15 June 2018

15th June 2018
  • Mobile/Contactless and omni-Commerce
  • Cash
  • Acquiring/Processing
  • Instant Payments
  • Remittances
  • Digital/Retail banking
  • Open Banking/PSD2
  • Blockchain/DLT/Cryptocurrencies
  • Fraud/Security
  • Regulation

 

MOBILE/CONTACTLESS and omni-COMMERCE

PayPal Ireland is removing its fees for euro money transfers between friends and family in Ireland.    http://tinyurl.com/ybenad75

PayPal has gradually introduced the waiving of fees for this type of payment across its European markets with payments already fee-free in  a number of countries, with more to be added by the year end.

 

Salesforce Commerce Cloud is to power Fenwick’s new ecommerce platform. http://tinyurl.com/ycjhzml6

Interesting that a brand like Fenwick has only just got round to offering a digital shopping experience with its first ever ecommerce web site.

 

Verifone commissioned research indicates approaching a third (29%) of UK Small Businesses now accept Payment Apps at the checkout. http://tinyurl.com/yc2wufxo

The report also indicates that 38% of small and micro businesses, and 44% of medium sized businesses, now conduct payments with tablets and other digital devices.

 

Divido is extending its B2B finance solution to the POS environment. http://tinyurl.com/ycawkcsy

In partnership with its panel of business lenders, Divido’s platform now allows retailers to offer B2B finance to business customers at the checkout. Divido claims it is the UK’s first retail finance platform that allows merchants to offer finance to both consumer and business customers. Initially available in the UK, Germany, Poland, Sweden, Norway, Finland and Denmark.

 

Reuters is reporting that Microsoft is working on Amazon Go type technology. http://tinyurl.com/y97b3hjh

Microsoft has allegedly talked to Walmart about a potential automated checkout service.

 

CASH

The Riksbank Committee of the Swedish Parliament is looking at legislation that would force banks to handle cash. http://tinyurl.com/y7cr8xhc

The law would apply to all banks offering current accounts and having more than SKR70bn (€6.9bn) in deposits and is driven by the rapid moves towards a cashless society. It would make it mandatory for banks to offer cash withdrawals and handle daily receipts and ensure Swedes should have a maximum distance of 25km (16 miles) to the nearest cash withdrawal facility.

 

ACQUIRING/PROCESSING

Wirecard is working on the development of a supply chain payment platform based on blockchain technology. http://tinyurl.com/y7nfk2hv

Wirecard says it is expanding its existing digital payment and banking platform with the supply chain payment solution with the prototype focussing on linking merchants with producers, capturing all business processes in “smart contracts” while minimizing the risk of fraud.

 

INSTANT PAYMENTS/ACH

The Riksbank has opened a Consultation on Instant Payments. http://tinyurl.com/ycnx6f4n

The Riksbank is looking for views from participants in the RIX system, and other interested parties, on possible changes to the Riksbank’s range of settlement services.  the Riksbank is specifically interested in how the market views an arrangement whereby settlement of instant payments in Swedish kronor is made available on the TIPS platform.

 

SIA has been granted certification from the Eurosystem to provide access to TIPS.  http://tinyurl.com/y85u6r25

SIA says SIAnet is the only network infrastructure to have passed all the Eurosystem tests.

 

REMITTANCES

Scottish based Paysend claims its customer base has tripled in last 6 months.  http://tinyurl.com/y8sek6ep

The company says it now has over 150,000 customers across Europe, and operates in more than 60 countries. Its platform allows users to send funds card to card using Visa, MasterCard or UnionPay cards.

 

DIGITAL/RETAIL BANKING

Which? says Bank branches are closing at a rate of 60 a month. http://tinyurl.com/y7lspla3

2,868 branches will have closed since 2015 by the end of the year with NatWest leading the pack at 638.

 

Alior Bank is planning to launch a pan-European digital bank alongside solarisBank, Raisin and MasterCard. http://tinyurl.com/y98s5olk

Alior Bank will deliver multicurrency accounts with international transfers and deposits, solarisBank will provide the banking infrastructure and Raisin offer various savings and investment products.  Launch is planned for Q4/18.

 

OPEN BANKING/PSD2

NatWest has announced it is trialling ‘cardless’ internet payments with Carphone Warehouse. http://tinyurl.com/ycobvd7h

Leveraging the A2A aspect of Open Banking, payment is via the NatWest banking app using Touch ID or standard password and shows the user a real-time account balance.

 

BLOCKCHAIN/DLT/CRYPTOCURRENCIES

The FCA is currently investigating 24 businesses that deal with cryptocurrencies and has opened seven whistleblowing reports so far in 2018 relating to cryptocurrencies.

According to the Financial Times, which reported the news in May, the FCA has stated that it will “continue to monitor the appropriateness of the existing regulatory framework”.

 

FRAUD/CYBERSECURITY

Dixons Carphone has reported a significant Data Breach. http://tinyurl.com/y92xwpon

“Our investigation is ongoing and currently indicates that there was an attempt to compromise 5.9 million cards in one of the processing systems of Currys PC World and Dixons Travel stores. However, 5.8m of these cards have chip and pin protection”.

An arm of GCHQ is reported as working with Dixons Carphone on mitigation measures. The National Cyber Security Centre (NCSC) has said it was working alongside the retailer, ICO and the FCA on the cyber-attack.

 

Kount‘s 6th Annual Mobile Fraud & Payments Survey indicates fewer merchants are accepting Apple Pay. http://tinyurl.com/yckyx765

The annual survey measures the state of mobile payments and mobile channel fraud from each prior survey year. The headline this year is that the some ‘Pays’ have lost traction, with merchant acceptance  of Apple Pay down from 48% to 35%  and Google Pay down from 38% to 25%.

 

REGULATION

The European Banking Authority (EBA) has published an Opinion and a Consultation Paper on draft SCA RTS Guidelines. http://tinyurl.com/yb3sjtm3

The aim is to clarify a number of issues identified by market participants in relation to the RTS on strong customer authentication and common and secure communication. The Opinion http://tinyurl.com/ydepn7xy  focuses on the implementation of the RTS while the Consultation Paper http://tinyurl.com/ydepn7xy proposes a pragmatic and consistent approach to the four conditions to be met to benefit from an exemption from the fallback option envisaged under Article 33(6).

 

The PSR has launched a discussion paper about data in the payments industry.  http://tinyurl.com/yc6xos58    Discussion Paper http://tinyurl.com/ybh25b7u

As Payments-related data is becoming increasingly important, and its use is growing fast, the regulator is examining how this can affect the payments industry and consumers.

 

A Law website is reporting that dawn raids carried out by the PSR in March under its Competition responsibilities relate to an attempt to rig the procurement process for a prepaid programme management contract offered by a major card issuer by one of the companies making a bid. They are alleged to have tried to coerce a competitor not to make one.

Latest News Round-up

16 November 2018

Industry Videos

Central 1, a Canadian credit union, is trialling an authenticated Voice Banking Service using Amazon Alexa.

Contact Us