Wirecard developments – EC and Germany
Bank of England Speech on ‘stablecoins’ and innovation
UK moves on digital identity
Vipps and Visa strategic partnership
Mastercard widening of instalments offer
RTGS Global leverages Microsoft Azure
PayPal’s iZettle launches integrated POS
The European Commission is reported as expecting Germany to investigate whether Wirecard followed the EU’s audit rules for listed businesses after the payments company collapsed. Meanwhile a Parliamentary investigation has been opened as German MPs seek more information from the Government on the collapse. The Finance Ministry says it will cooperate with the parliamentary enquiry but the Head of BaFin is still resisting calls to resign.
Bank of England – Speech by Andrew Bailey: Reinventing the wheel (with more automation).
The speech looks at recent innovations in payments and the challenges they bring. It examines the benefits and risks that so-called ‘stablecoins’ present and explores the implications of the Financial Policy Committee’s recent expectations for payments and stablecoin regulation. While elements of the technology are novel, many of the challenges are not new in the history of money and national financial regulators should coordinate their response, setting standards for innovation.
The Digital Identity Strategy Board has developed six new principles to boost secure use of digital identity. Following a call for evidence published by the DCMS alongside the Cabinet Office, the government now plans to update existing laws on identity checking to enable digital identity to be used as widely as possible. The Document Checking Service Pilot scheme is now underway aimed at giving easier and safer access to digital services which require identity checks.
Vipps and Visa have announced a strategic partnership.
The partnership allows Vipps to expand from its Norwegian base, where it has 85% market penetration, into Europe. The objective is to provide banks and card issuers with a mobile wallet that is easy to use and that helps increase the use of digital payments. Visa says it demonstrates its commitment to offer seamless payment experiences beyond the card.
The offer is currently US only but the PR lays out the elements of Mastercard’s instalments ecosystem, stressing how the new partnership complements Mastercard’s comprehensive suite of merchant offerings and cites the acquisition of Vyse and other instalment solution partnerships globally.
RTGS Global has launched Stage one of its operational rollout.
The cross-border liquidity network has collaborated with Microsoft to develop a new system which enables banks to gain complete visibility of liquidity between their counterparties, bringing the benefits and transparency of real-time domestic gross settlement to a global level. The RTGS Global technology will be offered as an automatic add-in to Microsoft Azure and available to 43,300 banks around the world from stage two.
iZettle Food & Drink offers an intuitive product library, a smooth checkout process, customised layouts and fast onboarding of staff. The solution aims to support businesses such as cafes, pubs and restaurants who are trading post-lockdown by providing them with a fast point of sale complete with new essential features.
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.