Smarter Payments Tracker - May 2019

SMARTER PAYMENTS TRACKER

M AY 2 0 1 9

EBA Clearing on new payment methods’ old security challenges – Feature Story (p. 8) NEWS AND TRENDS IdentityMind and nanopay team up to monitor, investigate and report potential money laundering in real time – p. 12 DEEP DIVE How automated solutions could improve B2B payments’ speed – p. 18

S M A R T E R P A Y M E N T S

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04 Companies and regulators are working to keep cross-border payments safe as they become smarter

12 The latest smarter payments headlines

22 Information on PYMNTS.com and InstaReM

08 Erwin Kulk, head of service development and management for EBA Clearing, on why banks need to confront instant payments’ security issues with new infrastructure

18 An in-depth look at cross-border B2B payments’ complexity and how automated solutions could make them more seamless

ACKNOWLEDGMENT The Smarter Payments Tracker is done in collaboration with InstaReM, and PYMNTS is grateful for the company’s support and insight.

PYMNTS.com retains full editorial control over the findings presented, as well as the methodology and data analysis.

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W H A T ’ S

WHAT’S INSIDE Modern payments involve more than just the exchange of funds across intricate financial networks: They now carry a trove of financial data. This means new security measures are necessary to keep funds, information and infrastructure safe from bad actors as payments become smarter.

Markets around the world are taking steps to ensure that payments are kept both secure and seamless. A group of financial regulators in Africa is exploring remittance solutions to do just that, while Ghanaian and Ugandan officials thwart terrorism by ensuring that cross-border remittances comply with anti-money laundering (AML) efforts.

New regulations in Europe aim to reduce cross-border transaction fees for payment service providers (PSPs).

The European Union Commission approved the measures, which are designed to address pricing issues surrounding euro transactions involving non-euro member states.

The rules will go live by December and require PSPs to adjust charges for cross-border payments made in euros and Swiss krona so they align with domestic transactions in the payer’s currency.

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Companies and networks around the globe are also launching solutions to make cross-border payments more secure and efficient, while also satisfying compliance requirements.

AROUND THE SMARTER PAYMENTS WORLD Canada-based payment solutions provider nanopay is partnering with digital identity solutions player IdentityMind to prevent fraudulent cross-border transactions. The firms will work together to monitor, investigate and report potential money laundering and track threats in real time.

Mastercard and BMO Bank of Montreal have formed their own partnership, allowing the latter’s clients to use Mastercard Send to securely transfer cross-border payments to bank accounts in more than 75 countries. The service will initially allow only bank account transfers, but will eventually enable payments to mobile wallets and cards based internationally.

Other firms are securing payments through blockchain, and Visa is among them. The financial services giant recently

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Executive

INSIGHT Why do pull payments face challenges in emerging markets even though they have become standard practice in the United States?

“The U.S. has traditionally focused on pull payments, and the experience has been great.

Consumers are used to it, they’re comfortable with it, the banks protect them from fraudulent charges much better [and] consumer protection is at a high standard. All of these together have increased the adoption of pull payments and made a good experience for the consumer.

If you look at emerging markets, the fraud protection is low, consumer protection … is very different.

People are getting used to online commerce and generally aren’t very comfortable giving [out] their information online, especially [when] people can easily pull funds from them. They’re not used to it [and] there’s a lot of anxiety around it that reduces the number of people who are comfortable with having someone take money from their credit cards or their bank accounts. In several markets, [there are] regulatory barriers to it — the regulators are making it difficult for a merchant or a business to take money from a consumer directly from an account without a signature.

As a result of these [challenges], the conversion for online commerce is pretty low. It can be the consumer who is not comfortable giving [out] information or it can be that the bank is not comfortable with taking on the liability for online debit card transactions, and it may stop the transaction from going through. In Southeast Asia or Latin America, it’s very common for banks to reject most of the online transactions on their cards. All of those things [make for] poor conversion.”

RAJESH VENKATESH chief product officer at InstaReM

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granted global payment solutions firm FIS access to its Visa B2B Connect service. The connection will give FIS access to application programming interfaces (APIs) and the platform’s underlying blockchain technology, allowing it to securely process high-value cross-border payments and reduce transaction times from days to weeks.

For more on these stories and additional headlines on the latest smarter payments developments, read the Tracker’s News and Trends section (p. 12).

HOW FIs COMBAT INSTANT PAYMENTS’ SECURITY CHALLENGES Instant payments are growing in popularity among consumers and businesses, but as FIs continue to develop their instant payment systems, they still need to combat the age-old challenges of fraud and identification. For this month’s Feature Story (p. 8) Erwin Kulk, head of service development and management for EBA Clearing, explained why FIs need to think of instant payment fraud as an infrastructure issue.

DEEP DIVE: ADDING AUTOMATION TO B2B CROSS-BORDER PAYMENTS Many businesses are looking to expand internationally to reach new customers, tap into global markets and build worldwide brands. Global business-to-business (B2B) payments can be complicated, however, as they often involve transactions between a series of banks across multiple networks. These processes can result in payment delays or high currency conversion fees that catch senders and recipients off guard. This month’s Tracker includes a Deep Dive (p. 18) outlining the complications involved in cross-border B2B payments and how automated solutions can alleviate their frictions.

W H A T ’ S

I N S I D E

36B Estimated number of phishing messages sent to European citizens every year

95% Current market share of cross-border payments dominated by banks

$27.01B Projected value of the global payment security market by 2023

47% Reported increase in cross-border payments from the U.S. since 2017

20% Anticipated rise in cross-border eCommerce activity by 2022

FIVE FAST FACTS

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FEATURE STORY 8 | © 2019 PYMNTS.com All Rights Reserved

New Payment Methods Face Old Security Challenges European banks have increasingly used faster payments since the November 2017 launch of EBA Clearing’s RT1 instant payments system. As financial institutions (FIs) embrace faster payment rails, they face an age-old problem: fraud. Keeping transactions secure can be especially tricky when they are sent, received and verified within just 20 seconds.

creating and maintaining that level of processing power can be an uphill battle for FIs, according to Erwin Kulk, head of service development and management for EBA Clearing.

“In an instant payment, the money can obviously move faster. That is something new, but [as for] the risks of the system being hacked, it’s the same for any payment system,” Kulk told PYMNTS in a recent interview.

Banks, FinTechs and other financial players that wish to adopt instant payments must have the necessary infrastructure to handle their speed and provide security. But

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INSTANT PAYMENTS SECURITY AND THE INFRASTRUCTURE CHALLENGE Approximately 2,300 banks across 19 European countries and 5,000 PSPs now use RT1, Kulk said, adding that the network has processed roughly 10 million transactions since January.

As instant payments’ use rises, so does the risk of fraud.

Financial infrastructure is built up slowly with barriers to fraud in mind, but such developments take time and Kulk noted that FIs must first examine the infrastructure challenges posed by faster payments.

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“These are infrastructure projects, and infrastructure [doesn’t] change overnight,” he said. “To build the backbone to facilitate [instant payments] — to make sure that everyone gets connected to this and then also to the end user — that’s what’s taking time and energy.”

Further developing faster payments’ infrastructure with the necessary security attached presents additional hurdles, especially as such systems become more popular.

EBA Clearing is working toward these goals by keeping a close eye on security threats and participating in an industry roundtable, known as SMART2, with banks and other financial players.

F E A T U R E

S T O R Y

“There is a [SMART2] subgroup that is analyzing … the specific security and fraud aspects around the usage of instant payments,” Kulk said, adding that the group is also working to develop industry best practices and fraud detection recommendations.

Such practices will potentially provide key guidelines for FIs as more transactions are completed on instant payments networks.

THE FUTURE OF INSTANT PAYMENTS Fraud protection and security challenges remain key concerns, but instant payments’ use and demand continue to expand.

“With instant payments, we’re now ramping up quickly,” Kulk said. “And with that … a number of banks have already started to use [the network] for new products, to migrate some of their existing credit transfers to instant payments.”

Security will remain a key requirement for growth as real-time and instant payments proliferate across Europe and other markets. As fraudsters become bolder and begin looking for larger paydays, though, keeping 20-second transactions safe and secure could be more difficult than it seems.

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D E E P

Boosting cross-border payment security IDENTITYMIND, NANOPAY PARTNER ON FRAUD PREVENTION Canadian payment solutions provider nanopay recently partnered with digital identity solutions player IdentityMind to bolster the former’s fraud prevention efforts. Nanopay hopes the collaboration will allow it to securely expand its domestic and cross-border payment and liquidity management solutions into new global markets.

A news release announcing the partnership states that nanopay will use IdentityMind’s platform to prevent fraudulent activity and to monitor, investigate and report any potential money laundering. The latter’s solution relies on its Electronic DNA (eDNA) technology and third-party ecosystem to verify identities and track payment behaviors, spotting potential threats and bad actors in real time. The platform also ensures nanopay’s transactions align with regulatory requirements in all relevant jurisdictions.

D I V E

BMO TAPS MASTERCARD SEND FOR GLOBAL PAYMENTS Financial services giant Mastercard and BMO Bank of Montreal have also formed a partnership, allowing the latter to use Mastercard Send for international money transfers to its Canadian-based business and commercial banking clients. A news release claims that BMO clients can use the service to securely send cross-border payments to bank accounts based in more than 75 countries. While the partnership will initially enable just bank account transfers, it will eventually offer international disbursements to mobile wallets and cards. BMO can also use Mastercard Send to receive payments from businesses, nonprofits, consumers and other entities locally or abroad.

EU CONCLUDES CARD PROBE INTO VISA, MASTERCARD A European investigation into Visa and Mastercard that took nearly two decades has finally reached its conclusion.

The EU investigated both companies for antitrust violations

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and reached a settlement to reduce regional shopping fees for international visitors.

The pact stipulates that the firms must reduce the costs non-European cardholders face when purchasing anywhere in the EU, and both companies could be fined if found in violation. It lowers debit card fees to 0.2 percent of a transaction and those for credit cards to 0.3 percent — the same for European cards. The costs are higher for online settlements due to greater fraud risks, however, and consumers face fees of 1.15 percent for debit cards and 1.5 percent for credit cards when making such purchases.

missing or incorrect. Such reconciliation issues are rare but can delay payments processes and ensnare multiple parties across banking networks.

SWIFT said in a news release that the service will expedite resolution times, reduce the need for manual intervention and improve transparency. It is integrated directly into the SWIFT global payments innovation (gpi) and available to 10,000 banks on the network.

Securing global market transfers

SWIFT RELEASES NEW CROSSBORDER CASE RESOLUTION SERVICE

AFRICAN CENTRAL BANKS PUSH FOR SAFER REMITTANCES

Banking network SWIFT recently launched a cloud-based solution to help FIs use payment investigation and resolution capabilities to more quickly address issues. The service allows banks to resolve cases in which necessary regulatory, operational or compliance information is

World Bank experts are arguing that Africa’s central banks must more effectively promote cross-border remittances linking the region to international digital finance platforms.

The FI said digital services and eCommerce transactions could blossom there if the right regulations are put in place.

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Many central African banks have been hesitant to loosen digital cross-border remittances regulations, stalling the development of mobile money platforms that can connect to regional and international services.

Ghana is working to enhance cross-border digital payments, however, and the nation experienced a sharp uptick in such remittances after its central bank established regulations on eMoney issuance and agent banking. The International Monetary Fund has praised the Bank of Uganda for providing similar services. The bank is overseeing cross-border remittances into East Africa and working toward compliance with AML and terrorism funding-prevention measures.

EUROPEAN PSPS FACE NEW REGULATIONS The EU Commission recently adopted the Cross-Border Payments Regulation, a new rule that will go into effect by December. The measure aims to address PSPs’ cross-border payment fees, specifically those incurred during transactions made in euros and Swedish krona to non-euro member states.

Settlements between euro and EU-area member states are often free or inexpensive, but those between members and non-members can often rival or even cost more than transferred amounts of €10 or less. The new regulations require PSPs to adjust fees for cross-border payments in euros and krona to align with those of domestic transactions in the payer’s currency. Conversion fees must also be established before settlements are made.

Banks and blockchain JPMORGAN PLANS TO UPGRADE IIN BLOCKCHAIN SYSTEM Banks worldwide are turning to blockchain to enhance cross-border payments, and JPMorgan Chase is among them. The FI is reportedly planning to add new features to its Interbank Information Network (IIN), which includes

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more than 220 global member banks. The IIN launched in 2017 as a solution aimed at allowing interbank information sharing, including reducing existing cross-border payment frictions and streamlining transactions. The FI also recently announced the launch of JPM Coin, further indicating that it’s stepping up its blockchain investments.

SIAM COMMERCIAL BANK UNVEILS CROSS-BORDER B2B PAYMENT PLATFORM Two financial services players in Thailand are launching their own blockchain solution. Siam Commercial Bank (SCB) and PTT Exploration and Production Public Company Ltd. recently announced the release of a new blockchain-powered cross-border B2B payments system. Both entities are hoping the move will boost Southeast Asian countries’ payment speeds before taking the system global.

Service tests earlier this year were able to deliver recipients’ payments within one minute, a settlement time significantly faster than those offered by previous technologies. SCB has actively pursued blockchain-based projects, and last year joined several other banks to develop distributed ledger technology to improve participating FIs’ operational efficiencies.

NORDEA LAUNCHES BLOCKCHAINBASED SERVICE FOR SMBs Nordic bank Nordea is also leaning on blockchain, and it recently made its we.trade platform available to its SMB clients. The FI said the offering allows European companies to more easily trade with each other by simplifying the ordering and contracting processes between buyers and sellers. It’s also aiming to improve trade security by establishing rules and allowing users to determine which events will initiate payments. Nordea unveiled we.trade following a soft launch in April. The platform was built on the IBM Blockchain using Hyperledger Fabric and developed by a consortium of 12 banks, a group Nordea joined in 2017.

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WESTERN UNION EXPANDS SERVICES IN IRELAND Cross-border payment solutions provider Western Union is looking to expand its services in Ireland. The firm intends to offer its Western Union Business solutions to the country’s SMBs, stating that its goal is to help them combat adverse market developments while providing flexibility to meet requirements.

N E W S

A news release noted that Ireland’s SMBs face cross-border payments challenges because they cannot accurately predict cash requirements. Western Union said its solutions will enable companies to lock in current exchange rates for a set duration, choose currency options and take advantage of positive market changes. It claimed these services will reduce the risks inherent in handling cross-border payables and receivables.

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Upgrading international B2B payments VISA, FIS PARTNER ON CROSSBORDER B2B PAYMENTS Visa recently formed its own cross-border B2B payments partnership, announcing it will provide global payment solutions provider FIS with access to its Visa B2B Connect service. The service launched earlier this year and features an API suite that uses blockchain technology to offer banks B2B payment solutions and allow FIS to process high-value cross-border payments. The underlying blockchain technology that powers Visa B2B Connect enables faster and more secure cross-border and cross-currency transactions.

IXARIS, BANKING CIRCLE COLLABORATE ON CROSSBORDER PAYMENTS Travel payment services player Ixaris and banking infrastructure solutions provider Banking Circle announced a recent collaboration, with the former utilizing the latter’s Virtual IBAN solution to support cross-border travel payments. Banking Circle’s solution enables businesses to send and receive payments to recipients worldwide in real time without relying on banking relationships in different territories. Business were previously only able to send money into areas in which they held bank accounts. Partnering with Banking Circle allows Ixaris to ensure that travel companies’ cross-border payments do not lose value during transactions and that funds are delivered on schedule.

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D E E P

D I V E

The State Of Cross-Border B2B Payments The constantly evolving global economy creates complications for businesses looking to expand internationally, and the escalating trade war between the U.S. and China and the state of Brexit are just two examples that illustrate this.

At the same time, global expansion appears to be top of mind for many U.S. businesses intent on boosting their revenues, bringing their products and services to new markets and raising their profiles. A recent study found 57 percent of American SMBs feel confident about their international operations, while 63 percent reported strong international growth.

As they pursue their global expansion agendas, however, many businesses will encounter harrowing processes when making payments to their international trading partners.

The following Deep Dive outlines cross-border B2B transactions’ complications and examines how automated solutions could alleviate frictions.

NAVIGATING THE CROSS-BORDER B2B LABYRINTH Greg Leven, vice president of global payments for disbursements solutions provider INTL FCStone, recently told PYMNTS during an interview that many corporate treasurers and money managers do not fully understand the global B2B payments market’s complexity.

Leven explained that companies paying in U.S. dollars often defer to recipients’ local banks to make currency conversions. This approach can cause problems for the latter,

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however, since their local banks will use the currency conversion rates of particular days. This can leave companies dependent on a single internationally based bank to act as their currency provider. Some cross-border B2B transactions even require banks to work with additional FIs to ensure funds are delivered to recipients.

The B2B cross-border payment process can also lack transparency, and transaction fees — and how they affect international payments’ senders and receivers — can come as a surprise to companies doing business with overseas partners. Demand for transparency is especially significant for firms tracking payments’ statuses, and a recent survey

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found 75 percent of corporate treasurers with turnovers of less than $1 billion want to track cross-border transactions in real time. Insights into payment journeys are especially useful for those that rely on multiple banks to complete their international settlements.

Many businesses also consider speed when cultivating their global expansion plans. Firms that know when payments will reach their recipients can better understand when the latter party will release goods, and this knowledge can help both entities remain confident that everything is going according to plan and that both sides will follow through on their agreements.

D E E P

HOW AUTOMATION CAN EASE CROSS-BORDER B2B PAYMENT FRICTIONS Some companies are addressing these frictions by turning to new innovations that make B2B payments more seamless. Automated payables and real-time payments are commonly identified by corporate leaders as top innovation priorities, for example.

Given the insights that real-time payments can provide, it’s easy to understand why 33 percent of companies surveyed in the PYMNTS B2B Payments Tipping Point Playbook said they planned to roll out real-time payment capabilities, while 32 percent intended to release innovations enabling automated payables. The same report noted that 60 percent of larger firms are already working to implement accounts payable automation.

D I V E

At the same time, several new solutions have been released to improve B2B payments. SWIFT gpi and Visa B2B Connect were recently launched to help banks and businesses make cross-border B2B payments with less friction, enhanced speed and more accurate conversions.

Cross-border B2B payments account for a significant share of company revenues. By recent accounts, these transactions represented $127 billion in revenue in 2017 — far more than consumer-to-business (C2B) payments, which were valued at $54 billion during the same time frame. This means enabling more seamless cross-border payments for businesses will be invaluable as they take their operations to the global stage.

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P A G E 22

ABOUT PYMNTS.com is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way companies in payments share relevant information about the initiatives that make news and shape the future of this dynamic sector. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovations at the cutting edge of this new world.

InstaReM is a cross-border payments company that provides global real-time payments infrastructure that reaches 3.21 billion people. Its platform and strategic networks allow clients to offer customers advances in payments processing and access to growing markets around the world.

InstaReM offers payments to more than 55 countries, collection capabilities via multiple virtual accounts in multiple currencies and markets, Visa debit and prepaid card issuing and bespoke white-label solutions. InstaReM is licensed in Singapore, Hong Kong, Malaysia, India, Australia, the U.S., Canada and the EU. Visit instarem.com/enterprise to learn more.

We are interested in your feedback on this report. If you have questions, comments or would like to subscribe to this report, please email us at SmarterPayments@pymnts.com.

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P A G E 23

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