CMA looking at extension to Open Banking timetable
Which? accuses banks over ATMs but UK Finance fights back
FCA writes to credit card issuers
EBA looks for AML supervision improvements
US Fed on Digitalisation of payments
BIS in similar vein re CBDCs
Worldline and Ingenico to combine
EIB supports Polish fintech
Russia breaks 50% cashless barrier
The CMA is considering a revised plan submitted by the Implementation trustee (OBIE), which includes details of consultations with stakeholders held over the last three months. The OBIE is looking for “some kind of industry-supported successor organisation” to be formed to ensure the ongoing requirements of the CMA Order continue to be met. One outcome of the proposal would be more time for the CMA9 to get their act together, despite frustrations expressed by TPPs on the lack of progress.
More than 8,700 free ATMs have closed since changes to how the Link cashpoint network is funded. Which? accuses the Banks of making increased profits from ATM and Branch closures.
UK Finance response – “It is disingenuous to suggest that major banks have ‘made hundreds of millions of pounds from cash machine cuts and bank branch closures”.
The FCA is requiring firms to help people who have been caught in a cycle of persistent debt for three years, by proposing and agreeing plans with customers to resolve the situation. Ahead of firms issuing letters setting out proposals to customers the FCA is outlining a number of areas firms need to review and ensure their approach is in line with expectations.
The EBA states that, while results from the first AML implementation review highlight that competent authorities are working hard to reform their approach to AML/CFT supervision, challenges remain that need to be addressed.
The EBA’s new role to lead, coordinate and monitor the fight against money laundering and terrorist financing is explained in a factsheet.
Reuters article– Fedcoin? The U.S. central bank is looking into it.
The article is linked to a Speech – The Digitalization of Payments and Currency: Some Issues for Consideration – given by Fed Governor Lael Brainard in which she indicates that, while the Fed is moving quickly to launch a real-time payments service, the potential for a central bank digital currency is still in the embryonic phase.
Meanwhile, the BIS General Manager Agustín Carstens has given a Speech – The future of money and the payment system: what role for central banks? – which also considers the issue of central bank digital currencies (CBDCs).
Worldline and Ingenico Group have announced the approval of a business combination agreement. Investor presentation
The deal is billed as creating a global number four player in payment services with nearly 1m merchants, 1,200 financial institutions, a combined revenue of c.€2.5bn in Merchant Services and an implied Ingenico equity value of €7.8bn.
In separate announcements SIX says it supports the Worldline offer and Atos has completed the sale of c23.9m Worldline shares for c€1.5bn through a private placement
The proposed deal would leave SIX as the major shareholder of the combined group with a stake of approximately 17%
Following the placement, Atos holds 7.0m Worldline shares, representing a c3.8% shareholding.
The European Investment Bank and Azimo have signed a €20m debt deal.
The funds will be used to accelerate the company’s R&D and scale up its proprietary payments platform. The EIB’s support is on the basis that the project builds critical European payment infrastructure and helps to develop the Polish fintech sector.
Analysis by the SberData project indicates that users made 50.4% of total transactions using cashless instruments. If all transactions using cards are taken into account, i.e. P2P transfers are added to shopping data, the proportion of cashless transactions climbs to 68.8%.
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.