Bank of England announces latest proofs of concept at the FinTech Accelerator
The executive director for banking, payments and financial resilience at the BoE, Andrew Hauser, announced the firms the bank will be working with in the latest cohort of proofs of concept (PoCs) at the FinTech Accelerator. Speaking to FinTech firms at a meeting in Cambridge, Mr Hauser also reflected on the work of the Accelerator since its launch in June 2016.
BoE, 6 October 2017
PSR head of policy discusses payments innovation
The Payment Systems Regulator (PSR) published the text of a speech given by its head of policy, Paul Smith, at the Payments Innovation Conference in Johannesburg, South Africa. Mr Smith discussed the unique role of the PSR, noting that there is no institution in the world with quite the same role and powers. He discussed the establishment and the jurisdiction of the PSR and its three statutory objectives, which are to promote competition, prom UK Finance, 11 October 2017ote innovation, and to act in the interests of service-users.
Payment Systems Regulator, 10 October 2017
UK Card Expenditure Statistics: August 2017
The number of card payments decreased slightly from a record July peak, falling by 0.3% to just over 1.4 billion transactions. Despite this decrease, the volume of payments have steadily increased through the year; a long-term trend over many years. Factors driving this trend include the ongoing migration of cash payments to cards, enhanced by the increased use and acceptance of contactless cards. The number of contactless payments accounted for 35% of total purchases, up from 21% a year ago. Corresponding card spending also declined during the month, falling by 0.4% to £58.2 billion. Spending online was unchanged in July, amounting to £16.2 billion, and accounted for 28% of total card spending - up from 24% in August 2016.
UK Finance, 11 October 2017
Delegated Regulation supplementing IFR with RTS on separation of payment card schemes and processing entities adopted
The European Commission has adopted the text of a Delegated Regulation supplementing the Interchange Fee Regulation (IFR) with regard to regulatory technical standards (RTS) establishing the requirements to be complied with by payment card schemes and processing entities to ensure the application of independence requirements in terms of accounting, organisation and decision-making process.
European Commission, 4 October 2017
CPMI publishes annual statistics on payment, clearing and settlement systems
The Committee of Payments and Market Infrastructures (CPMI) has published a preliminary version of 2016 statistics on payment, clearing and settlement systems in the CPMI countries. A final version will be published in December 2017.
CPMI, 6 October 2017
Mastercard opens Indian innovation lab
Mastercard has opened its first innovation lab in India to work side-by-side with the local financial community on future technology breakthroughs in digital payments, data manipulation, financial inclusion and fraud prevention. Mastercard Labs in India is the company’s ninth lab in the world and the second in Asia Pacific, following Singapore. Based in Pune, the new lab will operate as an incubation hub for experimenting with new technologies and act as a support base for startup partnerships through the card scheme's Start Path programme.
Finextra, 10 October 2017