Included in this issue: Addleshaw Goddard picks up first corporate transaction for 'AG Elevate' FinTech client; HSBC to launch personalised online investment advice; Apple moves into P2P payments space and more...
Addleshaw Goddard picks up first corporate transaction for 'AG Elevate' FinTech client
Addleshaw Goddard (AG) advised PACE Invoice, an innovative multi-currency invoicing platform provider based in London, on its sale to Flywire, a leading US-based provider of international payment solutions. PACE Invoice is one of the initial seven FinTechs that AG signed up to AG Elevate, a fast-track 12 month programme that guides ambitious FinTechs in their development. Read more about AG Elevate here.
Addleshaw Goddard, 1 June 2017
HSBC to launch personalised online investment advice
HSBC is entering the robo-advice market with the launch of a new online service for wealth management advice. The service will use data and algorithms and will make personal recommendations based on an individual’s circumstances. It is expected to be available by the end of the year.
Lloyds completes deal for credit card business MBNA
Lloyds Banking Group has completed a £1.9bn takeover of the MBNA credit card business, from FIA Jersey Holdings, a wholly owned subsidiary of Bank of America, following the receipt of regulatory and competition approval. The UK bank, which was bailed out during the crisis, said it had finalised the deal for the consumer credit card business from a subsidiary of Bank of America. The deal was first announced last December.
Apple moves into P2P payments space
Apple is to challenge Venmo and bank-backed network Zelle by introducing peer-to-peer payments as part of a forthcoming update to its mobile operating system. The new feature enables users to send money and get paid via Messages, or tell Siri to pay someone, using the credit and debit cards they already have in Wallet. When users get paid, they receive the money in a new Apple Pay Cash account. They can use the digital cash instantly to send to someone, make purchases using Apple Pay in stores, apps and on the web, or transfer it from Apple Pay Cash to their bank account. Apple is partnering with prepaid payment card company Green Dot on the virtual Apple Pay Cash card, viewed by some as a stepping stone to the creation of a full bank-like payment service.
European Commission proposes amendments to EBA draft RTS on strong customer authentication and common and secure open standards of communication under PSD2
The EBA has published a letter sent to it by the European Commission, in which the Commission states that it intends to amend the draft RTS on strong customer authentication and common and secure open standards of communication under Article 98(4) of the Directive on payment services in the internal market.
Partner, Head of Competition