DIGITAL BANKING
“ Neobanks can offer virtual or digital wallets which allow businesses to make sameday payments ”
LAURENT DESCOUT FOUNDER AND CEO , NEO
Luke Schofield adds that payment networks like Visa , Mastercard and Automated Clearing Houses ensure speed and reliability . Instant payment solutions like Faster Payments in the UK , SEPA Instant Credit Transfer in the EU and RTP in the US are commonly used to facilitate quick transactions .
Regulatory compliance Regulatory compliance is a critical aspect for neobanks . Neobanks must navigate a complex regulatory landscape , complying with GDPR , PSD2 , CCPA and KYC / AML standards . As neobanks expand globally , they face diverse regulatory requirements , particularly in the US , where additional regulations like FAPI and FDX 5.3 may apply .
Future of neobanks The future of neobanks looks promising , characterised by continued growth and innovation . Lucian Daia predicts future growth driven by tech-savvy customers , AI , machine learning , blockchain and advanced data analytics . Global expansion and personalised financial products will be key strategies for neobanks to maintain their competitive edge .
Scalable cloud infrastructure will drive global expansion for neobanks , helping them reach new markets and demographics . The products will diversify to include wealth management ,
80 August 2024