at 10:00 a.m. in a session titled, “Travel in China: The Next Big Niche,” Richard Cogswell of Nium Travel will sit down with Jensen Cai, Head of Hong Kong at Triplink and Betsy Samuel, Chief Marketing Officer at Thredd to talk China travel trends and the future of payments in China and beyond.
Then at 3:00 p.m. on the Vision Stage, in one of the conference’s most anticipated panels titled, “Beyond Competition: How Asian Payments Leaders are Shaping the Future Together,” Nium’s EVP and GM of APAC and MEA, Anupam Pahuja, will join banking leaders Rajnish Pal, Founding Member at ZING by HSBC and Shun De Ng, Group Head of Payments at DBS, to discuss competition and cooperation in fintech. The talk will be moderated by global banking industry expert, Alexandra Johnson.
After all the excitement from the first two days of the conference, Nium and Beacon Venture Capital will invite attendees to unwind at Nium @ Nite Market with street food, drinks and music on April 24 from 6:00 PM to 8:00 PM at the Marriott Marquis Queen’s Park.
Finally, the Nium team will be on the ground at booth #1002 throughout the conference to provide free global payments assessments, answering questions on a range of topics, including:
- How to take advantage of Nium’s 100+ real-time markets to help your business grow;
- How to manage FX better by collecting and holding funds in a Nium multi-currency wallet;
- How issuing physical or virtual cards can streamline vendor payments and control employee expenses;
- How a global account strategy can streamline global payouts; and,
- How real-time payouts can help your business grow
Register for our event, book a meeting, and find out about more Nium’s presence here.
About Nium
Nium, the leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
Logo – https://mma.prnewswire.com/media/1678669/4660064/Nium_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/nium-and-kapronasia-partner-to-shed-light-on-cross-border-b2b-payment-challenges-in-asia-302122574.html
A recent study by PricewaterhouseCoopers (PwC) has revealed that banks and insurers within the European Union (EU) are significantly lagging behind in meeting green compliance standards. This lag poses substantial risks not only to the institutions themselves but also to the broader goals of sustainable finance and climate change mitigation.
The Findings of the PwC Study
PwC’s comprehensive study examined the extent to which EU banks and insurers have integrated green compliance into their operations. The findings highlight a considerable gap between current practices and the regulatory expectations set forth by the EU.
Key Findings:
- Slow Integration: Many financial institutions are slow to integrate environmental, social, and governance (ESG) criteria into their business models.
- Lack of Clear Strategies: A significant number of banks and insurers lack clear and actionable strategies for achieving green compliance.
- Insufficient Data Management: Poor data management practices are hampering the ability to track and report on ESG metrics effectively.
- Regulatory Challenges: Compliance with the EU’s complex and evolving regulatory framework remains a significant challenge for many institutions.
The Importance of Green Compliance
Green compliance is crucial for the financial sector as it aligns with global efforts to combat climate change and promote sustainability. Financial institutions play a pivotal role in this ecosystem by directing capital flows towards sustainable investments and practices.
Benefits of Green Compliance:
- Risk Mitigation: By adhering to green compliance standards, financial institutions can mitigate environmental risks and avoid potential regulatory penalties.
- Reputation Management: Demonstrating a commitment to sustainability can enhance the reputation and brand value of financial institutions.
- Market Opportunities: Green compliance opens up new market opportunities, particularly in the growing sector of sustainable finance.
Regulatory Landscape
The EU has been at the forefront of implementing stringent regulations aimed at promoting sustainable finance. Key regulations include the EU Taxonomy, the Sustainable Finance Disclosure Regulation (SFDR), and the Corporate Sustainability Reporting Directive (CSRD).
Key Regulations:
- EU Taxonomy: Provides a classification system for environmentally sustainable economic activities.
- SFDR: Requires financial market participants to disclose how they integrate ESG factors into their investment decisions.
- CSRD: Mandates enhanced disclosure of non-financial and diversity information by large companies.
Challenges Faced by Financial Institutions
Despite the regulatory push, financial institutions face several challenges in achieving green compliance.
Major Challenges:
- Complexity of Regulations: The complexity and scope of green compliance regulations can be overwhelming for institutions.
- Data Management Issues: Effective green compliance requires robust data management systems to track and report ESG metrics.
- Resource Constraints: Many institutions lack the necessary resources, both in terms of personnel and technology, to implement comprehensive green compliance strategies.
- Cultural Resistance: There can be cultural resistance within institutions, particularly from stakeholders who may not fully appreciate the importance of green compliance.
Strategies for Improving Green Compliance
To bridge the gap identified by the PwC study, EU banks and insurers must adopt comprehensive and proactive strategies to enhance their green compliance efforts.
Key Strategies:
- Develop Clear Strategies: Institutions need to develop clear, actionable strategies for integrating ESG criteria into their operations.
- Invest in Data Management: Investing in advanced data management systems is crucial for effective tracking and reporting of ESG metrics.
- Enhance Stakeholder Engagement: Engaging with stakeholders to build a culture that values sustainability and green compliance is essential.
- Leverage Technology: Utilizing technology, such as artificial intelligence and blockchain, can streamline compliance processes and improve accuracy.
Conclusion
The PwC study underscores the urgent need for EU banks and insurers to accelerate their green compliance efforts. By adopting clear strategies, investing in data management, and leveraging technology, these institutions can not only meet regulatory expectations but also play a pivotal role in driving sustainable finance and combating climate change.
Source of the news: Fintech Global
The post EU Banks and Insurers Lag in Green Compliance, PwC Study Finds appeared first on HIPTHER Alerts.
Corlytics, a leading provider of regulatory risk intelligence solutions, has announced the appointment of three key executives: a new Chief Technology Officer (CTO), Chief Data Officer (CDO), and Chief Tech Architect. These strategic hires are set to bolster Corlytics’ capabilities and drive its mission to deliver cutting-edge regulatory risk intelligence.
The New Appointments
Corlytics’ latest appointments include highly experienced professionals who bring a wealth of knowledge and expertise to the company.
Key Appointments:
- Chief Technology Officer (CTO): The new CTO will oversee the company’s technology strategy, ensuring that Corlytics remains at the forefront of innovation in regulatory risk intelligence.
- Chief Data Officer (CDO): The CDO will be responsible for managing and leveraging data to enhance Corlytics’ solutions, providing clients with deeper insights into regulatory risks.
- Chief Tech Architect: The Chief Tech Architect will focus on the technical architecture of Corlytics’ platforms, ensuring scalability, reliability, and security.
Enhancing Regulatory Risk Intelligence
With these strategic hires, Corlytics aims to enhance its regulatory risk intelligence offerings, providing clients with more comprehensive and actionable insights.
Enhanced Capabilities:
- Advanced Analytics: Leveraging advanced analytics to provide deeper insights into regulatory risks and trends.
- Data Integration: Improving data integration capabilities to provide a holistic view of regulatory risks across various jurisdictions and sectors.
- Scalable Solutions: Developing scalable solutions that can grow with clients’ needs, ensuring they remain compliant in an evolving regulatory landscape.
The Importance of Regulatory Risk Intelligence
In today’s complex regulatory environment, effective regulatory risk intelligence is crucial for financial institutions and other regulated entities.
Key Benefits:
- Risk Mitigation: Identifying and mitigating regulatory risks before they materialize can save organizations from significant financial and reputational damage.
- Compliance Management: Enhancing compliance management processes to ensure adherence to evolving regulations.
- Strategic Decision-Making: Providing data-driven insights that support strategic decision-making and long-term planning.
Corlytics’ Strategic Vision
The new hires align with Corlytics’ strategic vision of becoming a global leader in regulatory risk intelligence, leveraging technology and data to transform how organizations manage regulatory compliance.
Strategic Goals:
- Innovation: Continuing to innovate and develop cutting-edge solutions that address the evolving needs of clients.
- Global Expansion: Expanding Corlytics’ presence in key markets around the world.
- Client Focus: Maintaining a strong focus on client needs, delivering solutions that provide tangible value and support regulatory compliance efforts.
Future Prospects
With the addition of the new executives, Corlytics is well-positioned to drive future growth and innovation in the regulatory risk intelligence space. The company plans to leverage its enhanced capabilities to expand its market reach and deliver even greater value to clients.
Growth Opportunities:
- Product Development: Developing new products and features that address emerging regulatory risks and challenges.
- Partnerships: Forming strategic partnerships with other technology providers and regulatory bodies to enhance Corlytics’ solutions.
- Market Penetration: Increasing market penetration by targeting new industries and geographic regions.
Conclusion
The appointment of a new CTO, CDO, and Chief Tech Architect marks a significant milestone for Corlytics. These strategic hires will enhance the company’s capabilities, driving innovation and delivering greater value to clients. As Corlytics continues to expand and innovate, it is well-positioned to lead the regulatory risk intelligence market and support organizations in managing their regulatory compliance challenges.
Source of the news: Fintech Futures
The post Corlytics Hires New CTO, Chief Data Officer, and Chief Tech Architect appeared first on HIPTHER Alerts.
The regulation of instant payments is becoming increasingly important as both banks and corporate treasurers seek to leverage faster, more efficient payment solutions. This article provides an overview of instant payments regulation, highlighting the key considerations and implications for banks and corporate treasurers.
What Are Instant Payments?
Instant payments refer to electronic payments that are processed in real-time or near real-time, enabling the transfer of funds between accounts within seconds. These payments can be initiated and completed at any time, providing convenience and efficiency for both individuals and businesses.
Key Characteristics:
- Speed: Funds are transferred almost instantly, reducing the time taken for payment settlement.
- Availability: Instant payments can be made 24/7, including weekends and holidays.
- Irrevocability: Once initiated, instant payments cannot be reversed, ensuring finality of the transaction.
Regulatory Landscape
The regulation of instant payments varies across different jurisdictions, with a focus on ensuring security, efficiency, and interoperability of payment systems.
Key Regulations:
- EU Regulation on Instant Payments: The EU has implemented specific regulations to promote the adoption of instant payments, ensuring that payment service providers offer these services to customers.
- PSD2: The Second Payment Services Directive (PSD2) in the EU includes provisions that support the development and regulation of instant payments.
- Local Regulations: Various countries have their own regulations and guidelines to govern instant payments, focusing on aspects such as fraud prevention, consumer protection, and technical standards.
Implications for Banks
Banks play a critical role in the provision of instant payments and must navigate the regulatory landscape to ensure compliance and provide seamless services to customers.
Key Considerations for Banks:
- Compliance: Banks must comply with relevant regulations and guidelines to offer instant payment services. This includes adhering to technical standards and implementing robust security measures.
- Infrastructure: Investing in the necessary infrastructure to support real-time payment processing and ensure system reliability and availability.
- Customer Education: Educating customers about the benefits and features of instant payments, as well as any potential risks associated with their use.
Implications for Corporate Treasurers
Corporate treasurers can benefit significantly from the adoption of instant payments, which can enhance cash flow management and improve operational efficiency.
Key Considerations for Corporate Treasurers:
- Cash Flow Management: Instant payments can improve cash flow management by reducing the time taken for payment settlement and providing real-time visibility into account balances.
- Operational Efficiency: Faster payment processing can streamline business operations, reducing administrative burdens and improving supplier relationships.
- Risk Management: Corporate treasurers must be aware of the irrevocability of instant payments and implement appropriate controls to prevent fraudulent transactions.
Benefits of Instant Payments
The adoption of instant payments offers several benefits for both banks and corporate treasurers, driving efficiency and enhancing the customer experience.
Key Benefits:
- Convenience: Instant payments provide a convenient and efficient way to transfer funds, reducing the reliance on traditional payment methods.
- Cost Savings: Faster payment processing can reduce the costs associated with payment settlement and reconciliation.
- Enhanced Customer Experience: Offering instant payment services can enhance the customer experience, providing greater flexibility and speed in financial transactions.
Challenges and Future Trends
While instant payments offer numerous benefits, there are also challenges that banks and corporate treasurers must address to fully leverage these services.
Key Challenges:
- Security Risks: Ensuring the security of instant payments is critical, particularly given the speed and irrevocability of transactions.
- Interoperability: Achieving interoperability between different payment systems and networks is essential for the widespread adoption of instant payments.
- Regulatory Compliance: Navigating the complex regulatory landscape and ensuring compliance with relevant regulations can be challenging.
Future Trends:
- Increased Adoption: The adoption of instant payments is expected to continue growing, driven by regulatory support and customer demand.
- Technological Advancements: Advances in technology, such as blockchain and artificial intelligence, are likely to further enhance the capabilities and security of instant payments.
- Global Standardization: Efforts to develop global standards for instant payments will promote interoperability and facilitate cross-border transactions.
Conclusion
The regulation of instant payments is crucial for ensuring the security, efficiency, and interoperability of payment systems. Banks and corporate treasurers must navigate the regulatory landscape and invest in the necessary infrastructure to provide seamless and secure instant payment services. As the adoption of instant payments continues to grow, it offers significant benefits for enhancing cash flow management, operational efficiency, and the overall customer experience.
Source of the news: The Paypers
The post Instant Payments Regulation: Overview for Banks and Corporate Treasurers appeared first on HIPTHER Alerts.
-
Latest News7 days ago
China remains stabilizing force for global economic growth
-
Latest News4 days ago
Martello Re announces closing of $1.3 billion capital raise consisting of $935 million in equity and a $360 million upsize of the Company’s credit facility
-
Latest News5 days ago
Kylian Mbappé and Accor Forge Alliance to Empower Younger Generations
-
Latest News5 days ago
Market Dojo Celebrates Prestigious Inclusion in Ardent Partners 2024 Strategic Sourcing Technology Advisor
-
Latest News5 days ago
BioCatch completes best first half in company history, grows ARR by 43% YoY
-
Latest News2 days ago
Driving Innovation Forward: CFI Welcomes Seven-Time Formula 1™ World Champion Lewis Hamilton as new Global Brand Ambassador
-
Latest News5 days ago
COP28 President calls on all stakeholders to bring spirit of solidarity that delivered UAE Consensus to drive implementation and sustainable socio-economic development
-
Latest News2 days ago
Driving Innovation Forward: CFI Welcomes Seven-Time Formula 1™ World Champion Lewis Hamilton as new Global Brand Ambassador