On The Web

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Regulation

Fintech firms want to shake up banking, and that worries the Fed

January 15 2019

“The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc (ONDK.N) or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other regulators looking to bring them into the fold.”

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Global

Visa and Mastercard left out in cold as Chinese Central Bank refuses to process application

January 14 2019

“After a decade of lobbying to gain local access to the $124 trillion Chinese payments market, Visa and Mastercard have been snubbed by China’s central bank which has refused to acknowledge applications submitted the payments networks which would allow them to process renminbi payments, despite rules in 2017 that removed formal obstacles to foreign participation […]

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Global

EC fines Mastercard €570m for anti-competitive antics

January 22 2019

• in
• European Union

“The EC says the company’s rules obliged acquiring banks to apply the interchange fees of the country where the retailer was located. Prior to 9 December 2015, when the Interchange Fee Regulation introduced caps, interchange fees “varied considerably” from one country to another in the EEA. As a result, the EC says retailers in high-interchange fee countries […]

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Regulation

It’s Time for Action on Privacy, Says Apple’s CEO Tim Cook

January 18 2019

• in
• Privacy

“We all deserve control over our digital lives. That’s why we must rein in the data brokers. In 2019, it’s time to stand up for the right to privacy—yours, mine, all of ours. Consumers shouldn’t have to tolerate another year of companies irresponsibly amassing huge user profiles, data breaches that seem out of control and the […]

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Global

Beijing’s blockade of U.S. credit card companies may finally end — now that Chinese companies dominate

January 22 2019

• in
• China

“Over the years that China has stymied Western companies, domestic rivals such as China UnionPay, Alipay and WeChat Pay have gobbled up the market for electronic payments and established strong ties with consumers.State-controlled UnionPay now operates the largest card network in the world, with 7 billion credit, debit and prepaid cards in circulation, versus 5.6 billion for Visa […]

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Regulation

GDPR gets real: Eight strategic complaints filed on “Right to Access”

January 21 2019

• in
• GDPR

“noyb (a European non-profit organisation for privacy enforcement) has put the GDPR law and eight online streaming services from eight countries to the test – but no service fully complied. In eight out of eight cases, noyb has filed formal complaints with the relevant data protection authorities. All major providers engaged in “structural violation” of the GDPR law, says […]

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Global

India’s central bank wants to open up the payments ecosystem to avoid monopoly risks

January 22 2019

“In a consultation paper published on the Reserve Bank of India’s (RBI) website late yesterday (Jan. 21) evening, the banking regulator signalled its worry over the current clout of the National Payments Corporation of India (NPCI)—the umbrella body that processes around half of all payment requests in India.”

On The Wires

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Regulation

New Payment Method for Air Tickets Successfully Demonstrated

January 14 2019

• in
• PSD2
• Real-Time Payments

“The International Air Transport Association (IATA) announced the successful completion of the first “IATA Pay” ticket purchase transaction in a live test environment. The transaction was conducted in partnership with ipagoo, a UK-based fintech company.”

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Regulation

Department of Finance Canada Launches Consultations on Open Banking

January 15 2019

• in
• Open banking

“Canadians deserve a financial sector that is globally competitive and promotes consumer choice, while also delivering financial stability and economic growth. They must also have confidence that it operates with the highest regard for privacy and security. To this end, the Department of Finance Canada today released a consultation paper on the merits of open banking. The release […]

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Regulation

Ting Introduces “Skip the Slip” Legislation To Phase-Out Paper Receipts in California

January 14 2019

“Paper receipts have become obsolete in the digital age, wasting valuable natural resources and putting the health of consumers and retail workers at potential risk when exposed to their chemical contents. Assemblymember Phil Ting (D-San Francisco) today introduced AB 161, Skip the Slip legislation that makes electronic receipts the default practice when making a purchase. Businesses in the state would […]