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A Finextra Member

A Finextra member

  International institutions first complicate cross-border payments and correspondent settlements with strict AML  and other requirements, then look for solutions. Everyday, it becomes more diffucult to open direct correspondent accounts in any EU or US bank for the bank from developing and undeveloped countries. Usage of nested accounts and different banks to make cross border transfer add costs and reduce efficiency. 
A Finextra Member

A Finextra member

  Hawala and the Knights Templar have or had solutions running for a few years that ticked all these boxes too
Richard Peers

Richard Peers

  Thanks for bringing these important points to the forefront of XM.  I agree and you may want to check out rewired earth re demand signals work and join our conference and hackathon SustainableFinance.Live to experiement and learn
Graham Smith

Graham Smith

  Where’s the detail? Which channels (I suspect CNP mainly), cardholder types, payment types, merchant types, specific payment solutions (mobile), goods delivery channels? The move towards faster payments; frictionless payments; one-click payments; contactless payments all potentially provide greater opportunity for fraud to occur, but are they part of the cause? Is the approach to cardholder use in today’s real world causing a problem, specifically relating to the one account/one card approach which forces employees to share their card credentials and authentication channel with colleagues to enable simpler business control and reporting, totally against scheme/issuer T&C, but it happens – for convenience? The same applies to consumer use, particularly when supporting the elderly or less capable. Not everyone knows or want to know they must be careful (secure) with their card credentials. I am aware there are ways round this, PoA and specific Issuer cards designed for the purpose for example, however, in this world of convenience, what’s the path of least resistance? Could it be related to the gullible British who make overseas payments by sending card details by email or reading them out over the phone, only later to be abused by a sharp merchant employee realising Christmas has come early – surprisingly, not every part of the global payment eco-system complies with PCI DSS. In our world of increasing demands for convenience we have created many opportunities for people looking to commit fraud, to do so. In the current economic climate I suspect the number of people turning to exploit these opportunities will only increase. Is the European Central Bank's Statistical Data Warehouse report available for review, I’d be keen to see the detail although it’s a shame it’s 3 years old? Has anything changed in the UK since 2019? The assumption that “Solving the crisis will take more than just increased police staff” is simply that, an assumption. Without the detail from the report such an increase could be a complete waste of police time. I welcome the call on the government for a “comprehensive whole-systems” approach, but it strikes me some of the reasons for fraud could, conveniently, be staring us all in the face.