Payments News

On The Web

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Global

Revolut adds direct debits in Europe

“Fintech startup Revolut is slowly making traditional bank accounts irrelevant. The company is adding direct debits in EUR to make it easier to pay for utilities and subscription services. While Revolut  is currently applying for a banking license, the company has already been adding everything you need to replace your bank account with a Revolut account…Back in July 2017, Revolut […]
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Global

Happy tenth anniversary to SEPA payment scheme!

““Ten years after the launch of the scheme, SEPA is truly anchored into our daily payment habits,” the EPC states. “The journey towards fully standardised European payments is far from over, with new challenges arising from the digitalisation of our society. We hope the next ten years will be as fruitful for as the last ten ones […]
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Global

Fintechs and PSD2: The Role Of Competition Enforcers In Opening Up The Bank Infrastructure

“Despite the explosive growth of Fintech companies, newcomers to financial services sector often experience barriers when entering the market. Banks are not required to share their customers’ payment account data with third parties on the basis of existing financial regulations. In various studies, the Netherlands Authority for Consumers and Markets (“ACM“) analysed the possibilities to increase […]
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Global

“Why are there no European companies competing in the battle for global payment solutions?”

“Europe is largely dependent on non-European systems, such as PayPal, for cross-border (card) payments. The reason for this is that there is still no European payment system for the whole continent, partly because European banks mainly focus on serving their national markets. In the development of new payment services, this must change, says Yves Mersch, member […]
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Global

OPEN BANKING AND THE POST-CARD WORLD

“Open Banking will be the biggest change to financial services since the introduction of electronic payments. However, to date Open Banking has fallen short of the expectations set throughout Europe. Why? Consumers aren’t aware of the initiative—92 percent of them are not, according to Which?—let alone educated on the opportunities that it presents. Without consumer demand, there […]
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Global

EC fines Mastercard €570m for anti-competitive antics

“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 […]

On The Wires

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Global

A better deal for consumers: Cheap euro transfers everywhere in the Union and fairer currency conversions

“Today’s proposal aims to extend this benefit to people and businesses in non-euro countries. This will allow all consumers and businesses to fully reap the benefits of the Single Market when they send money, withdraw cash or pay abroad. All intra-EU cross-border payments in euro outside the euro area will now be priced the same […]