13 October 2017

13th October 2017
  • Mobile/Contactless and omni-Commerce
  • Digital banking
  • ATMs
  • SME Accounting
  • Smart Ticketing
  • Instant Payments/ACH
  • Payments Report
  • Acquiring/Processing
  • Fintech
  • DLT/Blockchain/Cryptocurrencies
  • Regulation

MOBILE/CONTACTLESS and omni-COMMERCE

BRC – KPMG Retail Sales Monitor for September. http://tinyurl.com/y8flbaxe

Online sales of Non-Food products grew 10.7%.

 

Mastercard has announced new campaign to encourage use of wallets and its contactless cards and in London.  http://tinyurl.com/yd6634vg

It will donate one school meal for every pay as you go journey made on TfL and National Rail Services in London using a contactless Mastercard, or a Mastercard loaded into Apple Pay, Android Pay or Samsung Pay. Starts 16 October for three weeks.

 

In Research by IMRG 23% of survey respondents said they would provide personal information for access to 1-click checkout facilities.

However, up to 60% said they would not feel comfortable sharing data at all. Full blog http://tinyurl.com/ycygkvs3

 

Danske Bank has confirmed it is to cease supporting its MobilePay app in Norway and offer Nordea’s Vipps service.  http://tinyurl.com/y7byfau5

The move was originally flagged by Nets in September. http://tinyurl.com/yahtf8ma

 

Mastercard and Carrefour are to launch a ‘Scan&Go’ service in Poland.  http://tinyurl.com/yctcjpew

The addition to the “My Carrefour” mobile app will enable self-service product scanning as well as in-app payments with Masterpass alongside the original loyalty function. The conclusion of a successful Pilot is to be followed by a phased launch. The objective is to reduce queuing at POS, although the app still gives users a choice of paying with card or cash as well as Masterpass.

 

Fortumo and A1 Telekom Austria are launching a direct carrier billing offer.  http://tinyurl.com/n3oprcd

 

MasterCard subsidiary Applied Predictive Technologies along with the EIU has published a report:

“Bricks-and-Mortar Retailers Fight Back: Winning Strategies to Compete with Online-Only Players.”  http://tinyurl.com/yd7cvz9l

The report looks at fightback actions and proposes five key strategies that bricks-and-mortar retailers should adopt in the face of e-commerce competition. Includes infographic on ‘Store of the future’.

 

Pinterest plans to introduce more ways for users to shop through the app.  http://tinyurl.com/ybtblf7h

The platform currently includes ‘Buyable Pins’, but intends to offer a ‘shop the look’ functionality, which allows users to click on an image to find out what the product is and visit the retailer’s website.

 

Visa has published the results of a study examining the economic impact of increasing the use of digital payments in major cities globally. http://tinyurl.com/yczf595f  Interactive map http://tinyurl.com/yczvaf9g

“Cashless Cities: Realizing the Benefits of Digital Payments”.  http://tinyurl.com/y93xq9vy

The study estimates that increasing digital payments across the 100 cities could result in total direct net benefits of US$470bn billion per year.

There is a technical appendix available at http://tinyurl.com/y8ww79cb

 

DIGITAL BANKING

Monzo has announced that it is to invite all existing Monzo users to upgrade to a current account. http://tinyurl.com/ycd53mz6

New signups to the prepaid Monzo Mastercard Debit card will stop and existing users will be invited to upgrade from prepaid cards to full current accounts.

 

ATMs

TSB Bank has signed a five-year ATM Services Contract with NCR.  http://tinyurl.com/ybxt959g

The contract covers remote ATM Monitoring, Incident Management and Help Desk support together with Second Line Maintenance.

 

SME ACCOUNTING

Xero is launching machine learning automation to improve coding accuracy.  http://tinyurl.com/y828trcp

Bills is the second-most commonly used feature of Xero but it has the second-highest rate of defaults. The new artificial intelligence system will consider each individual business’s characteristics, then recommend account codes based on what it has learned.

 

SMART TICKETING

The UK Government is planning to spend £80m on the introduction of smart ticketing. http://tinyurl.com/ydd4ogct

Using barcode technology, rail users will have the choice of travelling without a paper ticket by the end of 2018. A pilot is expected in the next 4 months.

 

INSTANT PAYMENTS/ACH

Faster Payments is seeking Expressions of Interest for the renewal and management of its infrastructure.  http://tinyurl.com/yc7l974j

The EoI is the first of a three phase competition to choose the required infrastructure renewal provider. The aim is to make it easier to FPS, improve operational efficiency and further minimise the risk of cyber-attacks.

 

CHAPS in its ‘Market Forecasts 2017’ predicts that following a period of adjustment post-Brexit, CHAPS volumes will recover in line with the UK and global economy, and with international trade. http://tinyurl.com/ya3xnqvz  Report http://tinyurl.com/y73q9kvf

The CHAPS Market Forecasts 2017 looks into the future growth in usage of CHAPS and how this will be influenced by current and forthcoming economic and industry developments.

 

EBA CLEARING has confirmed that banks from nine countries are preparing to join RT1 when it goes live in November.  http://tinyurl.com/ydyf7d6o  List of RT1 Participants http://tinyurl.com/y9v3m4se

Testing is currently under way by those connecting to the new platform.

 

SWIFT has announced that its SWIFTNet Instant solution will give access to RT1. http://tinyurl.com/yc2mgqlc

The solution is designed to work anywhere in Europe and around the world, enabling SWIFT customers to connect to multiple instant payment clearing and settlement mechanisms.

 

ACI Worldwide has launched its UP Real-Time Payments Solution. http://tinyurl.com/y8k7336x

The solution enables FIs to address their RTGS, SWIFT messaging and real-time payments needs with a single, universal offering that combines ACI’s Money Transfer System and its real-time processing solution UP Immediate Payments.

ACI Worldwide is also partnering with STET to deliver the solution to PSPs across Europe. http://tinyurl.com/y7mu7wtg

The partnership aims to deliver to banks a seamless end-to-end solution for SCT Inst.

 

The Danish payment landscape: When instant becomes the new normal.   http://tinyurl.com/yczhrz8b

An interview with Kristian Ring, Head of Department at Finance Denmark.

 

PAYMENTS REPORT

CapGemini has published its World Payments Report 2017.  http://tinyurl.com/pt9dbb7

Covers World Non-Cash transaction volume analysis; Non-Cash markets and trends; Regulation and industry initiatives; The new payments ecosystem.

 

ACQUIRING/PROCESSING

Paysafe is launching Turnkey, a new payments solution for software platforms and marketplaces. http://tinyurl.com/y9j4gyty

Those adopting the solution will integrate an API suite into their current software infrastructure. Turnkey provides real-time on boarding for customers.

 

FINTECH

Bank of England – Speech: The Bank of England’s FinTech Accelerator: what have we done and what have we learned? http://tinyurl.com/ycgbkefn

Andrew Hauser, Executive Director for Banking, Payments and Financial Resilience, reflects on the work of the Bank of England’s FinTech Accelerator since its launch in June 2016.

 

DLT/BLOCKCHAIN/CRYPTOCURRENCIES

SIA has launched  “SIAchain”, based on blockchain technology. http://tinyurl.com/ycgjkax2

The new platform is aimed at supporting financial institutions, corporates and public administration bodies in developing and implementing innovative applications based on blockchain technology.

 

Fujitsu is to conduct a Blockchain field trial of a P2P service. http://tinyurl.com/ybo7bj7x

With three Japanese banks, Fujitsu will trial a mobile app that will use a cloud-based blockchain platform that enables money transfers between individuals.

 

Ripple says that it now has more than 100 financial institutions as members of its enterprise blockchain network.  http://tinyurl.com/ybjdghs7

RippleNet members are adopting blockchain commercially to provide their customers with instant, on-demand and low-cost global payments services.

 

Russia has reversed its recent positive leanings towards bitcoin with President Putin now saying they are risky. http://tinyurl.com/y9s62nlm

The Central Bank has indicated it will block websites selling cryptocurrencies.

 

REGULATION

The EC has carried out raids on suspicion of anti-competitive practices over fintech access.   http://tinyurl.com/yb4ub2ot

Two known countries where raids have taken place are Poland and the Netherlands..

 

The EC has called for the completion of all parts of the Banking Union by 2018. http://tinyurl.com/yb4nqjsw

The Commission has published a Communication that sets out a path to ensure agreement on all the outstanding elements of the Banking Union, based on existing commitments by the Council. Questions and answers  Factsheet: Completing the Banking Union  Communication on completing the Banking Union

 

The NPSO has announced the formation of its new Board. http://tinyurl.com/yamg4qyw

Four further members will be added to the existing five in the coming months.

 

In the US the Independent Community Bankers of America (ICBA) has called on the Federal Deposit Insurance Corp. to deny Square Financial Services’ federal deposit-insurance application. http://tinyurl.com/yamezk3o

Cries of unfair competition and need to preserve level playing field. Granting Square an ILC charter would allow it to engage in both banking and commercial activities without being subject to consolidated supervision.

 

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