Weekly Headlines 6 March 2020

6th March 2020

PSE Weekly Payments News Headlines

 

 

Splitit Payments has partnered with Visa to support the growth of instalment payments for merchants.

Splitit will harness the Visa Developer Platform to further develop the instalment payments ecosystem worldwide. Splitit will also integrate with Visa’s new Visa Instalment Solutions and seek to evaluate possibilities for new products.

 

FIS is launching a new 3D Secure authentication service, 3DS Flex.

The new solution from Worldpay helps merchants comply with PSD2 SCA deadlines. 3DS Flex can also reduce fraud while minimizing both declined payments and cart abandonment. Worldpay says it is the first to employ the latest 3DS2.2 standards.

 

Mastercard and Moneytrans have announced the launch of the Smile account.

Specifically designed for underbanked overseas workers, the Smile account will offer all the features and functionalities of a current account together with a best-in-class remittance service. Launched first in Belgium, the Smile account will be rolled out in Spain, Italy, The Netherlands and France by the end of 2020.

 

Nationwide BS is delaying the launch of its business account to later in the year.

Progress in bringing the account to market has been slower than expected and testing of its mobile app and development of an Open Banking-powered switching tool continues.

 

BISShaping the future of paymentsArticle from BIS Quarterly Review.

Technology is transforming payment systems. The pace of change and potential for disruption to incumbent service providers have propelled payment systems to the top of policymakers’ agenda. The BIS and central banks have a leading role in shaping the response

 

Bloomberg Facebook ‘rethinks’ plans for Libra in face of Regulatory concerns.

Facebook is apparently looking at a system that supports digital versions of established currencies plus any CBDCs that may be issued i.e. more a payment system than a global cryptocurrency. The Libra Association has stated that it ‘has not altered its goal of building a regulatory compliant global payment network’.

 

Klarna has announced that Ant Financial Services Group has taken a minority stake.

The investment supports the further development of the two company’s strategic cooperation, bringing more of Klarna’s solutions within the broader Alibaba ecosystem. It will also act to deepen ongoing collaborations between Klarna and Alipay.

Reuters reports that the investment amounts to a stake of less than 1% and was made up of existing and new shares.

 

Thought Machine has raised $83m in a Series B funding round. Techcrunch.

The cloud native core banking technology fintech will use the new funding continue investment in its core engineering capability that supports its Vault platform. The funding will also be used to drive Thought Machine’s global expansion into Asia Pacific.

 

 

Industry Videos

Pay.UK short video covering the way it is working to develop  common standards for UK payments.

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