Weekly Headlines 10 July 2020

10th July 2020

EC publishes new Platform for Business rules

Dutch banks establish AML initiative

FCA sets out e-money safeguarding guidance

Card Schemes go for global Click to Pay

Mastercard issues card supporting LGBTQ+ community

Worldline nears Ingenico deal endgame

Klarna launches sensible shopping initiative

Revolut maintains partnership with Modulr

 

EC New EU rules and guidance for a fairer online economyQ&As

The EC has published a set of resources to help traders, online platforms and search engines get the most out of the new Platform to Business rules, which apply from Sunday, 12 July. In addition, three progress reports prepared by the expert group for the Observatory on the Online Platform Economy are published for feedback. The reports will inform the broader work of the Commission on online platforms and on the upcoming Digital Services Act package.

 

Dutch banks are to establish Transaction Monitoring Netherlands (TMNL) in a collective AML initiative.

TMNL, which is supported by ABN AMRO, ING, Rabobank, Triodos Bank and de Volksbank, will be an addition to the banks’ individual transaction monitoring activities. TMNL will focus on identifying unusual patterns in payments traffic that individual banks cannot identify.

 

FCACoronavirus and safeguarding customers’ funds: additional guidance for payment and e-money firmsFull guidance

The FCA has published the guidance following the receipt of more than 60 responses to its consultation document and the collapse of Wirecard.  The revised guidance clarifies ways that firms can comply with the regulations and help prevent potential harm to their customers in the event of insolvency during the Covid-19 pandemic.

 

American Express, Discover, Mastercard and Visa are to begin technical preparations for global expansion of Click to Pay online checkout.

Roll-out of the EMV Secure Remote Commerce industry standard in Europe is initially limited to the UK and Ireland. Since its release in the US in October 2019 over 10,000 merchants have enabled the solution.

 

Mastercard is to issue its True Name™ Card in Europe in support of trans and non-binary communities.

The move is aimed at enabling people to reflect their preferred identity on their payment cards. Mastercard is committing to have the True Name™ card available in Europe for as many countries as possible by the end of the year.

 

Worldline has filed the tender offer for Igenico with the French market authorities.

All other regulatory clearances required for the opening of the offer relating to banking/financial and foreign investment regulations have already been obtained apart from clearance under merger control by the EC. The social process for the acquisition has been also been completed.

 

Klarna has launched KlarnaSense, a new initiative to encourage consumers to shop more sensibly.

The new initiative, that has arrived as the perceived dangers of BNPL continue to be under the media spotlight, aims to encourage consumers to ‘shop smarter by purchasing the right things, at the right time’ with a Rule of Three – Do I love it? Will I use it? Is it worth it?

 

Revolut has announced the extension of its partnership with Modulr.

The extension will see Modulr continuing to provide Revolut’s 24/7 payments infrastructure.

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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