US regulators simplify licensing process for fintechs

State regulators take first step to standardize licensing practices for Fintech payments — Conference of State Bank Supervisors — “Seven states have agreed to a multi-state compact that standardizes key elements of the licensing process for money services businesses (MSB). The agreement: If one state reviews key elements of state licensing for a money transmitter — IT, cybersecurity, business plan, background check, and compliance with the federal Bank Secrecy Act — then other participating states agree to accept the findings… Other states are expected to join this compact.”





What's New in Payments

Nordea Bank: PSD2 will require banks to adopt a ‘totally new way of viewing their customer base’

Nordea's Liisa Kanniainen

Significant confusion and a high level of fragmentation can be expected over the next five years as European financial institutions become accustomed to new regulations under the Payment Services Directive (PSD2) which will open the door to new competition within the European payment services market, says Nordea Bank’s vice president of strategic business development, transaction banking and business innovation. More













NFC World

Smartrac to seed Internet of Things platform with 1.5bn tags a year

Smartrac CEO Clemens Joos

The company’s Smart Cosmos platform will provide an open, secure and standardized way to track the world’s objects, Smartrac CEO Clemens Joos has told NFC World, enabling system integrators, developers and consumers to connect physical objects with cloud-based descriptions that can be used to identify, authenticate and verify products, track assets and deliver a wide range of consumer applications... More



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