Innovative Currency Exchange Software will Drive the Growth of Industry!

In the past decades, traders used to exchange coins across different countries. However, foreign exchange has undergone some extreme transformations over the years. International trading volume has increased rapidly over time, especially after exchange rates were allowed to exist independently. In recent times, technology firms buy and sell products from more than just one local or national markets but globally.

Generally, a firm’s supplier is located in a different country. In order to make purchases and sell their own goods internationally, firms need to change units of one currency for units of another currency.

The desire to perform a global transaction provides the motivation for a large, well-functioning market that facilitates such currency conversions and allows global economic integration and trade to take place smoothly and quickly at a low cost. Both, by volume of trade and ease of making transactions, currency markets are considered as the world’s deepest, most liquid markets.

Due to significant use of information technology and an increase in competition, an organization's survival and success greatly depend on the timely availability of relevant data. Today, organizations are continuously bombarded with information from the external environment due to advancements in IT.

Therefore, there is a critical need for efficient and effective IT standards. . However, with the growing evolution of currency exchange, organizations are emphasizing on developing advanced technology that is used for handling currency exchange transactions. Currency exchange software is one such step adopted for currency exchange operations.

PAYscanner is one of the few global payments system built with Unique Fintech Treasury grade Payment technology, multi-source rates KYC on SaaS platforms and portal.

About PAYscanner

PAYscanner is a Global Payments System and FOREX Delivery Services are provided on our ecosystems are by Registered Electronic Money and Approved Payment Institutions in UK and Europe. We only add partners who are leading in their field and can add most value to our customers and ecosystem.

How will the European payments landscape change in 2019?

The Second Payment Services Directive (PSD2) is part of the European Commission’s efforts to create a safer, more innovative payments environment in Europe. The legislation, which builds on the groundwork laid by the original payment directive in 2009, has significant mandates coming into force in September 2019.

With rising concern surrounding the increasing levels of ecommerce fraud in Europe, one of the key aims of the new regulation is to help ensure that payment procedures are safe and secure. Consumers must feel confident that paying for goods online is just as secure as physically visiting a bricks and mortar store.

As regulations try to keep pace with the rapidly expanding ecommerce industry, merchants must respond with preparation and agility in order to remain competitive. However, PSD2 is not the only major trend in European ecommerce which is shaping how consumers shop and pay for their products.

UK market powers ahead

The UK remains the dominant force in European ecommerce, with a market worth €178.5bn*, a figure that dwarfs its next-biggest rivals, France (€81.7bn) and Germany (€73bn). Aided by its advantage of language – much of the technology powering ecommerce comes from the US – and the country’s early and widespread use of debit cards, the UK’s healthy lead in ecommerce has widened in recent years, having grown by double-digit rates each year.

However, growth in these established markets is now stabilising and the impact of Brexit is an unknown factor for 2019.

The online shopping sectors in Germany, France and the UK are due to rise at a compound annual growth rate (CAGR) of approximately 7-10% between 2017 and 2021. Other, less heralded, markets now represent compelling opportunities: of the 18 countries surveyed in J.P. Morgan’s Payment Trends – Global Insights Reports, 10 are set to enjoy double-digit Business 2 Consumer (B2C) ecommerce market expansion between now and 2021, with the Czech Republic (16% CAGR), Italy (14%) and Spain (13.5%) ranking highest for predicted growth.

Read Full Article: https://www.imrg.org/blog/how-will-the-european-payments-landscape-change-2019/

European Central Bank Investigating Stablecoins and a Possible Digital Euro

Private stablecoins such as Libra could affect the transmission of monetary policy through the economy, European Central Bank policy maker Benoit Coeure warned as he stepped up his call for rules to govern digital currencies.

In a letter addressed to Eva Kaili, a member of the European parliament and a well-known cryptocurrency advocate, the current president of the European Central Bank, Mario Draghi, lays down his views on cryptocurrencies and their future in the banking sector.

According to the letter, the European System of Central Banks (ESCB) is monitoring developments in the financial sector, and apparently has an open-minded approach to new technologies that align with its purposes.

Critical improvements of @ECB approach regarding #cryptocurrencies & #stablecoins #Libra President of ECB #MarioDraghi replied to MEP Eva Kaili & recognizes future potential as means of payment while keeping an open mind for the utility of a crypto-Eurohttps://t.co/YH4l3LzGG6 pic.twitter.com/ewhzKgkXQx

— Eva Kaili (@EvaKaili) September 27, 2019

Draghi notes that digital assets and stablecoins are currently under investigation for their potential in “monetary policy, the safety and efficiency of payments and market infrastructures and the stability of the financial system.” Moreover, Draghi specifically mentions Libra as a new stablecoin arrangement that has the potential for widespread adoption and use due to being backed by large technology companies. That said, Libra still needs the approval of countries like France, as BeInCrypto previously reported.

Both Coeure and Bank of England Governor Mark Carney have noted that stablecoins could ultimately challenge the dollar’s dominance in global trade and status as the world’s reserve currency. Carney used a U.S. Federal Reserve symposium last month in Jackson Hole, Wyoming, to say that a Libra-like global digital currency -- issued by central banks -- would be preferable to allowing another national currency such as China’s renminbi to take the dollar’s place.

Recent Securities and Exchange Commission Warning About Unlawfull Platform

The Kenyan Securities and Exchange Commission has raised a red flag on online forex trading company, Interweb Global Fortune and the director Manasseh Kuria Karanja.

This follows after the authority’s Capital Markets Fraud Investigation Unit and the Directorate of Criminal Investigation conducted an operation against unlicensed and unregulated Online Forex Trading entities in the country.

“Preliminary investigations conducted by the authority have revealed that Interweb Global Fortune has been purporting to carry on business as an online forex trading broker and money manager without a valid license from the CMA,” the regulator said.

Online forex trading is conducted through the speculation of currencies through electronic devices, and whereby the person trading makes profits by buying a currency that gains value.
CMA has said the platform was unlawfully collecting funds from investors and is now cautioning the public against participating through it.

The Cyprus Securities and Exchange Commission Also has released a warning about Binomo, an unregistered Forex brokerage which has been offering its services to the local population as well as the trading community of the European Union.

According to the warning, Binomo is not registered with any official authority and therefore does not have the right to offer any type of financial services to the population of both Cyprus and all the relative jurisdictions.

Binomo has been at the center of attention for a while now, where traders were very actively trying to figure out whether or not the company was a scam. Questions on trading forums, several social media websites and various other platforms were receiving mixed answers.

PAYscanner unleashing global payment ecosystem of future

PAYscanner Enabling financial inclusion for SME

PAYscanner Enabling financial inclusion for SME unleashing global payment ecosystem of future.
PAYscanner understand the use cases and the operational requirements of businesses both large and small. PAYscanner know the ecosystems, the technologies, the processes and the intelligences. PayScanner takes all that knowledge and wraps it neatly into one payments solution that you and/or your business can rely on.

PAYscanner unleashing global payment ecosystem of future.

PAYscanner All Payment and FOREX delivery services are provided on our ecosystems are by Registered Electronic Money and Approved Payment Institutions in UK and Europe. We only add partners who are leading in their field and can add most value to our customers and ecosystem.

Benefits of PAYscanner

Global Payments System: Cross Border Payments - Payable and Receivable. PAYscanner corporate services can benefit both large and small companies that make regular foreign payments. The savings that can be made by lowering forex costs and getting the best deal can be huge, and we help companies and charities of all sizes realise these savings through Payscanner.

Forex Trading Services: PAYscanner helps ForEx traders and fintech companies that operate with cross-border payments run more efficiently and more profitably. If you operate a high volume of cross-border payments, high fees are costing you a lot of money.

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