EC investigating Visa digital wallet terms
European Banking Authority recommends strengthening EC AML defences
Euro Banking Association launches RtP survey
eBay expands payment management
Visa and PayPal extend real-time partnership
Mastercard CBDC testing platform
FIS Access Worldpay gateway
Railsbank to acquire WCS
PwC on changing consumer behaviours
The EC is seeking information from Visa regarding its terms for staged digital wallets.
In its latest SEC filing Visa reports that the EC has opened a preliminary investigation into Visa’s rules regarding staged digital wallets and issued a request for information regarding such rules.
The European Banking Authority has published its response to the EC’s call for advice on how to strengthen the EU AML/CFT framework. EBA Opinion EBA Report
In its response the EBA sets out how the EU legal framework should be strengthened to tackle vulnerabilities linked to divergent national approaches and gaps in the EU AML/CFT defences and calls for the establishment of a single rulebook. The EBA recommends harmonisation of current framework via Regulation, strengthening of current Directive, reviewing regime’s scope and clarifying provisions in sectoral financial services legislation
The Euro Banking Association has launched a survey on Request to Pay .
The survey is aimed at gathering input from businesses on how they would like to use request to pay, which pain points it should solve and which benefits it should deliver for their payment, accounting and other internal processes as well as for their customers.
Customers in the three countries will join the streamlined experience in early 2021. The company plans to offer buyers more ways to pay in addition to credit card and PayPal. Apple Pay will be available as a payment option on iPhone and iPad. Google Pay will also be available on the eBay site and on the eBay Android App. The company is now working to scale its management of payments globally.
Visa and PayPal are extending their existing global partnership.
The move will expand real-time access to funds for consumers and small businesses that are sending or receiving money via PayPal, Venmo or Xoom. It expands PayPal’s Instant Transfer service, which leverages Visa Direct, to global markets and enables fast domestic and cross-border digital payments as well as Visa Direct payout services through PayPal and its Braintree, Hyperwallet and iZettle product solutions.
Mastercard is launching a CBDC Testing Platform.
The virtual testing platform allows Central Banks to evaluate use cases and test roll-out strategies for CBDCs by simulating a CBDC ecosystem and enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.
Access Worldpay provides a single point of integration for global merchants to quickly deploy a full range of advanced payment capabilities via a single API. Merchants who integrate with Access Worldpay will also have access to Pazien, which offers consolidated reporting and data analysis across their global operations.
A number of clients have already been migrated successfully and Railsbank says it has everything in place for a phased and controlled migration at scale.
Changing behaviours are accelerating trends along a reinvented customer purchase journey. Businesses need to understand how this new world affects all their touch points with the customer if they are to actively reinvent their own future and not be at the mercy of external events.
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.