Banking Technology June issue out now

Real-time payments and fraud

The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.

A note from our editor, Sharon Kimathi:

In this issue of the Banking Technology magazine, we’ll be focusing on cybersecurity and fraud in open banking and real-time payments.

Jim Wadsworth, senior vice-president at Mastercard, explains how collaboration and partnerships will beat the fraudsters in open banking. He draws attention to the challenges that arise when working with third-party providers (TPPs) when “banks have to deal with the reality that TPPs, with whom they often have no prior relationship and no requirement to establish a contractual agreement, are wanting to access their customers’ accounts”.

Wadsworth’s solution for ensuring the success of open banking in the future, is for organisations to collaborate, to solve these issues together, and ensure the vital architecture underpinning the ecosystem is robust and secure.

Doug Clare, vice-president at FICO, discusses the difficulty of striking a balance between offering real-time payments and security to customers. “It may be seen as unfair to leave consumers to bear the burden of losses to clever scammers but to expect banks to recompense when customers are negligent or claim fraudulently that they’ve been victims is also untenable.” He finds that failure to address the issue of liability adds reputational risk, damaging the bank’s credibility with potential customers.

We hope you find this month’s features and analysis insightful. Feel free to check out the website for all the latest news and industry reactions to the coronavirus crisis. From all of us at Banking Technology magazine, we hope you continue to stay strong and stay safe!