Transport for London has begun a public consultation on plans to make trams in London ‘cashless’. http://tinyurl.com/yc6xw2n4
TfL wishes to convert all users to Oyster and contactless bank cards.
Visa – The contactless revolution ten years on. http://tinyurl.com/y7yt7zd4
Square is operating a ‘pop-up’ shop in Birmingham. http://tinyurl.com/ycm3wjxn
The aim is to offer advice to small business owners across the region and coincides with a survey that says West Midlands businesses are missing out on sales by not offering cards.
Tesco Bank has announced that PayQwiq, its digital wallet app, is to be re-launched as Tesco Pay+. http://tinyurl.com/y8zut2bd
More details are to be released later in the month.
Global Processing Services (GPS) is now supporting Apple Pay. http://tinyurl.com/y73db84y
The BRC – KPMG Retail Sales Monitor says online sales of Non-Food products grew 11.0% in August, above both the 3-month and 12-month averages. http://tinyurl.com/y9rfvcpo
The Barclays Corporate Banking Online Retail Report suggests £3.4bn worth of goods are left in virtual shopping baskets across the UK each year. http://tinyurl.com/y7txxh4m
From browse to buy: the conversion challenge http://tinyurl.com/yahhobdj
The Bank advises that Investment in online sales, through techniques including discounts, mobile optimisation and flexible delivery options, could cut abandonment in half.
SumUp has announced it has launched in 15 new markets. http://tinyurl.com/yau6amkd
This expansion move doubles the number of markets in which SumUp operates to 31. The PSP says it reached profitability last summer, exceeded $100m in annual revenue and currently processes more than 100,000 card transactions daily.
KBC Bank Ireland has launched a new mobile app to enable the onboarding of new customers. http://tinyurl.com/yao5ybxs
The app enables new customers to open, activate and use their bank account 24/7 with the operation, which includes taking a selfie and sending a photo of a driving licence, taking about five minutes. On opening, a virtual Debit card is loaded automatically into the phone’s digital wallet for immediate use.
Mastercard is launching Android Pay with Maestro in Belgium. http://tinyurl.com/ybcpngow
The functionality is available to cardholders with a Maestro debit card from KBC/CBC/KBC-Brussels or BNP Paribas Fortis, Hello Bank and Fintro.
Vipps and Nets have entered into an agreement making “straksbetaling”, the instant payment solution in Norway, available for P2P payments. http://tinyurl.com/yahtf8ma
The agreement means that customers of all banks in the Vipps partnership and not just DNB will start to be able to receive instant payments by the end of the year.
ACI Worldwide global survey indicates mobile wallet adoption is growing. http://tinyurl.com/ya3d6b3y
UK use is estimated at 14%, well below Spain (25%), Italy (24%) and Sweden (23%).
This is a rehash of data from the Fraud Survey first issued in February
equensWorldline has been selected by three major banks in the Netherlands as their infrastructure provider for Instant Payments. http://tinyurl.com/ycgtcmrp
Despite the fact that the project is well on track with the development of the infrastructure completed, according to the plans of the Dutch banking community the first Instant Payments will not be processed until 2019 when the full roll-out will take place. (See EPC below).
Nordea is to move its domicile to Finland from Sweden. http://tinyurl.com/yafag3ru
All operations in the Nordic home markets will remain unchanged and there will be no change in the banks day-to-day operations from a customer perspective. The move is driven by the perceived need to be within the EU banking union and is an important strategic step in positioning Nordea on a par with its European peers.
Article by the ECB’s Yves Mersch – The role of cash: Customer retention and tie to the citizen. http://tinyurl.com/yc4v7k4y
This is essentially a defence of cash and the need for Central and Commercial banks to support it.
Secure Trading has announced a strategic partnership with Luxembourg based COMO Global. http://tinyurl.com/yab3l8qw
COMO is described as an ‘intelligent payments marketplace’ with its technology connecting merchants to multiple payment gateways and acquirers, enabling them to access different providers at any time through a single point of contact. https://www.comoglobal.com/
BNP Paribas is offering nexo’s acquirer payment acceptance messaging protocol across 14 European countries. http://tinyurl.com/y79b8lrs
The bank will deploy nexo’s ISO 20022 based acquirer messaging protocol across Germany, Austria, Belgium, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Poland, Portugal, the United Kingdom, Slovenia, and Switzerland.
solarisBank is to use SIA to support the launch of new contactless debit cards in Germany. http://tinyurl.com/y7op8hvv
SIA will also provide solarisBank with support for other products and services including issuance in other countries.
The paper assesses how fintech may affect the banking industry and the activities of supervisors in the near to medium term. Various future potential scenarios are considered, with their specific risks and opportunities. The Committee has identified 10 key observations and related recommendations on supervisory issues.
Meanwhile there are multiple reports that the ECB is working on licensing rules for fintechs. http://tinyurl.com/yahlr9o3
The Bank of Russia has issued a new statement on the risks of cryptocurrencies and initial coin offerings (ICOs). http://tinyurl.com/ybqe5uwp
This follows a move by the Chinese to ban ICOs.
ECB/Bank of Japan Report: Payment systems: liquidity saving mechanisms in a distributed ledger environment. http://tinyurl.com/yc7uya7c
In December 2016 the Bank of Japan (BOJ) and the European Central Bank (ECB) announced the launch of a joint research project entitled “Stella” to assess the applicability of DLT solutions in the area of financial market infrastructures. This report is the first outcome of the collaboration.
The result is that, while the tests undertaken ‘provide reasons to be optimistic with respect to the capabilities of DLT within payment systems’, given the test environment ‘any assumptions regarding the capacity for DLT to be used in production should not be made from this report’.
After and FT article suggesting a $5bn bid is on the table from Hellman & Friedman Nets issued a statement regarding the rumours. http://tinyurl.com/ycbjlhcj
‘Further to media speculation, Nets confirms that discussions are still ongoing regarding a potential takeover offer for Nets A/S. There is no certainty at this stage that an agreement will be reached. Nets will revert with further information when appropriate’.
Fiserv has announced the completion of its acquisition of Monitise plc. http://tinyurl.com/y7m66bwr
Presumably the additional £5m raising the bid to £75m has enabled acceptance by Monitise shareholders.
Amongst the items discussed was the implementation status of the SCT Inst scheme. Only PSPs in four countries are expected to adhere to the SCT Inst scheme by the end of November 2017 when the scheme goes live. The EPC says it has never expected a ‘Big Bang’ effect.
The detailed letter sets out three main problems with endorsing screen scraping and states ’We do not see any way in which the screen scraping approach requested by the EC can be implemented to the level of enhanced security called for in PSD2’. It says that any dilution of the RTS would send the wrong message and that a policy exemption might be one solution.
DNB is working on technology that makes it possible to identify clients with just a mobile phone and a passport. The bank combines technology in the phone and data stored in the biometrical passport with its own systems. An important focus of the project is the customer experience and to resolve challenges related to international identification.