EC publishes new economic and financial system strategy
EC also publishes Blockchain Strategy Brochure
Irish CCPC rejects instant payments JV
Turkey launches new instant payments system
ONS to use CHAPs data for pandemic insights
Mastercard brings in new interchange rules post-Brexit
Worldline moves on stablecoins
PPRO raises US$180 millions.
Transferwise and Trustly going for IPOs, ACI for sale?
The European Commission has published it strategy to foster openness, strength and resilience in the European economic and financial system. The strategy aims to better enable Europe to play a leading role in global economic governance, while protecting the EU from unfair and abusive practices.
This looks like a move to make it harder for the UK/City to keep hold of, at a minimum, Euro denominated business, but various sources report Equivalence delays and the new strategy are not seen by the EC as looking to ‘punish’ the UK’s financial services sector.
The European Commission has published a brochure highlighting its European Blockchain Strategy. It believes that investing in the next frontier of technologies such as blockchain will be crucial to enhancing Europe’s technological sovereignty.
The Irish Competition and Consumer Protection Commission has rejected the proposed Bank Instant Payments JV. Press Report
This looks as if the paperwork is deemed inadequate – “as the notifying parties have failed to provide full details … in relation to the nature of the proposed transaction, the CCPC has been unable to determine whether the proposed transaction is a “merger or acquisition. However, the CCPC has expressed its willingness to further engage with the notifying parties.
The Turkish Central Bank has launched a new instant retail payment system.
The Instant and Continuous Transfer of Funds (FAST) System has now gone live after an initial pilot run. Along with the FAST System, the Easy Addressing System, which enables electronic payments to be initiated by using registered Turkish ID numbers, phone numbers or e-mail addresses, is also in operation now.
The new experimental data is based on CHAPS payments by c100 large UK companies from their debit and credit card processors and is an attempt to help policymakers monitor the impact of the pandemic on the economy in real time. The data does not include transactions from retailers with in-house processing, only from those using external PSPs.
Bambora has posted that the new BSA will cover transactions between the UK and EEA countries. Consumer CNP transactions between the UK and EEA countries under the new BSA will be charged as intraregional transactions in line with the interregional capped rates of 1.15% for debit cards and 1.50% for credit cards. The new charges will become effective as of the 15th of October 2021. The new BSA will not impact the existing Mastercard scheme fee structure.
The partnership will enable Worldline to offer the DaVinci Gold token based on Worldline’s stablecoins management infrastructure. Worldline says the initiative further expands the capability of Worldline’s Digital Asset Management (DAM) platform and will assist towards fulfilling the company’s goals for stablecoins and Blockchain technology.
The fundraising puts PPRO’s valuation at over US$1 billion will support PPRO’s continued global expansion and the development of its border-free payment technology and services.
TransferWise is reported as appointing Goldman Sachs and Morgan Stanley as joint global co-ordinators for its IPO. (Sky News)
Analysts are suggesting that it is likely to be worth well in excess of the $5bn valuation at which it sold a stake in summer 2020.
In this great conversation, Lochan Sim from Payoneer provides his perspectives on the convergence between marketplace and orchestration. We discuss the benefits of build versus buy for merchants and the opportunities for merchant to source best of breed acceptance from multiple suppliers.