Weekly Headlines 29 May 2020

29th May 2020

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 FCA has launched a consultation on additional guidance for payments firms to strengthen the protection of customer funds.

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.

Official Document

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.


Marqeta has raised an additional $150 million in new capital from a leading institutional investor, valuing the company at $4.3 billion. Blog

Investors in the card issuing platform include Visa but the new institutional investor has not been identified.


Visa has facilitated the first request to pay message sent and received using Pay.UK’s standards.

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.


Mastercardmore on Contactless in Europe.

78% of all Mastercard transactions across Europe are now contactless.


JCB is introducing a Tap on Mobile solution for Contactless payments on Android smartphones.

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.


Tink on European banks’ investment in Open banking.

‘Improving customer experience’ and ‘IT modernisation’ are key drivers.


Industry Videos

Dutch cashierless store trial

ING is working with supermarket chain Albert Heijn and US AiFi on a cashierless store trial.

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.

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