Payments News

On The Web

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Regulation

NJ Governor Signs Ban on Cashless Retail

“New Jersey Gov. Phil Murphy signed legislation that requires retailers and restaurants to accept cash, effectively banning merchants in the state from joining a cashless trend emerging in markets across the U.S.”
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Regulation

Can Square Succeed Where Walmart Fell Short? Bankers Are Set on Ensuring It Doesn’t

“Square in December renewed its application with the Utah Department of Financial Institutions for an industrial-bank charter. It had originally filed in September 2017, only to withdraw the application 10 months later. The San Francisco-based company also has an application pending with the Federal Deposit Insurance Corp. Still, it has been circumspect about its banking plans in […]
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Regulation

Open Banking One Year On

“The Open Banking initiative was driven by the UK’s Competition and Markets Authority to drive improved financial services, to give customers more choice between financial service providers, and to allow consumers to access cheaper financial products. Meeting these goals depends on consumers granting access to their financial data to FCA-authorised and regulated financial service providers.”
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Regulation

PSD2: Strong Customer Authentication

“On 14 September 2019, new requirements for authenticating online payments will be introduced in Europe as part of the second Payment Services Directive (PSD2) . In this guide we’ll take a closer look at these new requirements known as Strong Customer Authentication (SCA) and the kinds of payments they will impact. Finally we’ll cover the […]
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Providers

The Prepaid Business Adopts a Sanguine Approach As the CFPB’s Big Rule Finally Takes Effect

“The Consumer Financial Protection Bureau’s voluminous prepaid card rule finally took effect with sweeping provisions governing matters ranging from fee disclosures to error-resolution rights to consumers’ access to their accounts. But issuers of prepaid cards and digital wallets have had time to adjust to the CFPB’s rule, which a hostile Congress once tried to quash […]
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Regulation

Cannabis Banking Reform Is Smart, Necessary and Politically Viable

“Pressure is steadily mounting on U.S. lawmakers to implement comprehensive cannabis banking reform at the federal level, and that pressure is coming from all directions.Rapid shifts in public opinion and a rising number of states with legal medical and adult-use cannabis sales have laid bare an obvious need to update our banking laws to meet […]
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On The Wires

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Regulation

EBA Goes Live With Its Central Register of Payment and Electronic Money Institutions Under PSD2

“The European Banking Authority (EBA) launched today its central electronic register under the Payments Services Directive (PSD2). The register will provide information on several thousand payment and electronic money institutions and 150,000 agents within the EU. Its objective is to increase transparency and ensure a high level of consumer protection within the European Single Market. […]
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Regulation

Token.io and Konsentus Launch Fast PSD2 Compliance Solution by Combining Turnkey PSD2 API With Automated TPP Verification

“With PSD2’s Regulatory Technical Standards (RTS) deadline passed, European FIs are under pressure to move quickly to deliver open APIs for testing. The Token and Konsentus partnership enables FIs to fast-track PSD2 compliance by connecting to a managed combination of two best-of-breed open banking technology platforms. By connecting banks and FIs to its SaaS PSD2 […]