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