Weekly Headlines 12 June 2020

12th June 2020

Bank of England and FCA foresee Regulatory reform.

Pay UK on Confirmation of Payee.

OBIE Open Banking app store.

P27 Migration Committee formed.

Libra Association appoints CCO.

SPA 2019 card shipments.

Visa UK lockdown research.

Mastercard updated Q2/20 metrics.

Trustly strategic minority investment.

Revolut ‘super app’.

Transferwise phone contact driven transfers.



Both the Bank of England (Speech) and the FCA (Podcast) have commented on the impact of Covid-19 on the regulatory environment.

The BoE speech flagged that financial markets would need to be reformed once the Covid-19 pandemic is over, particularly for non-banks where liquidity resilience is an issue.


Pay UK has announced the phased roll-out of the Confirmation of Payee service.

The first phase of introducing the Confirmation of Payee (CoP) account name checking service has a further two weeks to run but it has become clear that users do not always use the actual account name of the person or know the business name they are paying and use the ‘Nickname’. Pay UK is saying it is important the exact name that is registered to the account is used every time payment details are set up or amended.


The OBIE has launched and Open Banking app store that enables live to market comparison of open banking apps and products.

There are currently a total of 51 apps listed.


The Swedish Bankers’ Association has formed a P27 Migration Committee.

The first live delivery from P27 is planned to take place in early 2021, when account-to-account transfers are set to begin. Tests by the banks will take place this year with ISO 20022 being the standard for all payments on the new platform.


The Libra Association has appointed a Chief Compliance Officer as it looks to mitigate regulatory pressure.

The CCO comes from Credit Suisse with a background from the financial crime compliance industry, primarily focused on anti-money laundering, sanctions, anti-bribery, fraud and anti-corruption measures in both the public and private sectors.


The Smart Payment Association Card shipment figures for 2019 have been released.

Global smart payment card shipments increased by 141 million to 2.75 billion in 2019 with Contactless cards representing 59% of all smart payment cards shipped. The EU, as a mature market, only saw single digit growth with the largest growth in US (due to renewal of 2015-16 issuance) and LATAM.


Visa research indicates that 89% have used online shopping since the UK’s lockdown started.

31% of shoppers bought items online for the first with 41% shopping online more frequently. 74% of more frequent online shoppers will continue to shop online even as restrictions are lifted. Subscription services have benefitted particularly.


Mastercard has updated its Q2/20 Operating Metrics.

The update gives an additional three weeks of information. Mastercard says it continues to see the transition from the Stabilization phase to the Normalization phase in most markets domestically. Cross-border volumes remain subdued with CNP proving more resilient than card present growth.


Trustly has announced a strategic minority investment by a consortium of investors .

The transaction diversifies Trustly’s shareholder base and brings in additional long-term capital to further support Trustly as it continues to invest in its products and infrastructure and expand globally.


Revolut has launched a new ‘super app’.

The redesign will enable users to manage their finances all in one place, with two main sections labelled Home and Wealth. Home links the user’s Revolut accounts and any other open banking linked accounts to budgeting and analytics tools. The new Wealth section brings together stocks, crypto, commodities and vaults to help customers to save, invest and manage their finances.


Transferwise is introducing phone contact driven transfers.

TransferWise app users can now send money to phone contacts also on TransferWise without needing their bank details. Account holders sync their contacts to TransferWise, then send money straight from the app. This means that TransferWise customers can now send domestic as well as cross-border transfers instantly.

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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