News Headlines 14 January 2020

14th February 2020

Mastercard gets China go-ahead

Visa launches Borderless card with Airwallex

Visa invests in ChargeAfter

Standered Chartered JV to launch ecommerce platform

Moneygram FastSend enables transfers via mobile numbers

Revolut gets Open Banking

Fingopay trials bank- to-bank POS payments

N26 quits UK

Fernergo raises $80m

Max (ex Leumi Card) acquires CreditGuard

Sabre/Farelogix deal raises CMA concerns

 

 

Mastercard has received in-principle approval from the People’s Bank of China (PBOC) to begin formal preparations to set up a domestic bankcard clearing institution in ChinaFT

The application was submitted by Mastercard NUCC Information Technology (Beijing) Co., Ltd, a joint venture of Mastercard and NetsUnion Clearing Corporation (NUCC).  The JV will be able to apply to the PBOC for formal approval to begin domestic bankcard clearing activity within the next 12 months.

 

Visa and Airwallex have announced they are partnering to launch the Airwallex Borderless Card.

The Card is a B2B card-based payment solution that will be available initially in Australia, with other markets around the world, including the United Kingdom and Hong Kong, to follow later this year. Businesses using Airwallex will be able to instantly generate a multi-currency virtual Visa payment account to pay their suppliers and be able to set transaction limits, including currency and merchant type.

 

ChargeAfter has announced a strategic partnership with Visa.

The partnership will give Visa’s network of sellers, acquirers and issuing banks the option to distribute a broad range of Point of Sale Financing and credit instruments to eCommerce and in-store sellers worldwide using the Israeli based ChargeAfter’s platform. Visa has also made a strategic investment in ChargeAfter, although no details have been given.

 

Standard Chartered and Assembly Payments have formed a new JV to deliver next generation payment solutions for e-commerce.

Headquartered in Singapore the intention is to grow the business globally, offering a sophisticated digital payment platform to manage transactions across multiple payment types and countries, including online, mobile and point-of-sale, digital wallets, debit and credit cards and real-time payments.

 

MoneyGram International has announced the launch of MoneyGram FastSend

The new service, supported by the Visa Direct, enables consumers to send funds to their contacts’ mobile phone number via the MoneyGram website and mobile app. FastSend is currently available for transfers within the United States and from the U.S. to Spain. Additional markets are scheduled to go live throughout the year.

 

Revolut is partnering with TrueLayer to offer an Open Banking service.

Revolut UK customers can now connect their external UK bank accounts to Revolut, enabling them to access all of their balances and transactions in one single app.

 

Fingopay has announced it is trailing a strategic open banking retail pilot.

Working with payments provider Reflow in a month-long trial, Fingopay has successfully completed bank-to-bank, face to face payments using its biometric VeinID platform. The partnership allows retailers and merchants to handle bank-to-bank transactions, as Fingopay builds out a network in Manchester slated to go live in Q1/20.

N26 has announced it is exiting the UK banking marketFAQs

N26 says the timings and framework outlined in the EU Withdrawal Agreement mean that the company will in due course be unable to operate in the UK with its European banking licence. All N26 accounts in the UK, which are said to be c200,000 will be closed on 15 April 2020.

 

Fenergo has announced that it has closed its latest $80m funding round.

The funding will be used by the digital transformation and CLM solutions provider to facilitate further product enhancement and the potential acquisition of new business units and/or capabilities that are strategically important. The round, supported by ABN AMRO Ventures and DXC Technology, places a post-money valuation of around $800m on the Irish company.

 

Max (formerly Leumi Card) is to acquire control of CreditGuard from SafeCharge (Nuvei).

The price is estimated at NIS70m/US$20.38m.  Max also announced an “extensive cooperation agreement with international payments company Nuvei”.

 

The CMA’s in-depth investigation has provisionally found that Sabre’s proposed takeover of Farelogix raises competition concerns.

The CMA is concerned that Sabre’s acquisition of Farelogix could result in less innovation, higher fees and more limited choice of supplier for airlines using these types of IT systems. Its current view is that blocking the merger may be the only way of addressing these competition concerns.

 

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Pay.UK short video covering the way it is working to develop  common standards for UK payments.

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