Weekly Headlines 6 November 2020

6th November 2020

ESMA Peer review on Wirecard collapse

US Justice Department challenges Visa/Plaid deal

ECB Speech on Crypto

EMVCo  web payment security educational resource

LINK sees cash rush

Mastercard launches Cyber Secure

HSBC competes with disrupters

Nets and Nexi plan mega merger

 

The European Securities and Markets Authority (ESMA) has published its Peer Review of BaFin’s response to the Wirecard collapse.  Report  Q&As

The Review (requested by the EC) identifies a number of deficiencies, inefficiencies and legal and procedural impediments that relate to the independence of BaFin from issuers and government; market monitoring by both BaFin and FREP; examination procedures of FREP; and the effectiveness of the supervisory system in the area of financial reporting. It provides recommendations to address these shortcomings.

 

The US Justice Department has taken legal action to block Visa’s proposed acquisition of Plaid.

The DoJ says ‘Visa is a monopolist in online debit services, charging consumers and merchants billions of dollars in fees each year to process online payments. Plaid, a successful fintech firm, is developing a payments platform that would challenge Visa’s monopoly’.

 

ECB SpeechThe two sides of the (stable)coin.

 

EMVCo, the FIDO Alliance and W3C have collaborated to publish a new web payment security educational resource.  Document

Now available, the document outlines the roles of related EMVCo, FIDO and W3C technology specifications that can enhance the security and convenience of web payments for merchants and their e-commerce customers.

 

LINKATM cash withdrawals jump since announcement of new national lockdown.

More than £174m was withdrawn on Sunday 1 November making it the second busiest Sunday since 15 March. This was followed by a further £238m being withdrawn on Monday.

 

Mastercard has announced Cyber Secure.

Cyber Secure is an AI-powered suite of tools that allows banks to assess cyber risk across their ecosystem and prevent potential breaches. With these capabilities, banks can identify and prioritize threats and vulnerabilities throughout their cyber environment. The new offer leverages the capabilities of RiskRecon, acquired by Mastercard in 2020.

 

HSBC has launched a Global Money Account in the US.

Seen as a competitor to the likes of Transferwise and Revolut and to be rolled out globally in 2021, the account is a free mobile-based real-time service that customers can use to hold, manage and send funds in various currencies to HSBC customers in over 20 markets. Although currently a walled garden service, the plan is to extend it in time to enable transfers to other banks.

 

Nets Group and Nexi are in exclusive negotiations to reach a potential binding agreement on the terms of a merger.

The transaction, which would establish a leading, pan-European PayTech provider, remains subject to reaching a binding agreement during the 10-day exclusivity period, as well as all necessary corporate and regulatory approvals. The principles agreed envisage a merger of Nets into Nexi as an “all-share” merger with long-term lock-up commitments provided by Nets’ current shareholders.

 

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