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In a time still accompanied by uncertainties for economies and individuals, how to thrive in the highly competitive fintech landscape?

The experts distinguished five main trends to consider:

1. Fintech-as-a-service refers to delivering an extremely complex concept of banking rails, card rails, wallets, and even cash, in one API.

2. Embedded finance or integration of financial services into other products and use cases using technology as the key enabler.

3. Multi-currency treasury solutions: rapid growth in cross-border commerce drives the need for multi-currency treasury solutions.

4. Faster payment networks. With the emergence of the gig economy real-time payments assume critical importance.

5. Virtual cards can be a solution for many financial pain points as they are multi-currency and global.

Five payment trends too big to ignore In a post-pandemic world still accompanied by economic uncertainties for many economies and individuals across the globe, Rapyd's David Rosa, supported by Joel Van Arsdale from Flagship Advisory Partn

Already for some time now, the potential uses of AI are being widely discussed, payment systems being no exception.

How AI can be used to streamline payment procedures?

🔺 Fraud detection and prevention: machine learning algorithms can examine previous transaction data, spot trends, and instantly highlight suspect activity.
🔺 Chatbots and Intelligent Virtual Assistants: virtual assistants can offer individualized support, walk consumers through the payment process, and recommend suitable payment choices by utilizing natural language processing and machine learning.
🔺 Advanced Risk Evaluation and Credit Scoring: AI algorithms can produce precise and real-time credit ratings by examining a variety of data sources, including social media profiles, financial documents, and credit histories.

Read more about the potential of AI and the challenges of its implementation

The Role of Artificial Intelligence in Streamlining Payment Processes In a number of industries, artificial intelligence (AI) has become a game-changer, and payment systems are no exception.

🚀 Digital wallets were the leading payment method globally, accounting for 49% of transaction value in e-commerce and 32% at the POS in 2022, and are projected to remain the leading payment method across e-commerce (54%) and POS (43%) in 2026. Wallets remain among the fastest growing payment methods with 15% CAGR at POS and 12% annual growth in e-commerce forecast through 2026.

While APAC region remains an outlier with the overwhelming majority of wallet share, digital wallets are now the leading e-commerce payment method in Europe (having taken the lead in 2021) and North America (wallets passed credit cards for leading status in 2022).

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"FYST, a consultancy for eCommerce and FinTech businesses, has released the third and final instalment of its three-part report, ‘The Map of World Payments’, highlighting e-commerce payment trends across Europe.

🟩 The report reveals that there are clear distinctions between European countries in how consumers and business make online payments. The proportion of individuals using the internet for ordering goods or services swings from a high of 92 per cent in the UK down to a low of 38 per cent in Romania.

🟩 In Italy, digital wallets have overtaken cards becoming the most popular online payment method.

🟩 E-commerce shoppers in more developed markets including Germany, the Netherlands, Poland, Switzerland and Lithuania overwhelmingly favour bank transfers ahead of cards.

Read more insights from the report 👇

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FYST Releases Map of World Payments: European Ecommerce Map of World Payments report highlights European ecommerce landscape, revealing diverse payment methods and trends across the region.

As a result of e-commerce growth, cross-border sales of goods and services have taken off. In response, Central Electronic System of Payment information (CESOP) will enter into force across the EU on January 1, 2024 and will have an impact on the ever-growing number of organisations that conduct cross-border transactions.
The CESOP rules are aimed at better detection of VAT fraud and improvement in the collection of tax revenues on the cross-border supplies. Under the new third-party reporting obligation, EU PSPs will be required to retain and report information about the cross-border payments they process.

👇 Read more about the new legislation

CESOP: what it means for EU payment service providers Tax specialists from Deloitte Netherlands present an overview of legislation that will have a profound impact on the ever-growing number of organisations that conduct cross-border transactions.

"The US Internal Revenue Service (IRS) included Lithuania in its list of jurisdictions with approved know your customer (KYC) rules.
This list helps financial institutions to identify countries that have adequate anti-money laundering and counter-terrorist financing frameworks.
This is a significant milesone for Lithuania whose booming fintech sector could reap the rewards from this development.
The country now will be able to benefit from a more secure and efficient exchange of financial information with the US. Also, Lithuania’s financial services companies will have the opportunity to be registered as Qualified Intermediaries (QI) with the IRS, making it easier to do business with US counterparts.

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IRS includes Lithuania in approved KYC country list – what does it mean for the fintech hub? Lithuania joins the US IRS list of KYC-approved jurisdictions, allowing its fintechs to register as QIs, saving time and effort. The move also boosts the country's fintech sector.

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The Baltic region has become a leading FinTech hub in Europe and a trailblazer in digital payments adoption, particularly in real-time payments. In 2017, countries in the region were among the first to join SEPA Instant, driving rapid adoption of ultra-fast euro payments across the SEPA region. PYMNTS' latest "Real-Time Payments World Map" explores the growth of real-time payments in the Baltics and assesses the progress of Estonia, Latvia, and Lithuania in accelerating digital payments despite challenges inhibiting instant payment growth on the continent.

Baltics Accelerate Real-Time Adoption Amid Faster Payment Headwinds in Europe PYMNTS assesses three Baltic countries’ — Estonia, Latvia, and Lithuania — progress in accelerating digital payments in real time.

📈 The most recent Fintech Landscape in Lithuania Report indicates that the country's fintechs generated EUR 375 million in H1 2022, recording 80% increase in revenue. In addition, the report reveals that 263 fintech companies are now based in Lithuania employing 7000 people - a 19% increase over 2021.

💡 Lithuanian regulators' proactive approach to making the country the largest fintech hub in the EU by licenses issued created an environment for robust fintech growth that defies global downturn.

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Lithuania fintechs see 80 percent revenue growth amid global downturn Lithuania's fintech sector has outperformed global investment trends, according to a report by Invest Lithuania.

💳 A shared digital identification service and euro-wallet infrastructure may be built using advancements in open banking, quick credit transfer, cellphones, and payment institutions that are abundant throughout Europe.

🌍 Even more alternatives to conventional payment methods are anticipated to emerge in the upcoming years as a result of the European Payment Initiative abandoning its intentions for a card scheme and concentrating on an account-to-account fast payment solution. Rich data and quick payments hold great and real potential for new products and services.

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A Real Alternative To Cards In Europe The problem isn’t that Europe doesn’t have an alternative card scheme. The problem is that Europe doesn’t have an alternative to cards, which is why “Le Third Scheme” should be based on the things that Europe does have: Open banking, instant credit transfer, smartphones and payment institu...

💡 The markets for digital payments have grown significantly over the past several years, and this trend only appears poised to continue. According to the World Bank, more than two-thirds of individuals frequently make and receive digital payments, a trend that was sparked in part by the Covid-19 outbreak.

🔍 The current payment business models, however, are proving difficult for payment providers. A broader viewpoint is needed to locate and address the problems, cut expenses, and maximize the use of data.

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Payments: Why a holistic view is needed to improve the payments landscape This article was co-written by Venugopal PSV, senior director of global cards and payments practice

🌟 Initiatives related to open banking have gained more traction in recent years than anybody could have predicted. This has been made clear by the increase in news coverage and some intriguing figures released by Finastra, a provider of financial software.

📈 Statistics demonstrate that Open Banking is seen as an essential component of a bank's ecosystem. It was rated as "essential" or "must-have" by around 99% of respondents, up from 94% the previous year.

👇 Read on to learn more about Open Banking's notable statistics:

Finastra global survey shows evolution of Open Banking and growing appetite for open finance Finastra has released the Financial Services: State of the Nation Survey 2022, with 99% of respondents considering open banking a ‘must have’.

🚀 In 2022, improved digitization and connectivity have transformed the delivery and servicing of payments. As a result, financial institutions are purposefully expanding the scope of their goals and solutions in order to improve user experience standards and respond to possibilities in the market that are evolving quickly.

📊 Several significant payment trends have emerged this year, showing that digitalization is one of the most important factors in industry growth at the moment. However, conventional payment cards continue to exceed it.

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Four key real-time payment trends seen in 2022 Dean Wallace ACI Worldwide's director of consumer payments modernisation, surveys the payments landscape to explore four trends seen in real-time payments in 2022.

🚀 Money20/20, the biggest event of the year, was held in Las Vegas from October 23 to 26. One thing was clear from all the lively discussions that took place throughout the event: fintech will be used to address local and international consumer and company demands as the payments sector undergoes considerable change over the next years.

💡 Technologies and services that support this are becoming more and more crucial as a result of increased austerity and a more risk-averse environment that prioritizes providing additional services to existing clients above expensive growth.

Read more here:

The World Has Changed For Cross-Border Payments, But What’s Next? This week, the world of payments met for the biggest event of the year, Money20/20 in Las Vegas, providing a unique opportunity to get the temperature of a space that has seen significant upheaval over the last few years.

🔍 After a difficult 2020, the payments sector's revenues significantly improved in 2021, growing by 11% and reaching $2.1 trillion globally.

The 15% decrease in cash consumption in 2020 is the most noteworthy effect of Covid-19. With barely a 1% rise when physical stores resumed in 2021, the cash recovery did not happen.

📈 The industry's constant evolution will alter the competitive chessboard, giving both established players and upstarts new opportunities to capture market share, provide ground-breaking solutions, and win over customers.

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Global payments revenues bounce back After a tough 2020, payments industry revenues rebounded strongly in 2021, growing at an 11% rate and hitting $2.1 trillion globally, according to a report from McKinsey.

🔍 Payments industry revenue growth accelerated in 2021, growing at an 11 percent rate—stronger than forecasted the year before and reaching a new high of $2.1 trillion globally. Emerging markets had robust growth, with increases seen across Asia-Pacific (APAC), Europe, the Middle East, Africa (EMEA), and Latin America (LATAM).

🧩 The payment service providers that swiftly modify their operating models and platforms will benefit from the size and flexibility that come with being both global and local. They will also be well-positioned to help clients navigate the world of local and international payments and commerce, which is becoming more and more complex.

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The chessboard rearranged: Rethinking the next moves in global payments An overview of the latest data across the worldwide payments ecosystem.

💡 Attempts to modernize and expedite the B2B cross-border payment experience have underperformed in comparison to comparable initiatives to improve the online payment experience for consumers. As a result, friction issues still exist in the cross-border payment process.

🔍 Small and medium-sized businesses (SMBs) are particularly hit hard; 27% of them list cross-border payment complexity as one of their top difficulties. Cross-border transactions need communication across several payment networks and systems. One of the greatest methods to achieve this communication is through APIs, which are used by about 65% of payment operators now and another 20% want to.

Read more here:

Problems, Promise of B2B Cross-Border Payments Take a look at the major challenges businesses face when making B2B cross-border payments, what solutions they expect and how FIs can meet these expectations.

🌍 Global payments are growing quickly. According to the Bank of England, the $100 trillion cross-border payments market is anticipated to increase to $250 trillion by 2027.

🔍 A new wave of rapidly developing markets that are still undergoing transition is the driving factor and major e-commerce companies have tremendous development potential in underdeveloped areas. Complex cross-border payment systems will be necessary in order to effectively use them.

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Why cross-border payment solutions hold the key to unlocking high growth markets Cross-border payments offer businesses untold opportunities to boost their bottom-lines and grow. But there are risks.

🧩 Given that an increasing number of customers are making purchases using numerous other payment methods in addition to credit cards, a pleasant checkout experience is crucial to retaining loyal customers.

🔍 Aspects of the checkout process that may have been previously overlooked are now essential to client retention and income, as 72% of consumers are hesitant to spend more than 2-3 minutes at checkout. The likelihood that customers will complete their transaction is significantly increased when they may pay using their preferred form of payment.

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Spoilt for choice: Why merchants need to act now on checkout processes Katharine Evans, Economist at CMSPI, reveals best practices on how to balance choice and friction at the checkout.

💡 In the wake of the pandemic and against the backdrop of growing living costs, people's payment practices and expectations for the future of the checkout are both altering.

🔍 💶 The impact of the rising cost of living has dispelled any concerns about collecting cash at the register. Retailers continue to prioritize providing a variety of payment options. Customers want more control and flexibility, thus it will be crucial to provide a variety of payment choices to meet their needs.

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Consumer Payment Trends: 4 Things We’re Seeing Now In the aftermath of the pandemic, against a backdrop of increasing cost of living, people’s payment habits continue to evolve - along with their expectations for the future of the checkout. In April this year, Paysafe interviewed 11,000 consumers in 10 countries across Europe and the Americas to b...

🔍 According to a recent study, 70% of online shopping carts are abandoned during the cart or checkout phases. Although consumers love internet shopping, they heavily dislike friction, and one in four will back out of a transaction at the first sight of difficulty.

💪 Lack of popular payment methods and long checkout processes are a few of the main problems that force shoppers to abandon their carts. In reality, most customers sign up for accounts only for their favorite websites in the hopes of receiving something in return, and they frequently check out as guests when making infrequent purchases.

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Online Checkout Optimization Is Essential: Do Checkout Services Oil The Wheels Of ECommerce? eCommerce spending jumped 55 percent during the Covid pandemic, and many of those shopping behaviors are now cemented in habit. But as shoppers buy from an expanding array of merchants, they experience intense frustration when forced to sign in or navigate a clunky checkout.

💻 💶 The inclusion and maintenance of all interfaces is a big task nowadays with more than 200 various payment methods accessible, especially for startups. As a result, online shoppers commonly leave their carts at the checkout page because the website or app they're using to shop doesn't allow their preferred payment option.

🌍 Local, particular payment methods must be taken into account depending on the startup's target market. The ideal payment gateway supplier should work as a consultant for any payment concerns that the startup is encountering in addition to offering an acceptable technological solution.

Read more here:

Council Post: What Startups Need From Their Payment Gateway As a startup founder, you want a payment gateway that enables quick onboarding for you and quick integration for your tech team.

🗺 Nikulipe's CEO, Frank Breuss, was recently featured in a new article by TheBanker, where he shared his insights into the developments of the European Payments Initiative — a unified, pan-European payment solution.

“To hope that some banks will shoulder all the effort and cost for such a huge project is just unrealistic. Especially as there is not enough incentive for them to do so, given they have existing revenue streams from US-based card acquiring and issuing today,” he commented

🔍 Due to the increasing demand for seamless transactions, the notion of payment networks opening up and interacting with one another is becoming more alluring for providers, merchants, and consumers alike.

More insights from our CEO and other industry experts such as Roberto Catanzaro, Amit Mallick, Etienne Goosse, Olivier Denecker, Antony Cahill, Floortje Nagelkerke, and Nikolai de Koning can be found below:

Payments Industry Experts Reflect on the European Payments Initiative — What Comes Next? - Nikulipe In a comment to The Banker, Nikulipe’s CEO Frank Breuss shared his insights on the European Payments Initaitive.

🚀 The rise of Fintech has fundamentally altered how people think about financial transactions. As such, the industry is anticipated to develop exponentially at a pace of more than 20% annually, reaching $305 billion by 2025.

Due to the rapidity at which all data is shared with fintech, customers feel more informed. In contrast to traditional banking, which involves several complicated processes, these platforms are easy to use and merely call for an online registration on a mobile app or website.

At banklinq, we are happy to play a part in these two industries colliding and to work towards a more secure, healthy, and engaging payments system.

👏 Read more here:

Collaborative banking expected to be top trend to watch for remainder of 2022 The rise of collaborative banking. As new competitors emerge at a rapid pace and consumers demand more functionality than ever before, the industry is struggling with the best path forward. Some have turned to banking as a service and others to open banking, however, both are problematic. Instead, m...

🚀 We want to extend our thanks to The Fintech Times for covering Nikulipe's insights on the Baltic Region embracing online banking and payments, as seen in the extensive The Paypers European payments industry study commissioned by Deloitte.

Titled Key Players in EU's Payments Landscape, it offers multiple expert insights into the state of the payments ecosystem in the Baltic states.

"There are many reasons why non-European tech entrepreneurs choose to locate their startups in the Baltics. The main one is that the region is probably the best gateway to the EU market, given the cost of living and ease of working there. That is why there has been an explosion of fintechs, and especially paytechs," said Frank Breuss, CEO of Nikulipe.

👏 Read more here:

Baltic Region Embraces Online Banking and Payments as Cross Border Shopping Demands Increase | The Fintech Times E-commerce revenues in the upcoming year are expected to grow 13.66% in Estonia, 14.80% in Latvia, and 18.45% in Lithuania.

💡 We are extending our gratitude to The Payments Association for covering Nikulipe's thoughts on what awaits the world of Open Banking.

As countries in Europe and the ACAP region turn out innovations that get Open Banking closer to mainstream adoption, the Baltics are taking a leading role in regulatory support for solution-creating businesses.

💪 banklinq is excited to further fuel the growth of financial inclusion and work towards democratized payments.

Read more here: http://ow.ly/emn450J4Qeo

What’s next for Open Banking? Laser focus on Local Initiatives Fuels New Solutions and Wider Adoption – The Payments Association Europe and a few APAC countries are at the forefront of Open Banking innovation as Fintechs and regulators work to reach mainstream adoption.

💪 With our new strategic relationship with digital ID verification tool provider iDenfy, we hope to fortify the e-commerce industry even further.

Special thank you to The Paypers for highlighting this new partnership, which will help create a frictionless and smooth verification experience for our customers.

📣 Through iDenfy's 'four-click' approach, our team hopes to accomplish early risk identification and safe user verification.

Read more here: http://ow.ly/Hlsi50IG7uz

💻 💶 Open banking is seeing a boom in activity — in July 2020, 280,000 Open Banking payment transactions were processed globally. By December 2021, that figure had climbed to nearly 772.6 million.

The beneficiaries of this popularity have already been revealed — merchants, PSPs, and consumers will experience lower costs, more convenience, and access to previously unexplored markets.

👏 banklinq’s team is thrilled to be a part of a solution that continues to surpass the expectations of the global e-commerce system and offers enormous benefits.

Read more on the big winners of Open Banking here: http://ow.ly/wLcq50IraUN

The Big Winners Of Open Banking - banklinq Open Banking is taking the financial industry by storm, and rising competition is driving the adoption of technology by PSPs and merchants.

💡 Not all payments in Fast-Growing markets revolve around payment cards.

The Baltics are no exception–only one-fifth of the Baltics’ population has a credit card with 65% of the region’s shoppers preferring to pay via online banking.

👏 banklinq’s team is thrilled to be a part of a solution that brings global e-commerce to a wider scale of shoppers.

Nikulipe: Has COVID democratised online payments? | IT PRO With more customers forced to buy online, are merchants offering the right ways to pay?