1 November 2019

1st November 2019
  • Digital & eCommerce
  • Acquiring/Processing
  • Digital & Retail Banking
  • Loyalty
  • Fraud & Cybersecurity
  • Cash(less)
  • Cross-border
  • Open Banking
  • Fintechs
  • Blockchain/DLT/ Cryptoassets
  • Corporate Activity
  • Regulation

DIGITAL & eCOMMERCE

Marks & Spencer is integrating with ClearPay to offer instalment payments.

The new offer will enable payments for purchases to be spread interest-free over six weeks and applies to purchases from £30 across M&S clothing & home products.  Customers can access and manage payments through the newly launched Clearpay app.

 

myPOS has released details of its first countertop device.

The Android desktop model – the ‘myPOS Hub+’ – is an ‘all-in-one’ payment terminal, cash register and printer that also provides access to other services such as inventory, loyalty and cloud-based accounting.

 

Fidesmo has partnered with Eika Kredittbank AS to enable Fidesmo Pay for Eika Kredittbank Mastercard holders.

The move sees Fidesmo entering the Norwegian market with their first Norwegian bank collaboration.

 

Nordea is going live with ReceiptHero’s digital receipts technology for its Nordea Wallet in Finland.

The receipts will be available in the app and will launch later this year, first for Nordea corporate customers with retail customers following. The integration is claimed to be the first by a major bank to go live with digital receipts in the Nordics.

 

Visa Global Merchant eCommerce Study indicates cross-border eCommerce sales likely to see major growth. Infographic.

eCommerce leaders globally view international expansion and finding new cross-border customers as critical to driving growth. The full study, which will be issued in January 2020, examines merchant attitudes, behaviours and perceptions of cross-border eCommerce for 10 global markets – Australia, Canada, China/Hong Kong, France, Germany, Mexico, Singapore, Spain, UK and US.

 

Uber has created a new division operating under the name Uber Money to manage its financial and payment services business.

Uber has also announced a range of financial services including the Uber Wallet that will enable drivers and couriers to track their earnings and expenditure and transfer funds. The wallet will be made available soon in the Uber Driver app and subsequently in the Uber and Uber Eats apps.

 

Visa has announced that 100 partners have enrolled in its global transit partner program, Visa Ready for Transit.

Essentially just a (long) push for contactless payments in the transit environment.

 

ACQUIRING/PROCESSING

PPRO is partnering with BLIK to support its global availability.

PPRO is now a global direct processor and the first international partner for BLIK enabling the payment method to be used by online vendors internationally.

 

BRC pushes Trustly solution – Rising card costs: What you can do?

 

Citi chooses Global Payments and PPRO as Partners for its new Digital Consumer Payments Business.

Citi’s Treasury and Trade Solutions will integrate Global Payments’ card processing solutions and PPRO’s access to local payment methods within its ‘Spring’ consumer payments offer.

 

DIGITAL & RETAIL BANKING

Current Account Switch Service Dashboard for Q3/19

227,754 switches completed between July and September 2019. Current account switches up 3.7% yoy.

 

Wirecard has launched boon Planet, a payment app with neo-banking services.

Users can manage their all their financial needs within the app (open a fully digital bank account, make real time and contactless payments, etc) and will benefit in the future from additional services such as insurance, mobility, and loyalty features.

 

CapgeminiWorld Retail Banking Report 2019: Evolving into Inventive Banks to Lead in the Open X Era. Report   Infographic.

The report outlines where banks are falling behind customer expectations and the steps they need to take to become inventive banks. To become an efficient experience-led service provider in the Open X era, the report recommends that banks need to become inventive banks by effectively collaborating with fintechs.

 

LOYALTY

Tesco is launching its Clubcard Plus on 8 November.

The upgraded Clubcard offer includes benefits across the whole of the Tesco operations. Although it is subscription based at £7.99pm Tesco says taking into account the monthly subscription cost, customers who take advantage of the benefits could save over £400. Tesco Bank will also be joining the offer with additional benefits in the new year.

 

FRAUD & CYBERSECURITY

The Treasury Select Committee has issued a report saying Banks must do more for consumers exposed to economic crime.

Full report: Economic crime: consumer view

The key recommendations are that firms should consider retrospectively reimbursing victims of push-payment fraud and the Contingent Reimbursement Model should be compulsory. It also calls for a 24-hour delay on all first-time payments and that Firms missing Confirmation of Payee deadline should be sanctioned.

 

OPEN BANKING

OBIE update: Open Banking – Improving the Customer Experience.

Since the launch of the third version of the Open Banking Standard, in September 2018, the OBIE has seen a significant improvement in journey completion rates by the CMA9. However, more progress is required in the areas of unnecessary steps or additional screens in the authentication process and the manner in which the Contingent Reimbursement Model (CRM) Code has been implemented.

 

Bud is opening its OB platform to businesses from all sectors.

As part of a restructuring of the business and recognising the value of transactional data, the fintech hopes to attract retailers, utility providers and insurance companies, rather than it old primary target of banks, through a SME focussed portal.

 

Revolut has announced that UK business customers can connect with the Intuit QuickBooks Online accounting platform via Open Banking APIs.

The move is the first time that Revolut has collaborated with a TPP to provide ‘outside’ services.

 

Experian is launching Experian Commercial Acumen using Open Banking APIs.

Commercial Acumen allows small businesses to avoid much of the paperwork required to apply for a loan and enables sharing of bank transaction and management account information with a lender.  The solution allows a lender to set up an application in five minutes, while a business can share its data in 10 minutes.

 

Western Union’s Business Solutions unit is introducing API access to its front-end domestic and international payment apps.

This new set of Open Banking APIs provides approximately 37,000 business customers the opportunity to integrate their financial institutions, accounting and ERP systems and their account on GlobalPay.

 

CROSS-BORDER

The EBA has published a report identifying potential impediments to the cross-border provision of banking and payment services in the EU.

Developed under the EBA’s FinTech Roadmap, this Report calls on the EC to facilitate cross-border access, including the update of interpretative communications on the cross-border provision of services and further harmonisation of consumer protection, conduct of business and AML/CFT requirements, in order to facilitate the scaling up of activity cross-border.

 

Intergiro is partnering with ONPEX to provide its international customers with access to online multi-currency payments.

The Swedish EMI offers corporate accounts with IBANs and SEPA payments. It will now use Luxembourg licenced PI ONPEX’ Payment-as-a-Service (PaaS) platform to build a range of payments and banking features using API-technology.

 

Currencycloud has announced the launch of Currencycloud Spark.

The solution enables banks and fintechs to provide multi-currency accounts to their business customers to collect, store, convert and pay in more than 35 currencies. It will also provide a reconciliation process, a competitive FX rate and increased visibility of the entire payments process. The platform will be tested with select customers initially and will be rolled out to new and existing customers in the first half of 2020.

 

Starling Bank has enhanced its debit card to enable users to spend directly in pounds or euros.

The dual currency card feature sits alongside Starling’s new business euro account that will help its 77,000 business customers make transactions across the Eurozone and reduce currency exchange costs. Starling is also extending its international currency transfer service to weekends, so customers can convert currency via the Starling app instantly, 24/7.

 

Russia, China & India are reported as planning to set up an alternative to the SWIFT payment system.

Russia’s financial messaging system SPFS will be linked with the Chinese cross-border interbank payment system CIPS. While India does not have a domestic financial messaging system yet, it plans to combine the Central Bank of Russia’s platform with a domestic service that is in development. The move is in response to US sanctions blocking SWIFT access.

 

CASH(less)

LINK has launched a website for applications and support for its Community Access to Cash Delivery Fund.

The https://www.link.co.uk/consumers/request-access-to-cash/ website allows members of the public or a community representative to request a new free-to-use ATM for their community. Less than one month since launching the fund, LINK has received more than 100 applications for new ATMs.

LINK Presentation – Preserving access to cash in a changing world

 

EPC “Recirculation Paper”: improving the efficiency of the handling of cash.

This is a revised version of the“Recirculation Paper” issued in June 2018.  The objective of the paper is to delineate the position of the EPC with respect to the recirculation of notably euro banknotes, in order to promote this position within national banking communities and other relevant stakeholders, with the ultimate goal of increasing cash efficiency by means of recirculation.

 

FINTECHS

Mastercard has launched Mastercard Accelerate, a global initiative for fintechs.

The aim is to simplify the way that Mastercard works with fintechs, giving them access to a simple, single entry-point to the company’s portfolio of specialised programs (Fintech Express; Engage, Start Path and Developers). Mastercard Accelerate gives start-ups and emerging brands support and assistance for each stage of their growth and transformation, from market entry to global expansion. It also provides access to the next generation of innovators for MasterCard’s financial institution partners and customers.

 

BLOCKCHAIN/DLT/CRYPTOASSETS

The Association of German Private Banks is calling for a digital Euro. PDF  Blog (Summary)

The Bankenverband position paper explores what contribution banks can make towards a sustainable and innovative monetary system, how the general environment should be designed so that banks can operate alongside new competitors, and what is needed to ensure the stability of the financial system.

 

CORPORATE ACTIVITY

TrueLayer has received a minority investment by Visa.

Part of a commercial and strategic deal that will enable TrueLayer to work with a large network of banks in helping them develop Open Banking. The investment was made as an element in the company’s $35m Series C funding in June.

 

Atos has announced the sale of part of its minority stake in Worldline.

Atos will divest its 12% stake in Worldline via a private placement for €1.2bn having already sold 14.7m Worldline shares for €800m.

Once the deal is complete, the company will hold around 13% stake in Worldline with 22% of voting rights.

 

Pollinate International has announced its launch alongside a further fund raising round.   https://pollinate.co.uk/

The new Merchant Services platform launches with investment from both RBS, for whom it supports NatWest Tyl, MasterCard, Motive Partners and EFM Asset Management. The Pollinate cloud-based platform wraps around a bank’s legacy payment systems, supporting merchant and consumer digital experiences including onboarding, portals and loyalty programs.

 

Duffel has raised $30m in a Series B funding round.

The UK start-up’s new platform, when launched, will enable travel agencies to link directly to airlines’ reservation systems via an API, giving access to real-time flight offers, support bookings, access live seat availability, and purchase additional services. Duffel’s airline partners include American Airlines, British Airways, Lufthansa Group, Aegean Airlines, Vueling, and Iberia.

 

REGULATION (Global)

The Basel Committee has met to discuss policy and supervisory initiatives.

Amongst the decisions taken were to publish a discussion paper on the prudential treatment of cryptoassets and to publish a report on open banking and APIs.Going forward, the Committee will also conduct a set of “deep dive” assessments including the risks associated with AI and ML and banks’; dependencies on unregulated third parties and outsourcing supervision.

 

REGULATION (EU VAT)

European Parliament: Payment service providers and the fight against e-commerce VAT fraud – Initial Appraisal of a European Commission Impact Assessment.

This briefing provides an initial analysis of the strengths and weaknesses of the impact assessment referred to the Committee on Economic and Monetary Affairs (ECON). The IA addresses the lack of information that prevents Member States’ tax authorities from detecting VAT fraud due to the fact that online businesses’ locations often remain unclear, favouring VAT non-compliance.

 

REGULATION (UK)

FCAThe future of financial services regulation in the UK.

The speech content confirms that the UK’s common rulebooks and regulatory regime will be the most equivalent in the world to the EU’s. The FCA expects both jurisdictions to be able to find each other equivalent on an outcomes basis. The FCA has agreed MOUs with all European Supervisory Authorities and Member States, as well as with countries across the globe.

 

 

 

 

 

 

Latest News Round-up

8 November 2019

Industry Videos

Dutch cashierless store trial

ING is working with supermarket chain Albert Heijn and US AiFi on a cashierless store trial.

Users gain access by scanning their debit card, with cameras and ‘smart shelves’ tracking purchases and automatic payment on exit. Similar to Amazon Go but does not require an app.

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