On The Web

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Regulation

N26 Faces Banking Regulator Order About Fraudulent Transactions

May 22 2019

“Fintech startup N26 received an order from BaFin, the German banking regulator. According to the regulator, N26 hasn’t been doing enough when it comes to money laundering and terrorist financing. The company has a specific period of time to implement changes and rectify its internal processes.”

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Regulation

Lack of Banking Options a Big Problem for Crypto Businesses

May 17 2019

• in
• Cryptocurrencies

“Cryptocurrency companies shunned by banks often turn to shadowy middlemen for payment processing and other financial services. One of those companies is at the center of the mystery surrounding Bitfinex’s missing customer funds. Bitfinex, a cryptocurrency exchange that controls the popular digital currency known as tether, lost access to $850 million in customer funds after […]

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Regulation

GDPR Hits One-Year Mark: Time to Whip Your Compliance Strategy Into Shape

May 15 2019

• in
• GDPR

“While larger brands have taken a proactive approach to achieving GDPR compliance, smaller retailers are more passive — observing the trends and waiting for precedent-setting public cases to provide more clarity on the actual financial and reputational risks of poor compliance. But now that GDPR is about to hit the one-year mark in tandem with […]

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Regulation

Payday Lenders Mobilize in Support of Rule’s Repeal, Consumer Group Says

May 14 2019

• in
• CFPB

“Payday lenders have been mobilizing their customers to push the federal government to ease Obama-era regulations of the industry, according to research by a consumer advocacy group that favors the rules. Since the Consumer Financial Protection Bureau began soliciting public comment on a proposed rule governing small-dollar, high-interest consumer loans, the lenders have organized thousands […]

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Regulation

China’s Mobile-Payment Giants Come Under Fire in Nepal

May 23 2019

“Nepal’s central bank dealt a blow to Chinese mobile-payment giants that have been aggressively expanding abroad, restricting the use of these platforms after finding that some transactions they facilitated in the small Himalayan nation flouted its laws. Earlier this week, Nepal Rastra Bank, the central bank and banking regulator, issued a terse notice saying certain […]

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Regulation

New APP Scam Protection Code Comes Into Force

May 28 2019

• in
• Push payment fraud

“Driven by the Payment Systems Regulator (PSR) and developed by consumer groups and the industry, the code offers more protection than ever before for those exploited by criminals. APP scams occur when consumers are tricked into making an authorised payment to a fraudster. From now on, participating banks will decide whether to reimburse the victim […]

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Regulation

Banking Trade Body UK Finance Commits to Support Free Access to Cash

June 12 2019

• in
• Cash

“And one of the first things it will need to do is define ‘appropriate’ free access to cash. UK Finance is building on the Access to Cash Review, chaired by Natalie Ceeney. The independent Access to Cash Review considers consumer requirements for cash over the next five to 15 years. Specifically, the review examines future […]

On The Wires

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Regulation

Mastercard Unveils Solutions to Underpin Open Banking Transformation

June 4 2019

• in
• Open banking

“While the industry transformation has the potential to completely alter how consumers and businesses interact with financial services, Mastercard’s new suite of services will deliver practical answers to the real challenges that risk inhibiting open banking from realising its full potential. They will incorporate a pan-European directory of third party providers to help banks to ensure that […]

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Regulation

Worldpay Launches Solution to Optimize Payments Under PSD2 Regulations

June 4 2019

• in
• PSD2

“With the PSD2 requirement for Strong Customer Authentication (SCA) going into effect on Sept. 14, 2019, Worldpay, Inc. (NYSE: WP ) will launch the Exemption Engine for Strong Customer Authentication (SCA) merchants operating in the European Economic Area (EEA) to reduce friction from the online checkout experience. Under the SCA requirement, only an acquirer can file exemptions […]

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Regulation

UK Competition & Markets Authority Approves PayPal’s Completed Acquisition Of iZettle

June 12 2019

“PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it welcomes the United Kingdom Competition and Markets Authority’s (CMA) decision to provide final and unconditional approval of the company’s previously completed acquisition of iZettle. PayPal will now begin to integrate iZettle’s products and teams in the UK and around the globe, significantly strengthening PayPal’s in-store presence and platform.”