EC issues IFR impact Report
European Payment Initiative launched
EBA supports EC Digital Finance Strategy
SCT Inst limit increased
SEPA Request to Pay system delivered.
UK Confirmation of Payee roll-out
New Swedish BNPL rules
The report builds on a comprehensive study prepared by EY and Copenhagen Economics published on 11 March 2020. It further relies on extensive additional input provided by a major range of stakeholders.
The European Payment Initiative (EPI) has officially been launched.
All 16 banks have issued press releases e.g. Credit Agricole
The beginning of the implementation phase is expected to materialize in the coming weeks through the creation of an interim company in Brussels, Belgium, which will set out clear deliverables including the completion of the technical and operational roadmap and initiating the implementation work to achieve a best-in-class user experience.
The ECB has welcomed the decision.
“The European Payments Initiative will have to tackle the fragmentation in European retail payments and should encompass all euro area countries, and eventually the entire European Union”.
The EBA has responded to the EC’s consultation saying it strongly supports the Commission’s initiative. The EBA identifies in its response a wide range of possible EU-level actions to support the scaling of innovative technology cross-border whilst ensuring high standards of consumer protection and financial sector resilience.
The SCT Inst transaction limit has been increased to €100,000.
As of 1 July, the maximum amount per Instant Credit Transfer transaction has been raised from €15,000 to €100,000.
EBA Clearing has announced that the R2P system has been delivered
The project is on track to start the testing and onboarding of early adopting users and is ready for go-live in November 2020 alongside the launch of the EPC SEPA Request to Pay Scheme.
The UK’s six largest banking groups have now all implemented CoP. Monzo and Starling have also started its introduction. TSB will join in the fourth quarter.
The figure is a 1.1 million increase since a face-to-face survey on the same topic last year. Of the 2.3 million, 1.9 million still hold cryptoassets. The Government intends to consult on measures to bring certain cryptoassets into the scope of financial promotions regulation.
The new BNPL rules went live on 1 July. Nordea says the move could well benefit Swish.
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.