U.S. payments start-up backed by Amazon founder expands to UK

U.S. payments start-up Remitly has launched services in Britain, expanding its international footprint to a third country from which users can send money abroad. The digital money transfer service, backed by founder Jeff Bezos, sends more than $2 billion in remittances annually to India, the Philippines, Mexico and other Latin American countries for users based in the United States and Canada. Customers in Britain will be able to use Remitly's desktop and mobile app, and will initially be able to send money to India and the Philippines. Business Insider, 12 April 2017

CMA approves MasterCard's £700m deal for Vocalink

Mastercard’s takeover of Vocalink, which provides the infrastructure behind three of Britain’s leading payment platforms, has been cleared by the competition regulator. The Competition and Markets Authority said that a package of measures offered by the companies to address its concerns about the Link cash machine network had removed the need for an in-depth investigation. Mastercard said the acquisition will allow it to play "a more strategic role" in the UK, as well as other markets around the world. City A.M., 11 April 2017

Quieter month for consumer finance market in February

The Finance & Leasing Association (FLA) have released new figures that show that consumer finance new business fell 3% in February, compared with the same month in 2016. Credit card and personal loan new business together fell by 4% compared with February 2016, while retail store and online credit new business were down by 5%. Second charge mortgage new business fell 6% by value and 12% by volume over the same period. FLA, 7 April 2017


EPC publishes rules for operating, joining and participating in the standardised proxy lookup (SPL) service

The European Payments Council has published rules for operating, joining and participating in the standardised proxy lookup (SPL) service which allows the exchange of the data necessary to initiate P2P mobile payments between proxy-based P2P mobile payments on a pan-European level. The European Payments Council, April 2017 Joint Committee of the ESAs consults on draft guidelines under revised Wire Transfer Regulation

The Joint Committee of the ESAs has published a consultation paper on draft guidelines under Article 25 of the revised Wire Transfer Regulation. The paper sets out draft guidelines which explain what payment service providers (PSPs) should do to detect and prevent the abuse of fund transfers for terrorist financing and money laundering. The consultation closes for comments on 5 June 2017. Joint Committee of the European Supervisory Authorities, 5 April 2017