News Headlines 20 December 2019

20th December 2019

EC updated cross-border payments rules are now live.

Additional provisions that will allow EU consumers to compare currency conversion charges when paying with their cards in another EU currency will go live in April 2020.

 

The three ESAs have published Joint guidelines on cooperation and information exchange on AML/CFT.

Colleges of supervisors have been established to ensure effective cooperation and information exchange between competent authorities in an effort to strengthen the EU’s AML/CFT efforts

 

The Expert Group on Regulatory Obstacles to Financial Innovation has published a report with 30 recommendations for fintech regulation.

The report concentrates on the FinTech Technological Space that includes AI, Blockchain/DLT, Smart contracts, Internet of Things and Quantum Computing. It goes on to look at the Innovative use of technology in finance together with Maintaining a Level Playing Field, Access to data and Financial inclusion.

 

EBA CLEARING has announced the delivery of specifications for its R2P infrastructure solution.

The development of the solution is on track for a go-live in November 2020 and will fully align with the request to pay scheme that is currently being delivered by the EPC. The specifications will be made available to the wider community of future users of the solution and to the technical service providers and solution providers supporting them.

 

SWIFT has opened its global KYC registry to SWIFT connected corporate groups.

SWIFT’s KYC Registry provides access to a secure platform for banks, and now corporates, to share KYC data with banking partners.

 

The Riksbank is running an e-Krona pilot project alongside Accenture.

Accenture will help to build a technical platform with a user interface that will enables payment with the e-krona from a mobile phone, card and watch together with simulations of payment service providers, retail outlets and other parts of the Swedish payment system.  The Riksbank has not yet taken a decision to issue an e-krona.

 

The CMA has issued its interim report on its market study into online platforms and digital advertising.

The report concludes that there is a strong argument for the development of a new regulatory regime, which could include rules governing the behaviour of online platforms and giving people greater control over their own data. The FT is reporting that the government will create a technology watchdog next year in order to police large tech firms.

 

The FCA has launched a Call for Input  on the opportunities presented by so-called ‘open finance’.

The CfI seeks to launch a discussion on the opportunities and risks arising from open finance, what is needed to ensure it develops in the best interests of consumers, and what role the FCA should play.

 

OBIEOpen Banking November HighlightsPDF

There are now 198 regulated providers made up of 130 TPPs and 68 account providers, with 61 regulated entities that have at least one proposition live with customers.

 

Fujitsu  – Retailers Must Respond to Radical New Demands.

Fujitsu Future Insights – Digital Transformation in Retail” argues that the retail landscape is changing radically, including a growing rejection by Millennials and Generation Z customers of the conventional mass-production/mass-consumption economic model that has prevailed for more than a century. Fujitsu identifies five key factors that it expects to have a major impact on the industry’s future.

 

 

Industry Videos

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

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