Daily Update 5th May 2020

The speculation that companies may be allowed to furlough staff for shorter periods, like 2 days a week is good news and look forward to it helping businesses to slowly get back to normal.  Businesses need to plan and organise for normal running and this initiative would certainly help.

We have a new strapline for the business that explains what the business is all about.

The Payments Business is your professional network that offers members
an information repository, a forum for debate and a directory to promote your business.

Our approach is to cover the key aspects of the industry including new initiatives, regulatory requirements, innovative products, solutions, and services, risk management
and payment infrastructures.

If you would like to have an event, company or product and service covered in this blog, then please contact me John Doyle, Managing Director, The Payments Business, and I’ll try and accommodate you.

Stay Safe, stay secure, obey the rules!

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Northey Point Newsletter

Our chairman, Mike Chambers has a particularly good newsletter that he writes on behalf of Northey Point.  Check it out.

In other developments.

  • The FCA have announced a 6-month delay in the deadline for Strong Customer Authentication (SCA). This will e welcome news on 2 fronts:
    • First that the industry is not ready to implement now as there are few products ready and little awareness among the consumer community.
    • Second, there are several companies who are just not ready, Paul Rodgers over at Vendercom has long reported on SCA and has been a strong advocate of preparing the customer and corporate community for implementation. Read his blog.
  • Open Banking is another area that needs attention. It’s been around now for a while and whilst there is a lot of traction about what we need to do, very little has actually been developed and put into the marketplace.

TOP NEWS FROM TODAY

Visit our news page for more articles from other payment sources.

Guest news today is from Chris Skinner

I’ve tracked Wirecard for some years, as they were the bank partner that allowed Ollie Purdue to drop out of university at 21 years old to launch a bank called Loot. Wirecard basically offer the platform of many other firms to offer full banking services across Europe. Based in Germany, … The post Wirecard versus […]

Things we’re reading today include … Revolut on the hunt for acquisitions CEOs cutting salaries is mostly a ‘publicity stunt’ How the paper trail went cold in KPMG’s special audit of Wirecard Coronavirus: UK banks get 45,000 loan applications on first day RateSetter halves payouts to investors Managing identity risk … The post Things worth […]

In the latest example of a bank that couldn’t hack the digital bank market, RBS gave up on Bó last week. It surprised me as the bank only launched last November, to a fanfare of £100 million investment and the acquisition of the start-up they had been co-funding, Loot. The … The post Little Bó […]

Things we’re reading today include … Mifid II influence spreads beyond EU borders Donald Trump pushes for an economic reopening Warren Buffett dumps US airline stocks, saying ‘world has changed’ after Covid-19 U.S. processes over $500 billion in small business loans to stem coronavirus fallout UK business confidence at all-time … The post Things worth […]

The main blog headlines are … What will the world be like when #coronavirus ends? (Part One) Most of the people around the world have savings that can last them less than a month. In the USA, 29% of households have less than $1,000 in savings; in the UK, 15% … The post The Finanser’s […]

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