FCA delays Strong Customer Authentication

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The UK’s Financial Conduct Authority (FCA) has delayed the implementation of Strong Customer Authentication (SCA). This is the second delay is has authorised. Last year, the FCA extended the deadline to March 2021. The new deadline is September 2021. It gives e-commerce firms another six months to build, test and deploy a compliant solution.

FCA delays Strong Customer Authentication – EBA under pressure to follow

The press release from the FCA reads:“In the exceptional circumstances of the Covid crisis, we are giving the industry an additional 6 months to implement strong customer authentication (SCA) for e-commerce. This will minimise

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The World Bank predicts global remittances will fall by 20% this year

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Remittances have played an increasingly important role in the economies of many low-income countries as migrants around the world have been sending an increasing amount of money home in recent decades. But that trend has been significantly interrupted by the COVID-19 global pandemic.

Remittances are expected to drop by 20% in 2020 to $445 billion (£360 billion), “representing the loss of a crucial financial lifeline for many vulnerable households”, the World Bank said, according to its latest forecast . This would be the largest single-year decline in remittances in the past century. The last global financial crisis saw remittances drop

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Visa and Mastercard hit quarterly revenue estimates despite COVID-19

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Despite tough trade winds, both Visa and Mastercard have been able to post good quarterly results.

Visa and Mastercard hit quarterly revenue estimates despite COVID-19

Shares of Mastercard rose after it posted Q1 earnings that exceeded expectations. Adjusted earnings per share totalled $1.83 in the quarter, up from $1.78 a year earlier and above analysts’ average forecast of $1.72, according to FactSet.

Revenue registered $4 billion in the latest quarter, up 3% from $3.9 billion a year earlier and above analysts’ prediction of $3.96 billion. GAAP net income totaled $1.7 billion in the latest quarter, or $1.68 a share, down

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Initiating a SEPA Credit Transfer at the POS

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Smart Payment Association (SPA), the global trade body of the smart payments industry, has published proposals for an Instant Payment Card that would extend SEPA instant Credit Transfer functionality to consumers paying at point of sale (POS) terminals in stores and retail outlets across Europe.

Often termed the closest thing to paying with cash, an instant payment solution allows payments by individuals or businesses to be made (and funds transferred and available) in real time, even during evenings and weekends when other options are unavailable.

This contrasts with other forms of money transfers and payments, including those made in-store and

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