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MAJOR CARD NETWORKS DROP SIGNATURE RULES FOR CARD PAYMENTS
Mastercard, Discover and American Express have all announced plans to drop signature at the point-of-sale signature in North America from April 2018. The Mastercard rule change will apply in Canada and the US. For Discover, there will be no more signing on the dotted line in North America, Mexico and the Caribbean. Meanwhile American Express [...]
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FCA CONSULTATION ON PERSISTENT DEBT ADDS TO BANKING WOES
UK card issuers may have to pay up to 14 times more than originally thought to help customers in persistent credit card debt. The Financial Conduct Authority (FCA) has significantly increased its estimate for the cost of plans that would force lenders to reduce, waive or cancel interest and charges for customers struggling with severe [...]
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CANADIAN BANKS WARY OF OPENING ACCESS TO FINANCIAL DATA
As open banking in Europe continues to gather momentum, Canada’s banking industry has issued a warning to government about giving Canadians more control of their own banking data: proceed with caution. The federal finance department is weighing the merits of making it easier for consumers to share their banking data, as part of a regular review [...]
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80 PERCENT OF UK COMPANIES FACE MAJOR CHALLENGES FOR GDPR COMPLIANCE
The race against time has already begun: the new GDPR (General Data Protection Regulation), defined in 2015 to strengthen consumer protection at European level, will come into effect in May 2018. Non-compliance with the GDPR will result in severe financial penalties. These are part of a general policy in the European community to harmonise data [...]
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FIDO ALLIANCE WADES INTO SCREEN-SCRAPING DEBATE
Banks and FinTech companies in Europe are on opposite ends of a debate about access to customer data, also known as ‘screen-scraping’. The increasingly public fight came after the European Banking Authority (EBA) published its draft regulatory technical standard (RTS) on strong customer authentication and common secure communication in February 2017. Screen-scraping allows third parties [...]
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