15 September 2017

18th September 2017
  • Mobile/Contactless and omni-Commerce
  • Instant Payments
  • Retail/Digital Banking
  • Cash
  • SME Accounting
  • Acquiring/Processing
  • Fintech
  • Security/Fraud
  • Corporate Activity
  • DLT/Blockchain
  • Regulation

MOBILE/CONTACTLESS and omni-COMMERCE

Lloyds Cardnet is now supporting fintech WoraPay’s mobile pre-order and payment app. http://tinyurl.com/y9a2th84

Lloyds has been successfully piloting the app in its staff cafés before release.

 

More on the Contactless 10th Birthday – this time from UK Finance.  http://tinyurl.com/y74vzgy2

 

Visa’s latest UK Consumer data confirms e-commerce strength as the High street experiences decline.  http://tinyurl.com/ya7uwpzl

 

This is supported by the latest UK Card Expenditure Statistics: for July 2017 that show contactless now standing at 36% of total purchases. http://tinyurl.com/ybpaxkdw

 

Finland sees the arrival of social shopping with SoMe Pay supported by Nets. http://tinyurl.com/y72vxkor

SoMe Pay allows users to make purchases directly from a social media stream with one-click payment and product sharing and commenting.

 

EMVCo has published Version 2 of the EMV Payment Tokenisation Technical Framework. http://tinyurl.com/yc7eq44c

The latest document addresses the adoption of payment token use cases in e-commerce beyond existing card-on-file.

 

Ovum and ACI Worldwide have released their 2017 Global Payments Insight Survey.  http://tinyurl.com/ybtgbjm3

The survey indicates just over 50% of retailers and merchants in the EMEA region are planning to increase their investment into new payment capabilities in the next 18 to 24 months. However, the research also highlights security concerns (87%) and regulatory compliance (70%) as being investment barriers.

 

Apparently Amazon’s patent on its 1-Click functionality has expired.  http://tinyurl.com/ybetwcnm

This means the technology is now available to any online player without the need for a usage licence from Amazon.

 

INSTANT PAYMENTS

The EPC has just released the names of the first PSPs in Austria and Spain ready for SCT Inst.  http://tinyurl.com/y8qcugjw         List http://tinyurl.com/y84wf4np

The EPC expects over 600 PSPs from six countries to support SCT Inst services from 21 November onwards

 

Vocalink Article on Faster Payments. http://tinyurl.com/zl5tfp6

 

RETAIL/DIGITAL BANKING

Monzo is ceasing its offer of free ATM withdrawals outside the UK but is asking its customers to choose the best way to charge for the service.  http://tinyurl.com/ybqbrgqq

 

Monzo meanwhile is introducing bill splitting with Deliveroo.  http://tinyurl.com/ya8eb5al

Deliveroo customers are being given the option to split the bill using the Monzo.me link that is embedded in the Deliveroo app.

 

ABN Amro’s digital subsidiary Moneyou has implemented Bankable’s BaaS platform. http://tinyurl.com/ydhc4c6f

The savings account provider is branching out using Bankable’s technology to target millennials in the Netherlands and in Germany with a wider offer.

 

The EC has approved, under the EU Merger Regulation, a proposed joint venture between DNB of Norway and Nordea of Sweden.

The joint venture, called the Luminor Group, would operate in Estonia, Latvia and Lithuania. DNB and Nordea will combine their banking activities in the Baltics in this new Group. The Commission concluded that the proposed merger would raise no competition concerns in view of the strong competition that the Luminor Group will face post-transaction, notably from SEB bank and Swedbank, and the fact that DNB and Nordea are not considered to be particularly close competitors in the countries concerned by the transaction.

 

CASH

Paysafe has issued a Report with a ‘Consumers to abandon cash by 2020’ headline. http://tinyurl.com/y8jdftz9  Report http://tinyurl.com/y7rgdg4s                                                                            UK Specific http://tinyurl.com/ydeqpm92

A global survey (actually UK, US and Canada) says 54% of consumers expect to abandon using cash for shopping in the next two years. Contains some interesting stats on mobile wallet use.

 

SME ACCOUNTING

Xero is integrating with Santander in the UK. http://tinyurl.com/y8mxax25

Xero SME users will be able to transfer financial data from their bank accounts to their Xero software. Xero already integrates with all UK major banks using its open API. The service will be available to Santander Business customers from mid-October.

 

Sage has announced a similar integration with Lloyds.  http://tinyurl.com/ycjy6mjw

Banks signed up to Sage’s new service so far include Lloyds Bank, RBS, Nat West and Cashplus, with others due to join in the coming months.

 

iZettle has followed up its announcement in June of an Invoicing service by now releasing it in the UK. http://tinyurl.com/yaqzgma9

iZettle Invoice is available free of charge to all current iZettle customers using its app.

 

ACQUIRING/PROCESSING

Truevo Payments, a Malta registered PSP, has signed a license agreement for JCB card POS acquiring.    http://tinyurl.com/yd7kxfea

 

Acapture, a Dutch PSP, is introducing a PSD2-compliant payment product that supports merchants to handle complex split settlements.  http://tinyurl.com/y6voco95                                                                 Product page http://tinyurl.com/y7quwp5z

SlicePay supports payouts to multiple parties in various countries and currencies.

 

FINTECH

The EC has published a summary of the contributions received to its Consultation on fintech. http://tinyurl.com/yav3sjum

Links to Responses http://tinyurl.com/y9rjxyz5  Summary http://tinyurl.com/ybavzdsx                      Detailed Summary http://tinyurl.com/y9u9ayd7

Respondents expressed broad support for EU level action in the following areas:

  • a clear EU framework for crowd and peer-to-peer financing;
  • more clarity and convergence across the EU on how supervisors handle licensing, outsourcing, in particular to cloud services, and support for innovation (e.g. innovation hubs);
  • more developed interoperability and standardisation; and
  • enhanced cybersecurity

 

French fintech Linxco has raised €20m for its account aggregation offer. http://tinyurl.com/y7e6bonq

Linxco claims 1.4m users for it app and is looking to leverage the opportunities from PSD2. Crédit Agricole, Crédit Mutuel Arkéa and MAIF have provided the new funding.

Techcrunch http://tinyurl.com/y972mnvh says users need to give Linxo their bank account login information, which suggests currently its technology may be based on screen scraping.

 

SECURITY/FRAUD

The major Belgian banks and telcos have developed an app that allows secure login and transaction activity online.  http://tinyurl.com/y7ajnpha

The itsme app allows users to log in, register, sign and pay in various online apps using a single PIN of their choice, doing away with the need for card reader dongles and passwords. Supported by Belfius, BNP Paribas Fortis, KBC/CBC and ING and telcos Orange, Proximus and Telenet.                                       ING http://tinyurl.com/y7kqspjz          KBC http://tinyurl.com/y8pgufb6

 

Rabobank has developed an IBAN-Name Check in an effort to avoid incorrect transfers and fraud. http://tinyurl.com/yb9kx9xu

The IBAN-Name Check is being be made available to other Dutch banks who receive reports of 1,300 incorrect transfers per month of which 75% result from errors made by customers using old account numbers or choosing the wrong account in their address books.

 

LexisNexis Risk Solutions has released its 2017 True Cost of Fraud survey.  http://tinyurl.com/yd7skquj

The Survey is US based only.

 

CORPORATE ACTIVITY

BNP Paribas Asset Management has acquired a majority stake in Gambit Financial Solutions. http://tinyurl.com/y6u3qa8s

Gambit provides robo-advisory solutions and will become the preferred partner for BNP Paribas Group’s Retail and Wealth Management networks.

 

Klarna Bank has completed the acquisition of German online payments company BillPay. http://tinyurl.com/ycyd7gn7

Klarna says the move will further accelerate its growth in Germany, Austria, Switzerland and The Netherlands.

 

DLT/BLOCKCHAIN/DIGITAL CURRENCY

The FCA has issued a Consumer warning about the risks of Initial Coin Offerings (‘ICOs’). http://tinyurl.com/y7laxke7

 

UBS, IBM and ZF are to develop an open automotive transaction platform for mobility services based on blockchain technology.   http://tinyurl.com/ybkvba5n

The Car eWallet will support mobile payments and a range of ‘in car’ functions. The development is seen as having the potential to impact e-commerce transactions between manufacturers, suppliers, service providers and customers.

 

The Bank of Finland has published a research paper – Monopoly without a monopolist : An economic analysis of the bitcoin payment system.   http://tinyurl.com/y7btfwpo

 

Article on Liverpool local currency. http://tinyurl.com/yb36edgg

Local Pound Liverpool is supported by Colu an Israeli company that also runs similar currencies in Tel Aviv and Haifa.

 

REGULATION

UK Finance and AFME have published a paper on need for post-brexit contractual certainty. http://tinyurl.com/yd68zpsd

“Impact of Brexit on cross-border financial services contracts”. http://tinyurl.com/yb4j3nns

 

Following FIDO’s letter on the SCA RTS, Ecommerce Europe has reiterated its counter arguments.  http://tinyurl.com/ybkwnekn

 

The PSR and Bank of England have announced that the Payment System Operator Delivery Group (PSODG) has now finished its task and is to close.  http://tinyurl.com/ycs4w6ch

The New Payment Systems Operator (NPSO) is now live and will take the next steps in consolidating the

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