European Union

Under PSD2, banks are expected to admit all vetted comers, but how they will connect to them is up to the individual parties, writes Raz Rafaeli, CEO of Secret Double Octopus.

One of the critical unanswered questions early in the Single Euro Payments Area process and the new Payment Services Directive in Europe was whether banks would pony up for needed technology upgrades.

Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, and some smaller firms may abandon their operations on the Continent altogether as profitability plunges, according to Oliver Wyman Inc.

Bank of America has picked Dublin to locate its main European Union hub in preparation for Britain quitting the bloc in 2019.

JPMorgan Chase CEO Jamie Dimon said European Union officials could force London-based firms to move substantially more employees abroad than planned if they demand additional banking operations be performed inside the bloc.

Interviews with entrepreneurs and techies at the Copenhagen conference.

The central bank said the legal change would allow it to fully exercise the powers laid out in a clearing proposal from the European Commission.

By the end of last year, the number of EMV chip cards in global circulation had increased by 1.3 billion from 2015 to a total of 6.1 billion, according to EMV standards body EMVCo.

Mario Draghi said the European Central Bank is closely watching blockchain innovation to ensure that its adoption around the euro area doesn’t fragment its payment systems.

Klarna, the Sweden-based online lending provider, is changing its name to Klarna Bank, part of a series of recent moves in its market underscoring the rising popularity of instant or installment financing.