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The Weekly Wrap: all you need to know by Friday COB | July 1st

By Gaia Lamperti

July 01, 2022

  • APP
  • Confirmation of Payee
  • Cybersecurity
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The Weekly Wrap

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Premium subscribers only.

The Big Story

The implementation of the new ISO 20022 payment messaging will be delayed by the Federal Reserve by two years to 2025. The announcement of the revised deadline came in response to bank concerns that it was prioritising the introduction of the new messaging format to the detriment of the rollout of the FedNow real-time transfer network, which is also set to debut in November 2003.

The Fed had previously set a deadline of November 2023 for cutover to the extended payment message format, in line with its implementation by Swift and other global money transfer networks. In addition to shifting the deadline, the central bank is also implementing a revised testing strategy to help banks to alleviate resource constraints.
“The board believes that shifting the implementation date for the migration of the Fedwire Funds Service to the ISO 20022 format to March 10, 2025, rather than targeting November 2023 as proposed, should mitigate commenters’ concerns regarding resource constraints in light of the launch of the FedNow Service,” the Fed board declared.

Deals of the week

  • MNT-Halan closes $150 million securitized bond issuance
  • Kiavi closes $218 million revolving securitisation of residential transition loans
  • Getvantage raises $36 million to expand its revenue-based financing platform
  • Zilch extends its Series C funding round by $50 million, bringing the total to $160m
  • Ophelos raises £5 million in Seed funding led by AlbionVC
  • Credibly announces the acquisition of ProApprove
  • Mastercard and Paysafe deepen collaboration with the integration of Mastercard Send

Be on the lookout for

Rise in APP fraud. The latest UK Finance report found that more than £580mn was lost in 2021 to authorised push payment (APP) fraud, a 40% increase since 2020, as criminals continue efforts to exploit the pandemic. David-Jan Janse, CEO & Co-Founder of SurePay, a company providing Confirmation of Payee service in the UK, commented: “Fraudsters are restless in finding new ways of tricking people out of their money and the solutions they are deploying are becoming increasingly sophisticated. The worst part is that they’re targeting the most vulnerable – either new entrants in the digital payments space or the large pockets of the financial services sector still left without appropriate processes and technologies to prevent fraud.”

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