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Payments

Latest global banking news

ByEditorial Staff
June 15, 2022 12:37 PM

In global news this week, U.K. regulators examine branch closures, Apple complies with Dutch App Store rules, a pan-Nordic payments system prepares for launch, and more.

Here's what's happening around the world.

Financial Conduct Authority (FCA) sign
Chris Ratcliffe/Bloomberg

U.K. regulators tighten rules for service cuts and closures

The Financial Conduct Authority has issued new guidance that requires banks and building societies to assess the impact of changes to services, such as closing branches, reducing hours or removing ATMs. The FCA says some of the U.K.'s financial institutions are not taking steps to adequately measure how cuts pressure local economies, and are also not keeping their customers informed. Banks are being pressured to communicate with local charities and organizations as part of branch or ATM downsizing plans. The U.K.'s government has also given the FCA power to issue new regulations to protect access to cash. —John Adams
Apple logo dark background
Nina Riggio/Bloomberg

Apple complies with Dutch rules for App Store payments

The Netherlands says Apple has made enough concessions to its payment rules to lift the threat of future monthly fines that thus far have totalled more than $60 million in 2022. The Authority for Consumers and Markets announced Apple is allowing consumers who access dating services on the App Store to use competitive payment rails. Apple had previously mandated that the data apps use Apple's internal payment rail, or be banned from the App Store. The Dutch investigation is one of several anti-competition investigations against Apple that are underway in different countries, mostly regarding Apple policies that give the technology company control over how third parties support payments on Apple devices or in the App Store. —John Adams
Dankske Bank branch in Denmark
Freya Ingrid Morales/Bloomberg

Nordic payments network gets a launch date

More than a dozen banks are on schedule to test P27, a pan-Nordic payments platform, by the end of the year with a formal launch scheduled for early 2023. Danske Bank, Handelsbanken and Nordea are among the institutions that have worked for the past two years on the project. Their aim is to create a universal payment system that can ease adoption of real-time settlements of payments between Denmark, Sweden, Finland and other global markets. —John Adams
Trucks in a row
Adobe Stock

FleetCor to acquire U.K. cross-border services firm

FleetCor Technologies, the Atlanta-based international payments technology company rooted in fleet card and fuel payments, has signed an agreement to acquire Global Reach Group. London-based Global Reach’s platform supports multi-currency hedging for cross-border supplier payments for corporations in the U.K., Netherlands, Spain and Canada. Financial terms of the deal, which is expected to close in the fourth quarter of this year, were not disclosed. —Kate Fitzgerald
Wirex card

Wirex expands DeFi in Asian markets

Even as the cryptocurrency market sells off, London-based digital currency payments and distributed finance company Wirex is expanding into new markets. Wirex has launched instant transfers and connections to local payment systems in Indonesia and Malaysia in an effort to add more users to its digital wallet. Consumers in the two countries will also be able to use Apple Pay and Google Pay to buy cryptocurrencies on blockchains such as Ethereum, Avalanche and Polygon. Wirex's wallet supports trading, investments and payments for about 100 cryptocurrencies, including purchases of nonfungible tokens or NFTs. —John Adams
Mastercard app
Gabby Jones/Bloomberg

Mastercard plans accelerator for Ukrainian fintechs

Mastercard is adding a program to its Start Path initiative for fintechs that is designed to spot financial technology firms that can contribute to repairing Ukraine's economy following the Russian invasion. The National Bank of Ukraine and the Ministry of Digital Transformation are supporting the accelerator, which is expected to launch in the fall. The initiative will choose five Ukrainian startups for six months, providing access to mentorship, resources and networking. Despite the war, Ukraine's fintech sector has continued to operate, though often in a state of duress as firms struggle to keep their staff safe. —John Adams
Ryanair plane
Jason Alden/Bloomberg

Ryanair teams with Apexx in for travel payments

Ryanair, an Irish airline that serves over 40 countries, is using tech from London-based Apexx Global to reduce costs of handling local and cross-border payments. "The entire travel industry has faced huge challenges due to the pandemic, which makes it more important than ever to have a payments process that is as seamless and efficient as possible," John Norton, Ryanair's group treasurer, said in the release. —Paige Hagy
jpmorgan-bl011216
Michael Nagle/Bloomberg

JPMorgan to hire up to 50 Ukrainian refugees in Warsaw

JPMorgan Chase plans to hire as many as 50 refugees in its Warsaw office as part of the bank’s wider humanitarian support for Ukraine, according to a spokesperson. The firm will train staff to work in areas including finance, human resources and operations, as well as help them in securing housing and pre-school childcare, according to an internal memo seen by Bloomberg News. They will also have an option to enroll children in a school following the Ukrainian curriculum. The bank recently announced a $10 million philanthropic package to benefit Ukraine and has been working on further ways to help, Viswas Raghavan, chief executive officer for Europe, the Middle East and Africa, and Paul Brazier, head of the bank in Poland, said in the memo. —William Shaw, Bloomberg News
Merger concept (incomplete merger)
Adobe Stock

Two credit unions in British Columbia enter merger talks

East Kootenay Community Credit Union in Cranbrook, British Columbia, and Heritage Credit Union in Castlegar, British Columbia, have begun discussing a potential merger through a memorandum of understanding. The combined credit union would oversee roughly 18,000 members across seven branches with more than $712 million of assets. “EKC and HCU are committed to consulting with our members and employees on this important effort so their voices are heard,” Joleen Kinakin, chair of HCU’s board, said in a press release. —Frank Gargano
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