Weekly Headlines

26th February 2021

EC moves on personal data transfer equivalence

EBA Opinion on ASPSPs blocking TPPs

EPI publishes RFI for Technical partners

HMT releases Kalifa report on UK Fintechs

UK Finance on future regulatory framework

Which? pushes access to cash agenda

Transferwise rebrands

Western Union integrates SWIFT gpi

Intuit interchange filing against Visa & Mastercard

Stripe now supporting BNPL

 

The EC has launched the process towards the adoption of two adequacy decisions for transfers of personal data to the UK.

The publication of the draft decisions is the beginning of a process towards their adoption. This involves obtaining an opinion from the European Data Protection Board (EDPB) and the green light from a committee composed of representatives of the EU Member States. Once this procedure has been completed, the Commission could proceed to adopt the two adequacy decisions.

 

The EBA has published an Opinion on supervisory actions NCAs should take on obstacles posed by ASASPs to TPPs.    Opinion

The EBA says NCAs should ensure banks remove any remaining obstacles that prevent TPPs from accessing payment accounts, which restrict EU consumers’ choice of payment services.  The aim is a level playing field across the EU and a consistent application and supervision of relevant requirements under PSD2 and RTS on SCA&CSC. In cases where obstacles have not been removed, NCAs should take supervisory actions by 30 April 2021.

 

The EPI has published a Request for information.

The EPI as a first move in building its payment solution architecture is seeking Technical partners through an RFI.  Submissions are requested by Monday 1st of March 2021 with the EPI looking to inform all candidate participants by email at the latest on Thursday the 4th of March 2021.

 

HM Treasury has released the report on the UK Fintech sector by Ron Kalifa.

Report   Exec Summary

The report that was requested in the 2020 Budget, sets out a series of proposals for how the UK can build on its existing strengths, create the right framework for continued innovation, and support UK firms to scale.

 

UK FinanceEnsuring the right future regulatory framework for financial services.

This article reflects the UKF’s thinking as laid out in its response to the Treasury’s consultation published last October on a future UK regulatory framework.  The response supports the broad thrust of the Treasury’s proposals for regulators with enhanced powers, subject to effective scrutiny and accountability, to deliver democratically determined objectives and elaborates how the future regulatory framework can benefit consumers, firms, society and the UK as a whole.

Supporting reports can be accessed through the article.

 

Which? calls for urgent government action to protect access to cash.

Which? focusses on continual loss of free to use machines and seeks government assurances over protecting the cash system.

 

Transferwise is rebranding to Wise and Wise Business.

“Today our name catches up with who we’re already building for — a community of people and businesses with multi-currency lives. Wise is for all of us who live, work, travel, or support family around the world. It’s for those of us who want to cut out the middlemen that hold us back from being truly borderless”.

 

Western Union is integrating SWIFT gpi and expanding its currency portfolio.

By integrating SWIFT Global Payment Initiative, Western Union Business Solutions will provide clients with increased visibility and certainty regarding delivery of payment transactions. WU is also increasing the number of currencies available in its WU Mass Payments API to 130. Partners can now send up to 10,000 payments in over 130 currencies in a single batch with near real-time payment tracking.

 

Intuit has filed a lawsuit in California alleging Visa and MasterCard’s interchange pricing models constitute unlawful price fixing.

This is an all-encompassing filing covering not only interchange fees but also scheme fees together with the ‘honour all cards’ rule. The costs on which Intuit is claiming are in the context of its roles not only as merchant but also as an ISO and payfac.   A similar move by a payment processor has not been seen for some 20 years when First Data was involved in a case brought by Visa for trying to bypass the network.

 

Stripe has added support for Afterpay.

Stripe is integrating the BNPL provider into its platform in Australia, New Zealand. US and the UK (Clearpay). Afterpay and Stripe are also extending the payment service to website building platforms such as Squarespace, enabling merchants to build a fully integrated checkout experience that includes a flexible payment option.

 

PSE Innovation Videos

Computop – Biometric Authentication

In this full length video, Ralf Gladis from Computop  discusses the challenges faced by merchants when looking at authentication, and the advantages of good authentication procedures far beyond payments.

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