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Fintech's common market
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The EU is also forming rules designed to encourage development in cloud, blockchain and artificial intelligence.
The commission is considering a pan-European label for platforms, meaning a platform licensed in one country can operate across the entire EU.
ATMs face legal limits
Commonwealth Bank of Australia is imposing deposit limits at ATMs as part of a broader effort to manage money laundering risk.
Starting April 10, the deposit limit will be about $7,800 and will apply to personal and business accounts. This move complements the bank's reporting obligations for suspicious transactions.
Bad batch
34 banks participated in the test, which was designed to determine if blockchain technology can reconcile international nostro accounts in real time.
While the business requirements of the test were met, the proof of concept also found "considerable" prerequisites for industrywide adoption. For example, account to account services would have to migrate from batch processing, a bane of "
Trash talk
PhonePe, Flipkart's payments platform, took a shot at Paytm, contending Paytm's claims about being the leading payment company in India's Unified Payments Interface were "misleading," reports
PhonePe said Paytm "seems" to be leading the market in number of transactions, but the average value is lower. PhonePe did acknowledge that data such as average transaction value and average transactions per customer were not publically available — PhonePe based its claims on clues from other data such as unique users with more than 500 transactions.
Paytm did not comment to the paper.
From the Web
Reuters | Thu Mar 8, 2018 - Kenyan bank KCB Group plans to set up its own mobile payment platform this year to handle the jump in transactions via phones, its CEO said after reporting 2017 results. Chief Executive Joshua Oigara said KCB planned to spend $9 million on its mobile payments platform to help it to increase the number of transactions it can handle.
South China Morning Post | Thu Mar 8, 2018 - The battle for Hong Kong’s e-payment market heated up on Thursday morning as 150 shoppers queued in the rain to snap up lobsters for just HK$8 as part of a promotional campaign by Octopus. The local service provider sought to entice customers to sign up to its e-wallet as mainland Chinese rivals Alipay and WeChat Pay compete for everything in the city from taxis to food retailers.
BBC News | Thu Mar 8, 2018 - Tesco Bank has cancelled some of its customers' credit cards, after concerns that a number of accounts may have been compromised. Customers may have to wait up to a week before replacement cards are issued. The bank said that only a tiny number of its three million credit card users would be affected, and apologised for the inconvenience.
More from PaymentsSource
deVere Group has added "Companion Accounts," which is designed to remove fees and enable shopping and expense management for relatives and companions that are in other countries, such as students or spouses.
Even if a business is located in the USA, it’s where the service is delivered that determines if the GDPR rules governing data protection in the EU apply, writes Mia Papanicolaou, COO of Striata.
TransUnion’s analysis of credit card applications and transactions finds fraudsters continue to steal more, but the rate of increase is slowing.
Google is reportedly working with a number of European banks to explore opportunities arising from PSD2.
