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SAUDI PAYMENTS BECOMES NEXO STANDARDS’ FIRST MEMBER FROM SAUDI ARABIA

SAUDI ARABIA

nexo standards, the international association dedicated to enabling global interoperability in payment acceptance, today welcomes Saudi Payments as its latest Principal Member and the first in the association’s history from the Kingdom of Saudi Arabia.

Saudi Payments is a wholly owned subsidiary of the Saudi Arabian Monetary Authority. It develops secure, interoperable and national payment infrastructures serving banks and fintechs, providing the standardization required to ensure all providers operate on a level playing field.

It is currently developing a new best-in-class Terminal Management System (TMS) using the nexo TMS Protocol to reduce the development times and administration efforts of implementing new point of sale (POS) devices. As a Principal Member of nexo standards, Saudi Payments can provide input on the technical and strategic direction of the nexo specifications and messaging protocols. Additionally, Saudi Payments is eligible to participate in meetings including the nexo General Assembly where it can provide input on the association’s strategy and vote in the election of the Board of Directors.

“Saudi Payments has a unique role in enabling electronic payments. As the national payment scheme and operator of all national payment systems in the Kingdom of Saudi Arabia, we are responsible for all related specification and certification activity,” comments Ziyad Al Yousef, Managing Director, Saudi Payments. “Utilization of the nexo specifications and protocols will transform the standardized payments platform we offer our stakeholders. With a nexo-based platform, we can dramatically simplify adoption and integration, while ensuring interoperability and a common user experience. We look forward to working with the association to develop new and enhance the existing nexo specifications for payment services. Additionally, we plan to continue our vital role in enabling the public and private sectors to connect with domestic and international payment services, helping to develop the Kingdom’s payment infrastructure.”

Saudi Payments supports the government’s Financial Sector Development Program, a part of the Kingdom’s Vision 2030 Program. Saudi Payments operates to international standards, connecting local and international service providers with payment networks, reducing the need for cash payments.

nexo standards enables fast, interoperable, borderless and global payments acceptance by standardizing the exchange of data between merchants, acquirers, payment service providers and other payment stakeholders. Its specifications and messaging protocols adhere to ISO20022 standards, are universally applicable and freely available globally.

“The achievements of Saudi Payments in embracing open standards and increasing payment interoperability across Saudi Arabia are a real testament to its work and a strong example of the important role that standards play in today’s global economy,” comments Claude Brun, Chairman, nexo standards. “We are excited to see interest in nexo standards expanding to new regions such as Saudi Arabia and we look forward to Saudi Payments sharing its expertise, knowledge and experience with our members.”

To learn more about becoming a member of nexo standards visit the nexo website.

 

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ERSTE BANK HUNGARY IMPROVES AND SECURES THE REMOTE BANKING EXPERIENCE WITH ONESPAN MOBILE SECURITY

ONESPAN

Leading Hungarian bank deploys OneSpan’s Mobile Security Suite to one million customers to make mobile banking convenient while fighting fraud and meeting PSD2 requirements

 

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the leading banks in Central and Eastern Europe, has integrated OneSpan’s Mobile Security Suite into its banking app MobilBank. Erste Bank Hungary selected Mobile Security Suite to enable and protect online and mobile transactions and to comply with PSD2 requirements for authentication and dynamic linking.

The European Payment Council has stated that social engineering attacks continue to increase and remain instrumental in fraud schemes, often in combination with malware.[1] Erste Bank Hungary chose to implement OneSpan’s Mobile Security Suite to protect against potential social engineering and malware attacks directed at its customers. OneSpan’s technology enables banks to integrate application shielding, biometric authentication and transaction signing.

Erste Bank Hungary added Mobile Security Suite’s Cronto visual transaction signing to replace the bank’s SMS authentication with push authentication for login and transaction signing. This new process improves security and eliminates significant costs related to SMS delivery. OneSpan’s Cronto technology also helps fight social engineering attacks like phishing, while enhancing the customer experience by  enabling transaction signing using a color QR code.

“OneSpan’s proven technology will help us maintain our leading position in the market without compromising on security or the customer experience,” said Erste Bank Head of Digital Services, Akos Andras Molnar. “As part of this roll-out, our customers can also make online purchases using push notification with any retailer connecting to Erste Bank via the 3-D Secure protocol.”

“Criminal hackers continue to target banking customers as social engineering remains a preferred technique,” said OneSpan CEO, Scott Clements. “In their search for security solutions, banks need to consider cost, convenience and regulatory compliance. OneSpan’s technologies address these concerns so that banks can focus on providing a secure and convenient customer experience.”

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HOW WILL LENDERS TREAT THE FINANCIAL SYMPTOMS OF COVID19?

FINANCIAL

COULD the coronavirus pandemic spark a financial crisis similar to that which was seen in 2008? Tim Kirby, Group Commercial Director of the global fintech Monevo, a personal lending marketplace and platform, discusses how Covid-19 could play out for lenders.

The 2008 financial crisis, explains Kirby, was about credit over-exposure. While strains are apparent in the money markets today, it is not 2008, when risky mortgage investments in the US banking sector and into the UK caused everything to collapse.

Kirby said: “The financial crash was self-inflicted for many reasons, including poor income verification, poor credit quality assessment and poor employment verification (self-certification). It was asset-backed predominantly as it was led by sub-prime mortgage lending.

“My thoughts are that once the virus is contained, the economy will most likely turn back on within a few months, however recovery to current levels will be somewhat longer.”

Kirby predicts that it is very possible this downturn will be shorter than the 2008 financial crisis based on a number of factors.

He said: “The financial crash was either at a house purchase level or encouraging debt consolidation through re-mortgaging that placed unsecured debt into secured debt over a longer term. The consumer then ramped up unsecured debt again with the same poor assessment applied and eventually ran out of headroom.

“This was propped up by the capital markets and warehouse funding lines being supported through securitisation models that rated the loans held in the bonds as AAA.”

Kirby adds that the coronavirus outbreak is more micro and consumer-led than the recession was.

“There is still a great deal of uncertainty, but consumers are certainly going to experience affordability difficulties in the short-term, perhaps three to six months,” Kirby explains. “Lenders are already tightening their criteria and that could lead to more tactical initiatives being introduced.”

Kirby points to the potential introduction of black-listing certain occupation types most affected, and reducing opening balances to applicants that they are most prepared to lend to.

He said: “At Monevo, we have been speaking to lenders who are predicting a 50% slow down, with some pausing to assess short-term strategies, as clearly there are aspects of credit / risk scorecards that aren’t working at the moment.”

Kirby also adds that access to capital markets will be a challenge in the short term: “Lenders who don’t lend off balance sheet may become constrained and you would have to question the Peer-to-Peer lender impact as the returns and appetite of investors could be under threat.”

“Additionally, those lenders nervous about funding certain cohorts of consumers, now have those very same consumers currently in their loan books.

“So, for lenders, focussing on forbearance and other support activity to protect these consumers in the short term of 3-6 months, will be a priority.

Kirby takes the view that it is important lenders relieve some repayment pressure from consumers in the short term, so they can rehabilitate when the new normal arrives.

“Lender feedback in the last week is that they haven’t seen a massive increase in defaults, it’s very early days though. Anecdotal feedback from lenders that are strong and well-funded is that they expect strong growth when the market returns, and that those who are optimised and agile will see an upswing.

“What I am hearing, is that consumers will remedially seek liquidity through debt, as the world normalises to address the short-term pain being experienced at present.”

Kirby adds that lenders who look at credit risk closely when the upturn comes in three to six months could see dramatic growth, albeit from a reduced base.

He added: “From Monevo’s perspective, day trading is difficult to predict and lenders are re-assessing short-term strategies.  We are using the time at present to apply additional focus on our internal tech pipeline in driving the product development roadmap forward to continue to deliver great solutions for our partners.

“We want to ensure when normality returns and the upswing in both demand and supply inevitably happens, that we are supporting our origination partners and the lenders on our panel as effectively as possible.”

 

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