Weekly Headlines 14 May 2021

14th May 2021

EPC SRTP scheme poll suggests C2M/B2C payments are where SRTP would be the most useful

PayPal introduces new mobile phone QR payments for cash registers in Germany

Twitter started the roll-out of its money transfer service in the US

Irish banks are setting up a new payments app called Yippay

ClearScore teams up with Zopa to introduce Open Banking credit cards

The OBIE announced the Extended Customer Attributes standard to support identity related uses cases

Axepta BNP Paribas to acquire Ingenico’s in-store business in Belgium and Luxembourg

The Norwegian Competition Authority instructs Vipps to give TPP access to BankAxept and BankID on non-discriminatory terms

Open Banking third-parties grew by 5% across Europe

UK Finance says 70% of APP scams originated on an online platform

 

EPC SRTP scheme poll suggests C2M/B2C are the payment situations where SRTP would be the most useful

The EPC has published the results of the EPC poll on the use cases of the SEPA Request-to-Pay (SRTP) scheme.

More than half of the voters (56%) agreed that Customer-to-Merchant (C2M/M2C), as well as other Business-to-Customer (B2C)/C2B would be the payment situations where SRTP would be the most useful. Person-to-person (17%) and Business-to-Business (18%) payment situations were chosen almost equally and the remaining 8% of voters choose Business-to-Government (B2G)/(G2B), Government-to-Customer (G2C) and “other” use cases.

 

PayPal introduces new mobile phone QR payment solution for cash register systems in Germany

PayPal has introduced its new mobile phone QR payment solution for cash register systems in Germany. A QR code on the user’s smartphone is scanned at the checkout, which approves the payment in the Paypal app.

The solution was previously available for smaller merchants but could not be integrated into existing checkout systems. The new solution uses NFC technology for the contactless smartphone payments. To use this function, the smartphone is held up to the cash register reader, similar to a contactless bank card. Munich Airport is the first dealer to introduce this in 41 stores.

 

Twitter started the roll-out of its money transfer service in the US

Twitter started the roll-out of its Tip Jar feature in the US, which allows users to send money directly to their preferred accounts. However, hours after the announcement, early testers took to the social media platform to air their concerns over addresses being included in PayPal receipts.

 

Irish banks are setting up a new payments app called Yippay

Irish banks are setting up a new payments app called Yippay. The app is being developed by a new company called Synch Payments that’s owned by Bank of Ireland, AIB, Permanent TSB and KBC Ireland. The Electronic Money Association, which includes companies such as Stripe, Paypal, Facebook and Revolut, is opposed to the plan.

 

ClearScore teams up with Zopa to introduce Open Banking credit cards

ClearScore is teaming up with Zopa to introduce Open Banking credit cards. By combining real-time Open Banking data held by ClearScore and Zopa, users will be able to find out immediately if they are pre-approved for a Zopa credit card.

The Zopa credit card offered via ClearScore’s marketplace will have a personalised APR and limit depending on a customer’s creditworthiness and personal financial situation.

 

The OBIE announced the Extended Customer Attributes standard to support identity related uses cases

The Open Banking Implementation Entity (OBIE) announced the publication of the Extended Customer Attributes (ECA) standard. This optional extension to the Open Banking standard supports a range of identity related uses cases, such as customer onboarding, age verification and delivery address confirmation.

 

Axepta BNP Paribas to acquire Ingenico’s in-store business in Belgium and Luxembourg

Axepta BNP Paribas and Worldline have signed an agreement under which Axepta will acquire Ingenico’s in-store business in Belgium and Luxembourg. The agreement, which is subject to approval by the European Commission and Belgian National Bank, covers the merchant acquiring contracts, terminals and data of around 16,000 merchants, plus contracts with commercial partners and the transfer of staff members concerned from Ingenico.

 

The Norwegian Competition Authority prolongs the merger approval between Vipps, BankAxept and BankID but instructs Vipps to give TPP access to BankAxept and BankID on non-discriminatory terms

The Norwegian Competition Authority (NCA) issued a press release stating that it will prolong its 2018 decision conditionally approving the merger between Vipps AS, BankAxept AS and BankID Norge AS. The prolongation is for three more years and instructs Vipps, among other things, to give third-party payment solutions access to the national payment system BankAxept and the electronic identification solution BankID, on non-discriminatory terms.

 

Open Banking third-parties grew by 5% across Europe

Mastercard Q1 2021 Open Banking trackerThere are 474 third-party providers registered with a National Competent Authority in Europe (205 of those are registered in the U.K.) – the number of third parties grew by 5 percent across the region94% of third parties are authorised to provide account information services (of these, 50% are also authorised to provide payment initiation services) and 6% are authorised to provide payment initiation services only.

 

UK Finance says nearly 7,000 authorised push payment scam cases shows that 70% of scams originated on an online platform 

UK Finance analysis of nearly seven thousand authorised push payment scam cases shows that 70% of scams originated on an online platform  

PSE Innovation Videos

Codat – Opportunities for Open Finance

In this full length conversation with Yasamin Karimi from Codat we discuss the benefits of Open Finance to acquirers as they seek to onboard new customers and carry out credit checks. Yasmin highlights the emerging opportunities of combining accounting, Open Banking, and commerce platform data to create a rounded view of where a business has been, its current cash position and its order pipeline.

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