Weekly Headlines 30 July 2021

30th July 2021

Mastercard and Lloyds launch Pay From Bank solution

Banco Santander rolls-out Getnet acquiring in Europe

Worldline acquires Handelsbanken card acquiring business

Klarna continues its acquisition strategy by acquiring APPRL, a SaaS platform

Visa rolls out BNPL APIs

Swift enters low value remittance market with Swift Go

Tesco Bank to close all current accounts

European failure rate on SCA transactions at 25%

Twitter launches e-commerce pilot in the US

Google Pay launches virtual payment card

 

Mastercard and Lloyds launch Pay From Bank solution

Mastercard and Lloyds Bank Commercial Banking have partnered to deliver a new Open Banking payment solution to Lloyds Bank’s business clients. Lloyds Bank’s Pay From Bank, enabled by Mastercard’s Open Banking Merchant Payment Solution, lets consumers make payments on an organisation’s website directly from their bank account, without having to enter any payment details. PayFrom Bank combines Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform to deliver a merchant A2A payment solution. Initial interest in PayFrom Bank is coming from charities for online donations and wallet funding use cases such as investment accounts, although it can be used for any payment scenario.

 

Banco Santander rolls-out Getnet acquiring in Europe

Banco Santander’s payment fintech, PagoNxt, is launching its merchant payments business in Europe under the Getnet brand. With offices in Madrid and Munich, Getnet has already started its operations in Spain and Portugal and aims to serve about 30 European countries. Initially covering online payments for large e-commerce retailers, the business will undertake a phased expansion to include over-the-counter and other types of payments.

 

Worldline acquires Handelsbanken card acquiring business

Worldline today announced the signing of a bidding agreement for the acquisition of 100% of Handelsbanken card acquiring activities in the Nordic countries (Sweden, Norway, Finland and Denmark). The expansion of Merchant Services activities in Northern Europe represents a significant development in the Group’s consolidation strategy in Europe. The Handelsbanken deal follows Worldline’s acquisitions of Cardlink in Greece and Axepta in Italy, both announced during the first half.

 

Klarna continues its acquisition strategy by acquiring APPRL, a SaaS platform

Klarna has acquired APPRL, a Stockholm-based SaaS platform that allows content creators and retailers to work together on consumer shopping campaigns. Amongst others, APPRL’s platform enables consumers to shop influencer content from retailers such as Harvey Nichols, Shopbop, Dr Martens and Luisaviaroma. This is Klarna’s third acquisition in as many weeks.

 

Visa rolls out BNPL APIs

Visa is rolling out BNPL APIs for its US, Canada, Russia and Malaysia clients. For it, Visa has set up a website providing its credit card issuing partners with APIs to develop and pilot their own instalment payment programmes. Users can choose the duration of loans, the participating merchants and cards, and the interest and fees.

 

Swift enters low value remittance market with Swift Go

Swift is moving into the low value remittance market with the launch of Swift Go, a service that enables consumers and small businesses to send near real-time payments anywhere in the world direct from their bank accounts. BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale and UniCredit are already live with the service.

 

Tesco Bank to close all current accounts

Tesco Bank is closing all current accounts because the majority of customers do not use them. All 213,000 Tesco Bank Personal Current Accounts will be closed from 30 November, with customers advised to switch to a new provider or move their balance to a Tesco savings account.

 

European failure rate on SCA transactions at 25%

CMSPI analysis of June data illustrates significant transaction failure with the estimated European failure rate on transactions at 25% compared to 26% in May 2021. Other key findings in this month’s update include an estimated annual sales at risk of €76 billion, over 40 times the value of fraudulent transactions in the SEPA region in 2018, and the failure rate for Belgium is estimated to be at 38%, significantly higher than the European weighted average of 25%.

 

Twitter launches e-commerce pilot in the US

Twitter has launched an e-commerce pilot in the US. Aimed at testing the potential for e-commerce on its platform, Twitter is introducing a new “Shop Module” that offers brands, businesses and other retailers the ability to showcase their products to Twitter users directly on the business’ profile. Users will then be able to scroll through a carousel of product images in the module and tap through on a product they’re interested in purchasing. This opens up the business’s website inside the Twitter app itself, where the customer can learn more about the product in question and opt to make a purchase.

 

Google Pay launches virtual payment card

Google Pay has announced that it has signed on with Marqeta to offer a new virtual payment card. The new virtual card will let Google Pay users spend down their balances with more merchants, using Marqeta’s signature tokenized card embedded in the Google Pay mobile wallet. Previously, Google Pay balance users could use their balance for P2P payments, purchases on eligible Google-owned properties (e.g. Play Store, YouTube), or they could transfer their funds to their bank account. Now, with the new virtual card, Google Pay users can make purchases directly from their Google Pay balance.

 

PSE Innovation Videos

Codat – Opportunities for Open Finance

In this full length conversation with Yasamin Karimi from Codat we discuss the benefits of Open Finance to acquirers as they seek to onboard new customers and carry out credit checks. Yasmin highlights the emerging opportunities of combining accounting, Open Banking, and commerce platform data to create a rounded view of where a business has been, its current cash position and its order pipeline.

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