Merchant Onboarding: Global Updates – October 2025

This October brings a surge of global regulatory and technical updates transforming how payments and merchant onboarding work. From faster cross-border payments to sharper compliance controls, global initiatives are setting a new standard for transparency, speed, and security. PSPs that adapt early will be best positioned to deliver trusted, seamless, and compliant payment experiences.

‍

Key Takeaways

• G20 sets the pace with unified standards, ISO 20022 messaging, and pre-validation APIs for faster, cheaper, and more transparent international payments.
• FinCEN clears the fog on SAR filings, making risk-based monitoring and structuring detection more straightforward for U.S. institutions.
• Canada tightens the reins on beneficial ownership, private ATMs, and real estate checks, putting compliance and transparency front and centre.
• The EU and UK push instant payments and open finance innovation, letting firms test secure data sharing and speed up transactions like never before.

‍

Global

Regulation/Publication Name: G20 Roadmap for Enhancing Cross-Border Payments (Consolidated Progress Report 2025)

Effective Date: 9 October 2025

Issued By: G20, Financial Stability Board (FSB), FATF, Forum on Cross-Border Payments

Summary:

The G20's 2025 progress report pushes for faster, cheaper, and more transparent international payments. While the core rules and standards are now set, global adoption is patchy. The report calls for unified data standards, automated payment checks (APIs), and consistent supervision to create a level playing field for all payment providers.

Key Changes:

• Banks and PSPs will operate under more consistent supervision, reducing fragmentation that has created an uneven playing field. 
• The "Travel Rule" for cross-border payments is being standardised to make it easier to share sender and receiver details safely across borders. This reduces confusion and delays in verifying merchants and payments. 
• New technical standards (ISO 20022 and API guidelines) will improve the accuracy and speed up cross-border payment approvals. 
• A new Forum has been created to coordinate implementation and ensure systems work together.

What This Means for PSPs & Merchant Onboarding Teams:

For PSPs, the G20’s roadmap marks a new era of smarter, faster, and more transparent payments. ISO 20022 creates a universal language for payment data, helping providers capture every important detail such as merchant identifiers, account information, and payment purpose in a clear and consistent way. This richer data allows PSPs to verify merchants instantly, spot potential risks before money moves, and process cross-border payments with greater accuracy. When combined with API-driven automation, it turns onboarding into a seamless, real-time experience that builds trust, reduces friction, and keeps merchants moving confidently in a connected global market.

‍Recommended Actions:

• Implement harmonised ISO 20022 messaging standards and integrate pre-validation APIs for real-time payment checks.
• Review compliance frameworks to align with the updated FATF Travel Rule and FSB level-playing-field guidance.
• Enhance merchant onboarding and customer communications to provide clear information on fees, exchange rates, and delivery times.
• Explore direct access to payment infrastructures and interlinked fast payment systems to improve speed, reliability, and cost efficiency.

How OnBoard Helps:

Smart Forms are the heart of OnBoard’s innovation. They let PSPs design fully customisable, no-code digital applications that collect all the data needed from the start. This data fuels automated validation, compliance checks, and real-time risk assessments that align with the G20’s new standards. OnBoard AIQ™ takes it further with intelligent data analysis that classifies, enriches, and verifies information in real time, giving teams cleaner insights and faster, more confident decisions. Together, they help PSPs move faster, stay compliant, and deliver the seamless onboarding experience of today's global payments demand. Book a demo to see this live now. 

Source: Financial Stability Board

‍

EMEA

European Union

Regulation/Publication Name: EU Instant Payments Framework

Effective Date: 9 October 2025 (with availability extending to non-EU countries by January 2027).

Issued By: European Commission, Directorate-General for Financial Stability, Financial Services and Capital Markets Union

Summary:

‍New EU rules now make sending and receiving euro payments instant (within seconds), 24/7, across the eurozone. Payment providers must also offer a free service to check that the recipient's name matches their IBAN account number, helping to prevent mistaken or fraudulent payments.

Key Changes:

• Instant euro transfers available 24/7, reducing settlement times from days to seconds.
• No additional fees allowed for instant payments compared to standard credit transfers.
• Mandatory free payee verification to match recipient name with IBAN, mitigating payment errors and scams.
• Payment and e‑money institutions can participate directly in payment systems, lowering operational costs and improving efficiency.

What This Means for PSPs & Merchant Onboarding Teams:

‍The EU’s move to instant payments gives PSPs and merchants the chance to deliver faster, more seamless customer experiences across Europe. But with money moving in seconds, fraud risks rise just as quickly, making real-time verification and monitoring more critical than ever. PSPs must modernize onboarding to validate IBANs and beneficiary data instantly while ensuring their platforms can support 24/7 payments with total security and confidence.

Recommended Actions:

• Update systems to support real-time euro instant payments 24/7 across all supported regions in the EU.
• Integrate payee verification into merchant onboarding workflows to prevent errors and fraud.
• Adjust transaction monitoring and risk scoring models to detect suspicious activity at real-time speed. 
• Train teams on instant payment operations and compliance requirements to ensure smooth implementation.

How OnBoard Helps:

‍OnBoard keeps PSPs fast, compliant, and secure as Europe moves to instant payments. Its Smart Forms capture detailed merchant and beneficiary data, powering automated AML, KYC, and KYB checks that verify IBANs and identities in real time through API connections to trusted global databases. Powered by OnBoard AIQ’s^tm intelligent data enrichment and ongoing risk monitoring, OnBoard helps providers stop anomalies instantly and deliver seamless, trusted payment experiences.

Source: European Commission

‍

European Union

Regulation/Publication Name: Verification of Payee (VOP) Scheme Rulebook

Effective Date: 5 October 2025

Issued By: European Payments Council

Summary:

‍The official rulebook for 'Verification of Payee' (VOP) is now in force. It provides the technical blueprint for payment providers to check that a recipient's name matches their IBAN, a key requirement under the new EU Instant Payments Regulation. This standardises the process across Europe to make instant payments more secure.

Key Changes:

• Mandatory verification of payee name against IBAN for all applicable euro payments.
• Introduces standardised processes and messaging formats for VOP across the SEPA zone.
• Strengthens alignment with EU Instant Payments Regulation to ensure instant payment security and compliance.
• Provides clear operational guidance to PSPs on implementing VOP checks.

What This Means for PSPs:

‍The new VOP Rulebook transforms how PSPs verify payments, demanding instant accuracy and stronger fraud protection. PSPs must ensure their payment and onboarding systems capture and validate beneficiary names and IBANs in real time through secure API connections. This means upgrading existing workflows to handle instant checks before funds are sent, reducing payment errors and stopping fraud at the source. Those who adapt quickly will not only meet EPC compliance but also deliver faster, safer, and more trusted payment experiences for their customers.

Recommended Actions:

• Update payment systems to perform real-time VOP verification for all applicable euro transfers.
• Integrate the EPC’s API-based standards and use the Directory Service (EDS) for secure, interoperable payee verification across Europe.
• Ensure transaction monitoring and compliance workflows are adapted to accommodate VOP requirements.
• Train operational teams to recognise and manage VOP-related exceptions or failed payments.

How OnBoard Helps:

OnBoard helps PSPs meet VOP compliance by capturing, validating, and verifying payee information with precision and speed. Its Smart Forms are infinitely configurable, allowing providers to collect all necessary VOP data such as beneficiary names and IBANs upfront and send it directly into real-time verification workflows. Powered by OnBoard AIQ’s^tm intelligent data enrichment and an automated decision engine, OnBoard ensures accurate, fraud-free transactions that keep merchant onboarding frictionless across Europe.

Source: European Payments Council

‍

United Arab Emirates

Regulation/Publication Name: Federal Decree Law No. 10 of 2025 on Anti-Money Laundering, Counter-Terrorist Financing and Proliferation Financing

Effective Date: 20 October 2025

Issued By: UAE Government

Summary:

‍The UAE has introduced a major new anti-money laundering law to strengthen its financial crime defences. The law introduces new crimes, lowers the evidence threshold for prosecution, creates new oversight bodies, and significantly increases fines. It also holds senior managers personally liable for compliance failures.

Key Changes:

• New Crimes: Financing for weapons, terrorism, and using virtual assets for illicit purposes is now explicitly criminalised.
• Easier Prosecution: Allows AML/CTF offences to be proven through circumstantial evidence where knowledge can be inferred from facts. 
• Stronger Powers: The Financial Intelligence Unit can freeze funds for up to 30 days and suspend transactions for 10 working days without notice. 
• Higher Penalties: Fines for legal entities can reach AED 100 million.
• Senior Management Liability: Directors can be held personally responsible for breaches.

‍What This Means for PSPs & Compliance Teams:

‍PSPs must act fast to strengthen AML and onboarding systems as the UAE tightens its fight against financial crime. Verifying every beneficial owner and monitoring virtual asset activity are now essential safeguards against hidden risks that could expose firms and leaders to severe penalties. Every onboarding decision is a moment of truth, and those who invest in precision, vigilance, and transparency will protect their reputation and stay ahead of enforcement.

Recommended Actions:

• Update AML/CTF policies and procedures to comply with expanded obligations.
• Integrate virtual asset monitoring and beneficiary verification in onboarding workflows.
• Supercharge monitoring systems to catch suspicious activity in real time and act before it escalates into an investigation.
• Keep clear records of senior management oversight to prove accountability and protect reputations when scrutiny intensifies.
• Train compliance and operational teams on changes to law, investigative powers, and penalties.

How OnBoard Helps:

‍OnBoard empowers PSPs to stay ahead of the UAE’s tougher AML and CTF rules with automation that leaves no room for oversight. Its intelligent data engine validates every detail in real time, from beneficial owners to virtual asset activity, giving compliance teams cleaner insights and faster, more confident decisions. Smart, configurable onboarding forms capture the right information at the start, while automated risk scoring and continuous portfolio monitoring flag anomalies and suspicious behaviour the moment they appear. With secure API-driven workflows and auditable processes built in, OnBoard turns compliance into a competitive strength that protects both trust and reputation. Book a demo to see this powerful engine in action today. 

Source: DLA Piper (UAE Government, Federal Decree Law No. 10 of 2025)

‍

Nigeria

Regulation/Publication Name: Central Bank of Nigeria Guidelines for the Operations of Agent Banking in Nigeria 

Effective Date: October 2025

‍Issued By: Central Bank of Nigeria (CBN)

Summary:

‍The Central Bank of Nigeria has updated its rules for agent banking to promote financial inclusion while managing risk. The guidelines clarify the roles of banks, super-agents, and individual agents, and set strict standards for onboarding Agents, transaction security, AML/CFT compliance, and consumer protection.

Key Changes:

• Enhanced Due Diligence: Principals must perform risk-based background checks before appointing Agents.
• Exclusivity Rules: Agents limited to one Principal; Super Agents may serve multiple Principals under separate agreements.
• Real-Time, Secure Operations: All transactions must be on dedicated accounts with strong IT security, including encryption and audit trails.
• AML/CFT/CPF Compliance: Agents must monitor and report suspicious transactions; Principals oversee compliance.
• Consumer Protection: Transparent fees, receipts, dispute resolution, and proper branding required.
• Sanctions & Reporting: CBN can impose fines, suspend licenses, and demand regular transaction and incident reports.

What This Means for PSPs & Financial Institutions:

‍PSPs and financial institutions must act decisively to strengthen agent onboarding, risk monitoring, and compliance controls. The CBN is raising the bar on accountability, and every transaction, record, and agent relationship must now withstand full regulatory scrutiny. Senior leaders carry the weight of compliance, so building transparent, traceable, and secure systems is no longer optional. Firms that fail to adapt risk heavy penalties, reputational damage, and loss of trust.

‍Recommended Actions:

• Review agent onboarding, risk assessment, and due diligence processes to align with CBN requirements.
• Ensure all agent transactions use dedicated accounts and comply with ICT, security, and real-time processing standards.
• Update AML/CFT/CPF controls, transaction monitoring, and suspicious activity reporting procedures.
• Implement clear branding, signage, and consumer protection measures at agent locations.
• Train agents and internal staff on obligations under the Guidelines, including fraud detection, reconciliation, and dispute resolution.
• Establish systems to promptly report returns, incidents, and changes in agent networks to the CBN.

How OnBoard Helps:

‍OnBoard helps PSPs and financial institutions meet CBN’s agent banking standards with ease and accuracy. Its Smart Forms capture all required agent information upfront, while automated AML and CFT checks verify every detail in real time. Continuous portfolio monitoring keeps every agent under active review, and built-in reporting tools create a clear, auditable record that proves compliance and protects against penalties.

Source: Central Bank of Nigeria

‍

United Kingdom

Regulation/Publication Name: FCA Open Finance Acceleration Initiative

Effective Date: 13 October 2025

Issued By: Financial Conduct Authority (FCA)

Summary:

‍The FCA has announced new measures to accelerate the UK’s move towards open finance. This will allow consumers and businesses to share financial data securely across a wider range of financial products and services. The initiative includes a new Smart Data Accelerator testing environment and two TechSprints focused on mortgages and SME finance. The FCA’s goal is to promote innovation, competition, and secure data sharing across the financial ecosystem.

Key Changes:

• Launch of the Smart Data Accelerator, expanding the FCA’s sandbox to test open finance use cases in real-world conditions.
• Partnership with Raidiam to create a stable, secure environment for testing data-sharing frameworks.
• Two TechSprints scheduled from 17 November 2025 to 12 February 2026, focusing on innovation in mortgages and SME finance.
• Registration open until 2 November 2025 for firms, policymakers, and international participants.
• Ongoing emphasis on maintaining consumer protection and data security while driving innovation.

What This Means for PSPs & Merchant Onboarding Teams:

‍Although the initial focus areas are mortgages and SME finance, the FCA’s direction signals a broader move towards open data across the financial services sector, which will directly impact payment providers and onboarding processes.

Rather than waiting for new regulations to take effect, forward-thinking PSPs and fintechs have an opportunity to get ahead of the curve by preparing for open finance now. Early alignment will not only simplify future compliance but also create a commercial advantage through faster onboarding, richer insights, and enhanced customer trust.

For PSPs and fintechs, open finance will:

• Expand access to verified financial data from multiple sources, improving the speed and accuracy of KYC and KYB checks.
  
• Enable real-time verification and risk scoring, reducing onboarding times while maintaining compliance.
• Increase expectations for interoperability, requiring PSPs to align their APIs and data handling with open finance standards.
• Drive stronger collaboration with regulators and third parties, as testing in sandboxes becomes the norm for innovation and compliance validation.
  

In short, open finance is not just a compliance development, it’s an innovation opportunity. PSPs that act early will be better placed to shape emerging standards, strengthen trust with regulators, and deliver faster, smarter onboarding experiences.

Recommended Actions:

• Audit and upgrade data frameworks now to support secure, open finance–ready integrations and real-time verification.
• Engage with the Smart Data Accelerator to test new onboarding and data-sharing solutions in a controlled environment.
• Upskill compliance and onboarding teams on evolving open finance principles and consent-based data exchange.
• Monitor the FCA’s roadmap, due in March 2026, to anticipate new requirements and maintain a competitive head start.

How OnBoard Helps:

OnBoard empowers PSPs to get ahead of open finance changes by automating the collection, verification, and monitoring of client data. Its API-first architecture enables secure, real-time data exchange with regulated and third-party systems, helping firms adapt quickly as new standards emerge. The platform’s intelligent decision engine improves verification accuracy, accelerates onboarding, and reduces operational risk — allowing PSPs to lead confidently in the open finance era, not just keep up with it.

Source: Financial Conduct Authority

‍

America

‍United States

Regulation/Publication Name: FAQs on Suspicious Activity Reporting Requirements

Effective Date: 9 October 2025

Issued By: Financial Crimes Enforcement Network (FinCEN)

Summary:

‍FinCEN, along with the Federal Reserve, FDIC, NCUA, and OCC, has updated FAQs to clarify Suspicious Activity Report (SAR) obligations. The guidance explains filing thresholds, structuring activity, ongoing reviews, and documentation practices. Its goal is to help institutions comply efficiently with Bank Secrecy Act (BSA) rules while focusing resources on activity that matters most to law enforcement. No new requirements are introduced, and existing BSA obligations remain unchanged.

Key Clarifications:

• Clarifies that transactions near the $10,000 mark don't automatically need a SAR— unless the institution knows, suspects, or has reason to suspect that the transaction or series of transactions are designed to evade CTR.
• Defines what constitutes 'structuring' for easier detection.
• FinCEN clarified that institutions don’t need to start new reviews after filing a SAR. Regular risk-based monitoring is enough, allowing teams to focus on genuine risks with confidence. 
• States that documenting a decision not to file a SAR is not a regulatory requirement, though it can be useful for complex cases.

What This Means for PSPs & Risk Teams:

‍PSPs and risk teams to fine-tune their workflows and risk frameworks to detect structuring activity in real time rather than reacting to every large transaction. By focusing on smarter, risk-based monitoring and clearer decision-making, teams can reduce unnecessary reviews, stay compliant, and act quickly when genuine threats arise. 

Recommended Actions:

• Review AML/CFT monitoring systems to detect structuring and other suspicious transactions.
• Align SAR filing policies with clarified thresholds and risk-based controls.
• Update internal onboarding processes to handle continuing suspicious activity, using flexible, risk-based approaches rather than mandatory repeated reviews.
• Keep SAR documentation audit-ready for complex cases. Clear records show that filing decisions are well-judged, compliant, and backed by sound reasoning.
• Train teams on the updated FAQs to ensure consistent application across all relevant business units and merchant onboarding processes.

How OnBoard Helps:

‍OnBoard helps PSPs meet FinCEN’s clarified SAR expectations by turning onboarding into real-time intelligence. Smart Forms capture all essential merchant’s data upfront, powering accurate risk scoring through the automated decision engine, which automatically routes higher-risk profiles for review while keeping low-risk cases moving. Full Portfolio OCDD then maintains continuous monitoring, instantly detecting changes in behaviour or data so teams can identify structuring risks early and stay compliant with confidence.

Source: FinCEN

‍

Canada

Regulation/Publication Name: Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Effective Date: 1 October 2025

Issued By: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Summary:

‍Canada has expanded its anti-money laundering and anti-terrorist financing rules. The changes impose new duties on financial institutions and other businesses, with a strong focus on revealing who truly owns and controls companies (beneficial ownership), and tightening oversight of money service businesses, real estate, and private ATMs.

Key Changes:

• Ultimate Beneficial Ownership: Firms must now cross-reference and report significant discrepancies in corporate ownership data within 30 days.
• Money Services Businesses (MSBs): can now use agents or mandataries to verify client identities but must confirm eligibility before engagement 
• Real Estate: Brokers and sales representatives must now verify unrepresented parties, keep records, and determine any third-party involvement. 
• New Sectors: Private ATM acquirers and title insurers are now reporting entities under Canada’s AML rules, required to monitor, verify, and report suspicious or sanctioned activity to FINTRAC.
• Sanctions: Reporting entities must disclose property held by sanctioned individuals or terrorists.

What This Means for PSPs & Compliance Teams:

‍PSPs operating in Canada or working with Canadian merchants must review AML and KYC procedures to ensure alignment with expanded reporting and verification requirements. Onboarding must capture complete ownership details and strengthen oversight for real estate, private ATM, and title insurer clients. Real-time monitoring and rapid reporting will empower teams to stay compliant, protect their business, and build lasting trust with customers in a tougher regulatory landscape. 

Recommended Actions:

• Update AML/KYB procedures to include beneficial ownership discrepancy checks and 30-day reporting steps. 
• Ensure MSB agent or mandatory eligibility verification processes are fully documented and compliant.
• Include clear verification steps for unrepresented parties in real estate transactions. 
• Establish monitoring and reporting processes for private ABMs and title insurer obligations.
• Implement immediate reporting procedures for sanctioned or terrorist-related property in line with FINTRAC guidance.

How OnBoard Helps:

OnBoard empowers PSPs, MSBs, real estate brokers, and title insurers to stay compliant and confident under Canada’s new AML rules. Its Smart Forms capture complete ownership and identity data upfront, validating information in real time as customers enter it and sending it directly into automated AML and risk workflows for instant verification. With intelligent monitoring and decision automation, OnBoard ensures every discrepancy, sanction, or high-risk profile is detected early, turning compliance into a smooth, proactive, and trusted experience. 

Stay ahead of every regulation with OnBoard. Book a demo to see smart compliance in action.

Source: DLA Piper

‍

APAC

‍Australia

Regulation/Publication Name: Regulation of Payment Service Providers – Tranche 1a Draft Legislation

Effective Date: Consultation open from 8 October 2025; submissions close 6 November 2025

Issued By: Australian Government (Treasury)

Summary:

‍The Australian Government has released draft legislation to modernize how payment service providers are regulated. This first tranche of reforms sets out the core principles and definitions that will underpin a new payments licensing framework. It marks a significant step towards stronger oversight and consistency across the payments sector, with later tranches expected to expand on specific obligations and implementation details.

Key Developments:

• Establishes new licensing obligations for PSPs under a unified regulatory framework.
• Defines core concepts and activities that fall within the regulated perimeter, including payment initiation, facilitation, and stored-value services.
• Introduces a phased approach, with further details to follow in Tranche 1b.
• Opens consultation for industry feedback to help shape the final framework.

What This Means for PSPs & Merchant Onboarding Teams:

‍This reform is more than a compliance exercise, it represents a fundamental shift in how payments businesses will be defined and regulated in Australia. The expanded framework brings more service types under direct oversight, meaning PSPs and onboarding teams should act now to understand where their operations sit within the new definitions.

Being proactive will be key. PSPs that assess and align early will not only be better prepared for new licensing obligations but will also strengthen their regulatory credibility and market trust. For onboarding teams, this means reviewing how merchants are verified, classified, and risk-assessed against the updated categories of payment activity.

Specifically, open engagement during consultation gives PSPs the chance to:

• Influence the shape of the final framework, ensuring it reflects real operational practices.
• Anticipate compliance impacts, such as licensing thresholds, data handling, and reporting expectations.
• Modernize onboarding processes to incorporate regulatory readiness checks and clearer merchant categorisation.

Firms that take early action will find it easier to adapt once the legislation is finalised, turning regulatory preparedness into a competitive advantage rather than a reactive burden.

Recommended Actions:

• Review the draft legislation and explanatory materials to understand the proposed definitions and licensing obligations.
• Evaluate onboarding and compliance workflows to identify where updates may be needed under the new regime.
• Submit feedback by 6 November 2025 to ensure your business perspective is represented.
• Monitor Tranche 1b developments to anticipate additional operational and reporting requirements.

How OnBoard Helps:

OnBoard enables PSPs to stay ahead of regulatory change by automating compliance and licensing readiness workflows. Our platform supports proactive alignment with evolving frameworks, streamlining documentation, risk assessment, and reporting. With OnBoard, PSPs can adapt onboarding and monitoring processes efficiently to stay compliant and competitive as Australia’s payments landscape evolves.

Source: Australian Government

‍

Singapore

Regulation/Publication Name: FAQs on Banks’ Enhanced Fraud Surveillance Safeguards Against Rapid Account Draining

Effective Date: October 2025

Issued By: Association of Banks in Singapore (ABS)

Summary:

‍Singapore’s major banks are introducing new fraud-surveillance measures to protect personal accounts from rapid account-draining scams. These include a 24-hour cooling period for high-risk transactions, real-time monitoring, and instant customer alerts when transactions are held or rejected. The measures target accounts with balances above SGD 50,000, though enhanced surveillance also applies to accounts below this threshold.

Key Changes:

• Applies to all personal accounts at D-SIBs (Domestic Systemically Important Banks) with balances of SGD 50,000 or more.
• Introduces a 24-hour cooling period for transactions flagged as high-risk.
• Immediate notifications sent to customers when transactions are delayed or rejected.
• Exemptions apply for recurring payments such as standing instructions, GIRO/eGIRO transfers, and bill payments to recognised organisations.
• Banks continue to monitor smaller accounts for other suspicious activity.
• Reinforces customer protection: banks will never request credentials or unofficial app installations

What This Means for PSPs & Risk Teams:

‍While these safeguards target personal banking, they represent a broader regulatory expectation for fraud detection and intervention across all digital payments. Business transactions are not exempt from scrutiny, particularly those involving large or fast-moving fund flows, cross-border payments, or linked personal accounts (e.g. SME owners using both personal and business channels).

For PSPs and merchant-onboarding teams, this means:

• Banks and regulators will expect comparable fraud controls from payment providers, especially those handling high-value transactions or settlement flows.
• Settlement delays may cascade, as transactions routed through banking partners are paused for review.
• Merchant risk scoring and onboarding checks should evolve to identify potential fraud exposure earlier, reducing disruption once funds reach the banking layer.
• Proactive alignment with these standards will position PSPs as trusted partners capable of protecting both business and customer funds.

This is not just about compliance, it’s about reinforcing resilience, customer confidence, and the reliability of payment operations in a more tightly monitored financial environment.

Recommended Actions:

• Map your exposure. Identify clients and payment routes that rely on Singaporean banks and may be affected by 24-hour holds.
• Integrate enhanced fraud logic into transaction monitoring for high-value business accounts and settlements.
• Communicate early with merchants about potential payment delays caused by downstream fraud.
• Review onboarding processes to include fraud-prevention readiness and resilience assessments.
• Track regional developments. Singapore’s model is likely to influence neighbouring markets.

How OnBoard Helps:

OnBoard enables PSPs and fintechs to stay ahead of shifting fraud-prevention standards by automating monitoring, verification, and client risk scoring. Its intelligent rules engine adapts dynamically to new regulatory or banking triggers, and integrates real-time notifications into merchant and customer workflows. The result is a smoother onboarding and transaction experience that meets rising expectations for security and compliance without compromising speed.

Source: Association of Banks in Singapore (ABS)