PSD2: BaFin announces postponing SCA-rules for online credit card payments in Germany

The requirement of Strong Customer Authentication (SCA) for payment service providers was scheduled for 14 September 2019. Germany’s Federal Financial Supervisory Authority (BaFin), however, just announced it will not insist on SCA-rules to be followed immediately to avoid disruption for payments online. As a temporary measure, payment service providers domiciled in Germany will still be allowed to execute credit card payments online without strong customer authentication after 14 September 2019. […]

Monetary Authority of Singapore opened up applications for new digital banks. Applicants that shows a loss-making trend will not qualify.

. The new digital bank licences will be extended to non-bank players. . Applicants for the digital full bank licence must additionally be anchored in Singapore, controlled by Singaporeans and headquartered in Singapore. . Interested parties have until 31 December 2019 to submit their applications. The Monetary Authority of Singapore (MAS) expects to announce the successful applicants in mid-2020. Successful applicants will be expected to commence business by mid-2021. SINGAPORE’S […]

The Swiss Financial Market Supervisory Authority has issued banking and securities dealers’ licences to two blockchain service providers – for the first time

The Swiss Financial Market Supervisory Authority FINMA has published guidance on how it applies Swiss anti-money laundering rules to financial services providers supervised by FINMA in the area of blockchain technology. FINMA has also issued banking licences to two new blockchain service providers. FINMA recognises the innovative potential of new technologies for the financial industry. It applies the relevant provisions of financial market law in a technology-neutral way. „However, blockchain-based […]

An open letter from Tink to European National Competent Authorities (NCAs), calling for flexibility around the PSD2 implementation deadline

By Tomas Prochazka, VP of Product, Tink Banking is facing its biggest remake in history. Technological developments, changing consumer expectations and new regulations are forcing the industry to open up. The EU commission’s PSD2 is ushering in the era of open banking by allowing new entrants access to customers’ financial data. Its ambition is to level the playing field in the industry so that more companies can offer consumers greater transparency […]

Central Bank of Ireland to skip deadline to implement SCA for e-commerce transactions under PSD2

The Central Bank of Ireland (CBI) has followed the lead of the Bank of England and announced a delay to the roll out of Strong Customer Authentication (SCA) rules. National regulators have been given additional leeway by the European Banking Authority to extend the September deadline for the introduction of the new rules in order to give firms more time to prepare. E-commerce businesses have warned that more than a quarter of […]

UK’s Financial Conduct Authority to delay enforcement of new EU online payments regulations by more than 18 months

The UK’s Financial Conduct Authority is set to delay enforcement of PSD2’s SCA by more than 18 months, after warnings that the rules would threat online sales, according to Financial Times. New “strong customer authentication” rules, which will require most online payments to go through an extra level of verification to reduce fraud, are due to be introduced in September, but industry groups said that a lack of preparedness would make […]

PSD2: transitional period for strong customer authentication for online card payments in Italy

In accordance with the decisions taken at European level, the Bank of Italy has decided to provide the Italian financial industry additional time to complete the adjustments required by law concerning the security of card-based online payments. The second Payment Services Directive (PSD2) and the related regulatory technical standards set 14 September 2019 as the deadline for the mandatory adoption by banks and other payment service providers of strong customer […]

The international fintech conference – Banking 4.0 has established its Advisory Board. The premieres of the event.

Scheduled for November 25 and 26 at the Athenee Palace Hilton in Bucharest, the second edition of the International Fintech Conference Banking 4.0 set its priorities during the first meeting of the Advisory Board. Most of these priorities are innovations for events in this business category – fintech. As the conference focuses on emerging technologies that will change the financial-banking industry (AI, biometrics, blockchain, machine learning, Robotic Process Automation), this […]