FCA moves on safeguarding requirements
Bank of Lithuania fintech account opening guidelines
Marqueta raises new funds
Visa pilots Request to Pay.
Mastercard on contactless use in Europe
JCB introducing Tap on Mobile
Facebook re-brands Calibra
Tink survey on Open Banking
The consultation focuses on start-ups and early days operators, whose ongoing viability may be impacted by coronavirus. The guidance will provide additional direction for firms to meet their safeguarding requirements and it outlines the FCA’s expectation of firms to put in place more robust plans for winding down, so that customer funds are returned in a timely manner. Proposed guidance
The Bank of Lithuania has published guidelines on opening accounts for electronic money and payment institutions.
The guidelines have been issued in an effort to provide clarity regarding the opening of bank accounts for fintechs. It would seem that banks have been rejecting requests to open accounts and/or unilaterally closing them, and/or applying restrictions on their access as they make AML/KYC risk judgements, with negative consequences for EMIs/PIs.
Investors in the card issuing platform include Visa but the new institutional investor has not been identified.
Working with the other pilot participants, Visa tested over 100 biller and consumer use cases and over 40 exceptions, leveraging multiple payment initiation channels to provide a comprehensive end-to-end pilot.
Mastercard – more on Contactless in Europe.
78% of all Mastercard transactions across Europe are now contactless.
Developed alongside soft Space, the solution can be used at any merchants that support JCB Contactless.
Facebook has re-branded Calibra as Novi.
The digital wallet that will hold Libra digital currencies will be available as a stand-alone app, as well as in Messenger and WhatsApp. The plan is to introduce an early version of Novi when the Libra network is available.
‘Improving customer experience’ and ‘IT modernisation’ are key drivers.
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.