EBA consults on RegTech
PSR on APP Scams and bank response
OBIE ‘quick wins’ to bolster open banking
Reward provides Customer Engagement capabilities for Visa
first direct selects Mastercard for debit issuing
Yapily enables Amex open banking
Barclaycard Payment Intelligence launch
Holvi exits UK
Facebook to set up Facebook Financial
Global eCommerce transactions July rise
The RegTech industry seeks views and experience on the use of RegTech solutions in order to understand the ongoing activity in this area, raise awareness on RegTech within the regulatory and supervisory community, and inform any relevant future policy discussion. The EBA is also seeking ways to facilitate the adoption and scale up of RegTech solutions across the EU whilst acknowledging and looking to address the underlying risks.
The statement sets out how the PSR wants to see improvements relating to APP scams reimbursements. In particular it wishes to see repatriation or reimbursement occurring in the vast majority of APP scam cases assessed under the existing voluntary Code; and a sustainable, long-term model for reimbursement to be established as a matter of urgency.
The OBIE is releasing this guide of ‘quick wins’ to optimise conversion rates and reduce the frequency of consumers abandoning in-app user journeys prior to completion as it continues an investigation into the “root causes” of low conversion rates overall.
Reward will be building on their UK partnership, that currently provides Customer Engagement capabilities/content to support several of Visa’s UK client programmes. The first new country for roll-out of the EaaS solution will be the Republic of Ireland.
Customers will begin to receive cards from the end of this year, as part of a multi-year agreement. The announcement will bring enhanced digital benefits for first direct customers, including card controls and functionality, as well as exclusive offers, and a new rewards/loyalty program.
The integration will support Amex in delivering its Pay with Bank Transfer payment initiation service in Europe.
The new service uses in-depth data analytics to provide procurement departments with a comprehensive picture of their supply chain. The new technology analyses each supplier against a range of factors – number and value of transactions, size, location, industry, early payment discounts – and then uses a set of algorithms to create a bespoke payments strategy, helping businesses combat late payments, generate savings and save time.
Changing market conditions, triggered by the outbreak of COVID-19 and the uncertainty of the regulatory landscape in the UK, have led to the decision to withdraw.
The team is said to be part of a move to set up Facebook Financial, that will amalgamate Facebook’s various financial services activities such as Facebook Pay and Novi (Libra). Facebook believes that if users can make purchases on Instagram, Messenger and WhatsApp, then its advertising will grow more valuable, and users will spend more time inside the various apps.
ACI Worldwide – Global eCommerce transactions increased by 19% in July 2020 yoy.
Fraud also continues to increase as criminals take advantage of CNP methods of payment – Volumes down slightly but value up. Overall eCommerce sales continued to increase yoy in the U.S. (13%), U.K. (17%) and APAC (43%).
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.