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1、Fintech2025+Trends,technology,and transformation in global 9Market outlook:Cross-border flows headed for$290 trillion 4Sizing the cross-border payments marketIN THE REPORT17Real-time payments33Fraud prevention,security and compliance take center stage24Emerging rails,tokenization and the opportuniti
2、es ahead39Emerging regulatory trends in 2024 and beyond29Data sharing and the open banking revolution 42Fintech 2025+:Navigating the new era 2IntroductionPART IAnalysis of the cross-border payments market in 2024 and beyondPART IIRealizing opportunity in real time:Commercial payment innovation in th
3、e digital ageThe PaypersOana Ifrim,Vlad Macovei,and Mirela Ciobanu,senior editors at The Paypers,a globally recognized banking and fintech publication,played integral roles in the development of the Fintech 2025+report.Leveraging their extensive research and expertise,Oana,Vlad,and Mirela provided v
4、aluable insights into key areas of fintech innovation.Oana specializes in banking and fintech innovation and trends,with a key focus and research expertise on embedded finance and banking-as-a-service.Vlads expertise lies in industries such as open banking and open finance,covering all key developme
5、nts in these areas.Mirela contributes her keen eye for industry trends and a passion for topics like crypto,blockchain,cross-border payments and fraud prevention.Oxford EconomicsLloyd Barton,Head of Thematic Macro Consulting at Oxford Economics,contributed critical market research and analysis to th
6、e Fintech 2025+report.Oxford Economics was founded in 1981 as a commercial venture with Oxford Universitys business college and has become one of the worlds foremost independent global advisory firms,providing reports,forecasts and analytical tools on more than 200 countries,250 industrial sectors a
7、nd 7,000 cities and regions.Research FINTECHIntroductionFintech 2025+dives into the dynamic,disruptive world of financial technology and its profound impact on global commerce both today and in the future.The report offers a comprehensive exploration of the cross-border payments landscape,which is a
8、n integral component of international trade and finance.As global commerce evolves in the digital era,alongside rapidly shifting consumer and business expectations,the need for innovative,efficient and secure payment methods that cater to an interconnected world becomes ever more urgent.A key findin
9、g is a surge in cross-border payment flows,anticipated to reach$290 trillion by 2030.This growth in cross-border payments is fueled by the rise of international e-commerce,globalized workforce mobility,and transformative digital payment solutions that make sending money faster,easier and more transp
10、arent.The sectors rapid growth highlights the pivotal role of advancing technology to support the opportunities,and challenges,that arise from such volume.The fintech ecosystem is core to this booming market,shaping its future through advancements such as the integration of blockchain technology,the
11、 rise of real-time payments(RTP),global financial messaging standards such as ISO20022 and strategic movements toward open banking frameworks.These developments not only facilitate smoother transactions but also promise enhanced security and greater financial inclusion.Additionally,we assess the reg
12、ulatory landscape that supports these technological shifts,examining the implications of new regulations and the challenges they pose to traditional banking systems and emerging fintech platforms.Fintech 2025+serves as a crucial resource for stakeholders across the financial spectrum,providing insig
13、hts into the opportunities for innovation and the strategies required to navigate the complexities of the modern financial world.280BBy 2030,cross-border payment revenues to reachUSD290TBy 2030,cross-border payment flows are anticipated to reachUSDAnalysis of the cross-border payments market in 2024
14、 and beyond PART ISizing the cross-border payments marketWHAT DOES THE CROSS-BORDER PAYMENT ENVIRONMENT LOOK LIKE?The wholesale market amounted to$146 trillion in 2023 and comprises high-value transactions between commercial banks,typically FX trading and related activities.Non-wholesale cross-borde
15、r payment flows(sometimes known as the retail market)comprise the following segments:Business-to-business(B2B):Dominates the market and includes trade-related payments(open account and trade finance)and the international transfer of funds by multinational corporations.B2B e-commerce transactions als
16、o represent a significant share in this category.Consumer-to-business(C2B):Includes both e-commerce purchases by consumers and offline consumer payments to businesses,which are largely related to tourism.Consumer-to-consumer(C2C):Mainly relates to remittance flows.Business-to-consumer(B2C):The small
17、est segment,this represents business disbursements to individuals including payroll and marketplace payments for sales(e.g.,Airbnb paying a host in another country).Most new entrants are focused on low-value transactions,in terms of sizing,in the C2C,B2C and B2B segments,which are currently underser
18、ved by banks and traditional payments providers.Sizing the cross-border payments market/defining cross-border payment Global cross-border payment flows by segment,20231$91.2T$26.3T$17.2T$10.4T$10.0T$3.1T$1.8T$1.7T$25.8T$2.3TWholesale,Other Banks&InvestorsWholesale,Institutional InvestorsWholesale,He
19、dge Funds&Proprietary Trading FirmsWholesale,Gov&Central BanksB2B,Large EnterprisesB2B,Mid-small EnterprisesB2B,E-commerceC2BC2CB2CWholesale Market($146T)Retail Market($44T)Market sizingMarket outlookReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+THE ASSOCIATED REVENUE
20、POOL AMOUNTS TO AROUND$193 BILLIONCross-border payment revenues refer to the fees associated with the underlying payment flow.Total international payments revenues of$193 billion are split between transaction fees and FX revenues.McKinsey estimates the average revenue per transaction(across all segm
21、ents)to be over$20.However,margins vary significantly across segments,impacting total revenue shares:B2B transactions often involve direct bank transfers or in-house processing,resulting in lower revenue compared to consumer transactions,which frequently involve intermediaries and value-added servic
22、es.The B2B segment represents around 80%of global revenues and includes both wholesale and retail market payments.Banks handle most high-value payments with comparatively low margins while low-value B2B transactions are often underserved by banks.Significant growth potential remains in this segment,
23、which has been comparatively slow to digitize.It is estimated that the pandemic accelerated the shift to online shopping by as much as five years.This has boosted C2B payments,which account for 10%of cross-border payment revenues.Avalon1.5%0.1%CONSUMERBUSINESS6.0%CONSUMER3.5%BUSINESSREVENUE MARGIN(R
24、EVENUE ON FLOW)Global cross-border payment revenues by segment,20232B2B$153.8BC2C$8.9BB2C$10.3BC2B$20.3BMarket sizingMarket outlookReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+ The majority of B2C transactions tend to be low value and traditionally dominated by banks,
25、but new entrants are disrupting this segment with faster and more transparent services.The C2C segment has slowed recently,as economic activity in remittance source countries has softened,limiting employment and wage gains for migrants.NORTH AMERICA LEADS THE MARKET FOR CROSS-BORDER REVENUESThere ar
26、e several defining characteristics at the regional level:North America represented roughly 28%of total revenue in 2023.The market benefits from a favorable environment(e.g.,good technology infrastructure,supportive legal framework)and strong growth drivers(e.g.,widespread use of e-commerce).However,
27、Asia-Pacific(26%of global revenues)is closing the gap,with rapid developments in infrastructure and increased digital adoption.In Europe(20%of global revenues),implementation of the Single Euro Payments Area(SEPA)across the EU in 2016 has been instrumental in supporting cross-border payments growth
28、through lower fees and shorter clearing times.Cross-border payments have also gained momentum in Latin America(16%of global revenues),as the pandemic forced cash-dependent economies in the region to go digital.The Middle East and Africa account for 10%of the market.Remittances are particularly impor
29、tant in the Middle East,while Africa remains constrained by lack of digital infrastructure and availability of safe and cost-effective options for transferring money.See page 13 for regional revenue forecasts.Tune in to our conversation with Benjamin Fernandes,CEO of Nala,for more on payments in the
30、 African continent and how his company is solving remittance challenges for workers and businesses in one of the worlds largest emerging economies.Avalon0102030405060Middle East and Africa18.831.539.449.953.7Latin AmericaEuropeAsia-PacificNorth AmericaUS$BILLIONSGlobal cross-border payment revenues
31、by region,20234Market sizingMarket outlookReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+EXPANDING PAYMENTS REFLECT GROWING TRADE AND CAPITAL MARKETS ACTIVITYThere is a close correlation between SWIFT payments(electronic payments through the SWIFT banking system)and glo
32、bal trade flows:Cross-border payments surged during the“hyper-globalization”of the 1990s;however,the Global Financial Crisis contributed to a leveling-off of the share of world trade in GDP at a historically high level.Nevertheless,trade flows have continued to expand at a rate that broadly tracks G
33、DP growth.Cross-border capital markets activity has also expanded rapidly,with the FX market valued at around 17x the value of global GDP.The US dollar is on one side of almost 90%of all FX trades.Global:Ratio of trade to GDP50510152025301903191319231933194319531963197319831993200320132023%of GDPMar
34、ket sizingMarket outlookReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Global foreign exchange turnover by currency,daily averages,net-net basis60246810121416198919921995199820012004200720102013201620192022US dollarYenRenminbiOthersEuroPoundSwiss francTotal FX turnoverU
35、S$TrillionsMarket sizingMarket outlookReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+02468102000Growth in intl.mobile outbound students19982019 average2002200420062008201020122014201620182020%y/yMarket outlook:Cross-border flows headed for$290 trillion EDUCATION:STRONG
36、INTERNATIONAL STUDENT GROWTH HAS DRIVEN RELATED PAYMENTSStrong growth in international students indicates that this has been a rapidly growing segment:In 1998,when UNESCO records began,there were just under$2 million international students enrolled globally.By 2020,this number had more than tripled
37、to$6.4 million.Growth in outbound students has exceeded global(real)GDP growth.However,if we construct an alternative GDP measure weighted by outbound students,there is a strikingly close correlation.This indicates that when analyzed through a more nuanced lens,macroeconomic conditions in sending co
38、untries have been very strongly correlated with international student volumes at the global level since UNESCO records began.That said,the economic shocks of the past few years have had an impact.The worlds largest outbound student markets have faced a considerable slowdown in real household disposa
39、ble income growth in the 202123 period compared to the average rate of growth over the last two decades.This implies a recent slowdown in growth in outbound students from these key markets.The slowdowns have been most pronounced in China,South Korea,the US and Nigeria,and less severe in other major
40、outbound markets such as India and Vietnam.CONTINUED ROBUST GROWTH EXPECTED IN INTERNATIONAL STUDENTSEducation-related cross-border payments should continue to grow at a solid pace,given robust(albeit moderating)growth in international students.The period to 2030 will likely be characterized by mode
41、rately slowing growth,consistent with projections for our bespoke outbound student-weighted GDP measure.World:Growth in tertiary students studying abroad7Market sizingMarket outlookReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Its expected that in the period to 2030,gl
42、obal outbound student volumes will grow at a rate of around 44.5%per year on average.There is likely to be significant variation in the rates of outbound student growth at an individual country level,reflecting differing macroeconomic and demographic conditions.It is likely that the increased cost o
43、f international study in major host countries,geopolitics and immigration policies applicable to international students will also dampen demand,particularly from more price-sensitive,emerging economies.AvalonGlobal outlook for growth in outbound student numbers801234565.7%200010201019202230(Forecast
44、)5.4%4.2%Annual average%growthGlobal outbound weighted GDP is set to slow in the period to 2030,which is expected to lead to a moderation in growth of the international student market.Market sizingReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market CROSS-BORDER PAYMEN
45、T FLOWS TO REACH$290 TRILLION BY 2030The wholesale cross-border payments market,which covers transactions for currency trading and related activities,is set to increase by 54%,from$146 trillion in 2023 to$225 trillion in 2030.Non-wholesale(retail market)payment flows are forecast to expand by 45%,fr
46、om$44 trillion in 2023 to reach$65 trillion by 2030.Key trends in the retail market include:The B2B segment will make the largest contribution to this growth,increasing from$39 trillion to$56 trillion.This reflects significant digitization of the B2B payments market.While consumer payments had a dig
47、ital surge during the pandemic,B2B has so far lagged.B2B growth will be led by e-commerce,such that it becomes the largest sub-sector by 2030.The rise in B2B e-commerce is supported by the ongoing proliferation of online marketplaces and platforms specifically targeting businesses the same way consu
48、mers engage in e-commerce.While growth in other B2B categories will be far more modest,cross-border business services will increase more than goods,reflecting higher potential to benefit from digitization and services trade growing faster than goods trade.Rapid growth in e-commerce will also be a ke
49、y driver of B2C and C2B payments.Meanwhile,growth in the C2C market will be aided by increasing migrant flows and more mobile affluent classes.Cross-border payments:Retail market size by key segments,2023 and 2030901020304050607020302023Market size,$T$65.1$44.2$10.4$1.7$1.8$3.1$11.4$5.6$3.3$3.2$17.2
50、$19.7C2CC2BB2CB2B,Mid-small enterprisesB2B,Large enterprises Growth 20232030+120%+15%+10%+83%+82%+80%B2B,E-commerce$21.9$10.0Market sizingReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market CROSS-BORDER PAYMENT REVENUES TO REACH$280 BILLION BY 2030Judging future reven
51、ue forecasts is not entirely consistent with the flows from the previous pages due to different sources.However,some key trends and drivers are evident:The outlook for revenues will depend on future trends in both the number and average size of transactions,as well as any changes in how transactions
52、 are charged or the cost of transactions.Headline growth prospects for revenues from B2B transactions are robust,despite being constrained by the fact that most payments are high-value transactions processed through the correspondent banking network at already-thin margins.Price competition will int
53、ensify elsewhere especially for smaller payments in the B2B segment,which is currently underserved by banks,but also in consumer-related segments.Tightening margins will constrain revenue growth prospects relative to the underlying rate of expansion in cross-border payment flows.B2B202320272030$153.
54、8$20.3$27.2$34.0$10.3$12.0$13.4$8.9$10.7$12.3$188.9$220.5Increase in value2023 vs.2030US$BillionsC2BB2CC2C050100150200250+43%+68%+29%+38%Cross-border payment revenues by transaction type,2023-203010Market sizingReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market ASIA-
55、PACIFIC TO BECOME THE LARGEST GLOBAL MARKET BY 2030,B2B TO DRIVE Regional breakdowns of revenues are based on destination of payment flow.Growth in cross-border payments will vary by region,with prospects brightest for payment corridors in Asia:Asia-Pacific is forecast to be the fastest-growing regi
56、on,reflecting rapid economic growth and advances in infrastructure and payments technologies.Increased collaboration between regional governments is also facilitating growth.Prospects for Latin America are also bright,as the regions economies increasingly go digital and investments in fintech unlock
57、 opportunities.Growth prospects are more modest for North America and Europe,being more mature markets,although these regions will still benefit from the presence of key players and government policies that facilitate competition and innovation.Growth in Africa will lag given the regions relative la
58、ck of technology infrastructure.%sector contribution to changeTotal change,$B0Middle Eastand AfricaLatinAmericaEuropeAsia-PacificNorthAmerica48121620241009080706050403020100B2BC2BB2CC2CChange in value($B)Middle Eastand AfricaLatinAmericaEuropeAsia-Pacific202320272030NorthAmerica$53.7$65.7$76.4$49.9$
59、65.2$79.6$39.4$47.3$54.2$31.5$39.2$46.2$18.8$21.5$23.8+42%Increase in value,2023 vs 2030US$Billions+60%+37%+47%+27%020406080100Cross-border payment revenues by region,2023-203012Cross-border payment revenues growth by region,2023-30:Breakdown by segment11Market sizingReal-time paymentsBlockchainOpen
60、 dataFraud preventionRegulationsFintech 2025+Market Risk managementThe most traditional area of focus,associated with areas such as Know Your Customer(KYC)and identification of other security issues.Customer serviceApplications such as chatbots are already well established,but generative AI is provi
61、ding potential ways to enhance this process.ProductivityUsing AI to find efficiencies across operations.GENERATIVE AI HAS CAUGHT THE ATTENTION OF PAYMENTS COMPANIESRecent earnings call transcripts from 16 major publicly traded payments companies show a significant increase in AI discussion,with a pa
62、rticular focus on future applications,especially around customer experience and productivity.Applications of AI to cross-border payments can be generally categorized into three areas:Risk managementCustomer serviceProductivity0510Mentions in Q1Q4 2023 earning calls15202530Current applicationsFuture
63、applicationsApplications of AI for payments:Share of focus on different applications by current and future initiatives13Market sizingReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market THE PATH TO IMPROVING CROSS-BORDER PAYMENTSThe Committee on Payments and Market Inf
64、rastructures(CPMI)has established a Task Force dedicated to working on cross-border payments:In 2020,the Financial Stability Board(FSB)reported on the challenges facing cross-border payments.14 See figure 1 To tackle these challenges,the FSB set out a roadmap endorsed by the G20 with a vision for en
65、hancing cross-border payments and an action plan,bringing together central banks,public authorities,standard-setting bodies and the private sector around the world.The roadmap includes a set of measurable targets for 2027 to unite everyone around the same vision.Of note is the intent to explore the
66、potential role of new payment infrastructures and arrangements,including global stablecoins and central bank digital currencies(CBDCs)through 2025 and beyond,with the IMF and World Bank providing technical assistance to facilitate cross-border use of CBDCs if requested.Figure 1:Limited access Limite
67、d TransparencySignificant barriers to entry for intermediariesLow rate of straight-through processing of payments and automated reconciliationComplexities in meeting compliance requirements (incl for AML/CFT and data protection purposes)Delays in clearing and settling cross-border payments,particula
68、rly in corridors with broad time zone differencesReliance on batch processing,a lack of real-time monitoring and low data processing capacityCostly development of direct connections required to transmit cross-border payments in multiple currenciesRequirement to preposition funding often across multi
69、ple currencies,or to have efficient access to foreign currency marketsCHALLENGESFRICTIONS High Cost Low SpeedHistorical challenges in cross-border payments,as identified by the FSB15Market sizingReal-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market Realizing opportunity
70、 in real time:Commercial payment innovation in the digital agePART IIReal-time payments REALIZING OPPORTUNITY IN REAL TIMEIn the digital economy,fintechs and paytechs are key to making payments faster,safer and more accessible,acting like fluid in a network of interconnected tubes that include consu
71、mers,governments and businesses.They will enable swift,effortless money transfers,enhancing global economic networks both old and new.Currently,over 5,000 payments-focused fintechs generate around$100 billion in revenues,with projections suggesting a surge to$520 billion by 2030.This growth reflects
72、 the evolving payments landscape,marked by the advent of CBDCs,real-time and cross-border payments,standardized global bank communication such as ISO20022 and innovations in digital assets and stablecoins.With over 90%of central banks exploring digital currencies,we stand on the brink of a major shi
73、ft in how transactions are conducted,emphasizing security and efficiency in the ever-evolving payment ecosystem.As the fintech sector expands to capitalize on the rapid growth in cross-border payments,key innovations have emerged,including developments in RTPs,blockchain and crypto currencies,open b
74、anking,and advancements in fraud prevention and regulatory trends.GDP GROWTH LINKED TO INSTANT AND RTPRTPs are becoming a key driver for economic growth,with 86%of businesses with revenues between$500 million and$1 billion already adopting this efficient transaction method.These instant payments enh
75、ance liquidity and financial stability by unlocking working capital and reducing transaction times.They also help integrate informal economic activities into the formal financial system.A study by ACI and Cebr highlights the positive impact on GDP growth,projecting that an RTP system in New Zealand
76、could elevate the GDP by$271 million,or 0.1%,by 2027.The European Union,recognizing these economic benefits,has mandated instant payment schemes across its member states,underscoring the significant role of RTP in fostering a more efficient and inclusive financial ecosystem.5,000+payments-focused fi
77、ntechs generate around$100B in revenues,with projections suggesting a surge to$520B by 2030.86%of businesses with revenues between$500M and$1B have adopted RTPs.Market outlookReal-time paymentsMarket sizingBlockchainOpen dataFraud preventionRegulationsFintech 2025+Top 5 real-time markets16Leading 5
78、developed markets17IndiaBrazilChinaThailandSouth KoreaUSACanadaUKFranceGermany$131.1BBUSINESS-AND CONSUMER-LEVEL BENEFITSFORMAL GDP SUPPORTED BY REAL-TIME$37B2021$54.6B$164.6B 2026$7.3B$14BBUSINESS-AND CONSUMER-LEVEL BENEFITSFORMAL GDP SUPPORTED BY REAL-TIME$2.1B2021$5.5B2026Market outlookReal-time
79、paymentsMarket sizingBlockchainOpen dataFraud preventionRegulationsFintech 2025+RTPRTP TAKING OFF GLOBALLYRTPs are revolutionizing global finance with a 63.2%jump in transactions in 2022 and an expected rise to$511.7 billion by 2027,marking a 21.3%annual growth rate.Soon,RTP will form 27.8%of all el
80、ectronic payments,up from 18%in 2022.Leading the RTP adoption,India recorded$89.5 billion transactions in 2022,with Bahrain predicted to reach 83.3 transactions per capita monthly by 2027.Brazils RTP market grew by 228.9%,reaching$29.2 billion transactions.In Asia,RTPs success stems from standout us
81、er-friendly features,QR codes and mobile integration,with significant usage by governments and businesses,including cross-border payments within ASEAN.In contrast,by 2027,European nations like the Netherlands and Sweden will rank high in RTP adoption,whereas major economies like the UK,the US and Ge
82、rmany will lag,underscoring a global disparity in embracing this payment innovation.89.5BRTP transactions in 2022India recorded228.9%growth in RTPsBrazil saw83.3monthly transactions per capitaBahrain could reachRTP leaderboardRTPs are on the rise63.2%growth in 202221.3%projected annual growth1/4of e
83、lectronic payments will be RTPOVERMarket outlookReal-time paymentsMarket sizingBlockchainOpen dataFraud preventionRegulationsFintech 2025+CONVENIENCE OF DIGITAL SERVICES IS DRIVING RTP GROWTHThe rise of RTP is fueled by consumer demand for instant transactions,driven by the convenience of digital se
84、rvices.The integration with mobile wallets and digital apps,coupled with the global surge in smartphone users expected to increase by$1.5 billion to$6.4 billion by 2029 facilitates this shift toward faster payment solutions.Government initiatives worldwide,such as Brazils PIX and the EUs instant pay
85、ment mandates,further support RTP infrastructure development.The elimination of intermediaries in RTP systems reduces transaction fees,benefiting both businesses and consumers.Merchants save on interchange fees that can reach as high as 4%and benefit from immediate fund settlements and a streamlined
86、 returns process,enhancing customer loyalty.RTP REVENUE OPPORTUNITIES FOR BANKSBanks face a significant opportunity by embracing RTP to meet customer demands and market changes.While banks traditionally view commercial payments as a cost center,an Accenture study highlights a potential$371 billion r
87、evenue from value-added services,including RTP,by 2028.However,regulatory and consumer protection aspects associated with RTP PAYMENT DYNAMICPOTENTIAL USE CASESPerson to PersonRepayments/remittances to family or friendsP2PSubsidies,tax refunds/rebates,government wages,pensions,social benefits,unempl
88、oyment benefits,loansGovernment to ConsumerG2CBill payments(using Request to Pay),rebates,refunds,vouchers,legal settlements,insurance claims,employee wages,employee reimbursementsBusiness to ConsumerB2CConsumer to BusinessPoint of sale transactions,bill payments,medical co-paysC2BConsumer to Govern
89、mentTaxes,loan repayments,donations,registration feesC2GSupplier payments,refunds,adjustmentsBusiness to BusinessB2BBusiness to GovernmentTaxes,registration fees,campaign donationsB2GGovernment to BusinessPrivatized services,tax rebates,government contractsG2BLearn more about real-time payments,FedN
90、ow and the new era of B2B transactions on our blog.Smartphone users are surging globally,expected to increase by$1.5B to$6.4B by 2029have made some banks hesitant due to the lack of direct competitive advantage.In markets like the Netherlands,where banks dont charge for RTP transactions but offer bu
91、ndled account benefits,revenue is generated through package fees,interest and traditional banking methods rather than per-transaction fees.Banks should evaluate their use of RTP infrastructures and think about how they could strategically leverage new solutions to enhance their position in the rapid
92、ly changing payment ecosystem.Market outlookReal-time paymentsMarket sizingBlockchainOpen dataFraud preventionRegulationsFintech 2025+G20Overview of the priority themes and actions for achieving the G20 targets18PAYMENT SYSTEM INTEROPERABILITY AND EXTENSIONLEGAL,REGULATORY AND SUPERVISORY FRAMEWORKS
93、DATA EXCHANGE AND MESSAGE STANDARDS01 Central bank operators community of practice02 FPS interlinking across borders03 Cross-border payment service level agreements/schemes04 Bank/non-bank regulation and supervision05 Information to end-users06 AML/CFT rules application07 Interaction with data frame
94、works08 ISO 20022 harmonization requirements09 API harmonization10 Legal Entity Identifier use11 Payments Summit12 Industry taskforces 13 Monitoring and progress reporting14 Technical assistance15 Public sector outreachG20 ROADMAP FOR ENHANCING CROSS-BORDER PAYMENTS RTPs currently offer instant dome
95、stic fund transfers and have dramatically shifted the payments landscape with their speed and efficiency.However,integrating RTPs with cross-border payments,multiple intermediaries and often lengthy settlement times presents challenges.These include interoperability issues(as most RTP systems are co
96、untry-specific),regulatory complexities across borders in various regions and the need for significant infrastructure upgrades.In 2020,the G20 prioritized enhancing cross-border payments,launching a roadmap to improve cost,speed,accessibility and transparency by 2027.A key goal is for 75%of these pa
97、yments to reach recipients within an hour by 2027.Major 2023 milestones include Swifts adoption of ISO20022,enabling standardized global bank communication for more efficient and secure cross-border payments.However,adoption is still emerging,with fewer than 800 banks using ISO syntax for payment me
98、ssages in 2023.Achieving G20 targets requires interoperability and regulatory alignment,particularly in areas like anti-money laundering and data governance,underscoring the need for public-private sector collaboration.Market outlookReal-time paymentsMarket sizingBlockchainOpen dataFraud preventionR
99、egulationsFintech 2025+CENTRAL BANKS SPEARHEAD INNOVATIONS IN CROSS-BORDER PAYMENTSCentral banks globally are innovating to enhance cross-border payments (more on their experiments with the BIS later).The European Central Bank and Swedens Central Bank are exploring instant,cross-currency payment sys
100、tems,while the European Payment Councils One-Leg Out Instant Credit Transfer scheme aims to streamline international transactions within and beyond Europe.The Arab Monetary Funds Buna platform facilitates payments in regional and international currencies across commercial banks and institutions.In 2
101、023,Vietnam joined Indonesia,Malaysia,Thailand,the Philippines and Singapore in an initiative to connect payment systems,emphasizing QR code usage for retail.This collaboration aims to bolster trade and resilience against global financial uncertainties.India and the UAE have also agreed on memoranda
102、 to use local currencies for cross-border transactions,enhancing economic ties.Furthermore,the ASEAN Bankers Association has developed an interoperable QR code to simplify and reduce the cost of cross-border payments within ASEAN,promoting tourism and trade.RTPS IMPROVE FINANCIAL INCLUSION AND HUMAN
103、ITARIAN AIDRTPs are pivotal for financial inclusion,significantly benefiting remittances by providing instant P2P family support and lowering transaction costs,which currently average 6.25%globally,with UN Sustainable Development Goals set to reduce it to below 3%by 2030.Digital remittance costs,at
104、4.72%,are already lower,and RTP systems could reduce these further by serving as a digital infrastructure.RTPs are crucial for immediate access to funds in emergencies,exemplified by situations such as global armed conflicts or natural disasters,where traditional fund-receiving methods fail.Instant
105、payments from insurance companies enable quick recovery actions,such as contractor payments.Moreover,RTP enhances B2B transactions,ensuring faster trade and prompt settlements,vital during crises like pandemics or labor shortages.This system fosters agile business partnerships and timely supply proc
106、urement,overcoming traditional credit process delays.6.25%Global transaction costs currently average3%Goals set to reduce transaction costs belowMarket outlookReal-time paymentsMarket sizingBlockchainOpen dataFraud preventionRegulationsFintech 2025+FINTECH LEADERSHIP SPOTLIGHT BLOCKCHAIN FOR GLOBAL
107、HUMANITARIAN AID DISBURSEMENTS The disbursement of humanitarian aid has been a historical challenge for many organizations aiming to provide relief around the globe.The Stellar Development Foundations Aid Assist program is aiming to change that.Powered by the Stellar blockchain,Stellar is on a missi
108、on to democratize access to financial services,with the goal of revolutionizing how humanitarian aid reaches its recipients through innovative digital wallets an approach born from the 2022 Russian invasion of Ukraine and since expanded to other areas of need.“Blockchain solves a lot of the issues t
109、hat organizations face when theyre doing this amazing humanitarian aid work.The legacy financial system is opaque,expensive and slow.What blockchain has been able to provide is a set of instant,cheap,transparent rails for organizations that need to provide money without setting up a full on-the-grou
110、nd infrastructure.The last thing you want to do is send in 200 staff members if you dont have to.And so with Stellar Aid Assist,which is the program built around humanitarian aid on Stellar,theres a product underneath that which basically allows for organizations to send money to individuals on thei
111、r phones in a stable and portable way,so that those people can receive the money and do whatever they need to do with it.We trust people to meet their own needs in their environments,especially in a time of crisis.”TORI SAMPLESSr.Product Manager at Stellar Aid AssistLearn how the Stellar Development
112、 Foundation is deploying blockchain technology to improve humanitarian aid disbursement,such as they did following Russias invasion of Ukraine in 2022.Market outlookReal-time paymentsMarket sizingBlockchainOpen dataFraud preventionRegulationsFintech 2025+In todays globally connected environment,the
113、ability to successfully and safely transfer money across borders is essential for businesses and individuals alike.Businesses need to pay employees overseas,manage international suppliers,and optimize cash flow through treasury management.Meanwhile,individuals buy goods from international sellers,ma
114、nage finances while traveling and send money to loved ones overseas.To overcome the limitations of traditional cross-border payment systems,a new generation of fintech companies has emerged.These companies are innovating on existing rails,with some fintechs leveraging cutting-edge technologies like
115、blockchain to improve cross-border payments.Such private-sector innovation has captured the interest of governments and institutions globally,particularly in the form of payment stablecoins and CBDCs for their potential positive impact on cross-border transactions.Furthermore,statistics reveal an in
116、creasing focus on real-time cross-border payment solutions.According to ACI Worldwide,RTPs accounted for$266.2 billion transactions globally in 2023,a year-over-year(YoY)growth of 42.2%.ACI Worldwide forecasts$575.1 billion real-time transactions by 2028,when RTPS are expected to account for 27.1%of
117、 all electronic payments globally.This section explores some of the ongoing and most promising experimentation,theory and real-world applications of blockchain and digital assets as they pertain to the potential for improving real-time cross-border payments.ADDRESSING CROSS-BORDER CHALLENGES THROUGH
118、 BLOCKCHAINFintech companies are increasingly using distributed ledger technology(DLT)and blockchain to address cross-border payment challenges,by offering transparency and traceability,which reduces fraud risk and enhances security.Statista projects a significant increase in B2B cross-border transa
119、ctions on blockchain by 2025,with the Asian market leading this trend.Moreover,a survey conducted by PYMNTS.com found that 37%of businesses are currently using blockchain for cross-border payments.A further 13%said they would like to begin leveraging blockchain for their international transactions.E
120、merging rails,tokenization and the opportunities aheadIncreasing focus on RTPs42.2%growth in 2023575.1BRTP transactions by 202827.1%of electronic payments will be RTPCheck out our podcast,“New rails to new worlds:Building inclusive,innovative infrastructures for global payments,”featuring Convera CC
121、O Jennifer Parker,Citi TTS Head of Digital Assets Ryan Rugg,Ripple Head of Payments Products Pegah Soltani,and Swift Head of Payments Kalyani Bhatia.Real-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market outlookMarket DLT also enhances interoperability between financial
122、systems,making cross-border transactions increasingly seamless.Fintech companies like Stellar,Ripple and Veem are leveraging blockchain for more efficient and transparent cross-border payments,demonstrating the industrys commitment to addressing evolving payment needs.Meanwhile,legacy players like t
123、he Society for Worldwide Interbank Financial Telecommunication(SWIFT)have significantly elevated their offerings.In 2017,Swift gpi(global payments innovation)was introduced to enable same-day processing of cross-border payments,while significantly increasing their transparency and traceability.Swift
124、 reports that 50%of gpi payments reach beneficiaries in under 30 minutes and a further 40%arrive at their destination in under 5 minutes.1/3of B2B cross-border transactions finalized on the blockchain were in the Asian market in 2020OVER466Mblockchain transactions anticipated in Europe by 2025745MB2
125、B cross-border blockchain transactions conducted by 2025Increase in B2B cross-border transactions on blockchain19Real-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market outlookMarket Hear more from the Bank for International Settlements Daniel Eidan on cross-border paymen
126、t challenges being solved through various Central Bank and private-sector experiments and the goal of interoperability on our podcast.FINANCIAL INSTITUTIONS AND THE BIS COLLABORATE TO ENHANCE CROSS-BORDER PAYMENTSThe Bank for International Settlements (BIS)Innovation Hub has driven and is currently
127、driving several new projects to enhance cross-border payment speed,transparency and interoperability.These initiatives highlight the importance of leveraging blockchain and distributed ledger technology(DLT)for cross-border payment interoperability,with the IMF emphasizing the public sectors role in
128、 driving platform development alongside private-sector innovation.Project AgoraBIS and seven central banks across the US,Mexico,Great Britain,Switzerland,Eurozone,South Korea and Japan have announced plans to collaborate with the private sector convened by the Institute of International Finance(IIF)
129、to integrate tokenized commercial bank deposits with tokenized wholesale central bank money using smart contracts to achieve atomic(or instantaneous)settlement.Project mBridge mBridge aims to create a unified platform for issuing and exchanging wholesale CBDCs from multiple central banks,with the la
130、test prototype reducing cross-border transfer times from days to seconds.This customizable platform supports compliance,privacy,liquidity and monetary policy transmission.Project Dunbar Dunbar also focuses on a common platform for CBDC issuance and exchange,managed cooperatively by central banks and
131、 used by private financial institutions.It addresses interoperability challenges by enforcing technical standards,data architectures and terminology.THE“FINTERNET”THE FINANCIAL RAILS OF THE METAVERSE?Bank for International Settlements general manager,Augustn Carstens has coined the term“Finternet”to
132、 describe the organizations vision of a network of interconnected financial ecosystems similar to the internet.It aims to simplify and enhance financial services by integrating technologies like tokenization and unified ledgers.The Finternet emphasizes collaboration between public and private sector
133、s and focuses on inclusivity,particularly benefiting emerging markets and developing economies.Statistics reveal significant gaps in financial inclusion,with$1.4 billion adults remaining outside the formal financial system,and only 28%having borrowed from a formal institution.The Finternet proposes
134、to bridge these gaps by consolidating various financial transactions onto a single platform(unified ledger),potentially transforming access to and the efficiency of financial services globally,offering broader reach,better risk management and lower transaction costs.CRYPTO ADOPTION IN TRADITIONAL FI
135、NANCIAL MARKETSIn line with the views of an emerging Finternet,traditional financial institutions are increasingly embracing crypto-assets and blockchain technology,with a focus on stablecoins,which are digital assets tied to a stable value like the US dollar.Despite a$1.2 trillion dip in the total
136、crypto market cap,stablecoins have seen a gain of 5.6%.This shift is attributed to growing awareness and understanding of blockchain,crypto,and digital assets,with initiatives like Real-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market outlookMarket the Markets in Crypto
137、 Assets Regulation(MiCA)helping to clarify regulatory ambiguity.Additionally,interest is rising in decentralized finance(DeFi)platforms,which enable direct financial interactions without intermediaries to reduce costs and improve efficiency for traditional financial players.DECENTRALIZED FINANCE POI
138、SED TO BOOMAccording to Statista,the DeFi markets revenue is projected to hit$26.17 billion this year,with an annual growth rate of 9.07%expected to reach$37 billion by 2028.Each DeFi user is expected to contribute an average of$1,378 in revenue in 2024,with the number of DeFi users expected to hit$
139、22.09 million by 2028.The US is expected to lead in revenue,reaching$12.5 million in 2024.Forward-thinking banks worldwide are exploring,issuing,trading and offering custody services for stablecoins and other digital assets.JPMorgan Chase launched JPM Coin in 2019 for instant payments between instit
140、utional accounts,adding programmability features later.BNY Mellon launched Digital Asset Custody,responding to high institutional interest in tokenized products.Santander introduced One Pay FX,a blockchain-based international money transfer service,while Socit Gnrale launched its stablecoin,EUR Coin
141、Vertible,for trading on Bitstamp.TOKENIZATION AND CRYPTO INNOVATIONS BREAK TRADITIONSTo help traditional banks and markets enter the digital currency and DeFi world,specialized service providers have emerged.These include tokenization platforms,companies offering crypto-as-a-service and hybrid solut
142、ions blending DeFi with traditional mechanisms.Tokenization platforms convert real assets(e.g.,art)and financial products(e.g.,bonds,stocks)into tokens traded on blockchains.Examples include ConsenSys Codefi and OpenSea,which enables the creation and sale of digital assets and serves as a marketplac
143、e for NFTs.Crypto-as-a-service companies,akin to banking-as-a-service providers,offer pay-per-use models for digital financial capabilities.In Brazil,companies like Nubank and Mercado Pago use these services to facilitate buying and selling crypto assets.Meanwhile,hybrid solutions like Credix and Cl
144、oudwalk in Brazil blend traditional user experiences with DeFi technologies internally.To learn more about the promise and impact of payment stablecoins and CBDCs on cross-border payments and remittances,or on tokenization,check out our blog.37BBy 2028,revenue from DeFi projected to reachUSD22.09MBy
145、 2028,the number of DeFi users is expected to hitUSDTo dive deeper into DeFis growth and impact on TradFi,check out our 3-part series podcast on“Why DeFi Matters,”with author Ian Horne,Head of Content for Money2020 EU.Real-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Marke
146、t outlookMarket FINTECH LEADERSHIP SPOTLIGHT ESG AND BLOCKCHAINAccording to a recent Ripple/US Faster Payments Council survey of leaders at financial institutions,81%of those surveyed acknowledge the environmental impact of blockchain use,while 78%believe low energy consumption in the context of blo
147、ckchain use is“very”or“somewhat”important.“I see the evolution of Environmental,Social and Governance(ESG)from mere corporate responsibility to a strategic imperative as critical in the face of escalating climate challenges.ESG now demands robust practices including emission reductions,sustainable r
148、esource use and enhanced diversity in leadership.Fintech and blockchain are pivotal,transforming ESG initiatives through innovations like voluntary carbon markets and ensuring transparency with decentralized platforms for environmental integrity.Its essential that corporations not only adapt but lea
149、d by setting clear ESG targets,embracing renewable energies,and optimizing resource efficiency.Together,leveraging advanced technologies,we can spearhead a sustainable economic future,protect our environment and build a resilient society for future generations.”NAMEER KHANFounder and CEO of FilsList
150、en to our conversation with Nameer on the Converge podcast to learn how to future-proof your ESG strategy.Real-time paymentsBlockchainOpen dataFraud preventionRegulationsFintech 2025+Market outlookMarket In recent years,the financial sector has witnessed a paradigm shift toward openness and interope
151、rability,ushering in the era of open banking.Jurisdictions around the globe,including the European Union,United Kingdom and Brazil,have adopted open banking frameworks,allowing third-party providers access to financial data with the consent of customers.This transformation facilitates more secure an
152、d expedient cross-border payments and broadens the scope of financial services,extending into investments and insurance.As we progress from open banking to open data,this shift not only redefines the accessibility of financial data but also sets the stage for expansive data sharing across diverse se
153、ctors,enhancing transparency and innovation.The following section explores the open banking revolution and its implications for global financial services and data management.Data sharing and the open banking revolutionFROM OPEN BANKING TO OPEN DATAMoving from open banking and open finance to open da
154、ta marks a significant shift.While open banking has sparked global interest,various nations are now finding their unique paths to unlock financial data.This expansion highlights the transformative potential of open data sharing,encouraging global attention.While open banking and open finance focus o
155、n financial data,their core principles of transparency and openness align with open data,which extends these principles beyond finance to include a wide range of information,from government data to scientific research.Open data aims to promote transparency,collaboration and innovation by making dive
156、rse datasets accessible to the public.This initiative encourages the development of innovative applications and research in various fields.The evolution of these concepts suggests that open data will continue influencing data sharing and utilization across sectors,including finance.Trends toward ope
157、nness and collaboration are expected to endure,shaping a more interconnected and innovative environment.However,the trajectory of open data will depend on regulatory frameworks,technology and societal attitudes toward data sharing.US IS CATCHING UP TO EUROPEAN OPEN BANKINGThe US is making strides in
158、 open banking,catching up to Europe,as seen in INNOPAYs Open Banking Monitor and The Paypers Trends Report.While Europe leads in APIs,North American banks now contribute 14%to the open banking market(OBM),with CitiBank notably leading in openness.US Bank and Wells Fargo are also expanding their API
159、offerings and leading in functional scope.Cross River Bank and Capital One shine in functional scope and developer experience,but access to offerings from giants like Goldman Sachs,JPMorgan and Chase is limited,hindering a full assessment.US banks excel in offering investment and foreign exchange AP
160、Is,providing direct access to investment data and currency exchange rates,with some enabling real-time or future trading.Unlike Europe,US developments are industry-led,with banks proactively adopting open banking strategies.BlockchainOpen dataReal-time paymentsFraud preventionRegulationsFintech 2025
161、+Market outlookMarket In Europe,the Data Act,effective since January 11,2024,complements existing regulations like the General Data Protection Regulation(GDPR),aiming to create a unified data market.The US is also advancing in data privacy laws,with eight states passing laws in 2023 and more expecte
162、d to follow in 2024,indicating a growing trend in privacy regulations.Canada is updating its privacy laws with the Digital Charter Implementation Act,2022,expected to be enacted in 2024,introducing the Consumer Privacy Protection Act and emphasizing data privacy for consumers.EMBEDDED FINANCE A FURT
163、HER SHIFT IN THE LANDSCAPEEmbedded finance represents a significant evolution in the financial services landscape,building upon concepts like open banking,open finance,modular banking and banking-as-a-platform.This new approach is reshaping how customers interact with financial institutions,offering
164、 them integrated financial services within their daily activities.Embedded finance is the integration of financial services into non-financial offerings,driven by digital advancements and customer preferences for seamless experiences.Jeff Tijssen,from Bain&Company,describes it as a non-financial pla
165、tform offering adjacent financial services while taking on some economic ownership.Banking as a Service(BaaS)forms the sturdy foundation for embedded finance,enabling its dynamic growth.Embedded finance focuses on user-facing financial services,while BaaS provides the backend banking functions that
166、enable digital banks and non-banks to offer financial services.This combination of BaaS and embedded finance revolutionizes the industry,offering unparalleled convenience and accessibility that frees users from traditional banking limitations.THE IMMEASURABLE POTENTIAL FOR EMBEDDED FINANCEThe potent
167、ial for embedded finance is vast.Estimates suggest that the global opportunity for embedded finance will reach$7.2 trillion in the next decade,which is twice the combined value of the worlds top 30 banks today.Regarding BaaS,Juniper Research predicts that BaaS platform revenue worldwide will surpass
168、$38 billion by 2027,up from$11 billion in 2022.This substantial 240%growth is attributed to BaaSs ability to enhance connections between brands and customers through seamless banking and payment experiences.Initially,BaaS partnerships involved banks and API-first fintech companies,which offered enha
169、nced financial services when embedded.Recently,API-first tech companies outside the financial sector,like e-commerce platforms or rideshare apps,have also started benefiting from embedded finance.A report from Mastercard suggests that these partnerships could eventually extend to all companies adopt
170、ing API-based business models in the future.BaaS,part of the“as a service”trend,is gaining attention.It builds on the older concept of white-label partnerships between banks and retailers,dealerships or airlines,which were costly and rare.APIs changed this by enabling embedded finance,integrating fi
171、nancial services into customer experiences.Embedded finance will reach$7.2T in the next decade.BlockchainOpen dataReal-time paymentsFraud preventionRegulationsFintech 2025+Market outlookMarket REAL-WORLD USE CASES FOR EMBEDDED FINANCE AND BAASRetailers have long seen the value of financial services,
172、with early examples like branded credit cards;however,embedded finance has begun to be widely used in various contexts,such as enabling seamless shopping experiences(e.g.,Amazon)and mobility services(e.g.,Uber).McKinsey also reveals that demand is maturing among embedded finance distributors and the
173、ir customers for traditional financial products like deposits,payments,issuing and lending.In supply chain operations,embedded finance optimizes processes and facilitates trade finance.Platforms such as Tradeshift and Taulia integrate financing into procurement,allowing suppliers to access early pay
174、ments or financing based on invoices.This integration improves cash flow management and strengthens supply chain relationships.For businesses with international operations,embedded finance simplifies currency exchange in cross-border transactions.Traditional currency exchange services can be costly
175、and time-consuming,but embedded finance solutions offer convenient and cost-effective options with competitive rates and minimal fees.PAYMENT PROCESSING AND INFRASTRUCTUREPayment processing methods differ significantly between embedded finance and BaaS.In embedded finance,payments are dynamic and oc
176、cur during online purchases or service use.In contrast,BaaS transactions are prearranged and occur in the background,unbeknownst to the customer.Here,the fintech company and the bank have already established an agreement.When a payment is made,the bank processes it through their APIs,with the front-
177、end brand managing all customer interactions.Financing working capitalProviding benefitsFiling taxesFinancing assetsPaying invoicesB2B USE CASESBuying a houseBooking travelGetting groceriesBuying a carBuying big-ticket itemsFiling taxesRenting a flatB2C USE CASESBlockchainOpen dataReal-time payments
178、Fraud preventionRegulationsFintech 2025+Market outlookMarket In the realm of financial infrastructure and regulation,Nirav Patel,CEO of Andaria,highlights the advantages for businesses utilizing embedded finance.Unlike traditional banking services,where setting up financial infrastructure and naviga
179、ting regulatory requirements can be complex and time-consuming,embedded finance offers a more streamlined approach.With BaaS,licensed financial institutions share their infrastructure with other businesses,allowing them to offer banking services like checking accounts and loans.However,businesses ar
180、e still responsible for managing finances and complying with regulations.On the other hand,embedded finance involves non-financial businesses seamlessly integrating financial services into their products,without the need for a banking license.Providers of embedded finance handle the financial aspect
181、s,allowing businesses to focus on their core activities.COMPLIANCE PRESENTS CHALLENGES FOR FUTURE GROWTHCompliance is a key factor in the growth of embedded finance and BaaS,and regulators and policymakers must update frameworks to address these challenges,including liability allocation and third-pa
182、rty risk control.Ensuring consumer privacy and data protection are also crucial.BaaS providers and fintech firms must also comply with regulatory sanctions,such as those from the US or EU,to prevent illicit activities.This requires rigorous transaction screening to avoid engaging with sanctioned ind
183、ividuals or entities.Firms that fail to conduct sufficient KYC checks and meet AML regulations are at risk of financial crime,including fraud and money laundering.Banks must build BaaS partnerships with risk and compliance in mind,establishing responsibilities,reviewing product roadmaps,engaging wit
184、h regulators and automating compliance workflows to avoid negative consequences.Policymakers,regulators and supervisors should collaborate to update frameworks,allocate liability,control third-party risk and ensure consumer privacy and data protection are addressed.Licensing requirementsData privacy
185、 and securityAnti-money laundering(AML)and Know Your Customer(KYC)Consumer protectionCross-border regulationsRegulatory changes and updatesRegulatory considerations for BaaS adoption20BlockchainOpen dataReal-time paymentsFraud preventionRegulationsFintech 2025+Market outlookMarket Increasingly sophi
186、sticated fraudulent activities in todays digital,AI-infused era pose substantial risks to both consumers and institutions.Reports indicate significant financial losses due to various fraud types,from bust-out schemes and authorized push payment(APP)fraud to account takeovers and synthetic identity f
187、raud.As real-time and mobile payments grow,so does the vulnerability to scams,necessitating advanced,multi-layered security strategies.The next section explores the critical aspects of fraud prevention and the evolving Fraud prevention,security and compliance take center stage compliance measures ne
188、eded to safeguard the integrity of modern financial systems.RISK AND VULNERABILITIES IN PAYMENTSFraudulent activities pose substantial risks,which are evolving in sophistication.According to Alloys State of Fraud Benchmark Report,25%of companies suffered losses exceeding 1 million due to fraud in 20
189、23,with the two most prevalent trends being bust-out fraud and APP fraud.Shockingly,over half of Canadians have experienced financial scams,according to a recent report from Interac.APP fraud involves scammers tricking victims into authorizing fraudulent transactions through various tactics like imp
190、ersonation and romance scams.Bust-out fraud involves applying for a credit card and building a decent repayment history,before maxing out the card with no intention to pay the bill.Additionally,account takeover(ATO)fraud,where individuals gain unauthorized access to victim accounts,remains a threat.
191、Identity theft,particularly synthetic fraud,is another major concern,with US auto lenders seeing a significant increase in synthetic identity exposure.Mobile payment platforms pose the greatest challenge for banks and fintechs.A recent report from BioCatch found that fraud involving mobile devices r
192、ose from 47%in 2022 to 61%in 2023.Research from Zimperium shows that mobile malware scams are on the rise globally,with 24,000 unique malware samples identified across 187 countries.25%of companies suffered losses exceeding$1M due to fraud in 2023Fraud involving mobile devices rose from 47%in 2022 t
193、o 61%in 2023Hear from Alloy CTO Charles Hearn on our podcast covering emerging fraud schemes and the innovative authentication technologies being deployed to avoid them.Open dataFraud preventionBlockchainReal-time paymentsRegulationsFintech 2025+Market outlookMarket FASTER PAYMENTS,FASTER FRAUD:WHEN
194、 MILLISECONDS MATTERWith 88%of consumers eager to continue using RTP for online purchases,according to FICO,websites must offer diverse payment options to meet expectations and avoid losing sales.However,the immediacy of RTP,while convenient,opens doors for fraudsters,posing challenges in maintainin
195、g secure transactions.In the US,networks like RTP,Zelle and FedNow process transactions instantly,leaving little time for payment verification and fraud checks.Common fraud types include authorized push payment(APP)fraud,with imposter and romance scams leading to significant losses,including a notab
196、le$10 billion in 2023 due to various scams.Account takeover(ATO)fraud,where unauthorized access to accounts leads to fraudulent transactions,affected 22%of US adults.Bust-out fraudCheck fraudACH fraudIdentity theft fraudMoney mulingWire fraudSynthetic identity fraudAccount takeover fraudChargeback(f
197、riendly)fraudAuthorized push payment(APP)Most financial lossesFrequency3%4%10%9%9%10%13%12%17%16%16%21%10%10%7%12%5%6%4%7%What type of fraud is most prevalent by frequency/financial losses?21Note:“Friendly fraud”&“Coercion fraud”not displayed,only shown to UK respondents.Hear from Soups Ranjan,CEO a
198、nd founder of Sardine,on the current state of fintech fraud and how to stop threats in a RTP world.Open dataFraud preventionBlockchainReal-time paymentsRegulationsFintech 2025+Market outlookMarket Types of real-time payment fraud22AUTHORIZED PARTYAuthorized partywas manipulatedAuthorized partyacted
199、fraudulentlyUnauthorized partytook over accountUnauthorized partymodified payment informationUnauthorized partymisused account information/payment instrumentUNAUTHORIZED PARTYHow was the fraud executed?How was the authorized party manipulated?Products&services fraudRelationship&trust fraudCompromise
200、d credentialsImpersonated authorized partyDigital paymentPhysical forgery/counterfeitEmbezzlementFalse claimSynthetic IDCompromised credentialsImpersonated authorized partyPhysical alterationHow did the authorized party act fraudulently?How did the unauthorized party take over the account?How did th
201、e unauthorized party modify the payment information?How was the account information/payment instrument misused?How was the fraud executed?Who initiated the payment?FRAUDOpen dataFraud preventionBlockchainReal-time paymentsRegulationsFintech 2025+Market outlookMarket MOBILE WALLETS,DEEPFAKES AND FIGH
202、TING ADVANCED FRAUDThe widespread use of mobile wallets has also escalated mobile money fraud,with a sharp increase in fraud executed from mobile devices,rising from 47%in 2022 to 61%in 2023.Invoice payment fraud and the emergence of deepfake technology present additional risks,with deepfake scams r
203、esulting in losses like the$25.5 million transferred by a Hong Kong finance employee duped by a fake video call.Combatting such fraud requires a multilayered approach,combining system-built security measures and increased vigilance.Understanding customer behavior,establishing anomaly protocols and p
204、romoting customer education are essential.Collaboration within the industry and with technology partners for real-time fraud detection can provide comprehensive insights,highlighting the shared responsibility between financial institutions and consumers in fraud prevention.CROSS-BORDER PAYMENTS FERT
205、ILE GROUND FOR FRAUDSTERSCross-border payments pose significant risks for fraud,affecting the confidence of small-to-medium-sized enterprises(SMEs)and individuals.According to recent research from Mastercard,41%of SMEs using online payment services are concerned about fraud,leading 47%of those exper
206、iencing issues to reduce their overseas transactions.Fraud manifests in various forms,such as card-not-present fraud(CNP)in e-commerce and remittances,along with a growing trend of credit-related fraud on cross-border platforms.To further complicate matters,the multi-jurisdictional nature of these s
207、ystems limits providers ability to effectively assess the credit status of international transactions.Moreover,cross-border payments are often exploited for money laundering,with criminals setting up shell companies in under-regulated jurisdictions.To address these challenges,efforts like INTERPOLs
208、new Financial Crime and Anti-Corruption Centre aim to combat transnational financial crimes,while initiatives like Project Mandala seek to harmonize cross-border regulatory frameworks.Discover whats fueling the rapid rise of digital wallets and what it means for FX on our blog.41%of small-to-medium-
209、sized(SME)businesses that have used online payment services say fraud is a main concern.47%of SMEs who have experienced problems with international payments send fewer payments overseas as a resultOpen dataFraud preventionBlockchainReal-time paymentsRegulationsFintech 2025+Market outlookMarket FIGHT
210、ING FRAUD IN PAYMENTSBanks and fintechs are turning to a variety of innovative strategies to combat fraud,such as identity verification and transaction monitoring,along with education institutions whose international student bodies are increasingly susceptible to cyber criminals.Identity verificatio
211、n tools use document checks,biometric authentication(like facial recognition or fingerprint scanning)and Other technologies being deployed to combat fraud Machine learning and AI analyze vast amounts of data to detect patterns and predict fraudulent behavior.Fraud intelligence networks facilitate in
212、formation sharing and thwart fraudsters.Behavioral analytics scrutinize user behavior for anomalies that may indicate fraud.Geolocation and device fingerprinting help verify user locations and detect compromised devices.Blockchain helps reduce fraud risks in financial transactions with its transpare
213、nt and immutable transaction records.knowledge-based authentication (answering security questions)to confirm customer identities.With the rise of online payments,the global transaction monitoring market is projected to hit$34 billion by 2033.Transaction monitoring systems,critical in our increasingl
214、y digital world,scrutinize transactions in real time,flagging any suspicious activities for further investigation.Open dataFraud preventionBlockchainReal-time paymentsRegulationsFintech 2025+Market outlookMarket “With APIs and direct integrations into workflow tools,finance teams now have unpreceden
215、ted visibility into their companys expenses.At Brex,weve fully integrated expense management capabilities into our Global Corporate Cards,Bill Pay,and Cash Management offerings,enhancing finance teams control and confidence in adhering to expense policies.Our customers can completely bypass the need
216、 for expense reports,proactively managing spend before it happens with our unique budgeting products.With AI integrations,CFOs and controllers can focus on the most important insights into their teams spending.AI will drive automation and efficiencies across the entire expense management stack,impro
217、ving text recognition,enhancing fraud detection and powering intuitive user experiences.”FINTECH LEADERSHIP SPOTLIGHT:ERICA DORFMAN OF BREX ON THE IMPACT OF FINTECH AND AI ON SPEND MANAGEMENT AND FRAUD DETECTIONERICA DORFMANHead of Financial Products at BrexListen to our conversation with Erica on t
218、he Converge podcast to learn how to future-proof your spend management and fraud prevention platforms.Open dataFraud preventionBlockchainReal-time paymentsRegulationsFintech 2025+Market outlookMarket Learn more from Jessica Cath,Head of Financial Crime at Thistle Initiatives,about the evolving regul
219、ations in Europe and the UK supporting the growth of crypto and digital assets,following Sam Bankman-Frieds recent 25-year prison sentence and the shadow it cast on the industry.Open banking and open data are revolutionizing how financial information is shared,but with this comes a surge in fraudule
220、nt activities.Fraudsters are eager to exploit vulnerabilities,making it crucial for banks to fortify their defenses.To combat this,banks will invest heavily in onboarding controls,empowering their fraud teams to weed out suspicious accounts from the start.This proactive stance extends to monitoring
221、all customer interactions and implementing rigorous verification processes for third-party apps.Third-party vendors are now indispensable for payment service providers(PSPs),but they bring a new set of risks.To mitigate these risks,robust relationship management with suppliers is imperative.This pro
222、active approach is vital for preventing catastrophic outcomes such as data breaches,financial losses and operational disruptions.Emerging regulatory trends in 2024 and beyondGLOBAL APPROACHES TO DATA PRIVACY IN 2024European data regulation focuses on creating a unified data market within the EU.The
223、Data Act,effective since January 11,2024,is a key part of this strategy,aiming to ensure fair data access and standardize usage across sectors.It complements existing regulations like the General Data Protection Regulation(GDPR),Free Flow of Non-Personal Data Regulation,and Open Data Directive,facil
224、itating secure data flow and digital transformation.In North America,data privacy laws are progressing,with several states passing legislation in 2023.Eight states have enacted laws,with five set to be enforced in 2024.Canada is also updating its regulations,with the Digital Charter Implementation A
225、ct,2022 expected to be enacted,introducing the CPPA to replace outdated regulations and emphasizing data protection for consumers.The EUs GDPR has set a high standard,influencing privacy laws worldwide.Many Asian countries are introducing GDPR-inspired legal grounds,while Latin American countries pr
226、ioritize consent but lack GDPR-like provisions.Singapore has expanded the use of deemed consent but requires organizations to perform specific Data Protection Impact Assessments for processing.KEY PAYMENT REGULATIONS IN EUROPE AND THE USIn Europe and the US,fraud trends are shaping key payment regul
227、ations.The European Unions regulatory framework,including AMLD6(Anti Money Laundering Directive),FIDA(Financial Data Access),MiCA and PSD2(Payment Services Directive),emphasizes measures like Strong Customer Authentication(SCA)and open banking,adding complexity to payment processing.Fraud prevention
228、RegulationsOpen dataBlockchainReal-time paymentsFintech 2025+Market outlookMarket In the US,regulations like the Dodd-Frank Act and EFTA,overseen by bodies like the CFPB and OCC,impact payment systems.The California Consumer Privacy Act(CCPA)strengthens privacy rights for Californians,and recent leg
229、al decisions highlight Californias commitment to privacy enforcement.State-level data privacy laws are increasing,with 13 states enacting comprehensive legislation.The UKs Payment Systems Regulator(PSR)introduced mandatory reimbursement for victims of APP fraud within the faster payments system,star
230、ting October 2024.An amendment to delay payment processing in fraud cases is also proposed.The Digital Operational Resilience Act(DORA)in the EU requires financial entities and third-party providers to implement ICT system standards by January 2025.DORA applies to traditional financial entities,cryp
231、to-asset service providers and third-party service providers,aiming to harmonize ICT risk management regulations across the EU.KEY PROPOSALS OF PSD3PSD3,the proposed successor to PSD2,aims to fortify the EUs payment services market by addressing key fraud trends and promoting fair competition among
232、providers.PSD3s main thrust is to enhance security and innovation in financial transactions,with a focus on combatting fraud and enhancing consumer trust.One of the main innovations in PSD3 is the reinforcement of SCA requirements,which aim to protect consumers by verifying their identity during ele
233、ctronic transactions.Additionally,PSD3 introduces stricter guidelines for accessing payment systems and account information,aimed at closing loopholes that have led to uneven regulatory interpretations across different EU countries.Another key aspect of PSD3 is the introduction of the Payment Servic
234、es Regulation(PSR),which sets out clear definitions for terms like payment account and establishes conduct rules for all payment service providers,including traditional and e-money providers.This regulation is designed to enhance consumer protection and ensure uniform standards across all EU member
235、states.THE BUSINESS IMPACT OF PSD3The new directive emphasizes SCA,and businesses must adapt to new rules regarding data sharing,authentication methods and fraud prevention techniques.For instance,under PSD3,users can authenticate transactions using two identical categories,like token and SMS OTP,en
236、hancing security without compromising convenience.Issuers can now delegate SCA to third parties,but this is considered outsourcing and must comply with stringent rules.Importantly,SCA must be accessible to vulnerable customers,ensuring inclusivity in digital transactions.Furthermore,businesses are r
237、equired to share more data with issuers,enabling them to monitor transactional patterns and behaviors for fraud detection,a move that could enhance security measures across the industry.PSD3 also introduces stricter licensing requirements for PSPs and third-party providers(TPPs),placing a greater em
238、phasis on security standards and regulatory compliance.This shift requires PSPs and TPPs to invest in robust fraud prevention systems and secure infrastructure to combat various types of fraud,including social engineering and scams.Fraud preventionRegulationsOpen dataBlockchainReal-time paymentsFint
239、ech 2025+Market outlookMarket WELCOME TO THE WORLD OF REGTECHTechnology is increasingly being deployed to fight fraud and streamline regulation compliance,and regulation technology,or“regtech,”has seen impressive growth led by innovative fintechs.In 2023,the global regtech market stood at$12.82 bill
240、ion,with projections to soar to$85.92 billion by 2032.Regtech solutions span areas such as KYC,AML and more,automating tasks to enhance accuracy and risk management.Working with fintechs and new tools,financial institutions are increasingly using cutting-edge technologies like AI for sanctions scree
241、ning and transaction monitoring,projected to hit a market size of$738 billion by 2030.These advancements help expand knowledge of customers,refine screening processes and enhance fraud detection capabilities.However,the use of AI poses challenges,including the risk of its misuse in fraud and the nee
242、d for explainability in AI-driven decisions.Regulators worldwide are enforcing stringent sanctions compliance programs.The UKs Economic Crime and Corporate Transparency Act 2023,for instance,aims to boost corporate ownership transparency and combat economic crimes by mandating a new register of fore
243、ign entities and strengthening legal frameworks to prevent abuses through hidden ownerships.These evolving regulations underscore the critical role of technology in maintaining compliance and thwarting financial fraud.12.82BUSD85.92BUSDRegtech projectionsIn 2023,the global regtech market stood atBy
244、2032,the regtech market will soar toFraud preventionRegulationsOpen dataBlockchainReal-time paymentsFintech 2025+Market outlookMarket RegulationsFintechs integration of blockchain technology,RTPs and open banking frameworks promises not only smoother transactions but also heightened security and inc
245、reased financial inclusion.As you embark on this journey of technological evolution,its crucial to find the right partner to steer your business through this new era of opportunity and complexity.Convera remains committed to providing support and guidance to all those navigating the dynamic world of
246、 cross-border payments.We provide tech-led payment solutions to help more than 26,000 customers globally grow with confidence from small businesses to CFOs and treasurers.As a global commercial fintech,Convera powers international business by moving money with ease across a financial network of 140+
247、currencies,200 countries and territories and 70 regulatory licenses worldwide.Contact our team of experts to discuss how Convera can help you navigate the complexity of global commerce and capture more value with every transaction.Discover CFintech 2025+:Navigating the new eraFintech 2025+FINTECHThe
248、 future of fintech is one of unprecedented growth,innovation and transformation within the landscape of global commerce.With cross-border payment flows projected to reach$290 trillion by 2030,the urgency for innovative,secure and transparent payment methods has never been more pronounced.Fraud preve
249、ntionOpen dataBlockchainReal-time paymentsMarket outlookMarket ENDNOTESDISCLAIMERS1 FXC Intelligence,available online at:https:/ BCC Research3 McKinsey Global Payments Map4 BCC Research5 Source:Fouquin and Hugot(CEPII 2016),World Bank,Oxford Economics6 Data from Bank for International Settlements Tr
250、iennial Central Bank Survey of FX and OTC Derivatives Markets.7 UNESCO/Oxford Economics8 British Council/Oxford Economics9 FXC Intelligence market sizing data and forecasts:https:/ BCC Research(2023 and 2027)and Oxford Economics(2030 trend extrapolation)11 BCC Research and Oxford Economics12 BCC Res
251、earch(2023 and 2027)and Oxford Economics(2030 trend extrapolation)13 FXC Intelligence analysis,company earnings call transcripts.From the earnings of 12 cross-border payments companies.14 Enhancing Cross-Border Payments Stage 1 Report:https:/wwwfsb.org/2020/04/enhancing-cross-border-payments-stage-1
252、-report-to-the-g20/15 https:/www.bis.org/cpmi/publ/d193.pdf16 https:/ https:/ FSB:Priority actions for achieving the G20 targets(February 2023)19 https:/ Appinventiv21 A22 https:/www.frbservices.org/financial-services/fednow/instant-payments-education/fraud-and-instant-payments-the-basics.html23 htt
253、ps:/ 2024 Convera Holdings,LLC.All rights reserved.This brochure has been prepared solely for informational purposes and does not in any way create any binding obligations on any party.Relations between you and Convera shall be governed by applicable terms and conditions.No representations,warrantie
254、s or conditions of any kind,express or implied,are made in this brochure.The information contained within this communication does not constitute financial advice or a financial recommendation,is general in nature and has been prepared without taking into account your objectives,financial situation o
255、r needs.All other logos,trademarks,service marks and trade names referenced in this material are the property of their respective owners.AMERICASUnited StatesMoney transfer and foreign exchange services in the US are provided by Convera USA,LLC(NMLS ID:907333)(referred to as“Convera”).For additional
256、 information about Convera including a list of state licenses held visit https:/ Canada,services are provided by Convera Canada ULC(“Convera Canada”).APACAustraliaConvera is a global leader in providing foreign exchange products and services and payment solutions and does business in Australia throu
257、gh Convera Australia Pty Ltd(“Convera”)ABN 24 150 129 749 and AFSL 404092.Convera is the issuer of the financial products(if any)referred to in this communication.A Product Disclosure Statement and Target Market Determination is available for each of the financial products that Convera issues and ca
258、n be obtained by visiting https:/ information provided in this communication is factual information only and does not take account of your financial situation,objectives or needs.You should therefore consider whether the information that we provide is appropriate for you having regard to your own ob
259、jectives,financial situation and/or needs.Before you decide to acquire a financial product from Convera you should read and consider the relevant product disclosure statement and target market determination.Convera has based the opinions expressed in this communication on information generally avail
260、able to the public.Convera makes no warranty concerning the accuracy of this information and specifically disclaims any liability whatsoever for any loss arising from trading decisions based on the opinions expressed and information contained in this communication.Such information and opinions are f
261、or general information purposes only and are not intended to present advice with respect to matters reviewed and commented upon.This communication is not directed to,or intended for distribution to or use by,any person or entity who is a citizen or resident of or located in any locality,state,countr
262、y or other jurisdiction where such distribution,publication,availability or use would be contrary to law or regulation or which would subject Convera and/or its affiliates to any registration or licensing requirement within such jurisdiction.Hong KongConvera is a global leader in providing foreign e
263、xchange products and services and payment solutions and does business in Hong Kong through Convera Hong Kong Limited.JapanConvera is a global leader in providing foreign exchange products and services and payment solutions and operates in Japan through Convera Japan KK(Convera).New ZealandConvera is
264、 a global leader in providing foreign exchange products and services and payment solutions and does business in New Zealand through Convera Australia Pty Ltd,NZ branch(company number 3527631 and FSP 168204)(Convera)and is the issuer of the financial products(if any)referred to in this communication.
265、A Product Disclosure Statement is available for each of the financial products that Convera issues and can be obtained by visiting https:/ information provided is factual information only and does not take account of your financial situation,objectives and/or needs.Because of this,before you act on
266、it(including making any decisions and/or trading)you should consider its appropriateness having regard to your own objectives,financial situation and/or needs.Convera has based the opinions expressed in this communication on information generally available to the public.Convera makes no warranty con
267、cerning the accuracy of this information and specifically disclaims any liability whatsoever for any loss arising from trading decisions based on the opinions expressed and information contained in this communication.Such information and opinions are for general information purposes only and are not
268、 intended to present advice with respect to matters reviewed and commented upon.This communication is not directed to,or intended for distribution to or use by,any person or entity who is a citizen or resident of or located in any locality,state,country or other jurisdiction where such distribution,
269、publication,availability or use would be contrary to law or regulation or which would subject Convera and/or its affiliates to any registration or licensing requirement within such jurisdiction.SingaporeConvera is a global leader in providing foreign exchange products and services and payment soluti
270、ons and does business in Singapore through Convera Singapore Pte Ltd(“Convera Singapore”)and/or Convera Singapore Financial Pte Ltd(“Convera Singapore Financial”)(Convera Singapore and Convera Singapore Financial are collectively referred to as“Convera”).Convera Singapore Financial is a capital mark
271、ets services license holder for dealing in capital markets products and an exempt financial adviser for advising others on over-the-counter derivatives contracts and spot foreign exchange contracts other than for the purposes of leveraged foreign exchange trading within the meaning of the Securities
272、 and Futures Act,Cap 289(“SFA”).Convera Singapore is a Major Payment Institution licensed under the Payment Services Act 2019.All payment services referred to in this communication are offered under Convera Singapores Payment Services Licence issued by the Monetary Authority of Singapore(“MAS”).This
273、 document has not been reviewed by the Monetary Authority of Singapore.Nothing in this communication is intended or should be construed as an offer to provide services,solicitation,invitation to or inducement to engage in services provided by Convera,save where the provision of the services by Conve
274、ra will not violate or give rise to any requirement under any relevant law,including the laws of Singapore.Convera has based the opinions expressed herein on information generally available to the public.Nothing in this communication is intended to amount to opinion,recommendation or any other advic
275、e on contracts or arrangements for the purpose of foreign exchange trading,whether on a leveraged basis or otherwise.Convera makes no warranty concerning the accuracy of this information and specifically disclaims any liability whatsoever for any loss arising from trading decisions based on the opin
276、ions expressed and information contained herein.Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.This communication is not directed to,or intended for distribution to or use by,any person or enti
277、ty who is a citizen or resident of or located in any locality,state,country or other jurisdiction where such distribution,publication,availability or use would be contrary to law or regulation or which would subject Convera and/or its affiliates to any registration or licensing requirement within su
278、ch jurisdiction.EUROPEAustriaThis document is a financial promotion and has been prepared and approved by Convera Europe S.A.,Austria Branch and Convera Europe Financial S.A.,Austria Branch.Convera is a global leader in providing foreign exchange products and services and payment solutions and does
279、business in Austria through:(i)Convera Europe S.A.,Austria Branch,with business address at Kohlmarkt 8-10/1.OG,2.OG,1010 Wien,registered with the Austrian companies register under number FN 605081 a,being the Austrian branch office of Convera Europe S.A.(registered with the Luxembourg Registre de Co
280、mmerce et des Socits,Company Number B262832,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and supervised as payment institution by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF),and(ii)Convera Europe Financial S.A.,A
281、ustria Branch,with business address at Kohlmarkt 8-10/1.OG,2.OG,1010 Wien,registered with the Austrian companies register under number FN 605838 p,being the Austrian branch office of Convera Europe Financial S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Number:B26430
282、3,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and supervised as investment firm by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF).Belgium Convera is a global leader in providing foreign exchange products and servic
283、es and payment solutions and does business in Belgium through Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits under number B262832,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and regulated by the Lu
284、xembourg Commission de Surveillance du Secteur Financier(CSSF)and Convera Europe Financial S.A.(registered with the Luxembourg Registre de Commerce et des Socits under number B264303,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and regul
285、ated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF).Czech RepublicThe document is a financial promotion and has been prepared and approved by Convera Europe S.A.,odtpn zvod/Convera Europe Financial S.A.,odtpn zvod.Convera is a global leader in providing foreign exchange prod
286、ucts and services and payment solutions and does business in the Czech Republic through Convera Europe S.A.,a company incorporated and existing under the laws of the Grand Duchy of Luxembourg,with its registered office at OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg,registered with
287、the Luxembourg Registre de Commerce et des Socits under B262832,which is authorised and supervised by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF)as a payment institution,and which is acting in the Czech Republic through its branch office Convera Europe S.A.,odtpn zvod,identi
288、fication number 17614546,with its registered office at Vclavsk nmst 2132/47,Praha 1,11000,Czech Republic and Convera Europe Financial S.A.,a company incorporated and existing under the laws of the Grand Duchy of Luxembourg,with its registered office at OBH Building,6B rue du Fort Niedergrunewald,L-2
289、226,Luxembourg,registered with the Luxembourg Registre de Commerce et des Socits under B264303,which is authorised and supervised by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF)as an investment firm,and which is acting in the Czech Republic through its branch office Convera E
290、urope Financial S.A.,odtpn zvod,identification number 17655722,with its registered office at Vclavsk nmst 2132/47,Praha 1,11000,Czech Republic.FranceThis document is a financial promotion and has been prepared and approved by Convera Europe S.A.,France Branch and Convera Europe Financial S.A.,France
291、 Branch.Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in France through Convera Europe S.A.,France Branch,registered under number 920 020 070 R.C.S.Paris,which has a place of business at Liberty Tower,17 place des Reflets,92400
292、 Courbevoie,France and is a branch of Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Number B262832,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and regulated by the Luxembourg Commission de
293、 Surveillance du Secteur Financier(CSSF)and Convera Europe Financial S.A.,France Branch,registered under number 920 024 478 R.C.S.Paris,which has a place of business at Liberty Tower,17 place des Reflets,92400 Courbevoie,France and is a branch of Convera Europe Financial S.A.(registered with the Lux
294、embourg Registre de Commerce et des Socits,Company Number:B264303,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF).GermanyThis document is a financial prom
295、otion and has been prepared and approved by Convera Europe S.A.,Germany Branch/Convera Europe Financial S.A.,Germany Branch.Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in Germany through(i)Convera Europe S.A.,Germany Branch,w
296、ith a registered place of business in Frankfurt am Main and a registered business address at Solmsstrasse 4,60486 Frankfurt am Main,being a branch of Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Number B262832,Registered Office Address:OBH Building,6B
297、 rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF)and(ii)Convera Europe Financial S.A.,Germany Branch with a registered place of business in Frankfurt am Main and a registered business address at So
298、lmsstrasse 4,60486 Frankfurt am Main,being a branch of Convera Europe Financial S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Number:B264303,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and regulated by t
299、he Luxembourg Commission de Surveillance du Secteur Financier(CSSF).IrelandThis document is a financial promotion and has been prepared and approved by Convera Europe S.A.and Convera Europe Financial S.A.Convera is a global leader in providing foreign exchange products and services and payment solut
300、ions and does business in Ireland through Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits under number B262832,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg),which is authorised and regulated by the Luxembourg Commission
301、 de Surveillance du Secteur Financier(CSSF)and is regulated by the Central Bank of Ireland for conduct of business rules and Convera Europe Financial S.A.(registered with the Luxembourg Registre de Commerce et des Socits under number B264303,Registered Office Address:OBH Building,6B rue du Fort Nied
302、ergrunewald,L-2226,Luxembourg)which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF)and is regulated by the Central Bank of Ireland for conduct of business rules.ItalyThis document is a financial promotion and has been prepared and approved by Conve
303、ra Europe S.A.,Italy Branch and Convera Europe Financial S.A.,Italy Branch.Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in Italy through Convera Europe S.A.,Italy Branch,which has a registered place of business at Piazza San S
304、ilvestro 8,00187 Rome,Italy,is registered in the Milano-Monza Brianza-Lodi Enterprises Register no.12573060964,tax code and VAT no.12573060964 and is a branch of Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Number B262832,Registered Office Address:OBH
305、 Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg;Sole Shareholder(and therefore subject to the direction and coordination activity of):Convera International Holdings Limited),which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF)and Conver
306、a Europe Financial S.A.,Italy Branch,which has a registered place of business at Piazza San Silvestro,8,00187 Rome,Italy,is registered in the Milano-Monza Brianza-Lodi Enterprises Register no.12573070963,tax code and VAT no.12573070963 and is a branch of Convera Europe Financial S.A.(registered with
307、 the Luxembourg Registre de Commerce et des Socits,Company Number B264303,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg,Sole Shareholder(and therefore subject to the direction and coordination activity of):Convera International Holdings Limited)which is auth
308、orized and regulated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF).MaltaConvera is a global leader in providing foreign exchange products and services and payment solutions and does business in Malta through Convera Malta Financial Limited(“Convera”),a limited company regis
309、tered in Malta(Company Number C22339)with its registered office at W Business Centre,Level 5,Triq Dun Karm,Birkirkara By-Pass,Birkirkara,BKR 9033,Malta and which is licensed and regulated by the Malta Financial Services Authority to undertake the business of a financial services in terms of the Fina
310、ncial Institutions Act)The NetherlandsThis document is a financial promotion and has been prepared and approved by Convera Europe S.A.and Convera Europe Financial S.A.Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in The Netherl
311、ands through Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits under number B262832,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg),which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur F
312、inancier(CSSF)and Convera Europe Financial S.A.(registered with the Luxembourg Registre de Commerce et des Socits under number B264303,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and regulated by the Luxembourg Commission de Surveillanc
313、e du Secteur Financier(CSSF).PolandThis document is a financial promotion and has been prepared and approved by Convera Europe S.A.,Poland Branch and Convera Europe Financial S.A.,Poland Branch.Convera is a global leader in providing foreign exchange products and services and payment solutions.In Po
314、land,Convera does business through Convera Europe S.A.,Oddzia w Polsce(Poland Branch),which has a registered place of business at Ethos building,Plac Trzech Krzyy 10/14,00-499 Warsaw and is a branch of Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Numb
315、er B262832,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald Luxembourg)which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF)and Convera Europe Financial S.A.,Oddzia w Polsce(Poland Branch),which has a registered place of busine
316、ss at Ethos building,Plac Trzech Krzyy 10/14,00-499 Warsaw and is a branch of Convera Europe Financial S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Number:B264303,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald Luxembourg)which is authorised an
317、d regulated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF).LuxembourgThis document is a financial promotion and has been prepared and approved by Convera Europe S.A.and Convera Europe Financial S.A.Convera is a global leader in providing foreign exchange products and service
318、s and payment solutions and does business in Luxembourg through Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits under number B262832,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and regulated by the
319、Luxembourg Commission de Surveillance du Secteur Financier(CSSF)and Convera Europe Financial S.A.(registered with the Luxembourg Registre de Commerce et des Socits under number B264303,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226,Luxembourg)which is authorised and reg
320、ulated by the Luxembourg Commission de Surveillance du Secteur Financier(CSSF).SpainThis document is a financial promotion and has been prepared and approved by Convera Europe S.A.,Sucursal en Espaa/Convera Europe Financial S.A.,Sucursal en Espaa.Convera provides foreign exchange products and servic
321、es and payment solutions and does business in Spain through Convera Europe S.A.,Sucursal en Espaa(registered in the Mercantile Registry of Madrid in volume 44.501,book 0,folio 104,section 8,sheet 784083,registration 1,with NIF W0255059H and registered office at Calle Jos Abascal 41,28003 Madrid,Spai
322、n),which is the Spanish branch of Convera Europe S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Number B262832,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226 Luxembourg)which is authorised and regulated by the Luxembourg Commission de Sur
323、veillance du Secteur Financier and Convera Europe Financial S.A.,Sucursal en Espaa(registered in the Mercantile Registry of Madrid in volume 44.501,book 0,folio 112,section 8,sheet 784083,registration 1,with NIF W0255072A and registered office at Calle Jos Abascal 41,28003 Madrid,Spain),which is the
324、 Spanish branch of Convera Europe Financial S.A.(registered with the Luxembourg Registre de Commerce et des Socits,Company Number:B264303,Registered Office Address:OBH Building,6B rue du Fort Niedergrunewald,L-2226 Luxembourg)which is authorised and regulated by the Luxembourg Commission de Surveill
325、ance du Secteur Financier.SwitzerlandConvera is a global leader in providing foreign exchange products and services and payment solutions and does business in Switzerland through Convera Switzerland,LLC,Zurich Branch(“Convera”).Convera has a registered place of business at Werdstrasse 2,P.O.Box 2063
326、,8021 Zurich,Switzerland.Convera is organised in the United States.Therefore,it is subject to United States rules and regulations with respect to certain transactions with its clients.However,Convera is not registered with the U.S.Commodity Futures Trading Commission as a Commodity Trading Advisor,a
327、s a Swap Dealer,or in any other capacity.Convera is not a member of the U.S.National Futures Association.Protections that would otherwise be available under the U.S.Commodity Exchange Act,the rules of the U.S.Commodity Futures Trading Commission,or the rules of the U.S.National Futures Association w
328、ill not be available in connection with a clients relationship with,or transactions with,Convera.United KingdomConvera is a global leader in providing foreign exchange products and services and payment solutions and does business in the UK through Convera UK Limited(“Convera”).Convera(registered in
329、England and Wales,Company Number 04380026,Registered Office Address:Alphabeta Building,14-18 Finsbury Square,London EC2A 1AH)is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017(Register Reference:517165)for the provision of payment services and is registered as a Money Service Business with HM Revenue&Customs(Registered No:12140130).1336298783- 2024 Convera Holdings,LLC.All rights reserved.
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