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3 big changes Nedbank customers can expect in the next few months

3 big changes Nedbank customers can expect in the next few months
businesstech.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstech.co.za Daily Mail and Mail on Sunday newspapers.

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Global Payments Newsletter, May 2021 | Hogan Lovells


Surveys and Reports
Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022; ....

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Nedbank and Mastercard team on WhatsApp payments for small businesses


Editorial | what does this mean?
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Nedbank and Mastercard team on WhatsApp payments for small businesses
3 hours ago
2
South Africa s Nedbank has teamed up with Mastercard and local fintech player Ukheshe to let customers pay small businesses via WhatsApp.
Once registered, small and microbusinesses can use the service, called Money Message, to send a WhatsApp request-to-pay message to customers with a valid South African identity document and bank account.
For first-time users, a notification is sent via SMS prompting them to register for the service. The customer puts in their name and registers their card details and can then make payments within WhatsApp via their cellphone number or a QR code. ....

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