In India, RBI issued various notifications through 2017 which mandated the need for revised know your customer (KYC), AML, and Combating Financing of Terrorism (CFT) norms for various services such as mobile wallets. In China, PBoC has implemented regulatory changes in online payments processes. From 1 July 2016 all third-party online payments service providers have had to ensure that all the accounts bear the real name of the account holder and that the accounts are segmented based on security requirements capped with maximum annual payments. This regulation aims to prevent large deposits into third party payments accounts which are unprotected from bank deposit insurance. Taiwan recently created a new government agency, the Anti-Money Laundering Office. New Zealand is considering legislation for a second phase of its 2013 AML/CFT Act.

Digital-world consumers expect banks to securely step up their technology game

elawrobel

Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity

elawrobel

Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers

elawrobel

The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2

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