Weekly Headlines 7 August 2020

7th August 2020

ECB ensures instant payments reach.

BaFin to get greater authority.

HM Treasury Payments landscape review.

PSR on Consumer protection.

Global Payments tie-in with AWS.

Splitit raises more funds.

Apple buys tap-on-phone start-up.

Facebook Accelerator program.

Amazon Go arriving in UK?



The ECB is taking steps to ensure the pan-European reach of instant payments.

Pan-European instant payments should be live by the end of 2021. All PSPs which have adhered to the SCT Inst scheme and are reachable in TARGET2 should also become reachable in a TIPS central bank money liquidity account. At the same time, all ACHs offering instant payment services should migrate their technical accounts from TARGET2 to TIPS.


BaFin to be given greater authority post Wirecard

The German Finance Minister Olaf Scholz has said the financial regulator will be able to intervene earlier and initiate wide-ranging investigations in suspected financial irregularities. The current two-stage approach – BaFin is not summoned until private auditors have found troubling signs in a firm’s accounts – will be abandoned.


HM TreasuryPayments Landscape Review: Call for EvidenceCfE Paper

HMT has published a call for evidence as part of the payments landscape review. The call is the first stage in the review, which was announced in June 2019. The CfE paper sets out the government’s aims for payments networks in the UK and seeks feedback on the objectives it sets out.


PSRConsumer protection: Driving innovation and competition in real-time payments.


The PSR shares its thinking and proposed approach on the subject of consumer protection and security, as Open Banking and other innovation develops. It aims to ensure that everyone who uses payment systems is protected, particularly those making real-time payments using FPS and is to examine what types of protection might be offered to consumers and the way they might be delivered.


Global Payments and Amazon Web Services are collaborating to provide a cloud-based issuer processing platform to FIs globally.

The move will make AWS Global Payments preferred cloud provider for issuer processing and will also see Global Payments leveraging AWS’s customer relationships to broaden its own worldwide customer base.


Splitit has raised Aus$90 million (US$71.5 million) from an institutional placement.

The new funds will be used to accelerate sales and marketing, plus further investments in product and technology. The strengthened balance sheet will also support growth of the Company’s funded merchant model.


Bloomberg has reported that Apple has acquired Mobeewave for c$100 million.

Mobeewave’s NFC app technology enables shoppers to tap their credit card or smartphone on another phone to process a payment.


Facebook has launched a Facebook Accelerator program for Commerce.

Described as “a 12-week non-equity program supporting innovative commerce start-ups who renew shopping experiences for buyers and sellers”, it is open for applications from B2B or B2B2C start-ups with Seed to Series A maturity in Europe, Middle East and Africa. The program will kick-off in October.


Amazon Go is reported as entering negotiations for 30 sites across the UK.

The Sunday Times alleges that Amazon has finalised a deal to open 10 Go grocery stores, with the first store expected to open by the end of the year. A further 20 sites near transport hubs have been identified.

Industry Videos

Dutch cashierless store trial

ING is working with supermarket chain Albert Heijn and US AiFi on a cashierless store trial.

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.

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