Consortium proposes European Digital Identity Wallet payments pilot

Nobid Consortium participants

A consortium of government agencies, financial institutions, payments networks and technology providers from Denmark, Germany, Iceland, Italy, Latvia and Norway is proposing to launch a large-scale payments pilot to explore how the European Digital Identity Wallet being developed by the European Commission would support cross-border transactions... More









What's New in Payments

Revolut lets customers pre-authenticate their contactless card as they approach the SCA transaction limit

Revolut contactless visa card

UK-based neobank Revolut has implemented a Strong Customer Authentication (SCA) system that lets customers use their mobile banking app to authenticate their contactless card as they get close to reaching the new contactless transaction limit, avoiding the risk of having their card declined when they next attempt to make an in-store purchase... More




What's New in Payments

Merchant payments association calls for 18 month delay on strong customer authentication

EPSM recommends harmonised migration plans on PSD2-SCA — EPSM — “To avoid significant acceptance disruptions, EPSM recommends that all regions should agree an additional timeframe of 18 months for standard applications, as well as up to 36 months for challenging applications, such as those in the travel and hospitality sector. This will deliver an EU-wide harmonised migration approach by the EBA and the 28 national regulators for remote card payments.”





What's New in Payments

Airlines leverage PSD2 to cut transaction fees

New payment method for air tickets successfully demonstrated — International Air Transport Association — “IATA Pay is an industry-supported initiative to develop a new payment option for consumers when purchasing a ticket directly from an airline website. It is made possible by the European Commission’s second Payment Services Directive (PSD2), and the UK’s Open Banking regulation. For airlines, the advantages of IATA Pay are: Cheaper payment option compared to other alternatives; Highly secure; Faster cashflow with instant/near instant payment to the merchant; Simpler payment process resulting in fewer lost sales.”


What's New in Payments

Google adds a payments license in Ireland

Google gets go-ahead from Central Bank for payments — The Irish Times — “Google has been authorised as a payment institution in the Republic, paving the way for the technology giant to begin providing new financial services to consumers and businesses both here and further afield. The Central Bank granted authorisation to Google Payment Ireland under the second Payment Services Directive (PSD2) regulation on Christmas Eve. Having obtained authorisation, the company will be allowed to issue and acquire payments across the European Union under passporting rights.”


What's New in Payments

EBA issues opinion on strong customer authentication requirements under PSD2

Opinion of the European Banking Authority on the implementation of the RTS on SCA and CSC — European Banking Authority — “The regulatory technical standards (RTS) on strong customer authentication (SCA) and common and secure communication (CSC) underpin the new security requirements under PSD2… The EBA has decided to issue an opinion in order to respond to a number of the numerous queries the EBA and competent authorities have received from market participants and aims to provide clarity on the implementation of certain aspects of the RTS that were published.”


Mastercard to build open banking connectivity hub

Mastercard unveils solutions to underpin open banking transformation — Mastercard — “Mastercard announced today that it is developing a new suite of services to underpin the transformation taking place in the industry as partners ready themselves to take advantage of Europe’s PSD2 legislation… They will incorporate a pan-European directory of third party providers to help banks to ensure that parties seeking access to a customer’s account are legitimate… They will also feature a connectivity hub that will help third parties establish and maintain communication with banks.”


What's New in Payments

Deutsche Bank to let airlines collect payments direct from customers’ bank accounts

Deutsche Bank pilots game-changing payments solution with IATA — Deutsche Bank — “Deutsche Bank will collect customer payments directly from consumer accounts in line with the newly revised EU Payments Services Directive, PSD2. Currently, payments are mainly processed via credit and debit transactions… With direct payments being processed and received in near-real time, IATA’s member airlines will benefit from the acceleration of their funds. This will generate significant working capital and liquidity benefits — reducing days sales outstanding and the cost of funding for these airlines.”