With the implementation of the Payment Services Directive 2 (PSD2) Access to Accounts (Open Banking) in September 2019, many Financial Institutions have been working towards compliance with the regulation. They are also attempting to navigate the complexities of the new eco-system and understand the opportunities and associated risks of Open Banking.

Over the past months, businesses have had to rapidly move away from physical cash in order to provide consumers with a safer service. However, this data shows us that a gradual movement away from cash in society started long before the impact of Covid-19.

The Dune Group, one of the most influential global players in fashion footwear and accessories today announced an international partnership with leading global payments provider Klarna. 

Dune customers shopping online will be able to use Klarna’s popular Pay later products (Pay in 30 days and Instalments) in five European markets (Austria, Germany, The Netherlands, Switzerland and the United Kingdom). 

Card and contactless payments continued to increase in 2019, with card payments accounting for over half (51 per cent) of all payments for the first time, according to the latest UK Payment Markets report from UK Finance.

Nine months after the regulation went live, nearly three-quarters of EMI Brands in the UK have yet to implement a PSD2 Open Banking compliant interface.

What are the reasons for this? There are three possible explanations. These organisations may simply not understand that they need to comply with the regulation, they may not have prioritised it yet, or, they may feel that any penalties imposed by the FCA won’t affect them.

UK-based payments service provider SumUp (www.sumup.co.uk) today announces a new experience to enable customers to support small businesses via social media during COVID-19 and beyond, by discovering Gift Cards directly from eligible SumUp businesses on Facebook and Instagram.

The coronavirus outbreak has spread to businesses, leaving many around the world counting costs. Notoriously, known as the Great Lockdown, it’s been affecting the world economy since early this year. The predicted recession is considered to be the steepest economic downturn since the Great Depression.

So, what does that mean for you? James Turner, Director at company formation specialists, Turner Little, suggests “While there’s no fool proof way to ‘recession-proof’ your finances, establishing a solid base now will put you in a better position to weather the storm.”

Landesbank Berlin, Germany`s largest issuer of co-branded credit cards, has chosen SIA, European hi-tech company, leader in the fields of payment services and infrastructures, for the realization of the new system for the management of payment cards co-branded with leading commercial partners in Germany, like ADAC (Allgemeiner Deutscher Automobil-Club) the German Automobile Club.

In only a year, a young technology company was able to change the trade finance market in Russia. The distributed platform automates the interaction of the customers’, suppliers’ and factors’ accounting systems, and removes all manual work in the preparation, verification, and approval of documents. Factorin reduces the overhead costs of all processes and minimizes the risks associated with human errors and fraud.