22 September 2017

22nd September 2017
  • Mobile/Contactless and omni-Commerce
  • Money Management
  • Consumer Finance
  • SME Accounting
  • Acquiring/Processing
  • Instant Payments
  • Corporate Activity
  • GDPR
  • DLT/Blockchain
  • EPC/SEPA
  • Regulation

MOBILE/CONTACTLESS and omni-COMMERCE

The IMRG Capgemini Online Retail Sales Index indicates Online retail sales grew16.4% in August. http://tinyurl.com/y6wrbvkg

 

ONS Retail Sales August numbers show yoy growth of 15.6%. They now account 16.4% of all retail sales. http://tinyurl.com/yapzlhz2

 

Sthaler is rolling out its Fingopay technology in the Costcutter store at Brunel University in London. http://tinyurl.com/ybh55lyj

The finger vein identification technology will allow students to pay for goods by scanning their finger.

 

A Worldpay survey indicates consumer support for in-store biometrics is growing. http://tinyurl.com/y7r2vb8p

63% of consumers want to be able to use a biometric scan to authorise payments in-store as biometric identification increasingly becomes a standard across smartphones.

 

Visa has published its annual Digital Payments Study.  http://tinyurl.com/y9gqm8ka

77% of Europeans now use their mobile devices to keep track of their finances and make everyday payments with 86% of Millennials saying they are “Mobile Money users”.

 

Alipay has been endorsed by Finpro in Finland. http://tinyurl.com/y7tjyj4w

The two parties have signed an MOU to enhance cooperation for support of the payment platform. In H1/17 Chinese tourist numbers increased by 43% over the same period in 2016.

 

Circle Pay has announced its P2P social payment offer is going live in France and Italy.  http://tinyurl.com/y843gzyt

Soon to be available in most European countries, the zero-fee/zero-margin service that uses a mobile phone number or email address as the payment link, all underpinned by use of the Ethereum blockchain/cryptocurrency. Forbes backgrounder http://tinyurl.com/yacta6eu

 

Shopify is introducing QR codes. http://tinyurl.com/y7no4two

Shopcodes can only be generated within Shopify stores using a Shopcodes app, and unlike traditional QR codes, they’re exclusively for shopping. Each code is unique and trackable, enabling merchants to identify where traffic and sales originate using the Shopify Analytics dashboard.

 

MONEY MANAGEMENT

Yolt, the ING backed money management app, has released a number of updates. http://tinyurl.com/yars9ma5

Yolt enables users to view their accounts and credit cards in one place, set budgets and plan for upcoming expenditures. The new upgrade has improved the app’s spending categories and extended them with the most requested ones.

 

CONSUMER FINANCE

Tieto subsidiary Qliro has launched a consumer loans service.  http://tinyurl.com/ydc2tefq

Using BankID for verification, consumers apply online for the completely digital service linking with the payments, invoicing and instalment payment services already on offer.

 

SME ACCOUNTING

GoCardless has announced it is integrating with Sage.  http://tinyurl.com/yd7795jj

The move follows Sage’s similar integration with Lloyds reported recently and enables Sage 50 customers to link their existing accounting software directly with GoCardless. See fund raising below.

 

ACQUIRING/PROCESSING

JCB International and Adyen have extended their existing EU License Agreement. http://tinyurl.com/y8spoobn

This will enable global JCB merchant multi-currency acquiring for e-commerce and for POS in Singapore and HK.

 

Paylobby, a Munich based fintech, is offering an online comparison portal of PSPs. https://paylobby.com/en

The portal features more than 450 different PSPs with merchants receiving a selection of possible choices after inputting their desired payment method, industry, country and ecommerce software.

 

Alpha Payments Cloud is rebranding as Alpha Fintech.  http://alphafin.tech/

The company operates an end-to-end middleware solution, connecting the merchants and suppliers across the entire payments, risk and commerce spectrum through a single API and UI. The AlphaHub offers instant connections to banks, merchant-acquirers and merchants to providers/vendors and enables the latter to have their offer placed before the former through a centralised fintech vendor database.

 

INSTANT PAYMENTS

Nets is to implement an Instant Payments solution for Bankart in Slovenia. http://tinyurl.com/ybaoh386

The new system is planned to go-live in September 2018 and will be operated from Nets’ data centres in Norway.

 

NACHA, run by the EPA, has announced the launch of Same Day ACH for debit payments. http://preview.tinyurl.com/ycf338dp

 

CORPORATE ACTIVITY

Reuters has reported that SIX Group may be preparing for the sale of SIX Payments. http://tinyurl.com/ycshoenp

Apparently it has engaged J P Morgan to look at its options with a mooted price of up to SWF 2bn (€1.7bn).

 

Gocardless has seen another fundraising round, this time for $22.5m.  http://tinyurl.com/yafwyvrr

The round is supported by existing investors and will be used to extend its reach across international borders. The business claims it is currently handling $4bn in annual transactions across 30,000 businesses.

 

iZettle is to receive €30m of debt funding from the EIB.  http://tinyurl.com/ybw7p4jd

The funds are earmarked for R&D of financial and commercial tools that address the needs of SMEs.

 

It is reported that Ant Financial’s refiled application to purchase MoneyGram is now approaching the 75-day deadline for regulatory assessment. http://tinyurl.com/y9ottvc9

Should the deadline pass without approval for the second time, the company is planning to refile again.

 

GDPR

The UK Government has published its draft Data Protection Bill.  Bill details http://tinyurl.com/ybxw43hc

The Government has taken advantage of the powers Member States have to introduce their own national derogations from the GDPR by supplementing some provisions and importing a number of existing exemptions from the DPA. The exemptions cover a wide range of areas, including legal professional privilege, social work and educational records. The Government has gone for the lowest age possible for youth consent to the processing of their personal data by information society services (“ISS“) by setting it at 13.

 

DLT/BLOCKCHAIN/DIGITAL CURRENCY

Deutsche Bundesbank’s latest Monthly Report looks at distributed ledger technology and whether it offers any potential for the financial sector.   http://tinyurl.com/y8hdvt49

The central bank concludes that potentially, DLT offers a number of benefits but sees little prospect of DLT being put to widespread use in the field of individual and retail payments, at least in Europe and for the time being.  It does however say that there is more potential for DLT in payments beyond the European currency area. Securities settlement is also identified as an area with potential for DLT use. However, in its own domain, it concludes forthrightly that ‘there is currently no realistic prospect of central bank-issued digital currency being rolled out in the foreseeable future.’

 

EPC/SEPA

The EPC has published the Minutes of the fifth and sixth meeting of the ad hoc multi-stakeholder group on mobile contactless SEPA card payments (June and July 2017).  http://tinyurl.com/yb3dl2tx

These are long and detailed documents that leave the impression that working group is grinding through a huge amount of work and that progress is slow.

 

REGULATION

The FCA has published its approach to Implementation of PSD2. http://tinyurl.com/y74uwprz                   PR http://tinyurl.com/y9vmvt3z Policy statement http://tinyurl.com/y76mkrzb

The Regulator is confirming Handbook changes and revisions to its Approach Document to reflect PSD2.

In the introduction to the Statement the FCA says:

‘This Policy Statement (PS) confirms the revised Approach Document and Handbook changes following consultation feedback. It is important to note that at the time of publication, elements of PSD2 implementation are ongoing at the EU level. As a result, we will need to make further changes to the Approach Document and Handbook.’

 

UK Finance has issued a response. http://tinyurl.com/y77xayou

 

The PSR has also published documents on Implementation covering access to payment services. http://tinyurl.com/ych3son4    Factsheet http://tinyurl.com/ychfnjxp Approach to monitoring and enforcing PSD2. http://tinyurl.com/y8fgmw7b  Policy Document   http://tinyurl.com/ybqljemu

 

The EC has announced plans to reform the EU’s supervisory architecture for financial markets as part of its development of the Capital Markets Union.  http://preview.tinyurl.com/y7gpeuvk

The proposals include steps to foster the development of FinTech and a drive for regulatory and supervisory convergence involving the ESAs, which includes the EBA, and the ESRB.

 

The EC is also scaling up its response to cyber-attacks and proposes a framework for the free flow of non-personal data in the EU.  http://tinyurl.com/ybxbb7of

 

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) has published its Autumn 2017 Report on risks and vulnerabilities in the European Union’s financial system.   http://tinyurl.com/yaxdpetk

While a good deal of the Report covers other risk areas, Section 5 (Page 12) covers risks stemming from ‘Rapid developments in FinTech’ suggesting a tightening of rules as developments change business models.

 

Post its letter on the SCA FTS, the FIDO Alliance has published a Whitepaper: Meeting the needs for Strong Consumer Authentication.  http://tinyurl.com/y9oosbc3    

The paper outlines how the FIDO standards can facilitate the implementation of the new disruptive PSD2 regulation with user-friendly secure solutions.

 

 

 

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