Weekly Headlines 30 October 2020

30th October 2020

Study of effect of Covid-19 on Fintech regulation

EMVCo on FIDO Authentication Data and 3DS

PayPal and Mastercard extend Instant Transfer service

Nickel to get growth support from Mastercard

Visa/Plaid deal under DoJ scrutiny?

Worldline to sell terminal business?

Worldline/Ingenico deal sees de facto completion

Banco Santander new strategic initiatives

Western Union expands global digital payout network

Shopify social commerce partnership with TikTok

 

Cambridge University“Global FinTech Regulatory Rapid Assessment Study ”

The study demonstrates that COVID-19 has moved FinTech up the regulatory agenda, with financial regulators responding with both sector-wide and FinTech-specific measures to harness opportunities and mitigate risks introduced by technology-enabled financial innovation.

 

EMVCo has published a new whitepaper which provides guidance to merchants, card issuers, acquirers and processors on how FIDO Authentication Data can be used in EMV 3-D Secure (3DS) messages to reduce fraud and friction in the payment process for consumers.

 

PayPal and Mastercard are extending their Instant Transfer service to Europe.

Using Mastercard Send, the service is now available in Bulgaria, Bosnia, Germany, Italy, Romania, Serbia, Slovenia, Spain and UK.  Instant Transfer enables PayPal customers to cash out funds from their PayPal wallets to their Mastercard cards in real-time.

 

Nickel and Mastercard are renewing their partnership to expand Nickel’s activities in France and Europe.

Mastercard is now Nickel’s exclusive partner in Europe with the goal of accelerating the neo-bank’s growth in France and extending its presence to 8 European countries by 2024, starting with Spain in September 2020.  The BNP Paribas subsidiary now claims over 1.7 million accounts in France at more than 5,700 newsagents. It future target is to reach a potential of 4 million customers through 10,000 points of sale in France by 2024.

 

The Wall Street Journal is reporting that Visa’s planned purchase of Plaid faces Antitrust scrutiny at the US Justice Department. (Paywall)

After spending nearly a year scrutinizing the deal, the department is concerned it could limit nascent competition in the payments sector. The news follows a green light for the deal from the CMA in the UK.

 

Worldline is accelerating the Strategic review of its payments terminal operations according to its Q3 Results announcement.

Worldline has selected UBS Group AG and BNP Paribas SA to advise on strategic options for the business and is reported (Bloomberg) as looking at a valuation of c€3 billion should it decide to divest.

Meanwhile The Worldline/Ingenico deal appears to have reached a de facto completion.

Post its Q3 Results announcement and despite the reopening of its offer until 4 November, Worldline has issued a detailed announcement welcoming Ingenico and extolling the virtues of the combined businesses as a world-class payment leader.

 

Banco Santander has announced plans to create a global native digital consumer bank as part of a wider strategic play

The bank will be formed by combining Openbank and Santander Consumer Finance and forms one strand of a three-initiative new operating and business model.

The other two initiatives announced are a new operating and business model across all markets, under the name of “One Santander” and the creation of payment solutions that will compete with large payment platforms.

 

Western Union has expanded its global digital network for funds payout and increased the availability of real-time payouts.

Western Union’s global account payout network now includes access to more than four billion bank accounts, wallets, and cards globally via local banks, national payment settlement switches, third-party payment processors, mobile wallets, and card connections. Payout options are now available in over 120 countries with real-time payment speeds in 80 of them. The company plans to enable as many as 100 countries for real-time capability by the end of 2020.

 

Shopify has announced a social commerce partnership with TikTok.

The partnership brings TikTok to Shopify’s more than one million merchants, enabling them to take advantage of TikTok’s global scale to reach new and highly engaged audiences.  The TikTok channel allows merchants to create and connect their TikTok For Business account and deploy In-Feed shoppable video ads directly within Shopify.

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