Lipis Advisors - Global Payment Strategy

We are happy to share that R. Andrew Gómez has been reappointed to the U.S. Faster Payments Council (FPC) Board Advisory Group for 2024! 🎉 Congratulations to Andrew and all the other board members!   Since its establishment in 2020, the FPC Board Advisory Group has helped address various challenges related to faster payments, including the formation of new work groups and successful use cases for faster payments in the U.S.   About the U.S. Faster Payments Council (FPC): The FPC is an industry-led organization dedicated to creating a top-tier payment system in the U.S., where transactions are safe, secure, and near-instantaneous. The FPC brings together diverse stakeholders to address challenges and drive innovation in faster payments. For more information, please visit FasterPaymentsCouncil.org.   🔗 Check out the full announcement here: https://lnkd.in/gUCiMT5K   #FasterPayments #Innovation #Payments #PaymentsLeadership #FPC2024 #FPCBAG

Have you ever imagined paying for your wedding with instant payments - it’s possible in India with UPI.   In this video Anurag Dubey shares how he managed to cover almost 95% of his wedding expenses using UPI with just a few taps on his phone, showcasing UPI's widespread adoption and convenience, even for significant life events such as weddings.   Anurag also discusses UPI’s transformative impact on India’s payment ecosystem and the challenges and opportunities faced by businesses and consumers.    🔗 Check out the full episode for more insights on UPI here: https://lnkd.in/edGYGANJ   Thank you, Payments Professor "Kevin Olsen", for having us on your podcast!   #DigitalPayments #UPI #FinTech #Innovation #PaymentsPodium #FinancialInclusion #India #instantpayments

Key Updates from South Africa on Digital Financial Inclusion 🌍 The South African Reserve Bank (SARB) has released its national digital payments roadmap, aiming to adopt two-factor authentication for digital payments security. Here are the key highlights: 📜 Enabling Regulatory Framework: Revising the NPS Act to enhance innovation and competition, allowing fintechs and retailers to offer comprehensive digital payment services, making digital payments more accessible for all. 💡 Innovation: Developing standards for API usage and open banking to ensure seamless transactions and further innovative payment solutions, enhancing customer experience. 🔧 New Technologies: Promoting the use of regtech, suptech, AI, and big data to speed up regulatory processes, reduce compliance costs, and encourage adoption of digital payments across all market segments. This roadmap for change is just the start, pushing stakeholders to adapt and deliver safe, affordable, and convenient digital payment solutions. It aims to unlock the full potential of digital payments in South Africa. 🔗 For more information, visit the following link or see below: https://lnkd.in/g5d7qZN8 #FinancialInclusion #DigitalPayments #Fintech #Innovation #SouthAfrica #Regtech #OpenBanking #AI #BigData

Latest Update on the EU's Fight Against Money Laundering! Introducing the Anti-Money Laundering Authority (AMLA), set to be fully operational by January 2028! AMLA is poised to transform AML/CFT supervision across the EU in its battle against financial crime. Key Highlights: 🔍 Direct Supervision: AMLA will oversee high-risk cross-border financial institutions to ensure robust anti-money laundering measures. 📋 Standard Setting: The authority will develop and enforce AML/CFT standards, offering clear guidelines for financial institutions. 🤝 Coordination: AMLA will strengthen cooperation among national AML supervisors and Financial Intelligence Units (FIUs). This groundbreaking initiative, supported by recent legislative developments, aims to harmonize AML/CFT rules across the EU, enhancing transparency and security in the financial system. By leveraging resources and expertise from the European Banking Authority (EBA), AMLA will create a unified front against money laundering and financial crime. 📄 For more details, check out the factsheet here: https://lnkd.in/e937fBsR #AML #MoneyLaundering #Finance #EU #AMLA #Compliance #FinancialSecurity

On July 1st, the Markets in Crypto-Assets Regulation (MiCAR) went live, bringing essential oversight to the EU crypto market. The European Banking Authority (EBA) has released a package of technical standards and guidelines to keep our crypto ecosystem safe and secure. What's in the package? ▶ Own Funds: Issuers of asset-referenced and e-money tokens need to meet strict own funds standards, including risk assessments and increases in own funds standard. ▶ Liquidity: Clear liquidity requirements ensure issuers maintain a healthy reserve of assets, with guidelines for diversification and over-collateralization. ▶ Liquid Assets: Standards for highly liquid financial instruments ensure that they are aligned with referenced assets, setting concentration limits by the issuer. ▶ Recovery Plans: Issuers must have solid recovery plans, meaning clear communication and disclosure strategies. What’s Next? Developed with the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB), these rules aim to strengthen market integrity and protect investors. The next step is to implement and enforce. Check out the full details here: https://lnkd.in/euJbWyEY 

The Bank for International Settlements – BIS have reached a new milestone in Project Nexus, completing the phase three blueprint, aiming to enhance cross-border payments. Being overseen by several Central banks and regulators. Here are the key points: ➡ Speed & Efficiency: Nexus aims for a delivery time of 60 seconds or less for cross-border payments by linking domestic instant payment systems (IPS). ➡ Standardized Interlinking: Nexus plans to simplify connections between IPS. Each system connects once to Nexus, opening access to all participating countries, making payments easier and more scalable. ➡ Flexible Participation: Institutions will be able to choose roles as Payment Service Providers (PSP), FX Providers (FXP), or Settlement Access Providers (SAP), adapting to a businesses needs. ➡ Joint Ownership: When implemented, Nexus will be managed by the not-for-profit Nexus Scheme Organisation (NSO), jointly owned by participating countries. The NSO ensures compliance with regulations and high operational standards. ➡ Security & Resilience: Nexus uses APIs and ISO 20022 messages for secure communication between IPS, ensuring data protection and resilience. The next steps: Phase four's goal is to expand the potential user base to India’s Unified Payments Interface (UPI). Starting with the ASEAN-5 countries, Nexus plans to connect more IPS globally, increasing benefits and reducing costs. Learn more about Nexus - https://lnkd.in/g6-y5eex #ProjectNexus #BIS #interlinkingFPSASEAN

Happy Friday everyone! We’re always interested in the evolution of instant payment systems globally. Brazil’s Pix and India’s UPI stand out as top leaders in the sector, each covering 75% of their countries’ populations. Here are three intriguing points comparing Pix and UPI based on recent interviews from the EPC: Transaction Volume: Pix: Processed over 42 billion transactions in 2023, totaling $3.5 trillion USD in value. UPI: Outperformed with over 117 billion transactions in 2023, totaling $2.19 trillion USD in value. Key Success Factors: Pix: Thrives on a strong communication strategy and no fees for individuals initiating an account, fostering a user-centric approach. UPI: Benefits from India's vision of a digitally empowered society, supported by the Reserve Bank of India's progressive regulations. Future and International Expansion: Pix: Exploring global interlinking to facilitate cross-border transactions, aligning with G20 goals. This could be bilateral or multilateral. UPI: Already enables payments in multiple countries (e.g., Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE), ensuring a secure and seamless payment experience. Both systems showcase innovative approaches to instant payments, driving financial inclusion and transforming digital economies. At Lipis Advisors, we are keen to expand our horizons and learn from the innovations driving these payment systems. #PIX #UPI #NPCI #instantpayments #FPS For more information about the EPC interviews, check out: Pix: https://lnkd.in/e3fm3Tf5 UPI (NPCI): https://lnkd.in/euCjCq5V

#LatePost A few weeks back, I had an opportunity to participate in the 6th edition of the Nordic Blockchain Conference organised by the Nordic Blockchain Association in Copenhagen. During the conference, I participated in a panel discussion on “Wholesale CBDCs & Interoperability”, and as an industry expert in the “The Future of Banking and Payments” roundtable discussion. I would like to thank my fellow panelists Tamar Giorgobiani (National Bank of Georgia), Tamara Ferreira Schmidt (Digital Euro Association), and Håvard Kittelsen (Norges Bank) for a lively discussion, and Courtney Lamar Williams (INATBA - International Association for Trusted Blockchain Applications) for facilitating this discussion. Congratulations Cizar Bachir Brahim for successfully moderating and organising a great roundtable. The two day event left me with a lot of food for thought and was a great platform for catching up with old friends and meeting new ones: Farhad Rasouli David Dolhomut Alex Baran Fredrik Billing Yannik Heinze David Kurz Ben Dovey George Kireulishvili Johannes Norrbacka Aliya Das Gupta Lima Curtis Magnus Jones Tatsiana Turgot

Exciting Insights from the Payments Innovation Alliance (PIA) in Berlin! R. Andrew Gómez had the pleasure of speaking with the Payments Professor "Kevin Olsen" about some significant developments in the world of electronic payments, particularly the comparison and differences between the EU and US that are essential for the US to keep an eye on: 💶 Regulation on Verification of Payee (VOP): New rules to ensure the limitation of fraud. 💶 Instant Credit Regulation: Starting January 2025, all Payment Service Providers in the EU must support receiving instant payments with no extra fees compared to regular transfers. While these regulations are currently EU-focused, they highlight essential aspects of consumer trust and fraud prevention that the US might benefit from considering in the future. Thanks again to the Payments Professor for the engaging conversation! Stay tuned for more updates from us in the near future. #PIABerllin #paymentsprofessorPIA #VOP #instantpaymentregulation2025 #EUpaymentslandscape 

Crypto week - Digital Euro Update How is the development of the Digital Euro project progressing? Since its launch in 2021, the European Central Bank (ECB) has been diligently working on designing a digital euro to facilitate easier payments across the euro area. Here are some recent advancements in the Digital Euro project: ▶ Privacy by Design: A digital euro could be used offline, with transaction details only visible to the sender and receiver. ▶ Easy Digital Euro Payments: Payments could be made through existing banking apps or via a new digital euro app. ▶ Standardized Payment Rules: A rulebook with common standards will ensure digital euro payments are widely accepted in the euro area, just like cash. Currently, the ECB is focusing on laying the technical foundations for the development and potential launch of a digital euro. By the end of 2025, the ECB's Governing Council will decide whether to move to the next phase of the project, considering the discussions about the digital euro legislative framework currently under review by European legislators. 📃 Access the latest Digital Euro progress report here: https://lnkd.in/eXi6JMiz #DigitalEuro #ECB #FinTech #Innovation #Finance #Cryptocurrency #Blockchain