The Payments Newsletter: December 2024
We are here to help you stay one step ahead. Discover essential insights on fraud, banking, and payments from trusted industry experts.
Generational Shifts Are Remaking B2B Banking and Payments (Bring Your Mobile)
The B2B banking and payments landscape is undergoing a significant transformation as Millennials, Gen X, and Gen Z take the reins of leadership. Their mobile-centric preferences demand that financial institutions innovate to meet evolving expectations. Embracing digital transformation isn’t just an option; it’s essential for competitiveness and future growth. This article explores how these generational shifts present exciting opportunities in B2B banking. Read it here.
5 Ways Automating AP Optimizes Working Capital
This podcast episode discusses how accounts payable (AP) automation can enhance working capital and reduce costs. Our guest, Mark Brousseau from Brousseau & Associates, shares insights on minimizing overhead, improving cash flow visibility, and optimizing the Days Payable Outstanding (DPO) metric. He also highlights the missed opportunities for companies that do not automate their AP processes. Listen to the podcast here.
Competitive Advantage in Banking & Payments Report Touts SaaS, ISO, Real-Time B2B
What does it take to gain a competitive edge? Our fourth annual "Future of Competitive Advantage in Banking & Payments Global Report" (2024 edition) explores this question. Analyzing feedback from 400 banking and financial leaders, it includes insights from executives at Visa, SWIFT, Zanders, and others. This article highlights the report's key findings. Read it here.
Spotting and Stopping B2B Social Engineering and ATO Scams
Fraud experts are increasingly concerned that social engineering is becoming a primary tactic in B2B scams, which can include check fraud, account takeovers, and even the use of deepfakes. This article, a special feature for International Fraud Awareness Week held in November, discusses these threats and provides essential tips for identifying and preventing them. Read it here.
UK Failure to Prevent Fraud Rule Cracks Down on Weak Bank and Business Security
The UK, like many other countries, is facing a significant increase in payment fraud. However, a new Labour government is committed to addressing this issue. Starting September 1, 2025, the government will introduce the "Failure to Prevent Fraud" offence. This legislation will place greater responsibility on businesses to combat fraud and safeguard consumers. Learn more about this important legislation in this article. Read it here.
Fighting a Fraught Financial Landscape (#FraudWeek)
International Fraud Awareness Week is a global initiative by the Association of Certified Fraud Examiners (ACFE) held every November to promote fraud prevention in businesses and banks. In this podcast episode, ACFE President John Gill discusses the landscape of payments fraud, exploring the impact of artificial intelligence and machine learning, risks of faster payment processing, and predictions for B2B financial crime in 2025. Listen to the podcast here.
Ardent: AP Belongs Among Top Strategic Imperatives for Banks and Businesses
The days of Accounts Payable (AP) being just a back-office function are over. With advancements in digital technology, artificial intelligence, and automation, AP now plays a vital role in driving business growth. In this article, we explore the findings from Ardent Partners ' report, "Pulse on B2B Payments 2024," which is based on insights from 200 AP leaders. Discover how embracing these changes can transform AP into a valuable asset for your organization’s financial success. Read it here.
Confirmation of Payee (CoP), Verification of Payee (VoP) Taking on APP Fraud Flood
The UK and EU are developing systems to combat authorized push payment (APP) fraud. The UK's Confirmation of Payee (CoP) initiative has completed over 2.5 billion checks since its 2020 launch, with Phase II launching by October 31, 2024. The EU's Verification of Payee (VoP) will be compliant by October 5, 2025, offering instant payee verification for enhanced security. Both initiatives aim to create a safer payments landscape. Read more about these innovative schemes here.
Upcoming Events and Webinars
We are here to assist you in navigating the constantly evolving payments landscape. Whether you need to stay updated on payment regulations, learn fraud prevention strategies, or optimize payment processing, you can explore our upcoming events and webinars here.