23 March 2018

23rd March 2018
  • Mobile/Contactless and omni-Commerce
  • Commercial Cards
  • Cash
  • Instant payments
  • Acquiring/Processing
  • Remittances
  • Digital/Retail Banking
  • Open Banking
  • Fraud/Security
  • Fintech/Innovation
  • Regulation

MOBILE/CONTACTLESS and omni-COMMERCE

ONS Retail sales, Great Britain: February 2018. http://tinyurl.com/ya6owxfw

Internet sales saw an increase in its proportion of all seasonally adjusted retailing in February when compared with January, accounting for 17.2% of all retail.

 

Square has announced the launch of a new Instant Deposit service for UK businesses. http://tinyurl.com/yb6bmsjm

With Instant Deposit sellers can now click a button in the Square App to get their funds into their bank account in around 20 minutes rather than wait for next day settlement. However, using the service will incur a 1% charge on top of the standard 1.75% fee.

 

Barclays’ bPay has announced it is partnering with seven watch brands to embed wearable payments in watches and fitness trackers. http://tinyurl.com/y8heobol

Barclays says that the move is in response to growing consumer demand for the technology.

 

First Direct has integrated Siri into its mobile banking app for Paym payments. http://tinyurl.com/yanhfpys

The development enables customers to make payments to existing payees or mobile contacts using voice commands and without needing to log into online banking or input their password.

 

The Church of England has announced that it is making contactless, virtual terminal, and SMS mobile payments available throughout England. http://tinyurl.com/yb52woyc

Portable card readers from iZettle and SumUp will be available through the CofE’s Parish Buying portal.

 

Wagamama has developed an own-brand version of Qkr! calling it wagamamago.   http://tinyurl.com/y7od6n4a

The app integrates with the restaurant chain’s existing Oracle Hospitality restaurant management platform and uses Qkr! APIs. By connecting to a Masterpass digital wallet, payment can be taken automatically from the app without the need to use a pay button.

 

In Italy Auchan is being supported by MasterCard with the launch of its AuchanSpeedy app.  http://tinyurl.com/y9qn82a9

The app can be used to scan products in the store and make payment using a smartphone. It is linked to the ‘LaTua!’ loyalty programme. http://tinyurl.com/yagw2j26

 

UniCredit is to support Samsung Pay in Italy.  http://tinyurl.com/yd6a5z3w

UniCredit credit cards, MyPay and MyOne prepaid and debit cards can now be added and enabled for payment directly from the Samsung Pay App.

 

Lydia, the French P2P mobile app, is launching a financial hub with multiple new products and has developed Lydia Premium to access the new features.  http://tinyurl.com/y9ewxs5v     http://tinyurl.com/y86gbszw

The new offer includes an IBAN menu, support for recurring transactions, an ability to create sub-accounts and account aggregation. It also comes with a virtual/real MasterCard if required. Lydia is currently available in France, Ireland, the U.K., Spain and Portugal.

 

BBVA is launching what it describes as its ‘invisible payments’ strategy based on biometrics. http://tinyurl.com/y9yuknme

The concept is based on making store checkouts ‘invisible’ with some of the technology being trialled by 1,000 employees in BBVA staff eateries.  Staff are using an app based on facial recognition technology from the start-up Veridas to automate payments. The app supports order placement and payment and is the BBVA version of the increasingly ubiquitous ‘order, eat and go’ offer.

 

Shopify is now integrating with Google Pay, enabling merchants to offer an accelerated checkout.  http://tinyurl.com/ybb9ykcn

Over 70% of the traffic to online stores that use Shopify comes from mobile devices, which the mobile-first design of Google Pay plays to strongly with its one-click capability.

 

Shopify is also leveraging its integration with Instagram to offer a “shopping on Instagram” feature.  http://tinyurl.com/y7ednlw9

The feature, which allows businesses to tag products in Instagram posts, is being rolled-out for merchants in eight additional markets including the UK, Germany, France, Italy and Spain in Europe Backgrounder http://tinyurl.com/y7rlp7lb

 

Google has announced that Google Assistant now has the functionality for users in the US to send or request money from the contacts on their phone via a voice command. http://tinyurl.com/ybsd6rx2

 

COMMERCIAL CARDS

NatWest has launched a new app to help businesses control company card accounts. http://tinyurl.com/yc7cabr8

 

CASH

Campaigning Group PositiveMoney has issued a report – ‘The Future of Cash: Protecting access to payments in the digital age’.     http://tinyurl.com/yaemyfur

The Report indicates that 77% of British adults see ATM access as ‘essential’. As a consequence PositiveMoney is calling for the PSR to be given powers to prevent ATM closures and for the definition of legal tender to be clarified. Finally it wants to see the Government working with the Bank of England to introduce a digital version of cash.

 

Meanwhile an Equifax survey finds that Chip and PIN remains the payment method of choice.  http://tinyurl.com/ycso39bx

The survey results show Chip and PIN 42%, Contactless 31%, Phone or wearable technology 3%.  66% remain happy with the current £30 contactless payment limit with only 16% seeking an increase. On the subject of cash 45% say they withdraw cash just once a month or less but 28% say they would never choose contactless payments over cash.

 

INSTANT PAYMENTS

SIA has connected ABN AMRO to EBA Clearing’s pan-European instant payments infrastructure RT1. http://tinyurl.com/ybg32797

 

Atom Bank has joined the Faster Payments Scheme as a direct participant.  http://tinyurl.com/y6u7p5ew

The challenger bank is migrating all traffic across its retail deposit book to FPS, enabling customers to make/receive real-time payments.

 

ACQUIRING/PROCESSING

Metro Bank has announced the launch of its ‘walk out trading’ service for SMEs. http://tinyurl.com/y89xcn5u

Partnering with acceptcards, the service will allow businesses to accept debit and credit card payments immediately they open their account. The multi-channel payment solution provides customers with the ability to take F2F payments through a contactless-enabled chip and PIN reader, which connects to an app on a smart phone or tablet, as well as telephone and online payments.

 

Adyen has picked up the FatFace payments business as the retailer revamps its online offer.  http://tinyurl.com/ycnod6re

 

equensWorldline is to process Dutch De Volksbank’s instant payments transactions. http://tinyurl.com/ybddl6z5

Payments will be supported using the equen’s Instant Payments Back-Office Processing service.

 

Borica is to implement OpenWay’s WAY4 digital payment software platform as it seeks to update and enhance its existing technology. http://tinyurl.com/ybcfjy5o

OpenWay will supply a full end-to-end card processing solution for both issuing and acquiring including real-time fraud prevention and detection, e-commerce, mobile wallet and tokenization.

 

METRO Cash & Carry Deutschland is integrating with Concardis Payengine to add an e-commerce solution to its existing POS acceptance capability. http://tinyurl.com/y8qkdqrv

METRO operates 104 cash-and-carry markets in Germany, claims c4m customers and is active internationally in 25 countries with some 750 markets.

 

Ingenico is supporting DIY operator ADEO with the roll out of a pan-European omnichannel payment acceptance solution. http://tinyurl.com/y8r7bx6s

The solution will allow the centralisation of ADEO’s transaction management, both in-store and online, across nine European countries and uses nexo standards.

 

IATA is looking to leverage PSD2 with trial to assess the fastest and cheapest ways of transferring money in Europe. http://tinyurl.com/yd4dexqh

Working with a large European bank and UK Fintech, ipagoo, IATA will use the findings to help meet its strategic aim of becoming the financial settlement platform of choice for travel agents and airline direct sales.

 

UnionPay International has announced a strategic partnership with ACI Worldwide.  http://tinyurl.com/y8upfmlu

The partnership seeks to achieve comprehensive cooperation in card acceptance, issuance and innovation in payments with ACI integrating UnionPay’s card payment service into its global solutions.

 

REMITTANCES

Currencycloud is launching a new multi-currency solution – Global Collections. http://tinyurl.com/ycplxl7y

The new accounts receivable offer enables banks and other payments companies to allow their US and EU customers to receive cross-border payments. The new functionality gives businesses the ability to generate IBANs and VANs so their customers receive $ or € transfers without incurring fees.

 

DIGITAL/RETAIL BANKING

Sky News and others are reporting that RBS is working on a new digital bank. http://tinyurl.com/y8krnvfr

RBS is being non-committal, other than saying it is focussing using automation and technology to deliver a more efficient banking experience, but looks to be a response to the likes of Monzo that has just announced it has 500,000 customers. http://tinyurl.com/ybh7wgy3

 

OPEN BANKING

The Open Banking website has been relaunched, explaining what it means for consumers. https://www.openbanking.org.uk/

The web site now lists 14 players offering Open banking products.

 

PRETA, an EBA CLEARING subsidiary, has announced that 30 FIs and industry service providers have joined Open Banking Europe. http://tinyurl.com/y89n375x   https://www.openbankingeurope.eu/

OBE is working on providing the industry with PSD2 directory services.

 

FRAUD/SECURITY

Revolut is introducing Disposable Virtual Cards. http://tinyurl.com/ya337aqs

Each time a Disposable Virtual Card is used for a payment, Revolut systems will detect the transaction and then automatically destroy those card details, generating new ones that will appear directly in the app. The aim is to add an extra layer of security and protect customers against online card fraud.

 

CyberSource has announced an enhancement to its fraud-prevention service using AI. http://tinyurl.com/yaestlls

The Rules Suggestion Engine uses a merchant’s unique transaction data to generate recommended rules for e-commerce transactions. The system provides metrics with each suggested rule to help merchants measure performance and has a test function using historical data prior to implementation. (May be US only at present)

 

FINTECH/INNOVATION

HM Treasury has launched a Fintech Sector Strategy.  http://tinyurl.com/yctwuct7

Announced by Philip Hammond at the government’s second International Fintech Conference, it includes a new Cryptoassets Task Force (HMT, BoE and FCA), ‘Robo-regulation’ pilot schemes, three new Fintech Regional Envoys and a set of industry standards to enable fintech/bank partnerships.

 

REGULATION

The PSR has published its Annual Plan for 2018/19.  http://tinyurl.com/ybhndgx7   Annual Plan and Budget 2018/19

The plan reviews the changes the PSR has addressed over the last 12 months and sets out the work the PSR will take forward this year. These include Payment System infrastructure procurement, introduction of the New Payments Architecture and a Push payment scam reimbursement model. It will also keep a close eye on LINK developments.

 

The FCA has published two articles – Approach to Supervision and Approach to Enforcement. http://tinyurl.com/y8vnjsy9

The articles are aimed at explaining the FCA’s approach to regulation in more depth.

The Approach to Supervision shows how the FCA aims to be more forward-looking and pre-emptive in its supervision of firms.

The Approach to Enforcement outlines how the FCA conducts investigations and its powers.

 

A speech from the FCA: ‘Regulating innovation: a global enterprise’ looks at the potential of a global sandbox. http://tinyurl.com/ycrvrbwb

 

ECB Speech: Andreas Dombret: Living with fragmentation – post-Brexit realities in financial services. http://tinyurl.com/y7o29bfj

“….with a view to the financial services sector, a far-reaching free trade agreement is rather unlikely given the UK’s aspired exit from the single market and the customs union. Likewise, I am rather sceptical about the approach via mutual recognition or about similar approaches based on regulatory harmonisation through technical committees and independent arbitration mechanisms.”

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