EC Call for advice on digital finance
PSR Calls for views on APP Scams and Interbank payments
UK Finance Report on next 10 years for UK payments
DCMS moves on digital identity
Mastercard to start supporting crypto
Mastercard leverages Ethoca purchase
Global Payments and Google partnership
IKEA makes financial services move
Transferwise flags IBAN discrimination
The EC has published a call for advice to the European Supervisory Authorities – EBA, EIOPA and ESMA – on digital finance and related issues.
The first relates to the protections against APP scams, and the second looks more broadly at consumer protection in interbank (bank-to-bank) payments.
The PSR makes a number of recommendations on APP scams including requiring banks to publish full APP scam data, adopting a standardised approach to data sharing and extending customer protection to include all banks and building societies.
Written in conjunction with PwC, the Report considers the opportunities and challenges for the UK payments industry over the next ten years, and sets out a vision for the payments industry in 2030. The report is a ‘living strategy’ with the intention of driving industry debate and working together to determine the art of the possible.
The trust framework being published is a first stage industry prototype (or ‘alpha’) so that it can be tested with services, industries, organisations and potential users. DCMS says it is taking this collaborative approach to make sure that when the final version is published it meets the needs of those who will rely on it. The Government department will not provide any new or readymade solutions for actual products, relying on industry to build these.
MasterCard – Why Mastercard is bringing crypto onto its network.
Mastercard will start supporting select cryptocurrencies directly on its network during 2021 but has yet to decide which currencies. Not all of existing cryptocurrencies will be supported as they will need to meet Mastercard’s consumer protections and compliance standards.
Delivered by Mastercard subsidiary Ethoca, the new product will enhance consumers’ digital experiences by supplying them with additional transaction details. Merchants can upload their logos to the system in order to increase the visibility of their brand and reduce transaction confusion that leads to unnecessary chargebacks. Mastercard is working with issuers on introducing a new industry standard so that enriched transaction information is enabled in digital banking channels by 2022.
Global Payments and Google have announced an expansive multi-year partnership.
The partnership will deliver innovative cloud-based products and capabilities, enabling best-in-class digital merchant customer experiences globally. As part of the partnership, Global Payments will migrate its merchant acquiring technology to Google Cloud, and will provide merchant acquiring services to Google to extend its global market reach. The two parties will also collaborate on product development and innovation with a strategic joint go-to market relationship.
Ingka Investments (IKEA parent) has announced it is taking a 49% stake in Ikano Bank.
“This agreement brings us a step closer to fulfilling Ingka Group’s ambition to offer competitive and accessible financial services”. Ingka Group will continue to work with a range of partners across all IKEA Retail countries to deliver financial services to its customers. Ikano Bank will also continue developing and working with its existing partners and other business lines to develop its digital credentials.
Transferwise – IBAN not accepted? Report it here!
Transferwise and other fintechs have warned of ‘discrimination’ in both directions of customers not being able to pay across the geographies because of illegal IBAN requests, particularly in France and Spain. Along with Revolut, N26, Raisin, SumUp and Klarna, it wrote to the EC on the subject, asking it to take action against countries where the issue is commonplace.
In this great conversation, Lochan Sim from Payoneer provides his perspectives on the convergence between marketplace and orchestration. We discuss the benefits of build versus buy for merchants and the opportunities for merchant to source best of breed acceptance from multiple suppliers.