CMSPI says part of that loss will be caused by retailers rushing through ‘sub-optimal’ solutions just to achieve some form of compliance. Tax reporting process – is the tax reporting process fit for purpose? Your email address will not be published. Data requirements – what will companies need to report, and how? @current, the New York-founded banking challenger, lands $131m Series C led by new investor Tiger Global Further in the opinion paper, the EBA outlines that NCAs and PSPs are to be expected to meet a set of milestones. Technology – are the company’s current systems appropriate for reporting purposes? 129587180, Ensygnia Limited Registered office: Merlin Place, Milton Road, Cambridge, CB4 0DP UK, Deadline for SCA compliance approaching fast for European retailers. It can be expected that many EU consumers will maintain these new payment habits. 07462913 | VAT No. The EBA has given NCAs and PSPs 14 months to comply.…, . Martin also advises on M&A due diligence projects for private equity clients. While COVID-19 payment holiday schemes have safeguarded against credit score drops, what do they mean for the lending sector? As such, the potential of cryptos to be a more efficient currency than what we already have would further increase with the wider adoption of digital currencies in retail. The information and views expressed in this publication belong solely to the author(s). That is why money has become whatever represents that energy: first food commodities – such as barley, cacao beans or salt – and then the tools to cultivate them. The reality is that PSPs are at different states of readiness themselves. Both will have full oversight of the child’s Revolut Junior account. Hours. You also have the option to opt-out of these cookies. The date was extended to 31st Dec 2020 across the EU apart from in the UK where the FCA – the UK’s national competent authority and financial regulator – decided to allow for an extra 3 months and set the date to the 14th March 2021. Register for free, Useful insights, strong opinions, and a fintech buzzword jailhouse, Matching the right talent with the right organisation,, Square and Tencent lead €93m Satispay funding round, The Italian paytech firm has recorded “significant growth” in 2020, Indian payments fintech Cashfree lands Apis-led $35m Series B. Cashfree counts more than 50,000 businesses as customers. So, what was a 3 month ‘regulatory divergence’ between the EU and UK, has now become 9 months. For example, the porcelain-like shell of the cowry circulated around the globe for 4,000 years – longer than any other currency in the history of money. A group of payments industry associations and major companies have penned an open letter to the European Banking Authority (EBA) requesting a six-month delay to the final secure customer authentication (SCA) deadline due to complications surrounding the coronavirus pandemic. Money first appeared from the original evolutionary need to eat and survive by exchanging energy with another. Email: Copyright 2019 Edgar, Dunn & Company | All Rights Reserved |, Conversation with Ashley Gauzere, CEO and Founder of, a payment aggregator in Sub-Saharan Africa, Introduction to the Payment Facilitator Model, M&A deal of the month: Stripe acquires Nigeria’s Paystack, Conversation with Javier Argente, CEO of AR Vision, State of the Industry Report – Airline Industry Alternative Forms of Payments (AFPs) 2020, M&A deal of the month: Network International acquires DPO Group, Conversation with Qasif Shahid, CEO & Co-Founder of Finja in Pakistan, M&A deal of the month: Apple acquires softPOS firm Mobeewave, Edgar, Dunn & Company Promotes Grégoire Toussaint to Director. In Spain, VAT refunds are suspended until SII (Immediate Supply of Information) submission is fully compliant.…, Founder and CTO of @MalauzaiDigital leaves @FinastraFS HOW SCA’S DEADLINE IS IMPACTING EU MERCHANTS’ AUTHENTICATION APPROACHES SCA’s deadline is Sept. 14, and merchants both aware and unaware will be equally affected when it comes time In APAC, China and India have also started their journey towards fully-fledged electronic reporting. Under the SCA rules, issuers are required to (1) introduce new security steps  – two-factor authentication –  on all remote payments to positively confirm cardholder identify at check-out, and (2) decline all non-compliant authorisation requests from merchants that cannot support these additional checks. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link. This category only includes cookies that ensures basic functionalities and security features of the website. Digitisation brings benefits but also challenges for companies. However, the unprecedented impact of COVID-19 has – one would think – altered this view. (c) carries out any action through a remote channel which may imply a risk of payment fraud or other abuses. @current, the New York-founded banking challenger, lands $131m Series C led by new investor Tiger Global Revolut Junior’s Co-Parent feature is currently available to all Revolut Premium and Metal users in the EEA and the UK. Despite some countries, like the UK, adding further extensions to the SCA deadline, the EBA is maintaining its strict ruling that the December 2020 deadline must be met.


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