Keep up to date with the world

The digital banking era is upending traditional payment solutions and transforming the global financial industry in the process. And this is on both the corporate and consumer level with changes in payments solutions reaching into every facet of the international economy.

When it comes to digital banking and compliance, robust KYC practices not only prevent fraud and financial losses but also strengthen a firm’s ability to conduct business with confidence. This is typically because of the four key elements of strong KYC practices that make sure firms know who they’re doing business with and what to expect from that relationship.

One of the more vexing problems of the modern age when it comes to international business is that regulatory regimes often do not keep pace with technological innovation. Nonetheless, novel solutions to B2B cross-border business have emerged in the form of virtual IBANs, financial instruments that drive the innovation economy and enable new, powerful business models.

The year 2020 saw many of the innovations and prognostications of analysts come true as contactless payments and digital banking solutions drove the field of Fintech innovations. Looking ahead, however, 2021 could be the year that consolidates much of this growth and prepares the economy for the next stage of digitization.

The recipe for success in the e-commerce business is much the same as any other entrepreneurial endeavor except it comes with many opportunities for growth and leverage that physical businesses don’t have.

As part of a European Union mandate called the Revised Directive on Payment Services, or (PSD2), merchants operating in the EU economic zone must use payment service providers within the European Economic Area that offers what is known as strong customer authentication.

Now, in 2021, and with the Brexit negotiations in their rearview mirror, the EU market is looking to digital banking solutions to help address problems of inequality, sustainability, and supporting a circular economy.

The promises of the European Union single market, while not full borne out in the reality of the business world, where the same are actually still far from the dream promised when it comes to the virtual single market. What does this mean?

Now, in 2021, and with the Brexit negotiations in their rearview mirror, the EU market is looking to digital banking solutions to help address problems of inequality, sustainability, and supporting a circular economy.

Analysts see five major trends on the horizon for 2021 in how things will change for the payments industry and digital banking services including enhanced automation to more robust identity verification as well as authentication technology.

Not only is the extension of digital banking services and digital payments solutions integral to the growth of mobile and online marketplaces, but also it is central to the monetary revolution taking place right now with cryptocurrencies and the rise of a cashless economy.

What are some of the major forces driving the corporate banking digitization process? What are the factors and trends behind some of the most seismic moves in recent years in this otherwise quite conservative industry? What are the main key-topics we should have on our radar in order to stay ahead of our business competitors and be the first to learn what would be the next “big thing”?