Weekly Headlines 3 July 2020

3rd July 2020

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 EC has published a report on the impact of the Interchange Fees Regulation  Report (Staff Working Document)

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 supports the Commission’s proposal for a new Digital Finance Strategy for EuropeResponse

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 PSR has confirmed widespread implementation of Confirmation of Payee.

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.

 

FCA research indicates 2.6 million UK consumers have bought cryptoassets at some point.

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.

 

NordeaNew rules in Sweden to discourage online shoppers from paying with credit

The new BNPL rules went live on 1 July. Nordea says the move could well benefit Swish.

 

 

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.

Contact Us