2 November 2018

2nd November 2018
  • Mobile/Contactless and omni-Commerce
  • Instant Payments
  • Acquiring/Processing
  • Digital/Retail Banking
  • PSD2/Open Banking
  • Corporate Activity
  • Blockchain/DLT/Cryptocurrencies
  • Regulation

MOBILE/CONTACTLESS and omni-COMMERCE

A survey for Gemalto conducted by GfK indicates 54% of UK consumers would be ready to use biometric payment cards. http://tinyurl.com/y7hp7x9q

If UK consumers are to replace their current payment cards, they need them to be more secure (88%), offered by a trusted bank (79%), easy to use (69%) and make life simpler (60%).

 

Other research by IDEX Biometrics indicates mobile payments are almost as unpopular as cheques and cards remain the consumer payment methods of choice. http://tinyurl.com/ybdu5zzs

IDEX, which recently announced receipt of a production order of biometric fingerprint sensors for payment cards, http://tinyurl.com/ycczy4by, reports only 3% of respondents said they used mobile payments against 75% who used cards.

 

MasterCard and Carrefour have launched an instalment option at POS in Romania. http://tinyurl.com/y8xersfv

 

Mastercard, Garmin International, Inc., and Fit Pay, Inc have announced that the Garmin Pay contactless payment feature will be available for Maestro cards issued by major banks in Europe. http://tinyurl.com/y8bjflzv

Banks involved include KBC in Belgium, Rabobank and ABN AMRO in the Netherlands and BNL Gruppo BNP Paribas in Italy.

 

myPOS is integrating with iDEAL to support customers in the Netherlands. http://tinyurl.com/y8vjsdbd

 

Klarna and Shopify have announced that Klarna’s Pay later and Pay now solution, Sofort, are being integrated into Shopify Payments. http://tinyurl.com/yd5252xw

The move will give German merchants immediate access to the two payment methods.

 

Nordea is enabling Google Pay. http://tinyurl.com/y6wkvpsd

Nordea customers in all Nordic countries can now use Google Pay at contactless payment terminals and in apps and online stores. All Nordea’s consumer cards and Nordea First Card can now be added to Google Pay.

 

Wirecard is enabling click and collect via the Wirecard platform. http://tinyurl.com/yaksfxjv

 

Auka, a Norwegian based mobile platform, is launching a new mobile app scheme into Europe branded ‘Settle’. http://tinyurl.com/yayara3u

The Settle scheme is a revenue sharing model structured with Auka owning and running the technology and holding all the necessary licenses. A Single Purpose Vehicle (SPV) is set up in each country to ensure day-to-day operations, as well as creating brand awareness around Settle domestically. Settle partners are responsible for on boarding consumers and merchants to the scheme.

 

Paysafe has announced the expansion of its payment by online bank transfer solution, Rapid Transfer, into new markets. http://tinyurl.com/y8x4scup

The latest country additions of the Netherlands and Belgium bring its total availability to 15 countries. Rapid Transfer lets consumers shop or pay for services using their bank account credentials, without leaving the merchant’s website. Skrill and NETELLER customers can also upload money into their digital wallet using the service.

 

First Data is to roll-out its Clover Platform to full-service restaurants. http://tinyurl.com/y82as443

Other industry-specific Clover software products are being developed with the intention of getting merchants to pay for cloud-based management software, not just buy apps from third-party developers, in addition to using Clover’s payment service.

 

Western Union has been engaged by Amazon to launch a new payment option that allows international shoppers to pay in person, in local currency where available, for their online purchases. http://tinyurl.com/ycj2vjua

Western Union’s money movement platform will power a new payment option for cross-border customers shopping on Amazon.com. Customers in select countries will be able to shop on Amazon and pay in person, in local currency, through the Western Union agent network.

 

Mastercard and global non-profit Accion have announced a partnership that, by introducing digital technology, services and training, will help high potential microbusinesses increase revenues and achieve greater financial security.  http://tinyurl.com/ydbvnn8e

 

INSTANT PAYMENTS

Another release from SIA on Instant payments in Italy, this time with Crédit Agricole Italia. http://tinyurl.com/yatmdn6k

 

The EPC has announced that 2,042 PSPs from 16 countries have joined the SCT Inst Scheme, almost 50% of European PSPs.

 

ACQUIRING/PROCESSING

Following a Stock Exchange filing by Worldpay advising the end of a referral agreement with RBSG http://tinyurl.com/y8x9fgwb  

First Data has announced that it is to support the Bank to deliver Merchant Services in the UK. http://tinyurl.com/y93cxugl

First Data will provide processing and support services and Clover smart terminals.

 

Concardis is integrating with the Infor Hospitality Management Solution. http://tinyurl.com/yanft635

Concardis says that the integration gives a seamless transition between payment solution and hotel management software.

 

ACI Worldwide has announced an extension of its relationship with ABN AMRO to help drive the bank’s payments strategy. http://tinyurl.com/yc7kundz

ABN AMRO will be leveraging ACI’s UP Retail Payments solution as it seeks to accelerate its moves on payments innovation.

 

DIGITAL/RETAIL BANKING

Monzo has raised £85m in a Series E funding. http://tinyurl.com/ybbkd3r6

Techcrunch says this values the digital bank at £1bn, giving it bone fide Unicorn status. https://preview.tinyurl.com/yc7nvz8o

 

Gartner is forecasting that digitalisation will make most old style FIs irrelevant by 2030. http://tinyurl.com/yby83pxb

Gartner says 80% will go out of business, become commoditised or exist only formally but not competing effectively as global digital platforms, fintech companies and other non-traditional players gain greater market share.

 

PSD2/OPEN BANKING

Open Banking has published updated Customer Experience Guidelines. http://tinyurl.com/y97s9ody  Guidelines http://tinyurl.com/y92vg4dg

This version provides ASPSPs with additional implementation flexibility for customer journeys in section 4.1.

 

Equifax and consents.online are launching a real time Open Banking ID verification solution. http://tinyurl.com/ydf4uhrh

The new solution links identity information such as the consumer’s name, address and date of birth with transaction data provided through Open Banking in real time. This will allow credit providers using Open Banking to confirm that account information belongs to the person applying for credit, and not a potential fraudster.

 

BLOCKCHAIN/DLT/CRYPTOCURRENCIES

The HM Treasury, FCA and BoE Cryptoassets Taskforce has published a report setting out the UK’s approach to cryptoassets and DLT in financial services. http://tinyurl.com/ydah6fdh  Report http://tinyurl.com/ybgvuzp8

The report provides an overview of cryptoassets and the underlying technology, assesses the associated risks and potential benefits, and sets out the path forward with respect to regulation in the UK. The Taskforce concluded that robust action should be taken to address the risks associated with cryptoassets that fall within existing regulatory frameworks and to engage with international bodies to ensure a comprehensive response to those falling outside the existing framework.

 

The Riksbank has released a report outlining plans to build a technical framework for a digital currency. http://tinyurl.com/ycb2kvxf  Report http://tinyurl.com/ybmnypx9

The Report recommends a pilot programme should be set up to develop technical solutions for a comprehensive e-krona concept. The Report stems from work carried out by a project set up in the spring of 2017 to examine the scope for the Riksbank to issue a central bank digital currency (CBDC), a so‐called e‐krona, as a complement to cash.

 

REGULATION

HM Treasury has published its Payment Accounts (Amendment) (EU Exit) Regulations 2018: draft statutory instrument (SI).

The main purpose of this draft SI is to onshore the Payment Accounts Regulations 2015. It is still in development and is not final.

 

Latest News Round-up

16 November 2018

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