EC Brexit Contingency measures
EBA on Brexit impact on consumers
Bank of England Stability Report
UK Supreme Court New Judgment
OBIE on SME Open Banking use
UK Finance APP scam interim funding
EPI gains members
Worldpay from FIS and Visa Tokenisation
Contis gains principal issuer status
PayPal QR codes on iZettle
The EC has put forward a set of targeted contingency measures ensuring basic reciprocal air and road connectivity between the EU and the UK, as well as allowing for the possibility of reciprocal fishing access by EU and UK vessels to each other’s waters. The aim of these contingency measures is to cater for the period during which there is no agreement in place. If no agreement enters into application, they will end after a fixed period.
The statement includes paragraphs on Preparedness of financial institutions, Changes in cross-border payments between the EU and UK (additional information requirements), Access to bank accounts in UK and protection of depositors and the need for Consumers to seek more information from their financial institutions.
Bank of England Financial Stability Report – December 2020.
See Section 3 – In focus: The provision of financial services after the end of the transition period. The Bank says some market volatility and disruption to financial services, particularly to EU-based clients, could arise.
UK Supreme Court New Judgment: Mastercard Incorporated and Ors v Walter Hugh Merricks CBE
A majority of the Supreme Court has dismissed this appeal concerning the procedure for collective proceedings in competition damages claims, enabling Merricks’ class action against Mastercard to go ahead. The case now goes back to the antitrust tribunal to re-hear arguments about certifying the claim and constituting the class. After the recent death of Lord Kerr 3 days before this judgement, the other 4 judges were evenly split on whether Mastercard’s appeal is valid – but honoured Kerr’s view.
The Small Business Financial Landscape study asked 500 small business decision makers about the financial decisions they have taken since March 2020 to support their businesses in response to the COVID-19 pandemic. Of the small businesses surveyed, 50% are now using open banking providers, with almost three-in-five starting to use these services in the past six months, of which 90% stated as a direct result of COVID-19.
To ensure customer reimbursement takes place whilst regulators and the government deliver a long-term, sustainable funding arrangement, seven payment service providers (PSPs) have provided interim funding since the Code was launched. They have agreed to extend the interim funding arrangements for a further six months until 30 June 2021. This is intended to provide further time for legislation to be agreed and implemented, placing the voluntary Code on a statutory footing.
PKO Bank Polski and Finland’s OP Financial Group are joining EPI together with a group of 12 Spanish credit institutions that have formed a consortium and are joining EPI as a collective founding shareholder. The smaller banks making up the consortium are ABANCA, Banco Cooperativo Español, Grupo Cooperativo Cajamar, Caja de Ingenieros, LABORAL Kutxa, Cecabank, Eurocaja Rural, Grupo Bankinter, Ibercaja, Kutxabank, Liberbank and Unicaja Banco.
Worldpay from FIS and Visa collaborate on Tokenisation.
Worldpay from FIS has launched its token management service, offering online merchants and partners access to the Visa Token Service. FIS will also enable Click to Pay with Visa.
This new partnership will enable Contis to bring greater choice through its end-to-end Banking-as-a-Service (BaaS) platform and supplement the range of products and services offered in key commercial verticals including banking, fintech, insurance and corporate remittance.
The move allows UK SMEs to accept safe and secure touch-free payments from customers. The roll-out marks the first time UK merchants can accept PayPal QR Code payments in-store via a point-of-sale solution.