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January 10, 2019
On the web
TransferWise applying for Brussels license in bid to navigate a ‘no deal’ Brexit
TechCrunch
“TransferWise, the London-headquartered international money transfer company, is applying for a new licence in Brussels, in a bid to navigate a possible “no deal” Brexit as the U.K. prepares to leave membership of the European Union on March 29 this year.”
October 18, 2018
On the web
“Why are there no European companies competing in the battle for global payment solutions?”
equensWorldline
“Europe is largely dependent on non-European systems, such as PayPal, for cross-border (card) payments. The reason for this is that there is still no European payment system for the whole continent, partly because European banks mainly focus on serving their national markets. In the development of new payment services, this must change, says Yves Mersch, member of the Executive Board of the European Central Bank (ECB). Mersch explains why it is important that Europe is not reliant on non-European payment providers and why he hopes that in the future there will be a global payment solution coming from the eurozone.”
September 7, 2018
On the web
OPEN BANKING AND THE POST-CARD WORLD
https://internationalbanker.com/technology/open-banking-and-the-post-card-world/
“Open Banking will be the biggest change to financial services since the introduction of electronic payments. However, to date Open Banking has fallen short of the expectations set throughout Europe. Why? Consumers aren’t aware of the initiative—92 percent of them are not, according to Which?—let alone educated on the opportunities that it presents. Without consumer demand, there is little immediate pressure on incumbent banks to accelerate Open Banking activities.”
August 17, 2018
On the web
Strong Customer Authentication rules agreed for Europe
Payments Cards and Mobile
“It was a long gestation and difficult birth but Europe finally has new requirements for strong customer authentication. They will apply across the region from 14 September 2019, bringing much-needed clarity. Yet some uncertainties remain.”
July 27, 2018
On the web
Fintechs and PSD2: The Role Of Competition Enforcers In Opening Up The Bank Infrastructure
Lexology
“Despite the explosive growth of Fintech companies, newcomers to financial services sector often experience barriers when entering the market. Banks are not required to share their customers’ payment account data with third parties on the basis of existing financial regulations. In various studies, the Netherlands Authority for Consumers and Markets (“ACM“) analysed the possibilities to increase Fintech’s contribution to competition and warned against the risks of foreclosure of Fintechs. The European legal framework for retail payments has recently been revised with the adoption of the Payment Service Directive 2 (the “PSD2“). This directive focuses on opening up the banking infrastructure for third parties, also known as “open banking”. By developing standards for the exchange of data and guaranteeing access to existing systems, the European legislator aims to increase competition in the market for (alternative) payment services.”
March 28, 2018
On the wires
A better deal for consumers: Cheap euro transfers everywhere in the Union and fairer currency conversions
European Commission
“Today’s proposal aims to extend this benefit to people and businesses in non-euro countries. This will allow all consumers and businesses to fully reap the benefits of the Single Market when they send money, withdraw cash or pay abroad. All intra-EU cross-border payments in euro outside the euro area will now be priced the same – with small or zero fees – as domestic payments in the local official currency. Moreover, the Commission is today proposing to bring more transparency and competition to currency conversion services when consumers are buying goods or services in a different currency than their own.”
March 15, 2018
On the web
Revolut adds direct debits in Europe
TechCrunch
“Fintech startup Revolut is slowly making traditional bank accounts irrelevant. The company is adding direct debits in EUR to make it easier to pay for utilities and subscription services. While Revolut is currently applying for a banking license, the company has already been adding everything you need to replace your bank account with a Revolut account…Back in July 2017, Revolut gave you a personal IBAN in EUR and GBP. And now, you can hand your banking details to any subscription service in EUR so that they can debit your Revolut account directly.”
February 26, 2018
On the web
European Fintech Alliance raises bank API fears
Finextra
“The European Fintech Alliance has fired another broadside in its tussle with the financial services establishment over PSD2, raising fears that banks will develop substandard APIs as a way to fend off competition.”
January 31, 2018
On the web
Happy tenth anniversary to SEPA payment scheme!
Banking Technology
““Ten years after the launch of the scheme, SEPA is truly anchored into our daily payment habits,” the EPC states. “The journey towards fully standardised European payments is far from over, with new challenges arising from the digitalisation of our society. We hope the next ten years will be as fruitful for as the last ten ones have been.” The EPC has put together ten facts and figures celebrating SEPA’s achievements:”
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