Payments News

On The Web

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Regulation

British Airways Faces Record £183m Fine for Data Breach

July 8 2019

“The airline, owned by IAG, says it is “surprised and disappointed” by the penalty from the Information Commissioner’s Office (ICO). At the time, BA said hackers had carried out a “sophisticated, malicious criminal attack” on its website. The ICO said it was the biggest penalty it had handed out and the first to be made […]
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Regulation

Budget 2019 Aims to Boost Digital Payments Further

July 5 2019

“The full budget for the year 2019-20 presented in the parliament today enhanced the Narendra Modi-led government’s focus on digital payments. This will be done through multiple means of incentivizing digital transactions as well as penalizing use of cash beyond a limit, according to the first budget speech of Finance Minister Nirmala Sitharaman .”
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Companies

House Lawmakers Officially Ask Facebook to Put Libra Cryptocurrency Project on Hold

July 3 2019

“House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system . Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, hinted at a move […]
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Regulation

EPSM recommends delaying PSD2-SCA by 18 months

July 11 2019

“EPSM has made clear that rolling out SCA-compliant solutions to merchants poses major challenges. To avoid significant acceptance disruptions, EPSM recommends that all regions should agree an additional timeframe of 18 months for standard applications, as well as up to 36 months for challenging applications, such as those in the travel and hospitality sector.”
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Regulation

Facebook’s Crypto Woes Deepen as Mnuchin Joins Parade of Critics

July 18 2019

“Speaking from the White House, Mnuchin said he has serious concerns about the national security implications of Facebook’s coin and other virtual currencies. He said the potential for money laundering and other illicit activities is high, and vowed that Treasury would crack down on law breakers when it finds them.”
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Regulation

UK Open Banking Implementation Entity Launches New Fingleton And ODI Report Examining The Purpose, Progress And Potential Of Open Banking

July 17 2019

“Some key priorities and recommendations for Open Banking identified within the report include improving payments capabilities and refund functionality, the development of Premium APIs and improving consent protections for consumers. In addition to this, and echoing recent reports from BEIS, the Furman Review, the Smart Data Review, amongst others, it is clear that the Open […]
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Regulation

CYBG Launches Energy Switching Service Within Mobile App

July 15 2019

“Sam Bedford, head of CYBG’s accelerator says: “This partnership is a great example of our ability to work at pace to develop new digital experiences for customers which go beyond banking. Having been early adopters of Open Banking, our new partnership with GoCompare has launched the first energy comparison and switching service for bank customers […]
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Global

Indian Panel Proposes Fines and Jail Time for Cryptocurrency Use

July 24 2019

“A panel reporting to India’s Finance Ministry suggested the country’s regulators have an “open mind” about a governmental cryptocurrency and, at the same time, proposed fines and up to ten years in prison for general use of crypto in the country. The panel, created by the Ministry of Electronics and Information Technology, the Securities and Exchange Board […]

On The Wires

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