{"id":26799,"date":"2023-01-24T23:39:53","date_gmt":"2023-01-24T23:39:53","guid":{"rendered":"https:\/\/www.trulioo.com\/?page_id=26799"},"modified":"2023-06-09T16:49:45","modified_gmt":"2023-06-09T16:49:45","slug":"compliance","status":"publish","type":"page","link":"https:\/\/www.trulioo.com\/industries\/payments-identity-verification\/compliance","title":{"rendered":"Payments Regulatory Compliance"},"content":{"rendered":"\n<div class=\"bg-green-500\">\n    <div class=\"section\">\n        <h1 class=\"h2 lg:h1 mt-[180px] mb-[100px] text-green-900\" >How Can Payment Service Providers Overcome Global Regulatory and Compliance Challenges?<\/h1>\n            <\/div>\n<\/div>\n\n\n\n<div\n    class=\"section mb-16\"\n    x-data=\"{ current: 0 }\"\n>\n\t<article class=\"relative lg:grid lg:grid-cols-4 lg:gap-10\">\n\t\t<div class=\"mt-12 lg:mt-24\">\n\t\t\t<aside class=\"lg:sticky lg:top-24 lg:bg-white\">\n\t\t\t\t<p class=\"p-lg subheading text-black mb-10\">\n\t\t\t\tJump to:\t\t\t\t<\/p>\n\t\t\t\t                                                <a\n                                                        href=\"#understanding-the-payments-regulatory-compliance-landscape\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 0) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Understanding the Payments Regulatory Compliance Landscape                                                <\/a>\n                                                                                        <a\n                                                        href=\"#payment-regulation-fundamentals\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 1) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Payment Regulation Fundamentals                                                <\/a>\n                                                                                        <a\n                                                        href=\"#preventing-payment-fraud\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 2) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Preventing Payment Fraud                                                <\/a>\n                                                                                        <a\n                                                        href=\"#optimizing-payment-fraud-prevention\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 3) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Optimizing Payment Fraud Prevention                                                <\/a>\n                                                                                        <a\n                                                        href=\"#implementing-agile-payment-technologies\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 4) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Implementing Agile Payment Technologies                                                <\/a>\n                                                                                        <a\n                                                        href=\"#building-an-agile-payments-platform\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 5) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Building an Agile Payments Platform                                                <\/a>\n                                        \t\t\t<\/aside>\n\t\t<\/div>\n                <div\n                    class=\"lg:col-span-3\"\n                    x-data=\"{ count: 6 }\"\n                    x-init=\"document.addEventListener('scrollspy:ready', function() {\n                        let debounce;\n\n                        register_scroller($el, function() {},\n                            function(scroller) {\n                                \/\/ Prevent slowdowns by debouncing to 50ms\n                                const now = performance.now();\n                                if (now - debounce < 50) return false;\n                                debounce = now;\n\n                                \/\/ Each scroll event, determine which section is nearest to the top of the viewport\n                                let closest = { value: 99999, index: 5 };\n                                for (let i = 0; i < 6; i++) {\n                                    \/\/ If the sticky anchor is visible, determine if it is closer than prior anchors\n                                    const rect = $refs['sticky_' + i].getBoundingClientRect();\n                                    if (rect.top &gt;= 0 &#038;&#038; closest.value &gt; rect.top) {\n                                        closest = { value: rect.top, index: i };\n                                    }\n                                }\n                                \/\/ Update the visible image accordingly, and return false to keep the event listener enabled\n                                current = closest.index;\n                                return false;\n                            },\n                        )\n                    })\"\n                >\n\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_0\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='understanding-the-payments-regulatory-compliance-landscape' >Understanding the Payments Regulatory Compliance Landscape<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Digital payments are becoming the standard for moving money around the world and could <\/span><a href=\"https:\/\/www.pwc.com\/gx\/en\/industries\/financial-services\/publications\/financial-services-in-2025\/payments-in-2025.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">surpass 3 trillion transactions<\/span><\/a><span style=\"font-weight: 400;\"> per year by 2030, almost triple the 2020 level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are clear opportunities for payment service providers, whether through eCommerce, in-person mobile, peer-to-peer transactions or a variety of emerging technologies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But evolving digital payment models pose complex challenges. Integrating new cashless systems, defending against fraud and complying with shifting regulatory requirements can present major hurdles. Cross-border transactions add to the complexity with different payment systems and regulations.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_1\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='payment-regulation-fundamentals' >Payment Regulation Fundamentals<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Payment service providers generally face strict licensing, operational and compliance requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regulatory compliance often differs depending on where the payee is, where the recipient is, the payment amount and method, the payment networks involved, and the purpose of the payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite those differences, there are several common factors that play a role in compliance.<\/span><\/p>\n<p><b>Know Your Customer (<\/b><a href=\"https:\/\/www.trulioo.com\/blog\/kyc\"><b>KYC<\/b><\/a><b>)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Verifying customers\u2019 identity, understanding the nature of their financial activities and assessing their risk are fundamental to payments compliance. Partners in the payment chain generally expect payment service providers to have procedures in place to know who they are doing business with to reduce the risk of money laundering, fraud and other financial crimes.<\/span><\/p>\n<p><b>Anti-Money Laundering (<\/b><a href=\"https:\/\/www.trulioo.com\/blog\/aml-compliance\"><b>AML<\/b><\/a><b>)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">AML programs help ensure illegal funds don\u2019t enter the financial system. AML best practices include KYC procedures, <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/aml\/aml-requirements-payment-processors\"><span style=\"font-weight: 400;\">watchlist screening<\/span><\/a><span style=\"font-weight: 400;\"> for ties to corruption and ongoing monitoring for exceeded thresholds, suspicious transactions and status changes.<\/span><\/p>\n<p><b>Data Privacy and Security<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Securing payment information is essential to compliance and maintaining payment flow integrity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.pcisecuritystandards.org\/\"><span style=\"font-weight: 400;\">Payment Card Industry Data Security Standard<\/span><\/a><span style=\"font-weight: 400;\"> is a set of requirements for any business that stores, processes or transmits payment card data. Not every online payment method uses cardholder data, but modeling those requirements demonstrates robust data privacy and security.<\/span><\/p>\n<p><b>Merchant Onboarding<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Enabling merchants to provide digital payment options for customers adds a compliance layer. Business accounts can increase the risk of financial crime.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The processes for vetting people for payment accounts apply to <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/business-verification\/best-practices-merchant-onboarding\"><span style=\"font-weight: 400;\">merchant onboarding<\/span><\/a><span style=\"font-weight: 400;\">. But there are additional requirements for due diligence and risk management that help determine the merchant\u2019s legitimacy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When onboarding a merchant, payment service providers can consider:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The transaction level of the merchant and its network<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The industry and segments the merchant serves<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Transaction amounts and ranges<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment channels the merchant will use<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The countries where it operates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The resources required to properly vet and monitor the merchant<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Verifying a merchant commonly requires company name, registered business or tax identification number, and registered business address. Due diligence also might require the type of business, sales turnover, bank account details and beneficial ownership details.<\/span><\/p>\n<p><b>Standardizing Compliance<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Some payment companies focus their compliance to one region, while others take a holistic approach so they can meet regulatory requirements anywhere in the world. Adopting best practices can position payment service providers to adapt to any regulatory changes they encounter in different regions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That approach can create consistent data security, compliance and onboarding systems that help minimize costs, decrease failures and improve employee productivity.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/payments-insights-ave-industry-report.html\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-payments-sweet-spot-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-payments-sweet-spot-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-payments-sweet-spot-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Get the Industry Report<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Finding the Payments Sweet Spot Between Security and Speed<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn how to meet customer expectations by optimizing identity verification. Understand changing online behavior to find the payments sweet spot between security and speed.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_2\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='preventing-payment-fraud' >Preventing Payment Fraud<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Payment <\/span><a href=\"https:\/\/www.trulioo.com\/identity-verification-use-cases\/fraud-prevention\/fraud\"><span style=\"font-weight: 400;\">fraud prevention<\/span><\/a><span style=\"font-weight: 400;\"> programs help detect fraudulent accounts and transactions before they can do financial damage. Understanding evolving fraud threats, establishing robust onboarding and performing ongoing monitoring helps limit losses and protect customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Payment fraud includes:<\/span><\/p>\n<p><b>Synthetic Identity Fraud<\/b><b><br \/>\n<\/b><a href=\"https:\/\/www.trulioo.com\/blog\/fraud-prevention\/synthetic-identity-fraud\"><span style=\"font-weight: 400;\">Synthetic identity fraud<\/span><\/a><span style=\"font-weight: 400;\">\u00a0is among the fastest-growing types of ID theft. The fraudster combines fake and real information to create an identity. Synthetic identity fraud accounts for a significant percentage of all ID fraud.<\/span><\/p>\n<p><b>Account Origination and Takeover Fraud<\/b><b><br \/>\n<\/b><a href=\"https:\/\/www.trulioo.com\/blog\/document-verification\/new-account-fraud\"><span style=\"font-weight: 400;\">Account origination fraud<\/span><\/a><span style=\"font-weight: 400;\">\u00a0and account takeover fraud (ATO) happen when a fraudster gains access to an individual\u2019s account to make fraudulent transactions or use personal information to create false accounts. ATO is hard to spot because the fraudster uses legitimate credentials to access the accounts.\u00a0<\/span><\/p>\n<p><b>Card-Not-Present Fraud\u00a0<\/b><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/fraud-prevention\/cnp-fraud\"><span style=\"font-weight: 400;\">Card-not-present (CNP) fraud<\/span><\/a><span style=\"font-weight: 400;\"> is a general term for fraudulent transactions when a cardholder doesn\u2019t present a card in person at the time of purchase. CNP generally occurs through mobile payments or online, making it more difficult to prevent and detect.<\/span><\/p>\n<p><b>Chargeback Fraud<\/b><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/fraud-prevention\/chargeback-fraud\"><span style=\"font-weight: 400;\">Chargeback\u00a0fraud<\/span><\/a><span style=\"font-weight: 400;\"> happens when someone orders products or services and then requests a chargeback from the issuing bank instead of the merchant. Businesses that use 3D Secure 2, a multifactor authentication protocol, can often shift the liability of a chargeback to the issuer.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_3\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='optimizing-payment-fraud-prevention' >Optimizing Payment Fraud Prevention<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Implementing an enterprisewide <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/payments\/payment-fraud-management\"><span style=\"font-weight: 400;\">payment fraud management<\/span><\/a><span style=\"font-weight: 400;\"> program can help payment service companies control risk across all transaction channels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Creating the program involves:<\/span><\/p>\n<p><b>Assessing Fraud Risk<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Perform a comprehensive fraud risk assessment. Consider the requirements associated with regulatory compliance and industry standards. Investigate the common techniques fraudsters use against payment companies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Armed with that assessment, define procedures for detecting and preventing fraud. Select, develop and deploy fraud risk controls that match a defined risk tolerance.<\/span><\/p>\n<p><b>Implementing Fraud Awareness and Training Program<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Ensure employees understand fraud risks and know what to look for and how to respond.<\/span><\/p>\n<p><b>Coordinating Fraud Reporting<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Effective fraud reporting includes a coordinated approach to investigating fraud and taking corrective action. As the company monitors fraud risk management, it can report the results and continually improve the process.<\/span><\/p>\n<p><b>Leveraging Fraud Detection Tools<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Fraud detection tools such as address verification service and card verification value can help combat fraud from credit and debit cards. The U.S. Federal Trade Commission has reported that most fraud stems from credit card, debit card, payment app or service payment methods.\u00a0<\/span><\/p>\n<p><b>Applying Fraud Management and Analytics Software<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Many automated fraud management systems use machine learning and predictive analytics to reduce fraud by uncovering hidden correlations between people\u2019s behavior and the likelihood of fraudulent actions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Account verification processes, transaction monitoring, mobile data checks, and threshold and suspicious activity reports provide useful data points for <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/identity-verification\/payment-fraud-analytics\"><span style=\"font-weight: 400;\">payment fraud analytics<\/span><\/a><span style=\"font-weight: 400;\">, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Spikes in activity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exceeded thresholds<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Out-of-area or unusual cross-border activity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Changing purchase patterns<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consumer alerts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit reports<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IP address discrepancies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fraudulent patterns<\/span><\/li>\n<\/ul>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/id.trulioo.com\/digital-first-world-white-paper.html\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-fighting-fraud-digital-world-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-fighting-fraud-digital-world-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/ir-fighting-fraud-digital-world-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Get the Report<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Fighting Fraud in an Evolving Digital World<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn how to protect and reassure consumers and build trusted, lasting and profitable customer relationships.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_4\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='implementing-agile-payment-technologies' >Implementing Agile Payment Technologies<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Constant change in the payments industry with new technologies, models and business processes has placed a high value on nimble processes that can adapt quickly to new trends.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Faster payments, smoother experiences, more options and advanced capabilities lead to shifting consumer and merchant expectations. Payment service providers understand the importance of staying ahead of those expectations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Area to watch include:<\/span><\/p>\n<p><b>Cross-Border Payments<\/b><\/p>\n<p><span style=\"font-weight: 400;\">There is a push for quick and secure <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/payments\/cross-border-payments\"><span style=\"font-weight: 400;\">cross-border payments<\/span><\/a><span style=\"font-weight: 400;\">. But technologies and processes that work in one payment market don\u2019t necessarily work in all of them. Flexibility is key to succeeding in multiple payment areas.<\/span><\/p>\n<p><b>Real-Time Payments<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Innovations in <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/payments\/real-time-payments\"><span style=\"font-weight: 400;\">real-time payments<\/span><\/a><span style=\"font-weight: 400;\">, such as the <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/compliance\/fednow\"><span style=\"font-weight: 400;\">FedNow\u2120 Service<\/span><\/a><span style=\"font-weight: 400;\"> in the U.S., promise quick settlement and built-in end-to-end channels to improve clarity and transparency for payment communications.\u00a0<\/span><\/p>\n<p><b>ISO 20022<\/b><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/payments\/iso-20022\"><span style=\"font-weight: 400;\">ISO 20022<\/span><\/a><span style=\"font-weight: 400;\"> is a system for standardizing the messaging systems used for financial transactions. The aim is to offer greater ease and better data availability to facilitate financial transactions and minimize the need for human intervention, improving efficiency and the customer experience.\u00a0<\/span><\/p>\n<p><b>Embedded Finance<\/b><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/banking\/embedded-finance\"><span style=\"font-weight: 400;\">Embedded finance<\/span><\/a><span style=\"font-weight: 400;\"> empowers nonfinancial organizations to quickly integrate financial service features into products and services, such as through <\/span><a href=\"https:\/\/www.bigcommerce.com\/articles\/ecommerce\/buy-now-pay-later-ecommerce\/\"><span style=\"font-weight: 400;\">Buy Now, Pay Later<\/span><\/a><span style=\"font-weight: 400;\">. Embedding payment options can improve the customer experience and expand finance opportunities while helping improve merchant loyalty and profitability.<\/span><\/p>\n<p><b>Crypto<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Innovations in <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/crypto\/regulation-cryptocurrency\"><span style=\"font-weight: 400;\">crypto<\/span><\/a><span style=\"font-weight: 400;\"> technology, such as the <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/payments\/lightning-network-kyc\"><span style=\"font-weight: 400;\">Lightning Network<\/span><\/a><span style=\"font-weight: 400;\">, hold promise for instant payments, microtransactions and low fees. The ability to perform <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/payments\/digital-remittance\"><span style=\"font-weight: 400;\">international remittances<\/span><\/a><span style=\"font-weight: 400;\"> without complex payment chains could become a fundamental use case for the crypto sector.<\/span><\/p>\n<p><b>Digital Wallets<\/b><\/p>\n<p><span style=\"font-weight: 400;\">On the consumer side, <\/span><a href=\"https:\/\/www.wired.co.uk\/bc\/article\/inside-the-digital-wallet-revolution-jp-morgan\"><span style=\"font-weight: 400;\">digital wallets<\/span><\/a><span style=\"font-weight: 400;\"> simplify the integration and management of payment options and services. Organizations can add value by offering spending analytics, loyalty programs and new financial offerings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wallets could become a primary interface for payment activities, so ensuring simple integration with major wallet providers can position payment companies to create value and build strong relationships with customers.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_5\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='building-an-agile-payments-platform' >Building an Agile Payments Platform<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Intelligent, nimble systems can help payment service providers keep pace with changes in regulations, fraud and technology while ensuring low-friction experiences for customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A compliant, secure platform that quickly adjusts operational workflows to meet a <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/compliance\/risk-based-approach\"><span style=\"font-weight: 400;\">risk-based approach<\/span><\/a><span style=\"font-weight: 400;\"> can help payment companies thrive in different markets and use cases. Optimizing control over fraud mitigation enables organizations to match the level of friction to the situation.<\/span><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/customer-onboarding\/customer-journey-orchestration\"><span style=\"font-weight: 400;\">Onboarding experiences<\/span><\/a><span style=\"font-weight: 400;\"> are crucial. If account creation is too slow, the risk of abandonment rises.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Striking the right balance of fraud mitigation and customer experience often depends on the <a href=\"https:\/\/www.trulioo.com\/solutions\/global-identity-platform\">identity verification platform<\/a> a payment company chooses. Identity verification is mandatory for AML and KYC compliance, and it drives onboarding with fraud checks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A quality identity verification experience builds trust with the customer and helps develop long-term relationships.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some factors to consider when choosing an identity verification platform include its ability to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comply with evolving AML and KYC regulatory requirements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Easily integrate into existing infrastructure<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Simplify expansion into new global markets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maximize match rate coverage for the market<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimize fraud and risk mitigation workflows quickly and efficiently<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deliver smooth and rapid onboarding\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide multiple verification technologies and data sources to provide a holistic approach to match specific needs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Offer expertise for numerous markets, use cases and scenarios<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Payment service providers that leverage agile platforms that control risk while delivering smooth customer experiences can gain a competitive edge in a quickly growing digital economy.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/payment-service-providers\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-payment-service-providers-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-payment-service-providers-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-payment-service-providers-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"Industry sheet - Payment Service Providers: Accelerate Customer Acquisition\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Get the Industry Sheet<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Trulioo Solution for Payment Providers<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Streamline account opening without compromising security.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t<div class=\"hidden lg:block section px-0 pt-10 mt-20 border-t border-green-900\">\n\t\t\t\t\t\n<script>\n\t\/\/ @author Justin Golden - Copied from Desktop Clock\n\tasync function copyText(str) {\n\t\tconsole.log('Copying', str);\n\t\tif (!navigator.clipboard) {\n\t\t\t\/\/ fallback\n\t\t\tconst input = document.createElement('textarea');\n\t\t\tinput.innerHTML = str;\n\t\t\tdocument.body.appendChild(input);\n\t\t\tinput.focus();\n\t\t\tinput.select();\n\t\t\tlet result;\n\n\t\t\ttry {\n\t\t\t\tresult = document.execCommand('copy');\n\t\t\t\tconsole.log('Fallback: Copying text command was ' + (result ? 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