The National Superintendency of Banking Sector Institutions (Sudeban) established a crucial regulatory framework for the implementation of short-range wireless technology, known as NFT (Near Field Communications). This technology facilitates contactless payments through cards, and Sudeban has issued an order to banks to define daily limits for the use of these innovative financial instruments.

Circular number 07735, dated November 27, establishes that banks must obtain prior approval from Sudeban to implement this technology and reinforce control measures to prevent fraudulent practices.

According to the circular, the daily limit amounts for contactless payments must be updated at least every six months, based on studies carried out by the Comprehensive Risk Management Unit (UAIR). These amounts can be established for a single transaction or as the sum of several transactions in the day, offering flexibility to the client to parameterize the use within the daily limits on any electronic medium.

The regulations also require category 2 authentication for payments with contactless cards that exceed the Daily Lower Limit Amount (MLID). Additionally, it is indicated that the contactless proximity card must be inserted into the payment device to validate parameters before authorizing payment operations that exceed the Daily Upper Limit Amount (MLSD).

Sudeban orders the implementation of parameters that allow the client to enable or restrict the service, in addition to reinforcing real-time monitoring of contactless transactions. The circular highlights the importance of early detection of unusual or unusual transactions, with recommendations such as the evaluation of transactional trends, activation of early alerts, timely notification to clients of unusual transactions, and the possibility of blocking or suspending access to the channel. of payment in case of irregular activities.

Additionally, banks are ordered to implement an electronic or SMS system to immediately notify customers about transactions carried out with contactless instruments, providing complete details. Banks must also have effective means of communication to process claims, notifications and possible fraud, with timely follow-up of these communications.

Despite the widespread adoption of contactless payment technologies, the Sudeban circular, led by the Superintendent of Banks, Anabel Pereira Fernández, reinforces controls to guarantee the safety and protection of customers.

K. Tovar

Source: Bancaynegocios

(Referential image source: Towfiqu barbhuiya, Unsplash)

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La entrada Sudeban established the regulations on “contactless” apareció primero en Bitfinance.

The contactless payment modality will be a reality in the commercial environment of Venezuela, where the migration has already begun, with the support of NewTech experts.

This is the “consulting, implementation and management services company for Microsoft technologies in Venezuela”. Its purpose is the implementation of the contactless payment system to provide greater speed and security to customers.

Venezuela is not on the sidelines of progress in this area. Hence, the start of the migration to contactless payments in stores, hand in hand with the national banking system, just as they do in different countries.

The general director of Newtch Solutions Group Venezuela, Milagros Borboa, pointed out: “The initiative is driven by the MasterCard brand. Somehow, they have been motivating the banks to migrate the technology”. She stressed that “this transformation occurs at the same time that the Maestro debit card is also readjusting to the latest innovations.”

One of the main challenges in the commercial environment in Venezuela is to equip businesses with points of sale with contactless technology. The migration process could take up to a year.

M.Pine

With information from national media

(Reference image source: Unsplash, in collaboration with Nappy)

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La entrada Venezuela begins migration to contactless payment system apareció primero en Bitfinance.

The European Commission sent Apple a statement of charges in which it formally accuses the US company of abuse of a dominant position for limiting the possibilities for “Tap to Pay” contactless payment to NFC wireless technology, which in practice means restrict competition in favor of its Apple Pay service.

“We are concerned that Apple has illegally altered competition,” said the vice president of the Community Executive responsible for Competition, Margrethe Vestager, explaining Brussels’ opinion after the preliminary investigation that began in June 2020.

The “Tap to Pay” payment system is a service with which users can use an iPhone as a payment terminal in their businesses, so that customers can use their iPhone to pay just by bringing the mobile device closer.

Apple defends the need for these restrictions for security reasons regarding user data access, but Vestager has warned that the European Commission “takes security very seriously” but in its preliminary investigation has found “no evidence that point out such a risk.”

K. Tovar

Source: Elpais

La entrada European Commission accuses Apple of abuse of position apareció primero en Bitfinance.