Included in this issue of InContact: Starling to move into business banking; PSR head of policy discusses innovation, the PSF, PSD2 and Open Banking; Dubai Economy preps digital currency and more...
Starling to move into business banking
Digital challenger bank Starling is to open a mobile-only business account for small traders and SMEs. The start-up, which launched its retail current account service in April, is promising to best the traditional branch-based services of the UK's biggest banks with a streamlined account offering that will take just five minutes to set up. Services offered will include linked invoicing and accounting services and real-time international payments. Starling has opened a waiting list on its website and will invite applicants to join a closed user pilot by the end of the year.
Finextra, 4 October 2017
CPMI discussion note: Reducing risk of wholesale payments fraud related to endpoint security
The Committee on Payments and Market Infrastructures (CPMI) has published a discussion paper on reducing the risk of wholesale payments fraud related to endpoint security. The paper is the result of the development of a proposal by a task force looking at the security of wholesale payments that involve banks, financial market infrastructures (FMIs) and other financial institutions. The main aim of the strategy's proposal is to encourage and help focus industry efforts to reduce the risk of wholesale payments fraud and, in doing so, support financial stability.
CPMI, 28 September 2017
PSR head of policy discusses innovation, the PSF, PSD2 and Open Banking
Unprecedented technological change, customer willingness to try new options, and the government and regulatory desire to do things differently are creating a perfect storm to transform UK payments, the head of policy at the Payment Systems Regulator (PSR), Paul Smith, has said. Mr Smith discussed the establishment and strategy of the Payments Strategy Forum (PSF), the new payments architecture, the new Payment Services Directive (PSD2), and Open Banking, saying that a joined-up, collaborative approach across the sector was key.
PSR, 27 September 2017
Dubai Economy preps digital currency
Government-backed development agency Dubai Economy has signed a MoU with UK-based smart ID firm Object Tech to help create and implement emCash, an encrypted digital currency, which people will be able to use to pay for various government and non-government services. Founded on blockchain technology, emCash will be the digital currency in emPay wallet, launched by Dubai Economy subsidiary Emcredit to support contactless payments. EmPay allows UAE residents to make various payments through the near field communication (NFC) option in their phones. The Government agency says that with emCash, emPay users will have the option of a secure digital currency, and merchants will receive their payments in real time without going through intermediaries.
Arabian Business, 26 September 2017
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