“Attempts to pump up the price of Bitcoin to celebrate its adoption as legal tender in El Salvador have fallen flat with the cryptocurrency deflating in value slightly over the past 24 hours.
Banking Circle, the cross border payments expert, has identified an issue affecting some financial institutions handling cross border transactions from the UK to the EU. It seems Brexit has caused a number of EU banks to increase their fees for receipt of SEPA local payments in EUR from GB IBANs.
Leading UK anti-money laundering (AML) firm SmartSearch is warning businesses against ignoring European Union money laundering directives, following the UK’s departure from the EU at the start of the year.
The RegTech 100 firm, which operates globally, said that despite Brexit, the EU-wide money laundering directives have been written into UK law and still need to be adhered to. Otherwise, businesses will be exposed to enforcement action from the Financial Conduct Authority (FCA).
In addition, as part of the legislation governing the departure from the trading bloc, the UK government has stipulated that electronic verification should be used, enabling businesses to move away from manual, document-based checks.
Pictured Udo Müller, CEO of paysafecard.
eCash solution from Paysafe now available in Moldova
Chișinău, Moldova, paysafecard, a market leader in eCash payment solutions and part of integrated payments platform, Paysafe, launches in Moldova today as a new secure and easy way to pay with cash for online purchases, particularly in the digital entertainment space.
paysafecard enables consumers to shop for goods and services online, simply and securely, using a 16-digit code to complete the payment transaction. It opens up significant possibilities for online shopping for millions of consumers who were previously excluded – either because they don’t have a bank account or credit card, or because they don’t want to share their bank account details on the internet, often for security reasons.
“We’re excited to be launching in Moldova, a country where much of the population is underserved in terms of credit cards and a high number of transactions are made using cash. paysafecard will enable Moldovans to move their cash online and participate in the online marketplace, easily and securely.”
Out of Moldova’s 3.65 million inhabitants1, 3.07 million of them use the internet2, with 1.92 million accessing it via a mobile device3. As of 2019, only 14% of the adult population had credit cards and three out of four transactions were paid using cash4. As such, paysafecard provides an ideal solution for Moldovans to use cash to not only make online purchases conveniently but also join the world of gaming, social media and communities and film and music without the need for bank accounts or credit card information.
Thanks to a partnership with bpay.md (www.bpay.md), a popular payments and collection network, paysafecard can be bought at over 650 independent vending machines and is offered in five denominations (100, 200, 500, 1,000 and 1,500 Moldovan Leu; 1 euro equates to around 20 MDL).
paysafecard, a market leader in online prepaid payment solutions, was founded in 2000 and is headquartered in Vienna, Austria. paysafecard is part of the international Paysafe Group, which provides a broad portfolio of innovative payment solutions and services. paysafecard offers prepaid and online cash solutions under the brands paysafecard, my paysafecard, paysafecard Mastercard® and Paysafecash. Available in over 650,000 sales outlets in 50 countries, paysafecard enables simple and secure online transactions prepaid vouchers. By using a 16-digit paysafecard PIN, customers do not need an account or credit card to pay on the Internet, protecting their confidential financial information. In 2018, paysafecard developed Paysafecash, with which customers can shop online first and then pay for their purchases securely with cash offline at the next payment point. Paysafecash is already available in almost 30 countries. In 2018, paysafecard reached a transaction volume of more than 3 billion euros. www.paysafecard.com
For centuries the world of banking has relied on trusted intermediaries. Their importance soared when money moved from coins, bills or printed ownership certificates to electronic ledgers. While physical money can be handed over from one person to another, with electronic entries into databases the process becomes tricky. How do you ensure money or another asset disappears from the initial owner when being sent? During the last decades the answer has been to build a complex, multi-layered system of intermediaries, whether it is payment processors, brokers or clearing houses.
City leaders from across Europe gathered in London earlier this month in a bid to accelerate delivery of innovative smart city technologies. The Royal Borough of Greenwich played host to a meeting of leaders arranged by European smart cities and communities programme Sharing Cities. The event attracted senior figures from more than 30 organisations from the worlds of business, academia, and local government. The meeting coincided with the launch of a Zero Emissions Delivery Scheme in Greenwich which aims to reduce congestion and poor air quality caused by delivery vehicles. Improving the way cities approach transport logistics is a core aspect of the Sharing Cities programme.
As Britain enters its new economic chapter, there is much deliberation over what form the financial services sector will take. Many reports have centred on the dominance of London within the financial services industry, but they neglect to highlight important regional locations such as Edinburgh which is seen as a major financial centre for fund management employing approximately 52,800 people. In a European context, Ireland is seen as a pre-eminent location for fund services with its international financial services sector employing 25,000 people. As such, this represents an excellent opportunity, in light of changing regulatory and policy environments, for UK regions and European partners to drive job growth and improve asset management servicing.
Enterprise Ireland, the government organisation which supports Irish firms in the export of internationally traded services, recently co-hosted with the Consular General of Ireland an event looking at enhancing the links between Ireland and Scotland’s vibrant Financial Services industries. The event organised by the Scottish Irish Finance Initiative provided a strong platform to advocate a harmonised approach to financial services.