On The Web

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Global

Aadhaar verdict brings India’s banks back to square one

October 1 2018

• in
• Biometrics
• Identity
• India

“Then, on Sept. 26, a five-judge bench struck down section 57 of the Aadhaar Act, which allowed corporate entities or even individuals to demand the unique Aadhaar number in exchange for goods or services. While customers are rejoicing, banks are reeling under the blow, having already spent a fortune and considerable time and effort in collecting customers’ data. […]

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Global

Canada sets up Committee on Open Banking

September 28 2018

• in
• Canada
• Open banking

“The Canadian Government has established an Advisory Committee on Open Banking to explore the potential and pitfalls of a regime which would give consumers the ability to share their financial data with third parties. Announced as part of the federal budget in 2018, the four-person Committee will be tasked with dissecting the results of a […]

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Global

Australia’s big banks slammed for greed and dishonesty

September 28 2018

• in
• Australia

“The report explains: “Much more often than not, when misconduct was revealed, little happened beyond apology from the entity, a drawn out remediation programme and protracted negotiation with ASIC of a media release, an infringement notice, or an enforceable undertaking that acknowledged no more than that ASIC had reasonable ‘concerns’ about the entity’s conduct.”

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Global

Few Hits and Many Misses From India’s Cash Ban After 2 Years

September 24 2018

• in
• India

“As the dust settles on the demonetization episode, the data show it didn’t weed out black money or cash gained through illegal means, which was a key objective of Prime Minister Narendra Modi’s plan. On the plus side, there’s been some widening in the country’s dismal tax base, an increase in digital payments and a […]

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Regulation

In Effect Seven Years, Durbin’s Interchange Caps Still Roil the Waters of the Payments World

October 1 2018

• in
• Durbin amendment

“The debit interchange controls of the Durbin amendment went into effect seven years ago Monday, and to mark the occasion the Electronic Payments Coalition issued its latest salvo in what appears to be a never-ending feud over that law. According to survey results released by the EPC, 52% of registered voters say they have seen no […]

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Regulation

Tesco Bank fined £16.4m over cyber attack

October 2 2018

“Tesco Bank has been fined over £16m for failures which allowed cyber attackers to steal £2.26m from customers in a hacking incident which occurred over 48 hours in November 2016. Banking regulatory body the Financial Conduct Authority said that Tesco Bank failed to “exercise due skill, care and diligence” in protecting current account holders against a cyber […]

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Regulation

Singapore Moves to Help Crypto Startups Receive Banking Services

October 12 2018

“The Monetary Authority of Singapore (MAS), the city-state’s central bank, is working to ensure cryptocurrency startups receive domestic banking services as part of the country’s efforts to boost fintech development. In an interview with Bloomberg on Tuesday, Ravi Menon, the institution’s managing director, said the central bank is trying to “bring the banks and cryptocurrency fintech startups together […]

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Regulation

UK Finance proposes payments tax to compensate fraud victims

October 10 2018

• in
• Push payment fraud

“Banking lobby UK Finance has floated the idea of imposing a universal tax on funds transfers which banks could dip into to compensate victims of push payments fraud. Push payments fraud, which happens when businesses or individuals are conned into sending money to a fraudulent account to pay for goods or services, has become a political […]

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Regulation

Europe is drawing fresh battle lines around the ethics of big data

October 3 2018

• in
• GDPR
• Privacy

“This is the calm before the storm, according to the European Union’s  data protection supervisor, Giovanni Buttarelli, who says the law is being systematically flouted on a number of fronts right now — and that enforcement is coming. “I’m expecting, before the end of the year, concrete results,” he tells TechCrunch, sounding angry on every consumer’s behalf.””

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Global

Visa Among Companies Said to Miss Deadline to Store Indian Data

October 15 2018

• in
• India

“Visa Inc. and Mastercard Inc. are among international payment companies set to miss a Monday deadline for certifying their compliance with data localization requirements set by India’s central bank, people familiar with the matter said.”