Standard Chartered Bank will be expanding and enhancing its suite of payments solutions with a focus on facilitating faster, and more cost effective businesses to business (B2B) transactions as it has now joined Visa B2B Connect, a multilateral payment network that enables faster and frictionless account-to-account cross-border payments for its corporate clients.

Built upon Visa’s extensive global network, Visa B2B Connect offers multilateral connectivity to all network members through a single connection with transparent timeframes and costs, offering predictability and cost effectiveness. These capabilities help meet the needs of corporates of all sizes that are actively looking at ways to achieve quicker, more secure, and more efficient cross-border payments.

The Bank will also act as one of Visa’s settlement partners within the network. In this capacity, it will facilitate payment flows, including settlement accounts, funds movement and FX capabilities for Visa.

Philip Panaino, global head of cash at Standard Chartered, said: “We are delighted to build on our existing partnership with Visa to deliver this innovative and future-ready cross border payment network offering to our clients. We will join as a participant bank and as Visa’s new settlement partner for a set of currencies.”

Launch and roadmap

Standard Chartered will provide Visa with the ability to extend additional settlement currencies and locations to its participant banks. Furthermore, the API solution offered by Standard Chartered supports the network design to allow network participants to benefit from the transparency of their payment status at any point in time. It does so by facilitating seamless payment and auto reconciliation.

Standard Chartered is currently the settlement bank for Visa B2B Connect in the United Arab Emirates and is also a new settlement bank for Singapore, with additional plans underway to include the United States. The strength of the Bank’s FX liquidity capabilities and market presence also allows payments initiated in Singapore Dollars (SGD) and United Arab Emirates Dirham (AED) or other settlement currencies to be delivered to up to 100 currencies, further enhancing Visa’s network and client experience.

The service will initially be available for Standard Chartered Singapore clients, although more entities will be added to the network in the months ahead.

Through application programming interface (API) connectivity between Standard Chartered and the Visa B2B Connect network, transactions will be routed directly to Visa for further processing, removing multiple intermediaries and the associated costs and delays.

Supporting corporates on their payments journeys 

Pananio added: “In today’s increasingly interconnected world, both corporates and payment networks are constantly looking for solutions and partners that can help them simplify cross border transactions and improve operational efficiencies, without compromising on security. Our engagement in the Visa B2B Connect network – both as a participant and as a settlement bank – is yet another way we are delivering value add to the broader ecosystem as we support corporates on their payments journey.”

“Visa is committed to modernising cross-border payments around the world and the collaboration with Standard Chartered will extend our network even further,” said Ben Ellis, senior vice president, global head of Visa B2B Connect at Visa. “We are excited to be partnering with Standard Chartered to simplify and speed up transactions for their clients, cutting out middlemen and reducing costs for a more efficient and secure way to move money globally.”

Mastercard has unveiled a range of AI-powered security solutions and forged industry partnerships with Verizon, NatWest, Entersekt and Global Anti-Scam Alliance in a mission to tackle the rise of scams and impersonation fraud.

By combining its identity, biometric, AI and open banking capabilities into the ‘Scam Protect’ suite of solutions, Mastercard hopes to safeguard consumers across a wide range of scams, from card-based and account-to-account payments to fraudulent account openings.

In 2023, people in the US lost $12.5billion to internet scams, while in the UK, fraudsters were responsible for nearly 1.4 million thefts during the first half of 2023 – the equivalent of one every 12 seconds.

“Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognise,” comments Chris Reid, EVP of identity solutions at Mastercard. “Building on our innovations in AI and key partnerships, we are supporting financial institutions with insights to better detect and prevent scams, while helping consumers learn how to spot them.

Industry collaborations

Mastercard has also teamed up with industry partners to tackle scams, mitigate their impact, and educate consumers.

Telcos

Leveraging Verizon’s network capabilities, which provide advanced data analytics and insights, along with research reports like the Verizon Data Breach Investigations Report (DBIR), Mastercard aims to address emerging cybersecurity threats.

Building upon their longstanding partnership, Mastercard and Verizon are working together to develop innovative solutions to protect consumers from scams across various channels. By integrating Mastercard’s identity insights with Verizon’s network technologies, these collaborative efforts aim to create advanced tools capable of more accurately identifying and blocking scammers.

“The security landscape is constantly evolving, as are scammers’ techniques, but one constant has been social engineering – using texts and phone calls to coerce people,” said Kyle Malady, CEO, Verizon Business. “Verizon and Mastercard share a commitment to helping protect consumers from security threats. By combining our expertise, we’re building solutions to identify and thwart scammers before they initiate contact.”

Financial institutions

NatWest has implemented Mastercard’s AI-powered Consumer Fraud Risk solution.

Nick Elliot, head of payment fraud, NatWest, commented: “As the sophistication of scams has progressed, so has our real-time monitoring and prevention of fraud. Together with Mastercard, we are using the power of AI to identify payments to fraudsters and stop them before money is lost. In combination with our programme of consumer education and guidance on precautions, we are enhancing the safeguards for all our customers.”

Mastercard has also teamed up with Entersekt, a global financial authentication company, to utilise Mastercard Identity in the fight against scams. Entersekt employs Mastercard’s behavioural biometrics to enhance security for high-risk transactions, verifying sender biometrics to authenticate each transaction and protect senders from potential fraud before funds leave their bank account.

Consumer protection

Mastercard is a supporting member of the Global Anti-Scam Alliance, which protects consumers worldwide from scams through awareness campaigns. Together with the Global Anti-Scam Alliance, Mastercard will share knowledge and define joint actions to advocate for safe and secure ways to transact, interact and protect consumers.

As part of the Alliance, Mastercard recently helped establish the Global Anti-Scam Alliance chapter in Singapore, bringing together organisations in the region to collaborate on new solutions to protect consumers.

“We are pleased to welcome Mastercard to the Global Anti-Scam Alliance,” said Jorij Abraham, managing director, Global Anti-Scam Alliance. “Mastercard’s industry expertise and innovative technology will support our global network’s commitment to stopping scams and protecting consumers. We look forward to our continued collaboration in educating and empowering consumers worldwide.”

Exploring the latest trends and advancements in the tech world, Tech Summit Europe is back on 18 April 2024 at the Postillion Hotel & Convention Centre in Amsterdam. 

Over 100 speakers will be offering diverse perspectives on the event’s theme of ‘transforming tomorrow’. In addition to the lineup, the event will provide insights on cutting-edge technologies and offer valuable networking opportunities.

With an emphasis on collaboration and knowledge exchange, the summit will host more than
100 sessions, covering a wide spectrum of topics ranging from artificial intelligence and
blockchain to cybersecurity and digital transformation.

Last year’s Tech Summit Europe drew over 3,000 attendees who immersed themselves in a
wealth of information provided by industry leaders. This year, the event aims to surpass
expectations, providing an even larger platform for professionals, startups, and tech enthusiasts
to connect, share ideas, and envision the future of technology.

“We are excited to bring together the brightest minds in the industry to explore the transformative
power of technology,” said Nicole, CTO at Tech Summit Europe. “The Postillion Hotel &
Convention Centre in Amsterdam will be a hub of innovation, fostering collaboration and sparking
discussions that will shape the future of tech.”

FinTech Scotland, the industry body boosting the fintech economy in Scotland, is sending a delegation of Scottish fintech firms to New York, in collaboration with the UK Department for Business and Trade (DBT).

Led by Nicola Anderson, CEO of FinTech Scotland, the organisation will be joined by representatives from Terrapin, Tindeco, GrandBequest, as well as Broker Insights, to participate in New York Tartan Week and New York FinTech Week, representing the dynamic Scottish fintech sector on the global stage.

As part of the Tartan Week celebrations, DBT, FinTech Scotland and Scottish Financial Enterprise (SFE) hosted a fintech reception on 4 April 2024. The event looked to celebrate and strengthen the financial relationship between Scotland and the US.

During New York FinTech Week, FinTech Scotland and the four accompanying fintech firms have the opportunity to engage in a series of strategic activities aimed at raising their international profile and exploring the US market.

Activities include participating in reverse pitching sessions, a unique opportunity where investors pitch to fintech companies, roundtable discussions, meetings with investors and banks, as well as various speaking engagements.

Nicola Anderson commented: “Our participation in Tartan Week and New York FinTech Week is a fantastic opportunity to highlight fintech innovations and expertise within the Scottish fintech cluster. We are excited to collaborate with our strategic partners PwC and the UK Department for Business and Trade to facilitate meaningful connections and explore new avenues for growth in the US market.”

ShowcasingScottish fintech in the US

UK Government Minister for Scotland John Lamont also attended the fintech reception as part of his visit to New York for Tartan Week, and said: “The UK Government wants to harness the immense potential of our transatlantic partnership and encourage US businesses to explore the exciting possibilities Scotland offers in the fintech sector.

“It’s fantastic that four Scottish companies will be attending New York FinTech Week to showcase their dynamic and innovative work. By collaborating with our US partners, we can encourage growth to create more highly-skilled jobs and opportunities.”

Participation in these events also reaffirms FinTech Scotland’s commitment to fostering international collaboration and showcasing the Scottish fintech cluster’s strengths. The delegation’s presence in New York represents a significant opportunity to create ties between the Scottish and US financial services sectors, promoting cross-border innovation and business opportunities.