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- Mastercard, Salesforce Launch New Integration To Resolve Transaction Disputes
- Russia Issues Draft Directive To Strengthen Anti-Money Laundering and Counter-Terrorism Measures
- China, Hong Kong To Test World's First CBDC, Faster Payments Linkage
- Latvijas Banka Issues Draft Regulation On Account Switching Service
Mastercard, Salesforce Launch New Integration To Resolve Transaction Disputes
Mastercard and Salesforce have partnered on a new integration that will help issuers speed up the resolution of transaction disputes and reduce the costs associated with them.
The partnership will integrate Salesforce’s Financial Services Cloud (FSC) with Mastercard's dispute resolution services, providing a single platform for dispute management and chargeback reporting and prevention.
Mastercard’s services include Ethoca Alerts, which provide near real-time notifications when a financial institution raises a chargeback, and Ethoca Consumer Clarity, enabling the provision of merchant and purchase insights to issuer back-office teams.
The data from these services is now being fed into FSC so that every bank agent and team member working on a dispute has more visibility from start to finish.
Mastercard projections suggest that by 2026 there could be 337m chargebacks annually, an increase of 42 percent from 2023 levels.
Russia Issues Draft Directive To Strengthen Anti-Money Laundering and Counter-Terrorism Measures
The Central Bank of Russia (CBR) has introduced a draft directive designed to bolster the internal controls of credit institutions and non-credit financial organisations in their efforts to curb financial crime.
The primary objective of the draft directive is to offer clear guidance to financial institutions for assessing and mitigating the risks associated with money laundering (ML) and terrorist financing (TF).
It aims to achieve this by providing specific instructions for credit institutions on implementing measures to manage ML/TF risks.
Additionally, the directive clarifies the factors that influence the assessment of a client's risk level for engaging in suspicious transactions.
Firms have until May 31 to submit their feedback to the consultation.
China, Hong Kong To Test World's First CBDC, Faster Payments Linkage
The central banks of Hong Kong and mainland China have announced plans to expand the scope of their ongoing pilot of e-CNY, China’s central bank digital currency (CBDC).
Under the expansion, Hong Kong residents will be able to set up e-CNY wallets, and will also be able to top up e-CNY wallets through Hong Kong’s Faster Payment System (FPS).
This marks the first linkage of a faster payment system with a CBDC system in the world, the Hong Kong Monetary Authority (HKMA) said in a statement.
“It provides an innovative use case which underscores interoperability, a key area set out in the G20 Roadmap for enhancing cross-border payments,” the HKMA added.
Hong Kong users can also set up e-CNY wallets using only a mobile phone number. However, these wallets can only be used for cross-border person-to-merchant (P2M) payments and not for person-to-person transfers.
Latvijas Banka Issues Draft Regulation On Account Switching Service
Latvijas Banka, the Central Bank of Latvia, has released a draft regulation on the “Procedure for Providing the Account Exchange Service”.
This regulation is a significant step towards streamlining account-switching services for consumers, ensuring transparency and fairness in fee comparability, account switching and access to basic payment accounts.
The new regulation is designed to offer clear guidelines to consumers and market participants, fostering a competitive environment.
It mandates that payment service providers in Latvia implement the necessary information to facilitate account switches between providers.
This draft will replace the existing Regulation No. 83 of the Financial and Capital Markets Commission. Stakeholders are invited to submit feedback by May 29, 2024, via email.
