25 October 2019

25th October 2019
  • Digital & eCommerce
  • Acquiring/Processing
  • Issuing
  • eIdentity
  • Fraud & Cybersecurity
  • Data Privacy
  • Cash(less) – Access to cash
  • Digital & Retail Banking
  • Lobbying
  • Corporate Activity
  • Regulation (Big Tech)

DIGITAL & eCOMMERCE

The IMRG Capgemini Online Retail Index for September indicates online sales rising +0.6% yoy.

September’s figures (excluding travel) failed to match the already low 6- and 12-month rolling averages (respectively +2.3%, +5.3%), and plummeted well below the 5-year average (+10%).

 

WHSmith is partnering with Mastercard to launch a “pay by bank” app in the UK.

WHS’s brands Funky Pigeon, Cult Pens and The Card Gallery are included in the deal.

 

American Express, Discover, Mastercard and Visa are implementing Click to Pay.

The one-click checkout payments button is based on the new EMV Secure Remote Commerce (SRC) industry standard and has undergone market testing with issuers and merchants. An initial selective rollout will be followed by wider US availability in 2020. The initial focus will be on converting existing Masterpass and Visa Checkout merchants to click to pay.

 

ACQUIRING/PROCESSING

Backbase has entered into a partnership with Payveris to offer FIs an enhanced and integrated digital payment solution.

By integrating the Amsterdam based fintech’s platform with the Payveris API digital banking solution the aim is to provide an end-to-end digital payments hub, ability to create a customised digital payment experience and to reduce operating costs.

 

Kabbage is expanding into payment processing in the US.

The processing offer is part of a new suite of cash-flow management solutions for small businesses that the invoice finance provider will roll-out in the coming months. Kabbage Payments customers can create a unique URL for their business and send payment requests through texts, emails or the web to collect card payments securely and quickly.

 

ISSUING

American Express has revamped its Green Card offer.

Now called Green from Amex, the card includes a suite of new benefits and features. Card Members earn 3X Membership Rewards points when they dine out, commute in or travel away. In addition to these enhancements, Card Members will receive a variety of benefits aimed at rewarding their experiences and will be able to take advantage of digital and lifestyle services.

 

Curve is rebranding with a bright red theme.

“We are now raging red and proud. Red is the colour of courage, energy and passion – all things that Curve has by the bucket load. It’s bold and full of life – like our brand”. This sentiment reflects Curve’s view that its existing look was too bland.

 

PayPal and Synchrony have announced they are to launch a Venmo co-branded consumer credit card in the US.

Synchrony will become the exclusive issuer of the card which is expected to launch in the second half of 2020. PayPal and Synchrony also announced an extension of their overall consumer credit program relationship.

 

eIDENTITY

Signicat has announced enhancements that expands the reach and reliability of its digital identity verification platform.

Through a new technical interface and new 3rd party integrations, Signicat can now offer identity verification in 208 countries through identity document scanning, web-based video interviews, and NFC scanning of passports.

 

FRAUD & CYBERSECURITY

FCATurning technology against financial crime

New technologies give unprecedented access to innovative products and services, and flexibility in how they are used, but they also give criminals sophisticated tools to bend the financial system to their own ends.

 

DATA PRIVACY

Mastercard has announced the launch of the Data Responsibility ImperativeWhitepaper

The aim of the initiative is to establish a core set of principles guiding the ethical collection, management and use of data. It is based on the premise that businesses have a responsibility to individuals, one another and society in how they manage their data and sets out six core data responsibilities.

 

CASH(less) – Access to cash

Barclays has announced that it will commit to full participation in the Post Office Banking Framework.

The bank will continue its participation from the renewal date in early 2020, including maintaining the cash withdrawal facility using debit cards for Barclays’ customers, for the next three years.  Barclays, however, retains its concerns regarding the sustainability of the existing model in the longer term, and wishes to work with Government and others to address the problems inherent in it.

 

DIGITAL & RETAIL BANKING

Clydesdale and Yorkshire Banking Group (CYBG) is to rebrand as Virgin Money.

The rebranded bank will operate under a single banking license with all customers of Clydesdale Bank, Yorkshire Bank, B, and Virgin Money being served under one banking identity. The first part of the exercise will see the B digital bank change to Virgin Money by the end of 2019.

 

Tide is to launch a new expenses management feature.

Tide is to add OCR capability to its app to support the conversion of physical receipts into digital receipts by taking a photo. The digital receipts are then matched against transactions in the users Tide current account. Tide has also launched the ability to store notes alongside expenses, and to upload receipts directly to accountancy packages.

 

BBVA has launched digital onboarding for business accounts.

Businesses can now use their sole or joint administrator’s digital certificate, issued by Spain’s National Mint and Stamp Factory, to become BBVA clients, using online banking — without paperwork or having to visit a branch — to open and manage an account.

 

LOBBYING

Payment Europe, an association of 13 card issuers, acquirers, schemes and other stakeholders, has been launched.

The aim of the association, which includes MasterCard and Visa, is to present the industry’s common views and contribute to key policy debates in the EU. It also wants to advocate for a fair regulatory environment for payment providers in Europe. How this fits with the existing ECPA or indeed the EPA, EPIF, etc is not clear. https://www.paymentseurope.eu/

 

CORPORATE ACTIVITY

Mastercard is to acquire SessionM, a U.S.-based technology company.

SessionM’s customer engagement and loyalty platform enables companies to create stronger and more profitable consumer relationships through personalised, real-time offers and comprehensive campaign measurement capabilities. Terms of the agreement were not disclosed.

 

Visa has completed the acquisition of the token services and ticketing businesses, formerly Bell ID and Ecebs LTD, from Rambus.

The acquisition strengthens Visa’s tokenization capabilities beyond card-based payments on the Visa network, to those on domestic card networks, account-based and real-time payments, extending the security and convenience of tokens to more transactions than ever before.

 

Galileo Financial Technologies has raised $77m in an investment round.

The company, which develops APIs that support the next generation of banking products, plans to use the funds to accelerate growth, including expansion into Latin America, the UK and Europe, and for continued product expansion. Galileo APIs are used by the likes of Monzo, Revolut, Transferwise and Varo.

 

Commercetools has announced it has completed a $145M investment round.

The funds will support further growth of its cloud based API commerce platform in the USA, Asia-Pacific and Europe. The German company, which has REWE Digital as a major shareholder, has opened new operations in the UK to grow its share of the e-commerce software market and is now looking to build its reach outside Europe.

 

REGULATION (Big Tech)

The Netherlands Authority for Consumers and Markets (ACM) has launched a market study into the activities of major tech firms on the Dutch payments market.

The focus of the research will be whether the Big Techs have plans to become active competitors on the Dutch payments market, what those plans are, and what impact those plans would have on consumers and businesses.

 

Meanwhile an ECB Board member has said banks need to act fast as tech firm competition increases. He also said that financial supervisors such as central banks also need to adopt new tools to deal with “the new reality” of fast-changing financial technology and companies like Facebook or Google moving into finance.

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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