One of the central challenges in cross-border payments is navigating the complex and varied policy and regulatory frameworks imposed by different jurisdictions. These differences increase the regulatory compliance burden across the payment chain, slow down transaction times, and create uncertainties for stakeholders. In response, central banks are taking proactive steps to address these issues through Project Mandala, a proof-of-concept initiative led by the BIS Innovation Hub.
The Bank for International Settlements (BIS), in collaboration with central banks from Australia, Korea, Malaysia, and Singapore, has successfully demonstrated how regulatory compliance can be embedded into cross-border financial transactions.
The Securities and Exchange Commission (SEC) has charged four current and former public companies—Unisys Corp., Avaya Holdings Corp., Check Point Software Technologies Ltd, and Mimecast Limited—with providing materially misleading disclosures about cybersecurity risks and breaches. Additionally, Unisys was charged with violations related to inadequate disclosure controls and procedures.
Source: Mastercard
As part of its efforts to empower the digital transformation, drive economic diversification and empower innovation in Saudi Arabia, and under the patronage of The Saudi Central Bank (SAMA), the local establishment of Mastercard Gateway widens the technology company’s footprint in the region and underlines Mastercard’s commitment to contributing its expertise as a trusted technology partner and enabler of Saudi Arabia’s digital economy and future goals.
The CFPB’s new ruling aims to empower consumers by making it easier to switch to providers offering better rates and services, thereby enhancing competition in loans and improving customer service across payments, credit, and banking markets. CFPB Director Rohit Chopra emphasized that many Americans are stuck with financial products that have poor rates and service, and the new provisions will give consumers more control over their financial choices. The ruling allows consumers to access and share data linked to various financial products, such as bank accounts, credit cards, and payment apps, without incurring fees. This data includes transaction history, account balances, bill information, and basic account verification details.
The rule also ensures that third parties collecting consumer data can only use it for the specific products requested by consumers, preventing misuse for unrelated purposes like targeted advertising. According to Chopra, the final rule on Personal Financial Data Rights is a step towards creating a competitive, safe, and reliable 'open banking' system in the U.S. Compliance will be rolled out gradually, with larger financial firms required to meet the rule by April 2026, while smaller institutions have until April 2030 to comply.
The U.S. Cybersecurity and Infrastructure Security Agency (CISA) has added a critical vulnerability affecting ScienceLogic SL1 to its Known Exploited Vulnerabilities (KEV) catalog, following reports of active exploitation as a zero-day.
A report by the G7 Cyber Expert Group (CEG), chaired by the US Department of the Treasury and the Bank of England, addresses the cybersecurity risks posed by advancements in quantum computing and outlines essential steps for financial authorities and institutions to mitigate these risks.
Cybersecurity and intelligence agencies from Australia, Canada, and the U.S. have issued a joint advisory warning about a year-long campaign by Iranian cyber actors aimed at infiltrating critical infrastructure organizations.
