Weekly Headlines 27 November 2020

27th November 2020

BIS on stablecoins –  potential, risks and regulation

EBA Clearing RT1 expansion

Bank of England on Cash use during Covid

UK Finance SCA ramp-up plan

UK Digital markets Unit formation

Visa Commercial Pay offer

Worldline and Nets join EPI

Banco de Sabadell/BBVA merger off

 

BIS Working PaperStablecoins: potential, risks and regulationReport

The paper looks at stablecoin market developments, how they might be monitored, the potential role of stablecoins and what this implies for their regulation.

 

EBA CLEARING has expanded the reach of its RT1 platform in Luxembourg.

RT1 reach Interactive map

The inclusion of two further banks enables RT1 to establish critical mass for instant payments in Luxembourg in terms of payment accounts covered. The development has also further contributed to the build-up of pan-European instant payment reach: critical mass has now been reached in 10 countries across the continent, including Austria, Estonia, Finland, France, Germany, Italy, Latvia, Lithuania, Luxembourg and Spain.

 

Bank of England Cash in the time of Covid

The article explores the impact of the Covid pandemic on cash usage. The Bank will continue its work to understand the impact of the pandemic on cash use build on the initial analysis. This will include monitoring the impact of local, regional and national restrictions implemented in different parts of the UK.

 

The UK Finance SCA Programme team has developed a revised detailed implementation plan and the high-level plan. SCA FAQ

UKF is urging all stakeholders active in e-commerce to take note of the various deadlines and the introduction of a gradual SCA ramp up which will require all parties to be ready by the end of May 2021.

 

The UK Government is to set up a Digital Markets Unit to oversee a pro-competition regime for platforms.

The DMU will introduce and enforce a new code to govern the behaviour of platforms that currently dominate the market, such as Google and Facebook. A new statutory code of conduct will give consumers more choice and control over how their data is used, and SMEs will be able to better promote their products online.

The unit, to be housed within the CMA, is part of the Government’s response to the CMA’s market study into online platforms and digital advertising.

 

Visa, working with Conferma Pay, is launching Visa Commercial Pay, a B2B virtual card and payment offer.

Visa Commercial Pay features three B2B payment offerings for financial institutions and their corporate customers, including Visa Commercial Pay Mobile app, Visa Commercial Pay Travel and Visa Commercial Pay B2B. It provides comprehensive card-program management capabilities, including on-demand virtual card issuance to employees’ mobile devices via an app.

 

Worldline and Nets have joined the European Payments Initiative (EPI) as shareholders.

Worldline and Nets are the first third-party acquirers to join the initiative. Expansion talks are also ongoing with various players.

 

Banco de Sabadell has announced it will launch a new strategy that will prioritise its Spanish domestic business.

The new strategic plan will be presented during Q1/21 following the collapse of the merger talks with BBVA. As part of the development of the new strategy Sabadell will analyse strategic alternatives for creating shareholder value with regard to the Group’s international assets, including TSB.

 

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