Published
Jefferey Anderson
Derivatives Compliance Product Manager at Fidessa
An ESMA Q&A published this week provides some further guidance regardi see more
- 07:00 am
Asia United Bank said Wednesday it launched WeChat Pay in the Philippines, which will allow mobile payments from Chinese tourists.
Under a licensing agreement with WeChat developer Tencent, AUB said it would enable merchants in the Philippines to accept payments through WeChat Pay for hotel and airline bookings, shopping and dining.
WeChat Pay's launch in the Philippines came after a unit of Tencent rival Alibaba launched a mobile payment system for Filipinos in partnership with Globe Telecom.
WeChat Pay is embedded in WeChat, China's dominant social messaging app with nearly 1 billion users, according to AUB. It is offered in 15 countries and available in 12 currencies.
China is the Philippines' third biggest source of foreign tourists according to the Department of Tourism.
- 01:00 am
The new EU General Data Protection Regulation (GDPR) comes into force in May 2018. One of the consequences is that many organizations and businesses must appoint a Data Protection Officer (DPO) to ensure compliance with the legislation. The Norwegian Data Protection Agency is the supervisory body for the establishment of the DPOs, and the Authority now establishes a national registry for DPOs, a solution developed by Tieto.
The new privacy regulation will apply in all EU and EEA countries and is a binding legislative act. This means that the regulation must be be applied in its entirety across the EU and the EEA. One of the biggest changes from the previous legislation is that some organizations are required to have a Data Protection Officer. The change is expected to lead to a significant increase in the number of DPOs in Norway. When the regulation enters into force, it is no longer required to get the Data Protection Authority's approval of the DPOs. Instead, a registration system is created where companies themselves register their DPO.
"GDPR will have a major impact on all business processes. One of the major changes is that companies must document all procedures for handling personal data and implement technical and organizational procedures that ensure that they act in accordance with the regulation. Therefore, we are proud to contribute to the development of the National Registry for DPOs,” says Gunnar Nybø, Head of Public Sector, Tieto Norway.
The legislation requires that the company selects a DPO based on professional skills, expertise in the field of privacy and ability to perform the tasks. The Data Protection Officer may be employed by the business or by a professional third party. It is the companies themselves that register the DPO. The registry is based on Tieto's case and archiving solution and integrated with national archives using Tieto's integration framework.
- 07:00 am
Starling Bank is launching its latest API partnership with Yoyo Wallet, the U.K.-based mobile payment and loyalty platform.
The new integration sees Yoyo use Starling’s Open Banking-compliant API to let you link your Starling bank account to your Yoyo Wallet so that whenever you pay at one of Yoyo’s retail partners using your Starling Bank card, you automatically collect any loyalty points on offer. This means that you don’t have to remember to pay using the Yoyo app (or, presumably, a retailer’s white labelled version), which otherwise requires opening the app and scanning a bar code.
Here’s how it works: To begin linking your Starling account to your Yoyo account, you open the Yoyo app and are asked to scan your Starling card using your phone’s camera, like you ordinarily do to add any card as a payment option to Yoyo Wallet. However, in this instance, Yoyo will recognise you bank with Starling and ask to you to authenticate with Starling and grant it permission to access certain data from your Starling account.
Once you’ve done so, any time you use your Starling card at Yoyo-accepting high street merchants, you instantly earn retailer-specific loyalty points, which can be exchanged for rewards, discounts and offers. Yoyo’s retailer partnerships include high street chains such as Planet Organic, Fernandez & Wells, Wrap It Up and HOP Vietnamese.
More broadly, this speaks to Starling Bank’s “marketplace banking” vision: the idea that your bank will provide you with access to a choice of third-party money-related apps and services. However, for now at least, Yoyo is simply making use of the Starling API and the partnership doesn’t see Yoyo Wallet listed in the Starling Marketplace portion of the Starling Bank app (although I’m told this is coming) and Yoyo Wallet’s item level receipt data doesn’t show up in the Starling Bank app, either.
This makes it a much less deep integration than Starling’s recent partnership with Flux, which also offers item level digital receipts and soon retail loyalty programs. That could change, of course, and I wouldn’t be surprised to see Yoyo more deeply integrate with Starling at a future date. After all, Starling’s marketplace banking strategy is to partner far and wide to create a network effect on both sides of its market where the app becomes more useful the more users and partners/integrations it adds.
- 08:00 am
Starting today, clients of ABN AMRO and a number of other European banks will be able to enjoy superfast transfers between the participating banks.
An instant payment is a transfer in euros from an account within the SEPA zone, which is credited to the recipient’s account within a few seconds. This is only possible if the recipient’s bank cooperates, and the amount that can be transferred is currently limited to no more than EUR 15,000. Instant payments can be initiated at any time of day, 365 days a year. ABN AMRO also allows you to see whether the money has been received by the recipient, and at what time. This also applies for transfers between two ABN AMRO accounts. In that case, there is no maximum amount.
How it works
The client enters a transfer via Mobile Banking or Internet Banking. Before making the transfer, ABN AMRO checks automatically whether the money can be credited to the recipient’s account within a few seconds. This is shown in the payment summary. If the transfer cannot be completed within a few seconds, the summary will contain the message ‘within one working day’. For the client, making an instant payment is just like any other transfer; there is no need to submit a special request. There is no extra charge for instant payment transfers by personal customers; business clients pay the standard SEPA transfer fee.
- 01:00 am
Interac Association/Acxsys Corporation (Interac) announced today that MoneyGram International, Inc. has begun using Interac e-Transfer Bulk Disbursement, an extension of the Interac e-Transfer service, as a new way for Canadians to receive payments sent through MoneyGram's payment service.
Interac e-Transfer Bulk Disbursement allows MoneyGram to deliver money to its Canadian recipients in real time, with instant pickup and real-time funds availability, while also providing the protection of Interac's world-class fraud detection and security features.
"Interac e-Transfer is a uniquely Canadian payments solution already used by hundreds of Canadian financial institutions and millions of businesses and consumers," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "MoneyGram's decision to add Bulk Disbursement to move funds in Canada not only extends the reach and use of Interac e-Transfer, it also demonstrates our commitment to providing innovative solutions in the business payments space."
Interac e-Transfer Bulk Disbursement simplifies the management of electronic payments, with businesses using an automatic file transfer to securely and reliably send multiple payments in a single file upload, eliminating the need to handle cash payments or issue, track and reconcile costly cheques. Each payment is password protected, and recipients can deposit their funds anywhere and anytime they have access to online or mobile banking without having to provide their personal financial information.
"MoneyGram is the first money services business to offer Interac e-Transfer Bulk Disbursement to its customers and it gives us a new way to make money transfers easier for our customers," said Kent Ulrich, Head of Business Development Canada for MoneyGram. "Interac's fraud detection capabilities means we can add another layer of security for those transfers in a cost-effective and administratively efficient way."
Interac e-Transfer is the leading digital platform for sending and receiving money in Canada, with more than 158 million transactions made over the platform in 2016, up 50% from the previous year. With the its Bulk Disbursement capabilities, the Interac e-Transfer platform continues to be more deeply integrated into the digital payments ecosystem in Canada. Two new features, Request Money and Autodeposit were added to the Interac e-Transfer service in October 2017, making the service even more seamless for users.
With Interac e-Transfer Bulk Disbursement, businesses only require a recipient's e-mail address or mobile phone number to send a payment; no financial information is needed. A single file listing multiple payments is sent to a business's financial institution for processing, allowing the recipients to deposit their payment at a financial institution of their choice. This service offers greater flexibility, customization, security and more detailed reporting than other available payment methods.
- 04:00 am
Trade technology firm Traydstream has taken home the award for best Financial Services & Fintech in the UK Digital Experience Awards 2017.
Celebrating the very best in organisations that offer exceptional digital experiences for their valued customers, the awards were hosted at the famous Wembley Stadium in London on 22nd November 2017, in conjunction with the UK Business Awards. The ceremony was host to over 500 contestants, including industry leading firms like Lloyds Banking group, Three UK, GlaxoSmithKline, Virgin Money, Thomson Reuters, and many others.
Entrants were scrutinised by a judging panel featuring some of the sharpest industry minds, examining the businesses’ digital contribution to the sector, disruptive ability, and innovation of solution. Scoring accorded to strict criteria aligned with the Cranfield School of Management.
Traydstream is marked by its holistic approach to the digitalisation of trade finance, with a focus on the automation of key processes like document discrepancy-checks, due-diligence, and regulatory and compliance screening, as well as the initial stages of converting data to digital format – a process achieved by their proprietary Optical Character Recognition (OCR) technology. Designed and built by seniors within the banking and technology communities, Traydstream is making headway in an industry increasingly aware of its need for reform. In fines alone, banks globally have paid ‘USD $321 billion in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing’, according to data from Boston Consulting Group.
Co-founder and Chief Operating Officer at Traydstream, Uzair Bawany, said of their recent accolade: “It’s been a challenging and fascinating journey to date; receiving this award is wonderful recognition of our efforts to reform a sector crying out for change. It is only the beginning of Traydstream’s future impact on the industry.”
On the increasingly high value placed in Digital Experience, Awards International CEO Neil Skehel said of the awards: “Digital Experience is fast becoming one of the most important fields for businesses right across the globe. Today’s customers expect a lot from firms when it comes to offering a digital pathway, and if they can’t keep up they will be left behind.
These awards are a way of showcasing the most innovative and exceptional firms, whose Digital Experience for customers is second-to-none at a time of rapid change and ruthless competition.”
- 08:00 am
Premier David Burt will join more than two-dozen Bermuda executives in a multi-industry forum being held in London next week to showcase the breadth of expertise and advantages offered by the island's global business market.
Organised by the Bermuda Business Development Agency (BDA), the one-day event Tuesday, November 28 at ME London has attracted over 200 registrants. It will feature top regulatory and industry leaders in moderated discussion panels covering re/insurance, captive insurance, insurance-linked securities, asset management, family offices, and trust and private-client business. A networking reception will wrap the event in the evening.
"The government supports the Bermuda Business Development Agency in this awareness-raising event that offers such great prospects for business executives to engage with our market's regulatory and industry leaders," said the Premier. "Bermuda is an excellent place to do business, with a respected record on transparency. That is our message as we seek to grow our economy and build careers for the Bermudian people."
Premier Burt will officially open the forum that will see morning panels debate risk-industry topics-from insurance trends and the outlook for 2018 to why Bermuda remains "the World's Risk Capital." Afternoon sessions will focus on the rapidly-growing convergence of re/insurance and asset management, then move to examine high-net-worth services, family governance and charitable trust structuring.
"This forum is an educational opportunity that demonstrates the strength of Bermuda as a centre of excellence across industry sectors," said BDA CEO Ross Webber, who will moderate the opening panel on Brexit and Solvency II. "The support we have received from our industry partners is impressive, and we're confident the event will help promote and differentiate Bermuda well in the key London market."
The day's line-up features 25 Bermuda executives, including Bermuda Monetary Authority CEO Jeremy Cox; Bermuda Stock Exchange CEO Greg Wojciechowski; Association of Bermuda Insurers & Reinsurers President Brad Kading; Grainne Richmond, President of the Bermuda Insurance Management Association (BIMA); and Keith Robinson, Chairman of the Society of Trust & Estate Practitioners (STEP) Bermuda. Deputy Chair of Lloyd's and Hiscox Chair Robert Childs is the event's keynote speaker.
Other Bermuda-based executive participants include Mark Allitt of KPMG Bermuda; Sarah Demerling of Estera; BDA former chair and Hiscox Director Caroline Foulger; David Gibbons of PwC Bermuda; Ed Granski for Meritus Trust; Randall Krebs of Harbour International Trust Company; BDA Board member Jessel Mendes, of EY Bermuda; Michael Neff of Butterfield Bank; Michael Parrish of Marsh Bermuda; Peter Pearman of Conyers Dill & Pearman; Brian Quinn of Granite Management; Fozeia Rana-Fahy of MJM; Aon CEO Joe Rego; Andrew Smith of Qatar Re; Ariane West of Taylors in association with Walkers; Arthur Wightman of PwC Bermuda; Kim Willey of ASW Law; and Akilah Wilson of the BMA.
Overseas presenters include Richard Hay of Stikeman Elliott, London; Siân Hill of KPMG UK; and Samantha Morgan of RMW Law.
"The timing of our event, following the recent Paradise Papers coverage and leading up to European Union code-of-conduct decisions next month, provides a great opportunity for Bermuda to tell our story," noted Webber. "Our top-tier regulation, our market's substantive global companies, our robust legislation, our respected record on international compliance, cooperation and tax transparency-all these advantages set Bermuda apart. Highlighting those facts through our world-class industry experts can only have a positive impact."
The following day, the ILS Bermuda group is hosting a complementary morning session at the same venue focused solely on insurance-linked securities. "Beyond Convergence" will provide a more detailed look at Bermuda's success in attracting capital, expertise and clients to the ILS sphere, as well as the rapid evolution of alternative reinsurance and the management of risk capital. Two sessions, moderated by ILS Bermu
- 03:00 am
InvestCloud Inc., a global FinTech firm, has announced UK startup Freetrade as the first firm to enter its UK Innovation Center. Freetrade is using the space to bring its app-only stockbroker to market.
Founded by former KPMG accountant Adam Dodds with Co-Founder André Mohamed, Freetrade is democratising investing. It offers zero commissions on basic accounts and trades and provides fractional trading with no minimums, allowing anyone to invest any amount through its platform.
The FinTech startup has a history with InvestCloud, with Freetrade also using InvestCloud Emerald for its books of records (BOR) accounting solution. Emerald provides a full-suite of operational technology for digital investment managers and robo advisors, with firms such as Nutmeg using the solution to better scale its operations, digitally.
Adam Dodds, Co-Founder and CEO of Freetrade, said: Freetrade a come a long way in a short space of time. The past year has seen us crowdfund £1.3 million as well as graduate from Octopus Labs’ accelerator and gain approval from the FCA to act as a directly authorised stockbroker.”
Dodds added: “InvestCloud has been incredibly supportive throughout our development stage. We are excited to continue our collaboration through the Innovation Center as we launch our service in the coming months.”
The InvestCloud Innovation Center London is based at the firm’s European headquarters in Soho, London. It is the second Innovation Center launched by the global FinTech firm and was announced in June 2017, opening its doors for business in September 2017.
Will Bailey, EVP for Europe and Innovation at InvestCloud, said: “Freetrade shares many of the same values as InvestCloud and is a perfect fit for the Innovation Center. It looks to create innovative solutions in the financial sector that radically change and challenge the established norms of investing.”
Will added: “The Innovation Center was born to help these kinds of companies succeed, giving them full access to our sandboxed technology to build their own solutions. We are proud to support Freetrade on its mission and look forward to further collaboration through the Innovation Center.”
The London Innovation Center follows the blueprint of the firm’s first Innovation Center established at its global headquarters in Los Angeles. It offers both new startups and established financial firms alike the ability to quickly deliver digital solutions supported by the InvestCloud platform.
- 03:00 am
We’ve previously used the hyperbole of ‘big huge news’ during an earlier burst of, well, big huge news, and now we’re stuck for synonyms to announce anything else.
The Tandem cashback credit card details are here
So, here's the low-down:
No transactions fees when withdrawing cash or making purchases abroad
Get 0.5% cashback on all purchases over £1, everywhere Mastercard is accepted globally
18.9% APR (variable, representative)
No annual fee
Is this the card for you?
Is this the card for you? The internet’s source of fiscal knowledge and advice, MoneySavingExpert, have broken the features down for you, as well as comparing our card to others in the market.
But don’t just take their word for it, here’s what our credit card lead, Sven, had to say about it:
“We’ve designed our card with everyday life in mind and to fix some of the big bugbears people have with cards out there. The cashback makes sure you’ll get something back and can feel rewarded, no matter whether you’re just buying groceries or treating yourself to a holiday. And should you go on holiday, you can use your card without worrying about the fees that most other banks charge you for using a card abroad. A card that is a companion for all situations of life home and abroad, simple.”
If you’d like to get early access, we’ve got a waitlist all ready for you to sign up. We understand that it isn’t ideal to have waitlists, and we’d absolutely rather not, it’s just a necessary evil. Like the dentist, or when the sinks gets so full you have to do the washing up just to have plates again.
