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- EU Instant Payments Regulation Enters Official Journal
- Consumer Duty A Success So Far, Says FCA In New Business Plan
- GoCardless Signs Agreement To Acquire Australia’s Nuapay
- South Dakota Latest State To Adopt Model Money Transmission Modernization Act
- Major Outage At Sainsbury's Brings Down Contactless Payments
- India Takes UPI To Greece In New Partnership With Eurobank
EU Instant Payments Regulation Enters Official Journal
Following its publication in the European Journal, the EU has today confirmed the new Instant Payments Regulation (IPR) will come into effect on April 8.
From this date, banks and payment service providers (PSPs) across the trading bloc will need to begin their journey to compliance.
By January 9, 2025, for example, they must be able to receive instant credit transfers in euros.
Verification of payee rules will need to be complied with by euro member states by October 9, 2025, and PSPs located in a member state whose currency is not the euro will need to comply by July 9, 2027.
Consumer Duty A Success So Far, Says FCA In New Business Plan
The UK Financial Conduct Authority (FCA) has published its Business Plan for 2024-25, setting out an “ambitious” programme of work for the final year of its current three-year strategy.
The FCA said it will continue to deliver the 13 commitments in its strategy, which focuses on preventing serious harm, setting higher standards and promoting competition.
The business plan will also build on the FCA’s plans to become a more outcomes-based, assertive and data-led regulator.
The introduction of the Consumer Duty marked a “major shift” in consumer protection by setting higher and clearer standards, the regulator said, and has already led to changes in savings rates and fees.
The FCA also noted that it is making better use of data to spot and stop harm faster and is being tougher on the firms that could cause harm.
It removed more than 10,000 potentially misleading adverts in 2023 and sent out 2,243 warnings about unauthorised firms and individuals.
It also more than doubled the number of firm permissions cancelled, compared with the previous year, for failing to meet its minimum standards.
GoCardless Signs Agreement To Acquire Australia’s Nuapay
GoCardless, a UK bank payment company, has signed an agreement to acquire Sentenial Ltd, which operates globally under the Nuapay brand, from Australia’s EML Payments Limited.
In a statement, GoCardless said the acquisition will consolidate its position as a key provider to customer segments, including independent software vendors (ISVs) and payment service providers (PSPs).
In addition, by incorporating Nuapay’s offering into its bank payment platform, GoCardless will fast-track the rollout of new disbursement capabilities across new industry verticals.
“Nuapay is an established account-to-account payment provider and open banking specialist with a blue-chip customer base,” said Hiroki Takeuchi, co-founder and CEO of GoCardless.
“Its business is perfectly aligned to our growth strategy, and will accelerate our vision to become the world’s bank payment network.”
South Dakota Latest State To Adopt Model Money Transmission Modernization Act
The South Dakota state legislature has passed Senate Bill 58, amending the provisions in Chapter 51A-17 on money transmission.
The act repeals the previous sections in Chapter 51A-17. It adds the new sections from the Model Money Transmission Modernization Act (MTMA), including provisions regarding examinations, exemptions, acquisition of control and licensing requirements.
The MTMA is a set of nationwide standards and requirements designed to streamline the state licensing system for money transmitters.
Several states have adopted the MTMA in a bid to create a more consistent legislative framework for money transmission.
States that have enacted the legislation so far include Texas, Georgia and Nevada.
Major Outage At Sainsbury's Brings Down Contactless Payments
UK supermarket chain Sainsbury’s has reported a contactless payments outage following an “overnight software update”, triggering a return to cash and chip and PIN payments.
On Saturday (March 16) morning, Sainsbury’s reported that it would be unable to deliver the “vast majority of today’s Groceries Online orders” due to the outage.
The outage continued for eight hours until Sainsbury’s announced that it had been patched.
During the outage, Sainsbury’s CEO Simon Roberts also stepped in, sharing a statement to all Groceries Online customers via email.
“I want to apologise to you and every customer that has been affected by the issue and to thank you for your patience and for bearing with us,” he said.
“I really understand how important it is for everyone to be able to shop with us conveniently and easily, whenever and however you want to, and I am sorry if you have not received your usual service from Sainsbury’s this weekend.”
India Takes UPI To Greece In New Partnership With Eurobank
The international arm of the National Payments Corporation of India (NPCI) has signed a memorandum of understanding (MoU) with Greece’s Eurobank on enhancing cross-border payments using UPI.
The signing of the MoU marks a first step towards enabling foreign inward remittance transactions from Greece to India via UPI.
It also establishes a framework for cooperation on fund settlement, reconciliation and dispute resolution between the two jurisdictions.
“UPI remittances will be particularly useful to the Indian community in Greece,” said Fokion Karavias, CEO of Eurobank.
“A strategic alliance with NPCI International is also fully in line with Eurobank’s strategic commitment to becoming the bank of choice for Indian businesses seeking to establish themselves in Greece or Cyprus, as an entry point for their EU franchise.”
