Weekly Headlines 1 October 2021

1st October 2021

Sistema de Tarjetas y Medios de Pago launches a BNPL feature

Central banks issue a set of reports intended to build a global consensus for a retail digital currency

Visa is working on a ‘universal payment channel’ (UPC) to enable interoperability between different digital currencies

Curve is now letting its users to buy cryptocurrencies

Starling Bank set to expand its BaaS platform to France, Germany, Netherlands and Spain

N26 has been fined €4.25 million by BaFin over AML failings

CMSPI analysis of August data yields an estimated European failure rate on eCommerce transactions of 26%

UK banks trial emergency hotline for APP fraud

PagoFX from Banco Santander is to shut down on 30 November

 

Sistema de Tarjetas y Medios de Pago launches a BNPL feature

The Spanish Sistema de Tarjetas y Medios de Pago, or Sistemapay, has developed a BNPL feature for its members called Plazox. With this solution credit card holders can pay their purchases in up to 12 instalments.

 

Central banks issue a set of reports intended to build a global consensus for a retail digital currency

Seven central banks have issued a set of reports intended to build a global consensus for the design and development of a retail digital currency. While none of these central banks (Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, Sveriges Riksbank, Swiss National Bank and the Bank for International Settlements) has yet decided to proceed with a retail CBDC, they believe continuing to work on the topic is key, due to its wide-ranging implications.

 

Visa is working on a ‘universal payment channel’ (UPC) to enable interoperability between different digital currencies

Visa is working on a ‘universal payment channel’ (UPC) that enables interoperability between different digital currencies such as CBDCs and private stablecoins. The UBC acts like a hub, interconnecting multiple blockchain networks and allowing for the transfer of digital currencies. Such as system would, for example, enable someone in the US to send $500 in USDC to a friend in London, with those funds automatically converted to digital British pounds before they arrive in her CBDC wallet.

 

Curve is now letting its users to buy cryptocurrencies

Curve is now letting its users to buy cryptocurrencies with their Curve cards. Curve stresses, though, that underlying card issuers of payment cards may not allow crypto purchases and so transactions may still get declined. They also say that Mastercard Chargeback Scheme rules do not allow chargebacks for cryptocurrency transactions.

 

Starling Bank set to expand its BaaS platform to France, Germany, Netherlands and Spain

Starling Bank is set to expand its banking-as-a-service platform to France, Germany, The Netherlands and Spain. Subject to regulatory approval, Starling will launch operations next year. Starling launched BaaS in the UK in 2018 and already has 25 payment and banking services customers, including Raisin, CurrencyCloud, Moneybox and Vitesse.

 

N26 has been fined €4.25 million by BaFin over AML failings

N26 has been fined €4.25 million by BaFin over AML failings. N26 has also been told to ensure that it has the adequate personnel, technical and organisational resources to comply with its obligations under anti-money laundering law.

 

CMSPI analysis of August data yields an estimated European failure rate on eCommerce transactions of 26%

CMSPI analysis of August data yields an estimated European failure rate on transactions of 26%. This represents a worsening of the situation, compared to 24% in July 2021. Other key findings in this month’s update include an estimated annual sales at risk of €82 billion, over 40 times the value of fraudulent transactions in the SEPA region in 2018. The worst performing country is Belgium, with an estimated failure rate of 41%.

 

UK banks trial emergency hotline for APP fraud

UK banks trial emergency hotline for APP fraud. Operated by bank and telco-funded body Stop Scams UK, the 159 hotline will run as a one-year pilot trial. The initiative is supported by Barclays, Lloyds, NatWest, Santander and Starling Bank, covering 70% of all UK primary account holders.

 

PagoFX from Banco Santander is to shut down on 30 November

PagoFX, the international money transfer service from Banco Santander, is to shut down on 30 November.

 

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