The Week in Review

The Week in Review

Friday November 15, 2019 –

Here are the new and noteworthy stories we have been following this week.

Big Banks Want To Make It Easier to Share Consumer Financial Data With Startups

The Clearing House has developed a model agreement for banks looking to sign data-sharing agreements with startups with the goal of shortening the bank / startup contracting process, as well as to address “screen scraping” issues.

EU banks contemplate rival to card schemes and Big Tech

A group of European banks are reportedly working on the development of a pan European payment system to challenge the dominance of Visa and Mastercard and the threat from Chinese and US Big Tech firms.

Visa, Mastercard Draw FTC Inquiry Over Debit Card Transactions

The Federal Trade Commission (FTC) is conducting a preliminary investigation on whether Visa and Mastercard are blocking merchants from routing mobile wallet debit card transactions over alternative debit networks (PIN debit networks).

Simplifying Payments with Facebook Pay

Facebook has launched Facebook Pay in the U.S., which will allow for payments across Facebook, Messenger, Instagram and WhatsApp (as well as in-app payments) with the underlying funding being provided by a credit card, debit card, or PayPal.

Ameriprise Financial Launches New Credit Cards with Compelling Value and Benefits for Clients

Ameriprise launches a Visa branded credit card program for its clients in conjunction with US Bank’s Elan Financial Services.

Adyen Launches Card Issuing Offering

Adyen has launched a card issuing service targeted at its merchants with specific focus on platform companies and marketplaces in essence creating a closed-loop platform and value proposition for its merchant acquiring customer base.

Next in Google’s Quest for Consumer Dominance: Banking

Google will offering a digital checking account service next year in collaboration with Citi and Stanford Credit Union where it will handle front-end customer engagement, with Citi and Stanford Credit Union receiving deposits and managing the banking, regulatory, and compliance infrastructure.

HSBC begins beta tests of app-only business bank Kinetic

HSBC is inviting businesses to participate in a beta test of its forthcoming app-only business bank, Kinetic which it expects to publicly launch in 2020.

State mulls new e-payment platform

The Thai government is considering the introduction of a a digital payment system as part of its overall digitization drive and as a way to improve tax revenues.

Pakistan lays out digital payments strategy

The State Bank of Pakistan has set out a new, digital-focused, national payment systems strategy designed to boost financial inclusion, reduce cash, and in turn stimulate economic growth.

China’s fintech firm OneConnect files for U.S. IPO

OneConnect Financial Technology, a subsidiary of Ping An Group that bills itself as a ‘technology-as-a-service platform for financial institutions’ has filed for a U.S. IPO seeking to raise $100 million.

Contactless payments continue to soar

Contactless card payments are growing by double-digit rates in the UK;  according to August figures from UK Finance, cardholders used contactless for 726 million transactions across £6.9 billion in payments.