Weekly Headlines

22nd April 2022

Monneo enables merchants to accept cryptocurrency payments natively through their websites

Google announces intention to bring back its payment app, Wallet

The average UK consumer is targeted twice a week by fraudsters

Contis has launched a new standalone processing solution

Qualco UK introduces white-label A2A payment options

BLIK looking at expansion in Europe

Trustly rolls out Trustly Express in Finland, the Netherlands, Sweden and the UK

FCA founds improvements are needed in financial crime controls at challenger banks

 

Monneo enables merchants to accept cryptocurrency payments natively through their websites

Monneo is enabling merchants to accept cryptocurrency payments natively through their websites. The solution converts the cryptocurrency payment into its equivalent fiat currency value and then Monneo settles it to the IBAN of the merchant, also provided by Monneo. The customer has 15 minutes to complete the transaction where the crypto to fiat rate is locked in and the merchant receives the full fiat amount.

 

Google announces intention to bring back its payment app, Wallet

Google has announced its intention to bring back its payment app, Wallet, as a comprehensive digital wallet. Whilst Google Wallet will remain a virtual space to store users’ digital cards, Google Pay will remain the branding for contactless payments. The company is currently creating a Wallet interface for Google Play Services to access and manage payment and transit cards, rewards, passes, and memberships, features that are currently offered by Google Pay.

 

The average UK consumer is targeted twice a week by fraudsters

According to Visa research, the average UK consumer is targeted twice a week. The research shows 80% of UK consumers now make purchases online at least once a month, with the majority (55%) of those who have received fraudulent messages seeing an increase in the last year.

 

Contis has launched a new standalone processing solution

Contis has launched a new processing solution to fuel the expansion in Europe. Previously, Contis offered card issuance and processing as a combined service only. The unbundling of these two offerings means the Solarisbank-owned payments provider will now rollout processing as a standalone service, meaning that Contis will now be able to process non-Contis BINs.

 

Qualco UK introduces white-label A2A payment options

Qualco UK introduced account-to-account payment options, under a white label model. The approach includes letters and emails being sent to customers, containing a unique QR code, which when scanned, opens up a simple and secure payment journey. Customers with mobile banking apps or online banking are able to select the bank account of their preference, use their normal login protocols and authorise payment, without the need to input card details or reference numbers.

 

BLIK looking at expansion in Europe

BLIK has started looking at expansion possibilities in other European countries, the priority being Romania. Company officials explained that they are working on establishing partnerships with banks in the Central and Eastern Europe region. Their strategy is to develop agreements with the biggest banks on the local market and to demonstrate that a common approach can lead to development of the industry.

 

Trustly rolls out Trustly Express in Finland, the Netherlands, Sweden and the UK

Trustly has rolled out Trustly Express in Finland, the Netherlands, Sweden, and the UK. Built on top of the bank’s PSD2 APIs, Trustly Express reduces the number of steps at checkout for returning users. Instead of a regular experience, typically with a five-step flow including two so called Strong Customer Authentications (SCAs) where the consumer identifies itself, Trustly Express brings the flow down to a single payment confirmation page and only one SCA.

 

FCA founds improvements are needed in financial crime controls at challenger banks

A review by the FCA has found that some improvements are needed in financial crime controls at some challenger banks. The FCA’s review follow the UK’s 2020 National Risk Assessment of money laundering and terrorist financing raised the risk that criminals may be attracted to the fast onboarding process that challenger banks advertise, particularly when setting up money mule networks. With the ability to open accounts very quickly to attract customers, there is also a risk that information gathered at the account opening stage is insufficient to identify higher risk customers.

 

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