Weekly Headlines 13 November 2020

13th November 2020

EBA Brexit readiness reminder

UK Chancellor sets out financial services future

EC antitrust case against Amazon

ECJ decision on contactless fraud

Visa Fintech Partner Connect

Mastercard Start Path program

PayPal supports crypto

Banking customer experience report

 

The EBA has issued a reminder on Brexit readiness.

The EBA statement includes multiple reminders of the steps that need to be taken before 31 December by FIs. The EU supervisory authorities are continuing to pay specific attention to the preparations of PIs and EMIs with a section aimed at this particular segment together with one on Communication to customers.

 

The Chancellor has set out future path for UK financial services.

Nothing specifically covering payment services other than support for financial innovation, specifically CBDCs.

 

The EC has formally accused Amazon of misusing third-party merchant data to gain a competitive advantage for its own products.

The new antitrust case marks European regulators’ latest move against US Big Tech.  The Commission takes issue with Amazon systematically relying on non-public business data of independent sellers who sell on its marketplace, to the benefit of Amazon’s own retail business, which directly competes with those third-party sellers.

 

An ECJ decision has bolstered consumer rights on payment card fraud. Decision document.

The court has ruled in a case involving Deniz Bank that banks cannot hold customers liable for contactless payments made on lost chip cards if the card was reported lost or stolen.

 

Visa has announced the launch of Visa Fintech Partner Connect.

The new initiative will provide FIs and merchants in Europe with a suite of enhanced capabilities combining Visa’s own capabilities with those of selected fintech partners. Fintech Partner Connect will enable Visa’s clients to access solutions from 13 European fintechs.

 

Mastercard has announced new entrants to its Start Path program.

MasterCard has release of the names of 10 fintechs from across a range of sectors but with a number supporting financial inclusion.

 

PayPal has announced that all eligible US accountholders. can now buy, hold and sell cryptocurrency directly with PayPal.

It has also said its plans to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide.

 

ReportThe future of retail banking  (UK Finance/Deloitte). Report

Customer experience (CX) is predicted to overtake price and product as a firm’s brand differentiator, with customers increasingly expecting interactions with their bank to be as sophisticated, immediate and personalised as their experiences with other industries.  Consequently, banks are increasingly expected to deliver hyper-personalisation.

 

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